Markets witnessed sharp reversal on Friday after Nifty in USD terms failed to carry momentum beyond 38.2% of entire downmove and was followed with weekly closing below 17312. Markets are vulnerable to major downfall as Nifty has been trading below 50 DMA for 11 trading sessions and this clearly means the next leg of decline would be severe with further downside in Nifty seen around 20%. Immediate support for Nifty is seen at 17033 below which, we can expect free fall for both Nifty and Bank Nifty. USDINR for the week ended well above triangle breakout with closing sustaining above 75 mark and thus opening gates for an upside target of 80 in the near term. The up move in USDINR was also followed with JPYINR closing above the falling wedge breakout above 66.60 in the international market and we can expect a major sharp upswing of 8% in the come days.
Nifty in USD terms & Dow Jones 30 Index.
Stocks in news
- Bharat Forge in focus- November North America Class 8 truck order come in at 9,800 units vs 52,807 units YoY and vs 24,500 units MoM.
- Force Motors to open weak- November sales for the company are down 34 pct, exports down 35 pct MoM.
- Godrej Properties enters into a JV With TDI Group to develop luxury residential project in Delhi. The project to have developable area of 1.2 lk sqft.
- TeamLease Services – The company sold 100 pct shareholding in subsidiary IIJT Education.
- Tech Mahindra- The company through its subsidiary will acquire US-based Activus Connect LLC and Activus Connect PR LLC, for USD 62 mn.
- Lupin- The company and Biomm entered into a distribution and marketing agreement for Pegfilgrastim in Brazil.
- Carborundum Universal- Subsidiary CUMI International, Cyprus has entered into an agreement to acquire an existing company in Germany which will become a step-down subsidiary of CUMI.
- OnMobile Global has incorporated a new wholly-owned subsidiary- OnMobile South Africa Technologies Ltd to carry on the business of providing value-added services for telecom operators in South Africa.
- LIC improves asset quality ahead of IPO, lowers net NPA to 0.05%
- Tata Motors, Honda mulling price hike from next month
- PNB puts up National Steel & Agro Industries for sale to recover Rs 200cr dues
- Coal supply by CIL to power sector up 23% in Apr-Oct
- L&T winning more orders overseas than in India, says A M Naik
- Telecom tariffs: Bharti Airtel, Vodafone Idea likely to hike postpaid rates
- SBI invites bids to sell NPA account KSK Mahanadi Power with dues over Rs 4,100 crore
- Indian GDP to grow 7.8 pc in Q2, 9.4 pc in FY22: Report
- Centre doubles November tax devolution amount for states
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