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The short term trend of Nifty seems to have reversed down. The formation of bearish candlestick patterns on the daily and weekly chart indicates more weakness ahead for the market. The next lower levels to be watched are around 17,200-17,150 in the next couple of weeks. Any upside from here could find resistance around 17,700 levels.

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Nifty Bank formed a small-bodied Bearish candle on the daily scale and an inverted hammer on the weekly frame. Now, till it holds below 41,000 zones, weakness could be seen towards 40,500 and 40,250 zones, whereas resistance is at 41,250 and 41,500 zones.

The Dow Jones Industrial Average dropped 335 points, or 1.1%. The S&P 500 and Nasdaq Composite slid 1.2% and 1.4%, respectively.

According to the data from the Bloomberg index, Adani has added $72.5 billion to his wealth as his fortunes topped the $150 billion mark on Friday. Among other gainers, French logistics leader Rodolphe Saade and family and Swiss-Fintech mogul Guillaume Pousaz have added $12.4 billion and $11.7 billion in the current calendar.

To set the filter, we considered only companies that have posted net profit in their June 2022 quarter results vs a loss in the same quarter last year. Stocks with market cap of below Rs 2500 crore have been excluded.

The second-largest crypto asset, which has shifted its mechanism to proof-of-stake (PoS) from proof-of-work (Pow), in a one-of-a-kind upgrade, had topped $2,000 due to the Merge euphoria but took a sudden beating.

On the lender, the brokerage maintained that a recent decline in yields is expected to lead to a reversal in treasury losses and could act as a near term catalyst. Thus, we maintain our BUY rating on the stock and revise our target price to Rs 650, valuing core bank at 1.3x FY24 ABV and assigning Rs 192 to the subsidiaries.

The Nifty50 closed 346 points lower at 17,530. On a weekly basis, the index corrected 1.7 per cent. It formed a bearish engulfing candle after two consecutive bullish candles, which suggests that the momentum could take a breather.

LIC dominates the life insurance industry in India led by a trusted brand, comprehensive product portfolio and large feet on street, the brokerage said.LIC was the largest initial public offering in the history of the Indian primary markets as the government of India raised about Rs 21,000 crore by offering 221,374,920 equity shares or 3.5 per cent stake of the company.