News Shots

The IPO of Zomato will open for subscription on July 14. Info Edge, the largest shareholder in the food aggregator, has reduced its offer for sale size by half to Rs 375 crore in Zomato’s initial public offering.

Housing finance major HDFC has divested 2.46 percent of its stake in Hindustan Oil Exploration Company (HOECL) for Rs 37 crore.

PNB Housing Finance said its promoter Punjab National Bank has asked it to consider restructuring the proposed Rs 4,000 crore capital infusion deal led by US-based Carlyle group. The housing financier also said it will await the Securities Appellate Tribunal’s order on the issue before taking a final decision.

JK Tyre & Industries has widened its original equipment manufacturer (OEM) supply to Hyundai Motor India Ltd (HMIL) with the addition of the automobile maker’s latest SUV Alcazar.

Titan reported an over two-fold increase in sales in the April-June quarter of this fiscal, helped by the low base of last year due to the nationwide lockdown at the onset of the COVID-19 pandemic.

CEAT Tyres has partnered with TyresnMore, a digital platform for purchasing tyres and batteries, to sell its range of tyres online and provide contact-less fitment services at the doorstep for its customers in the wake of the coronavirus pandemic.

The state-owned NBFC REC has raised USD 400 million (around Rs 2,986 crore) by issuing bonds to finance the power sector.

The lending and transaction banking solutions provider Nucleus has set a target to hire 500 fresh young engineers from non-metro cities and towns across India till December 2021.

Bajaj Healthcare received license from Defence Research and Development Organisation (DRDO) to manufacture and market ‘2-Deoxy-D-Glucose’ (2-DG), used in control and treatment of COVID-19. will acquire Boatman Tech, which operates online wedding services company, for about Rs 11 crore.

Major Q1 result announcements today:

  • Tata Consultancy Services
  • Gammon Infrastructure Projects
  • Shyam Metalics and Energy

What to expect today?

Yesterday, NIFTY opened flat, took support at 15,800 and moved up gradually to nearly 15,900. You can read all about yesterday’s movements here.

BANK NIFTY continued to perform well. It took support at 35,500 and moved up throughout the day and took resistance at 35,800 just before closing.

NIFTY METAL and NIFTY REALTY particularly did well yesterday.

The European markets moved up yesterday. The US markets had a volatile day. They went down in the beginning and then moved up to close slightly in the green.

Almost Asian markets are showing weakness and trading in the red. US and European futures are slightly in the red.

SGX NIFTY is trading lower at 15,826 indicating a gap down opening in the Indian market.

The immediate supports for NIFTY are at 15,800, 15,750 and 15700. 

The immediate resistance for NIFTY will be 15,840-15,850. The all time high of 15,900-15,915 will continue to act as a super important resistance.

35,800 is the important resistance to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 35,500-400, 35,250 and 35,000. 

Foreign institutional investors (FIIs) net bought worth Rs 532 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 231 crores in the Indian equity market. 

In NIFTY, the largest call OI buildup is at 16,000 followed by 15,900. The largest put OI buildup is at 15,800 followed by 15,900. PCR is 1.1 indicating slight bullishness. 

BANK NIFTY has highest call OI buildup at 36,000 and highest put OI buildup at 35,000 with a PCR of 1.3, indicating bullishness. 

BANK NIFTY has moved up continuously for 4 days now and has tested the resistance at 35,800 2 times now. Let’s see if banks are taking a rest today or planning to break the resistance. NIFTY’s expiry is also dependent on this.

So, my focus will be on banks again to see if they continue the momentum and break 35,800. In that case, NIFTY can easily move up and break its all time high.

But the chances are high that the banks will take rest today. In that case, NIFTY will not be breaking its all time high today.

15,800 is the support to watch out for in NIFTY and 35,500 is the support to watch out for in BANK NIFTY. If these are broken, I will sell call options aggressively today. If the above mentioned resistances are broken, I will sell put options aggressively.

There is strength in our market. Flat and gap down openings seem to be followed by an up move. Let’s see how it goes today. There are chances for expiry related volatility as well.

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