Weekly Big Picture : Nifty Reverses from 50-DMA; DHFL Falls Over 11%

Market Pulse

Confirmed Uptrend

Weekly Action

Nifty, +0.6%; Sensex, +0.5%; Nifty Midcap, +1.4%; Nifty Smallcap, +0.9%; and Model Portfolio, +1.5%. 

Weekly Market Review 

During the week, Nifty traded range-bound by its 21-DMA (resistance) and 50-DMA (support). There was no break-out in either of two directions. Thursday’s action was volatile as the June series contracts expired. The Union Budget on July 5 can give impetus to Nifty.

On the sectoral front, barring IT (-1.6%) and Media (-0.4%), all sectors closed in the green for the week. Nifty PSU Bank (+3.9%), Realty (+3.9%), and Pharma (+1.9%) were the top gainers.

Today, the advance-decline ratio was skewed toward losers. Of the 2,089 stocks traded on the NSE, 831 advanced, 918 declined, and 340 remained unchanged.

Noteworthy events in the upcoming week:

●    July 1: Manufacturing PMI (June)

●    July 5: Union Budget for FY20

Stocks in News

Dewan Housing Finance: The Company postponed its March quarter results by two weeks, citing unforeseen operational engagements. The stock was down 11.7% today.

Glenmark Pharmaceuticals: The Company received approval from the U.S. FDA for Ezetimibe and Simvastatin tablets, used for treating high levels of cholesterol in the blood. The stock was down 1.1% today.

Lupin: The Company received approval from the U.S. FDA for Mirabegron Extended Release (ER) tablets. These tablets are used for the treatment of Overactive Bladder (GAB) with symptoms of urge urinary incontinence, urgency, and urinary frequency. The stock was down 1.4% today.

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