Market gained 1% for the week on back of Biden supporting another stimulus in form of USD 1 Trillion infrastructure plain which led to Nasdaq rallying 2.3% in last week. However, despite such positive news, Nasdaq 100 ended in negative on Friday to form a ‘Bearish Engulfing’ pattern on daily chart as it moved into upthrust of rising wedge. The strength in USDINR has already brought Dollex 30 index at a risk of double top and hence next few days very critical for Indian markets. For the coming week crucial support for Nifty is eyed at 15630 below which we can expect start of a major correction.
US stocks market rose on Friday, with the S&P 500 hitting a fresh record high and heading for its best week since April, supported by prospects of a strong economic recovery and reassuring remarks by central bank officials. President Joe Biden announced on Thursday a bipartisan Senate infrastructure deal; while US Fed officials continued their efforts to reassure financial markets there will be no immediate tightening of monetary policy.
Stocks in Focus & Key News
India’s fiscal 2022 GDP growth rate now expected at 9.6% – Ind-Ra
Forex reserves decline $4 bn to $603.93 bn on slide in gold assets
PharmEasy parent to acquire 66% stake in Thyrocare for Rs 4,546 cr
Raising production, reviving existing fields can multiply gains for ONGC
Moody’s affirms ratings for IDBI Bank’s long-term deposits at “Ba2”
InterGlobe Aviation shareholders approve plan to raise Rs 3,000 crore
Adani Ports to expand cargo ops, eyes 500 million tonne throughput by 2025
Adani Group to add 5 Gw green energy a year for next decade NTPC targets 60 GW renewable energy capacity by 2032
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