Markets for week ended at all-time high above 16700 after sharp rally from technology stocks which gained by almost 3% while broader markets underperformed. The weekly chart of Nifty has thrown up hanging man pattern on candlestick which indicates asset prices are on a verge of a downfall. In order to validate bearish reversal, the following candle in the coming week must have closing below previous week’s real body, which in current situations turns out to 16592. Hence market still remains at crucial juncture with resistance seen at 16875.
U.S markets rallied on Friday, pushing the S&P and the Nasdaq to record closing highs for the fourth time this week as U.S. Federal Reserve Chairman Jerome Powell indicated Friday that the central bank is likely to begin tapering before the end of the year, though there is still “much ground to cover” before rate hikes. The Dow Jones Industrial Average rose 242.68 points, or 0.69%, to 35,455.8, the S&P 500 gained 39.37 points, or 0.88%, to 4,509.37 and the Nasdaq Composite added 183.69 points, or 1.23%, to 15,129.50. Asian markets started the week with gains after U.S. Fed struck a more dovish tone than some investors expected in long-awaited speech on Friday.
Stocks in news
Nazara Technologies: The company to make strategic investment for the proposed acquisition of 100% stake in OpenPlay Technologies from its existing shareholders i.e. Sreeram Reddy Vanga and Unnati Management Consultants LLP, for Rs 186.41 crore, in one or more tranches.
SRF: Gujarat Pollution Control Board (GPCB) has issued a revocation order under Air (Prevention and Control of Pollution) Act, 1981 for resumption of operations in P2 and the two other allied plants with immediate effect.
Dalmia Bharat: Subsidiary Dalmia Cement (Bharat) signed three Memorandum of Understandings with the Government of Jharkhand to invest Rs 758 crore in the state.
INOX Leisure: The company commenced the commercial operations of a Multiplex Cinema Theatre taken on Lease basis, located at Jaipur, Rajasthan, which has 3 screens and 585 seats. It is now present in 69 cities with 154 Multiplexes, 651 screens and a total seating capacity of 1,48,021 seats across India.
Jammu & Kashmir Bank: The bank on September 2 will consider the raising of capital (Tier I/Tier II).
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