News Shots

HDFC Bank shared headline numbers for its June quarter, which showed loan growth moderation. The overall advances grew at a modest pace of 14 per cent YoY, taking its total loan book to Rs 11.5 lakh crore.

Tech Mahindra has partnered with StaTwig, a Singapore and Hyderabad-based digital supply chain solution provider, to implement vaccine traceability platform ‘VaccineLedger’ globally.

The leading FMCG companies in the country are expecting their sales growth numbers in high double digit in the April-June quarter, a period when the broader market was severely impacted by the second wave of the COVID-19 pandemic.

The state owned power producer NTPC’s subsidiary NTPC Vidyut Vyapar Nigam Ltd (NVVN) has floated a tender for deployment of hydrogen fuel cell buses in Delhi and Leh.

Tata Motors to increase prices of its passenger vehicle range due to increase in input costs.

The state-owned miner NMDC announced government plans to offload 4 percent stake in the company through an offer for sale (OFS) which opens for subscription today. The floor price of Rs 165 per share is at a discount of 5.87% to Monday’s closing price.

The financial services player Religare Enterprises has approved a proposal for raising Rs 570 crore via preferential issuance of shares to a clutch of investors, including existing shareholders, to fund its business plans.

Piramal Enterprises approved the allotment of 1,250 secured NCDs at issue price of Rs 10.01 lakh per debenture, aggregating to Rs 125.19 crore on private placement basis.

The Civil Aviation Ministry has allowed domestic airlines to operate at 65 percent of their original pre-COVID-19-level capacity. 

What to expect today?

Yesterday, NIFTY opened with a gap up and sustained it throughout the day. It was consolidation with a positive bias and NIFTY closed at 15,834. You can read all about yesterday’s movements here.

BANK NIFTY seems to be breaking out, with many large banks outperforming yesterday. BANK NIFTY managed to sustain 35,000 and closed at 35,212.

NIFTY METAL and NIFTY REALTY moved up strongly. Still, banks were the highlight from yesterday.

The European markets went down initially but managed close firmly in the green. The US markets were closed yesterday.

Asian markets are mostly trading in the green. US and European futures are also slightly in the green.

SGX NIFTY is trading flat at 15,840 indicating a flat opening in the Indian market.

The immediate supports for NIFTY are at 15,800 and 15750. 

The all time high of 15,900 will act as strong resistance. It has been tested 3 times till now.

35,250 and 35,500 are the important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 35,000, 34,650 and 34,400. 

Foreign institutional investors (FIIs) net sold worth Rs 338 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 645 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 15,700 followed by 15,800. PCR is 1.1 indicating slight bullishness. There are many straddles at 15,800.

BANK NIFTY saw a major shift in call OI buildup from 35,500 to 36,000, indicating a shift in momentum.

Yesterday saw huge put writing in the market which indicates that the downside move is limited this week.

Major banking stocks, which are also index heavyweights, outperforming the market yesterday was interesting. So, my focus will be on banks again to see if they continue the momentum. In that case, NIFTY can easily move up.

Otherwise, until we get more triggers, it will be difficult for NIFTY to reach 16,000 and so, it will continue its consolidation.

NIFTY has been consolidating heavily between 15,500 and 15,900. BANK NIFTY has been consolidating between 34,500 and 35,800. These levels will continue to act as support and resistance. There will be breakout or break down if these levels are broken. 

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