Nifty 50 Analysis: Support at 21,900 Maintained Amidst Cautious Market Sentiment
Nifty 50 index during the week witnessed a slide from the 22,500 zone to hold support near the 21,900 levels with the bias turning little bit cautious. The trend shall remain intact as long as the significant 50EMA zone of 21,850 levels is sustained as of now and a decisive move past the 22,300 zone shall improve the bias to some extent.
Our Recommended Strike Price was Nifty 22000 – 22200
Bank Nifty Awaits Breakthrough Above 47,300 for Bullish Turn
Bank Nifty index witnessed erosion during the week moving just below the important 50EMA level of 46,600 to slightly weaken the bias having the next major support of the 100 period MA of 46,000 level. A decisive breach above the 47,300 zone is needed to improve the bias overall and expect further rise.
Our Recommended Strike Price was Bank Nifty 46400 – 47000
Stocks on News
Lupin: The US Food and Drug Administration (US FDA) inspected Lupin’s manufacturing facility at Aurangabad from March 6 to March 15. The inspection closed with the issuance of a Form 483 with one observation. The company is confident of addressing the concern raised by the US FDA and will resolve the same at the earliest.
Zydus Lifesciences: The pharma company has received final approval from the United States Food and Drug Administration (USFDA) to market Finasteride and Tadalafil capsules with USP 5 mg/5 mg strength. Zydus is the first approved applicant for Finasteride and Tadalafil capsules and therefore is eligible for 180 days of CGT exclusivity. Finasteride and Tadalafil are used to treat benign prostatic hyperplasia.
Aurobindo Pharma: CuraTeQ Biologics, a wholly owned subsidiary of the company, said its Omalizumab biosimilar candidate BP11 has met the Phase 1 trial end points vis-à-vis the EU and US-sourced reference product Xolair. The PK/PD trial was conducted on 165 healthy volunteers in Australia and New Zealand.