News Shots

Shree Cement reported a 80 per cent jump in the net profit to Rs 866.66 crore in the quarter ended on June 30, 2021.

Amara Raja Batteries plans to invest about USD one billion in the next five to seven years towards capex to be spent for both organic and inorganic growth.

Coal India’s mines at Tikak, Tipong and Tirap of North Eastern Coalfields were temporarily suspended from June 3 due to non-availability of forest and other statutory clearances.

The sugar producer Balrampur Chini Mills reported a 44.69 per cent decline in consolidated net profit to Rs 76.92 crore for the quarter ended June 30.

AstraZeneca Pharma India reported a 45.03 per cent decline in its net profit to Rs 10.24 crore for the June ended quarter.

The Tata group hospitality arm Indian Hotels Company reported narrowing of its consolidated net loss to Rs 301.58 crore for the quarter ended June 30, 2021.

The microfinance lender Satin Creditcare Network reported a net loss of Rs 81 crore for June quarter 2021-22 as disbursements and collection got impacted due to the second wave of COVID-19. It logged a profit of Rs 13 crore in the year-ago period.

Major Q1 result announcements today:

  • Power Grid Corporation
  • Zomato
  • Coal India
  • Siemens
  • Motherson Sumi Systems
  • Lupin
  • Jindal Steel & Power
  • Max Financial Services
  • Trent
  • Max Healthcare Institute
  • Whirlpool of India
  • Manappuram Finance
  • Computer Age Management Services

What to expect today?

Yesterday, NIFTY moved up to 16,320, fell to 16,180 and then recovered to close above 16,250. Though the VIX is low, NIFTY is making large intraday moves. You can read all about yesterday’s market movements here.

BANK NIFTY tested the support at 35,800 at one point of time but managed to close strongly above 36,000. 

Most sectoral indices saw consolidation yesterday. It was just NIFTY METAL which moved down considerably after the SAIL result.

There is consolidation in the European and US markets. None of the indices have moved more than 0.3%.

The Asian markets are mixed with some in the red and some in the green, none making large moves. The US and European futures are consolidating and slightly in the red.

SGX NIFTY is trading flat at 16,254 indicating a flat opening in the Indian market. 

The immediate supports for NIFTY is at 16,190, with more strong support at 16,150. Going ahead, 16,000 is likely to act as a key support for Nifty. 16,285 and 16,350 look like good resistances for Nifty.

The 35,800 zone is an important support for BANK NIFTY. 36,200 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 sold shares worth Rs 716 crores in the Indian equity market. 

The highest call OI buildup is at 16,300, followed by 16,400 and highest put OI buildup is at 16,200 followed by 16,000, indicating the market will likely be range bound (16,000 to 16,400) this week.

BANK NIFTY has the highest call OI buildup and put OI buildup at 36,000 indicating that BANK NIFTY will consolidate around this level in this week.

For NIFTY, the level at 16,150 can be watched as an intraday support. Similarly, I will be looking at 16,350 on the higher side. Depending on which is broken, I will take/adjust trades accordingly.

For BANK NIFTY, I will be bearish if 35,800-35,700 is broken and I will be bullish if 36,250 is broken on the higher side.

Eyes will be on HDFCBANK and KOTAKBANK as both are in good levels technically. If they breakout, that can take BANK NIFTY and thus, NIFTY up. RELIANCE has been moving down for many days now, let’s watch out for a reversal.

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