Markets scaled to new highs and ended with gains of 3% for the week on the back of another round of stimulus in US markets. Although Nifty has surpassed above 16200, the breadth of the market has begun to deteriorate at higher levels and major activity has seen in stocks listed in ADR & GDR of Indian companies. For the week, the trading range for Nifty is seen between 16000-16350 and a reversal confirmation is likely to occur below 16000. The bearish rising wedge setup in the ratio of Nifty to USDINR indicates a sharp reversal in markets on close of 1.7% below current levels. The trends in SGX Nifty indicate that we may see a flat opening for the markets. Results today- Shree Cement, AstraZeneca Pharma India, Balrampur Chini, Indian Hotels, MRF. Listing today- Rolex Rings. IPO Opens – Nuvoco Vistas and CarTrade Tech.
The Dow and the S&P 500 indexes closed at record highs on Friday following a stronger-than-expected jobs report, ignoring concerns over the Delta variant impacting a nascent economic recovery. The Dow Jones Industrial Average rose 144.78 points, or 0.41%, to 35,209.03, the S&P 500 gained 7.49 points, or 0.17%, to 4,436.59 and the Nasdaq Composite dropped 59.36 points, or 0.4%, to 14,835.76. Asian indices are trading positive.
Stocks in news
- Divi’s Lab will be in focus on decent results, management comment positive on outlook
- Grasim to buy 26% stake in Renew Surya Uday
- Adani Port in race to develop Paradip port
- Strong Q1FY22 results from BoB, SAIL, Tata Power, Aarti Industries
- Weak Q1FY22 results from AU Bank, BEL
Must Read: Why Higher Inflation Could Be India’s Next Big Worry Amid Worsening Covid Crisis
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