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Nifty has a strong support for 11295-11235 for coming week - Equity99

Posted On: 2018-08-05 22:03:33

Mr. Sumit Bilgaiyan, Co–Founder and Director, Equity99

The market has reversed Thursday's losses and Nifty reclaims 11,350 marks. Both the indices Sensex & Nifty post biggest one-day gains in more than a month! Sensex increased 391 points to end above the 37,500 mark led by financials which contribute over 50% to Nifty gains. HDFC, ICICI Bank was top gainers while Kotak Mahindra Bank was up 2% on Rs. 500 crs share issuance. While in midcaps Bharat Forge and Ramkrishna Forgings hits an all-time high on back of class-8 truck sales. On 4th August 2018 Thyrocare's board of directors will meet to consider a buyback. On 6th August 2018, much awaited and massively subscribed IPO HDFC Asset Management Company Limited will list on the same day Adani Ports will also declare its quarterly numbers.

While Gateway Distriparks, JBM Auto, and Omaxe will have boar meets to discuss on fundraising on Saturday and on the same day PNB's board meet will consider capital infusion of Rs. 2816 crore by Government of India for preferential allotment of equity shares of Bank. On 7TH August M&M will declare its numbers while Trident, Shree Pushkar Chemicals and Prism Johnson will have board meets to consider fundraising. On 8th August, Cipla, Lupin, BPCL and HPCL will declare its results while Sadbhav Infra and RCF will have board meets to consider fundraising on the same day. Eicher Motors will declare its results on 9th August while U.S. and Japan will hold their first bilateral trade talks. HINDALCO, SBI and GAIL will declare their respective numbers on 10th August and Government of India will declare June month's IIP numbers. Nifty has a strong support for 11295-11235 for coming week while hurdle is at 11450 marks.

Source: Equity Bulls

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