The week closed in a positive note for the Indian Market on Friday. Last Tuesday was a holiday on account of Dussehra. Out of four trading days, two days were positive and two negatives. On Friday, Nifty gained 70.50 points and closed at 11,305.05 whereas Sensex gained 246.68 points and closed at 38127.08.
Nifty Bank Nifty Share Price Last Week
On a weekly basis, Nifty gained 130.55 points and Sensex gained 453.77 points. The NSE Banking index Bank Nifty gained 310.65 points on a weekly basis and closed at 28042.50. The Nifty midcap index declined 14.85 points and closed at 1558.85. Nifty smallcap Index also fell 18.25 points during the week and closed at 5398.60.
The top five Nifty50 gainers of the week are Bharti Airtel, Britannia Ind., Grasim Ind, Cipla, and Bharti Infra. The top five losers in Nifty50 during the week are Yes Bank, GAIL, BPCL, ITC, and IOCL.
Last week, FIIs were the net seller sold Rs 492.82 crores and DIIs were the net buyers bought Rs 1660.73 crores in the cash segment. In F&O segment FIIs were still buyers.
Last week's Highlights
Stock in the news last week
Last week Aurobindo Pharma had received observations from USFDA for its 7 units, the share price fell 19% on a single day. The next day management clarified that none of the observations are related to data integrity.
The management also said that the company will address the issue within the stipulated time. The share price of Aurobindo Pharma closed at Rs 438.95 per share and tanks 22% last week
Yes Bank gained more than 8% on the news that the Bank is in talks with Microsoft for strategic tie-ups along with two more software companies. The bank later denied the media reports for any sort of tie-up with Microsoft and the share price declined around 5%. Last week Yes Bank declined 6% on a weekly basis and closed at Rs39.60 per share.
Reserve Bank Of India had rejected the merger between Lakshmi Vilas Bank and Indiabulls Housing Finance. Both the company declined on the news, IBHF declined 19% on the news. The share price of IBHF declined 14.41% in the last week and closed at Rs209.90 per share.
The telecom company shares made a decent gain last week after Reliance Jio announced 6 paise IUC charges. The share price of Bharti Airtel, Vodafone Idea gained 13% and 19% respectively during the week.
The board of Indiabulls Ventures approved buyback of shares at Rs 150 per share. The share price of Indiabulls Ventures gained more than 4% on Friday.
Bandhan Bank gained 20% on Friday after the news flashed that the bank could be added to the MSCI Index in the coming week.
Other Market News last week
RBI had granted permission to set up Kerala Bank. The district cooperative banks in Kerala can be merged and set up Kerala Bank to form the largest networking bank in the state.
On 9th October the Indian market gained after the I&B minister announced to increase 5% Dearness Allowances to government employees and pensioners. The hike in DA will be benefited around 50L government employees and 62L pensioners.
On the 10th of October, the World Bank had reported slow down in Asia Pacific growth from 6.3% in 2018 to 5.8% in 2019. The main reason for slow growth is because of the uncertainty of US-China trade talks.
Asian market jumped last Friday due to the positive development of US-China trade talks. On the other side Iranian tanker damaged in an attack near the Saudi Arabia coast. This positive and negative news creates volatility in the Indian market last Friday.
The IIP numbers came aftermarket last Friday and it fell 1.1% YoY in August 2019. The numbers are below the street expectation and the sharpest decline since Feb 2013.
Quarterly Result of Nifty50 stocks last week
In the result front, IndusInd bank reported a profit of Rs 1401 crores against Rs 920.34 crores in the same quarter last year. Provisions and contingencies raise to 25% to Rs 737.71 crores. Asset quality deteriorated, gross NPA of the Bank jumped to 2.9% from 1.09% last year. Asset quality and provisions are a concern for the IndusInd bank.
TCS had reported weak Q2 numbers last week. The software company TCS reported currency revenue growth of 8.4% YoY for the Sept end quarter. The operating margin reported 24% both the numbers are below the street estimates. The company has announced a dividend of Rs 45 per share.
Infosys Q2 results beat street estimates. The Q2 profit of Infosys increased by 5.8% on a QoQ basis. The currency growth is 9-10% and the operating margin is around 23%. The Q2 result of Infosys came aftermarket last Friday.
Crude and Rupee Update:
On a weekly basis Brent crude oil future price gained at 3.67% and closed at $ 60.66 per barrel. The Indian rupee gained 0.14% and closed at Rs 70.92 against the US dollar.
Event for the next week
Next week on Monday WPI and CPI will be announced. The Q2 results of HUL, Wipro, ZEEL, Reliance, HDFC Bank are scheduled in the next week. Other than these investors should also track the development of US-China trade talk and Crude oil prices.
The nifty, Bank Nifty future share price target for 14th-18th Oct
Primary Trend Nifty Future: Mild up & Volatile
Range-Bound Trend of Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 11450 whereas All Down Moves Initiates Short Covering (Buy) @ 11200
If Nifty Future Moves Above 11355 and sustain. Then you should Buy with 1st Target of 11382 during the day or for the week with a Stop Loss of 11290. FOR the Target of 11382- 11410- 11465
If Nifty Future Moves Below 11290 and sustained. Then you should Sell with 1st Target of 11260 during the day or for the week with a Stop Loss of 11355. FOR the Target of 11260- 11230- 11180.
Bank Nifty future share price target for 14th-18th Oct
Primary Trend of Bank Nifty Future: Mild up & Volatile
Range-Bound Trend of Bank Nifty Future: All up Moves Initiates Profit Booking (Sale) @ 28700, whereas All Down Moves Initiates Short Covering (Buy) @ 27500
If Bank Nifty Future Moves Above 28230 and sustained. Then you should Buy with 1st Target of 28362 during the day or for the week with a Stop Loss of 28032 FOR the Target of 28362 - 28574 - 28730
If Bank Nifty Future Moves Below 28032 and sustained. Then you should Sell with 1st Target of 27910 during the day or for the week with a Stop Loss of 28230. FOR the Target of 27900- 27678- 27500
Conclusions:
The ease of the US-China trade talks can bring some cheers for the market on Monday. The Indian market will also react to weak IIP numbers this two news can again create some volatility in the market. Infosys Q2 result beats street estimate can see some up move on Monday.
Friday’s Oil tanker attack on Iran has surges crude oil prices. If the crude price increases further then this may again create some temporary volatility in the Indian market. Traders can follow our technical views of Nifty and Bank Nifty future share price target for the next week 14th Oct to 18th October.
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Finogyan Team
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