News Shots

There are 4 IPO listings today. ​​Devyani International, Krsnaa Diagnotics, Exxaro Tiles and Windlass Biotech will mark their debut in the exchanges today.

Rogers Communications, a Canadian telecom service provider and media company, has selected HCL to expand support of operational stability excellence in business and operational support systems and corporate IT systems.

Oil and Natural Gas Corporation’s net profit soared by nearly 800 per cent in the first quarter of the current fiscal after more than doubling of oil prices compensated for a fall in production.

Vodafone Idea posted a lower consolidated loss of Rs 7,319 crore for the first quarter ended on June 30, 2021, against Rs 25,460 crore loss in the same quarter a year ago.

Tata Motors plans to drive in new models, expand its sales network as it aims to maintain its double digit market share in the highly competitive domestic market.

Apollo Hospitals Enterprise reported its consolidated profit after tax (PAT) stood at Rs 489 crore for the first quarter ended June 30. The healthcare major had reported a net loss of Rs 208 crore in the April-June quarter of 2020-21.

JK Cement reported over a three-fold jump in its consolidated net profit to Rs 190.08 crore for the first quarter ended on June 30, 2021.

Amara Raja Batteries reported 99 per cent jump in consolidated net profit at Rs 124.1 crore for the first quarter ended June 30, 2021. The company had posted a net profit of Rs 62.49 crore in the same quarter last fiscal year.

What to expect today?

Friday, NIFTY opened with a gap up near 16,400 and kept moving up throughout the day with high momentum to cross 16,500 and close at 16,529. You can read all about Friday’s market movements here.

BANK NIFTY was not as bullish as NIFTY and kind of consolidated. It took support at 36,000 and resistance at 36,250 and closed at 36,169.

NIFTY IT had another good day while PHARMA, MEDIA, REALTY etc fell. Also, the broader markets did not move up on Friday. It was the heavyweight stocks which saw large buying and thus moved up.

The European and US markets have closed mostly with a positive bias on Friday. 

Almost all Asian markets are in the red, with many more than 1% down. The US and European futures are also in the red.

The sudden negativity in the global markets is being attributed to the slew of economic data from China that have come out lower than expected. Investors are also wary about the data to be announced as well.

Also, investors are tracking the fall of Afghanistan to the Taliban and the potential implications as the country could reemerge as a threat to the U.S.

SGX NIFTY is trading flat at 16,490 indicating a gap down opening in the Indian market.

The immediate supports for NIFTY are at 16,450 and 16,380-360, with more strong supports at 16,290 and 16,150. Going ahead, 16,000 is likely to act as a key support for NIFTY. The all time highs are acting as a good resistance now.

The 35,800 zone is an important support for BANK NIFTY. The next support is at 35,500.

36,200-36,350 will act as an immediate resistance for the index. 36,500-600 is also an important resistance to be watched out for in BANK NIFTY. 

Foreign institutional investors (FIIs) net bought worth just Rs 819 crores, and domestic institutional investors (DIIs) also net bought shares worth Rs 149 crores in the Indian equity market. 

There is heavy put writing in the market compared to calls, taking the PCR up to 1.7, indicating bullishness.

In NIFTY, the largest put OI buildup is at 16,400 while the largest call OI buildup is at 16,800.

In BANK NIFTY, the largest call and put OI buildup are at 36,000 indicating straddles at 36,000.

Since the Asian markets are weak, there is a chance that we might also become weak. If 16,450 and 16,380 are broken, NIFTY will get back into its consolidation range of 16,150 to 16,370.

For BANK NIFTY, I will be bearish if 35,700 is broken and I will be bullish if 36,350 is broken on the higher side.

BANK NIFTY has been hugely underperforming NIFTY. So there are high chances that BANK NIFTY will lead the rally from here.

Last week, we saw the markets to be super volatile during the day with more than 100 points fall and almost complete recovery in 3 out of 5 days. Similar volatility may continue.

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