News Shots

SEBI has approved Zomato’s Rs 7,500 crore initial public offering. Zomato could launch its much-awaited IPO later in July. Watch Info Edge.

The state-owned firm ONGC will procure equipment and services worth over Rs 30,000 crore to support its oil and gas exploration and production operations, which will provide local entities business and support ‘Aatmanirbhar Bharat’ initiative.

Vodafone Idea can raise funds through equity sale or promoters can infuse capital which can be used for clearing dues, TRAI said in a letter to telecom minister while demanding rejection of the debt-ridden company’s request seeking more time to pay dues of Rs 8,292 crore.

The state-owned gas producer GAIL India is eyeing expansion in petrochemicals, specialty chemicals and renewables as it pivots a new strategy to expand the business beyond natural gas

India’s total coal production registered a marginal decline of 2.02 per cent to 716.084 million tonnes during the last fiscal year. Watch Coal India.

Avenue Supermarts reported its standalone revenue from operations rose 31.27 per cent to Rs 5,031.75 crore for the quarter ended June 30.

Laurus Labs has received the licence from Defence Research and Development Organisation to manufacture and market COVID-19 treatment drug 2-Deoxy-D-Glucose (2DG).

Tata Consumer Products will work “very closely” with BigBasket, an e-Commerce platform that was recently acquired by the Tata Group, to drive win-win synergies in terms of costs and topline.

Dixon Technologies has received approval for IT hardware manufacturing under the government’s PLI scheme.

HCL Technologies announced a multi-year agreement with Fiskars Group to help them with digital transformation.

What to expect today?

Friday, NIFTY again opened with a slight gap up and fell mostly throughout the day. But unlike the other days of last week, NIFTY moved up towards the end to close at 15,722 in the green. You can read all about Friday’s movements here.

BANK NIFTY was more consolidating, and traded within the range of 34,650 and 34,900, same as that of the previous day.

NIFTY METAL fell heavily. All other sectors consolidated.

The European markets consolidated. The US markets opened with a gap up and moved up, closing with good positivity.

The positivity in the US markets is to be attributed to the jobs data for June which showed robust hiring yet persistent weakness in the labor market that will keep the Federal Reserve from raising interest rates any time soon.

Inspired from the western markets, Asian markets are mostly trading in the green. Interestingly, Japan’s NIKKEI is 0.6% down. US and European futures are flat though.

SGX NIFTY is trading higher at 15,820 indicating a gap up opening in the Indian market.

We have been witnessing a gap up opening and falling after that, for the last many days. Let’s see if the gap up will be sustained today.

The immediate supports for NIFTY are at 15,800, 15750 and 15,700.

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

35,000, 35,250 and 35,500 are the important resistances to be watched out for in BANK NIFTY. 

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

Foreign institutional investors (FIIs) net sold worth Rs 982 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 930 crores in the Indian equity market. 

In NIFTY, the largest call OI buildup is at 15,800 followed by 16,000. The largest put OI buildup is at 15,700 followed by 15,500. PCR is 0.8 indicating bearishness. There are many straddles at 15,700.

BANK NIFTY continues to have a large call OI buildup at 35,000 and 35,500, making it very difficult for BANK NIFTY to break out from these levels.

Last week our market consolidated with a bearish bias mostly because there weren’t any global or local cues to influence the market. Now with the US jobs data, market has got a small trigger.

TCS will announce its result this week which will be followed by all other Q1 results. This can also act as a trigger which can help take NIFTY further up.

NIFTY has been consolidating heavily between 15,500 and 15,900. BANK NIFTY has been consolidating between 34,000 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. But as said above, a trigger is needed.

So the million dollar question today is “Can the gap up be sustained?” If it does and NIFTY moves up to 15,900, it will definitely show strength in the market.

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