News Shots

Krishna Institute of Medical Sciences (KIMS) and Dodla Dairy, which recently concluded their initial public offerings, will make their debut on the stock exchanges today.

The state-owned power giant NTPC has set a target to install 60 gigawatts (GW) of renewable energy (RE) capacity by 2032. NTPC has become India’s first energy company to declare its energy compact goals as part of the UN High-level Dialogue on Energy (HLDE).

The parent of the country’s largest airline IndiGo, InterGlobe Aviation, has approved a proposal to raise up to Rs 3,000 crore via QIP.

Lupin has launched Emtricitabine and Tenofovir Disoproxil Fumarate tablets, used in the treatment of HIV-1 infection, in the American market.

IndusInd Bank has acquired over 70 lakh shares in tea company Mcleod Russel after invoking pledged shares of the company to recover its dues.

The digital advertising firm Affle India claims to have won the initial legal battle in a case filed against it by Walmart-owned PhonePe in a Singapore court in the Indus OS stake sale matter. PhonePe had placed a bid to acquire 92 per cent stake in Indus OS at a valuation of around USD 60 million. However, the biggest shareholder in the company, Affle Global (AGPL), has opposed the deal.

The railway PSU Ircon International has bagged an order worth Rs 659 crore from the Ministry of Railways for electrification work.

Sheela Foam, the maker of popular mattress brand Sleepwell, is looking at exports and import substitution as the next big opportunities for itself leveraging “on China becoming weaker on sentiments” in the global markets.

Some major Q4 result announcements today:

  • Hindustan Aeronautics
  • National Aluminium Company
  • Graphite India
  • NLC India
  • IFCI
  • Triveni Turbine
  • Welspun Corp
  • Kiri Industries
  • Federal-Mogul Goetze

What to expect today?

Friday, NIFTY opened with a gap up, tried to move down, but there was much power from Banking and IT stocks which took up the index to 15,860. You can read all about Friday’s movements here.

BANK NIFTY was much more bullish than NIFTY, with all leading banks moving up. The index closed 1.54% up at 35,364.

BANKS performed the best with HDFC BANK breaking out from 1500 level. 

The European markets closed flat. The US markets slightly moved up and closed nearly flat.

All the Asian markets are trading in the green. US and European futures are up currently.

SGX NIFTY is trading higher at 15,905 indicating a small gap up opening in the Indian market.

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

Meanwhile, the all time high of 15,900 will act as strong resistance.

35,500 and 35,800 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. 

The highest call OI buildup in NIFTY is at 16,000 followed by 15,900 and 16,200. The highest put OI buildup is at 15,800 followed by 15,700. The PCR is 1 neither indicating bullishness nor bearishness.

What is more interesting is the PCR of 1.1 in BANK NIFTY, which indicates slight bullishness. BANK NIFTY has highest call OI buildup at 36,000, which indicates that we might see BANK NIFTY crossing the ever important resistances of 35,500 and 35,800 this week.

Foreign institutional investors (FIIs) net sold worth Rs 678 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1,832 crores in the Indian equity market. 

There weren’t many news/data/cues over the weekend and the market seems to continue its strength. NIFTY looks like it is preparing to move to 16,000 soon.

As I have been saying, the key to 16,000 is with banks. If HDFC BANK continues its momentum from yesterday and breaks out from 1520-1530 level, BANK NIFTY can also break out from 35,500-35,800 levels and thus, NIFTY can easily reach 16,000.

Also, IT also looks ready to move further up, which can also help the market to move up.

RELIANCE, which has fallen by nearly 7% after the AGM may bottom out and move up, which can also give power to NIFTY.

That is, watch HDFC BANK, KOTAK BANK, RELIANCE, INFY and TCS.

But there are also many in the market (for eg, the poll we took yesterday) who feel NIFTY will not reach 16,000 this week. Then, today will be a decisive day as NIFTY will be opening around 15,900.

Also, since we will see July month beginning during the course of this week, a lot of market data will be out and that may also have an influence on the market.

Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!

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