News Shots

Tata Steel posted a consolidated net profit of Rs 9,768.34 crore for June quarter 2021-22. In the year-ago period, the company incurred a net loss of Rs 4,648.13 crore.

Hero Motocorp reported its consolidated net profit surged over four-folds to Rs 256 crore for the first quarter ended June 30, riding on the back of robust sales during the period.

Vodafone Idea has filed a review petition in the Supreme Court after the apex court recently dismissed its plea for rectification of the alleged errors in the calculation of adjusted gross revenues-related dues.

Ashok Leyland reported narrowing of its net loss to Rs 282 crore in the three months to June 2021. The company had posted a net loss of Rs 389 crore in the same period a year ago.

Bata India is working on portfolio changes towards casuals and sneakers as part of its business growth plans and channel expansion through franchise.

Coal India plans to increase prices of the fuel sold through long-term contracts.

Tata Power Solar Systems, a wholly owned subsidiary of Tata Power, has bagged an order worth Rs 386 crore. The subsidiary will construct a 50MWp Solar PV Plant with 50MWh Battery Energy Storage System project at Phyang village in Leh, Ladakh.

Future Coupons Pvt. has filed a fresh petition in Supreme Court challenging a high court ruling that ordered a complete halt to selling its assets to Reliance Industries Ltd.

Major Q1 result announcements today:

  • Oil and Natural Gas Corporation
  • Grasim Industries
  • Apollo Hospitals
  • Indraprastha Gas
  • Hindustan Aeronautics
  • Petronet LNG
  • Indian Railway Finance Corporation

What to expect today?

Yesterday, NIFTY opened with a gap up above 16,300 and immediately fell below 16,300. But then the index climbed up throughout the day to close 0.5% up at 16,364. You can read all about yesterday’s market movements here.

BANK NIFTY was more consolidating throughout the day. It took support at 35,800 multiple times and closed just below 36,000.

NIFTY IT specifically had a good day while most of the other sectors also performed well.

The European and US markets have closed mostly positively. Out of all the main indices, only FTSE closed in the red.

US jobless claims have reached near pandemic low as the economy is strengthening. The number of Americans seeking unemployment benefits fell for a third straight time last week, the latest sign that employers are laying off fewer people as they struggle to fill a record number of open jobs and meet a surge in consumer demand.

The Asian markets are mostly in the red, with many more than 0.5% down. The US and European futures are flat, but in the red.

SGX NIFTY is trading flat at 16,374 indicating a flat opening in the Indian market. 

The immediate supports for NIFTY are at 16,340 and 16,290, with more strong supports at 16,200 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.

36,200-36,300 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 212 crores, and domestic institutional investors (DIIs) also net bought shares worth Rs 307 crores in the Indian equity market. 

There are more puts in the system currently than calls, indicating less down side potential.

Since the Asian markets are weak, there is a chance that we might also become weak. If 16,290 is 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.

About the day, volatility in the market may continue.

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