Weekly Status Of Nifty & BankNifty
Added: (Sat Jun 22 2019)
Pressbox (Press Release) -
Nifty View
Nifty had formed a Bullish Engulfing candlestick pattern on Thursday followed by forming an inside bar pattern. The index has still managed to hold above its crucial 50-DMA levels of 11680 which is an important support zone. Going forward, Nifty has stiff resistance around the 11880-11900 zone in the near term.
Weekly Chart
Bank Nifty View
Bank Nifty, which had already broken out from a falling channel pattern on Thursday looks much impressive compared to the Nifty index. It has just about managed to hold above the falling trendline breakout zone. Going forward, if the index manages to surpass, the immediate support is seen around the 30300 mark, which is the 50-DMA levels. On the other hand, resistance is around the psychological 31000 mark in the near term.
NEWS CORNER
1. Canara Bank’s board approves sale of part or full stake in Can Fin Homes.
2. The Reserve Bank of India imposed a penalty of Rs1cr on HDFC Bank for non-compliance with directions issued by RBI on Know Your Customer/Anti-Money Laundering norms and on reporting of frauds.
3. NMDC produced 3.04 MT iron ore in May 2019 versus 2.12 MT year on year. Sales at 3.37 MT versus 2.31 MT year on year.
4. Adani Ports will be focus as Fitch affirms BBB- issuer rating, outlook stable.
5. Quickheal clarified that promoters had tendered 42 lakh shares as part of the buyback program and not sold the same.
6. Jain Irrigation will be focus as India Ratings cut Long Term Issuer Rating to BBB with outlook at 'Watch Negative'.
7. Adlabs Entertainment’s Meghna Ghai Puri, Non-Executive Independent Director tendered her resignation from the directorship.
8. India Ratings downgrades Punjab National Bank's Rs67.5-bn AT1 bonds.
9. Shares of Dewan Housing Finance Corporation (DHFL) rose 10 percent intraday on June 21 after reports made rounds that the company has sold Rs 2,000 crore worth of its loan portfolio to offshore investors led by SC Lowy, a privately-held banking group headquartered in Hong Kong.
10. Share price of Nila Infrastructures added 5.6 percent intraday Friday after company received order from government of Gujarat. The company received an order for development of integrated group housing facility at Sonaria Block, Rakhiyal-Asarwa, Ahmedabad on PPP Basis under Redevelopment of Public Housing Scheme – 2016 of Urban Development & Urban Housing Department, Government of Gujarat.
STOCK OUTLOOK
DHFL FUT :- Pull back seen on daily charts as well as stock had shown reversal from its lower band now chances are there to touch 20 DMA. Buying is expected in coming session
Stock in ban period
IDBI, JETAIRWAYS,JISLJALEQS, RELCAPITAL, RELINFRA.
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Stock in ban period:- ADANIPOWER, IDBI, RPOWER
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