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| Weekly market update, nifty, stocks, news |
Weekly Market Updates: Nifty, Bank Nifty, Stocks, News- If we analyze Nifty, it has touched all-time high 12,103.05 on 3rd June 2019 just ahead of Budget and 52 weeks low at 10004.55 last year 26th October 2018. Prior to the reduction of corporate tax, Indian stock market sentiment was negative and it touched 10640 on 19th September this year.
The market sentiment has improved after the Finance Minister Nirmala Sitharaman had reduced the Corporate Tax, GST benefits, and various other measures. The government's continuous effort to make the economic stability has recently improved the market sentiment. But this is not the end, the government is ready with a few more announcement and the recent one will be the RBI rate cut.
Nifty stocks weekly updates
On a weekly basis, Nifty has gained 238.2 points and closed at 11,512.40 whereas Bank Nifty gained 895.10 points and closed at 29876.65. On a sectoral basis Banks, Capital goods, FMCG and Energy were the gainers. The Nifty midcap 100 declined 62 points during the week and Nifty smallcap 100 gained 40.05 points in the last week.
The top five gainers in Nifty50 stocks are BPCL, Bajaj Finserv, IOCL, Bajaj Fin and ICICI Bank. The top five losers in Nifty50 stocks are Yes Bank, Tata Motors, Zee Ent, SBI and Hindalco. Yes Bank has touched 52 weeks low and continues down for the last three trading sessions after the news of promoters stake sell.
FIIs were the net buyers in the cash market last week, bought Rs 2036.73 crores and DIIs bought net Rs 800.24 crores. On a weekly basis Brent crude oil price has declined 3.73% and closed at $ 61.88 per barrel. Indian rupee has got appreciated 0.80% from last week's price and closed at Rs 70.51 against US dollar.
Stocks are in news
On 23rd September the OMCs HPCL, BPCL, IOC were trading higher and rose 3-7% after Credit Suisse, the foreign brokerage house raised the target for the Oil Marketing Companies (OMCs) and maintained underperformed rating.
On 24th September, RBI restricted the PMC Bank’s customer for withdrawal of money not more than Rs1000 from their account. The restriction imposed due to the Banks Rs 2500 crores exposure to HDIL which is under scanner now. On 26th Sept, RBI increased the withdrawal limit from Rs1000 to Rs10,000 and suspended the Banks MD JOy Thomas.
Maruti Suzuki has decided to cut the price of car of selected models due to which the stock has reacted negatively last week.
Other weekly market updates
The IRCTC IPO issue will open on 30th Sept and will close on 3rd Oct. The price band of the IPO is Rs315- Rs320 and minimum lot size is 40 and multiples thereafter.
Government has proposed a stake sale in top 5 Central Public Sector Enterprises (CPSEs) and these are BPCL, Container Corporation (CONCOR) Shipping Corporation of India (SCI), THDC and NEEPCO
Economic Offence Wing (EOW) has registered an FIR against the directors of Lakshmi Vilas Bank. The Banks share price has reacted negatively last week
A public interest litigation (PIL) was filed against the Indiabulls Housing Fiance, Delhi High court has issued a notice against the company. The share price fell on the last trading session.
Nifty future Technical views for 30th to 4th Oct
Primary Trend Nifty Future: Mild Up
Range-Bound Trend of Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 11700 whereas All Down Moves Initiates Short Covering (Buy) @ 11450
If Nifty Future Moves Above 11600 and sustained. Then you should Buy with 1st Target of 11625 during the day or week with a Trailing Stop Loss of 11548- 11618- 11640- 11,690 FOR the Target of 11,625- 11,650- 11,676- 11,720
If Nifty Future Moves Below 11548 and sustained. Then you should Sell with 1st Target of 11520 during the day or week with a Trailing Stop Loss of 11602- 11505- 11476-11450 FOR the Target of 11,520- 11,492- 11,474- 11,446
Bank Nifty future technical view for 30th to 4th Oct
Primary Trend of Bank Nifty Future: Mild up
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 30500, whereas All Down Moves Initiates Short Covering (Buy) @ 29600
If Bank Nifty Future Moves Above 30100 and sustained. Then you should Buy with 1st Target of 30175 during the day/week with a Trailing Stop Loss of 29980- 30130- 30245- 30380 FOR the Target of 30176 - 30282 - 30418- 30550
If Bank Nifty Future Moves Below 29980 and sustained. Then you should Sell with 1st Target of 29874 during the day/week with a Trailing Stop Loss of 30100- 29930- 29840- 29715 FOR the Target of 29874- 29745- 29638 -29430
Conclusions:
Wednesday stock market is closed on account of Gandhi Jayanti. The market will have four trading session next week. Traders should remain cautious of Tuesday because of Manufacturing PMI data release. The market will be highly volatile on Friday because of RBI Monetary policy and Service PMI data which will be announced during the market. Though the market sentiment is positive but the traders should closely follow the global cues and SGX Nifty and should remain cautious. Please visit our website for weekly updates on every Saturday/Sunday.
You can also read, Do you trade in the stock market on Stock News? Avoid five common mistakes to earn money.
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Start Investing in the Stock Market like an Expert: A beginner's guide
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Finogyan Team
Disclaimer-Finogyan has taken due care and caution in compilation of data for its blog. The views and investment tips expressed by investment experts on Finogyan are their own and not that of the website or its management. Finogyan is not SEBI registered Advisors and advises users to check with certified and SEBI registered experts before taking any investment decision. However, Finogyan does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Finogyan especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
