- Uday Kotak set to sell stake in Kotak Mahindra Bank worth almost Rs.6000 crores
- The banking sector will be in focus after Moody’s Investors Service’s sudden downgrade of India’s ratings to Baa3 from Baa2, while maintaining a negative outlook
- NTPC said it has incorporated a joint venture firm NTPC EDMC Waste Solutions for developing and operating waste to energy
- Adani Power and Adani Green Energy planning to raise Rs 2500 crores
- BSE Launches options on goods contracts like Gold Mini and Silver Kg (Note that BSE is listed on NSE and available for trading)
- Tata Power has completed the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd (TPCODL) for Rs 178.5 crore.
- Welspun Enterprises has announced a good result with highly increased profits
- Almost all automakers have announced May month’s sales reports and show a huge decline in numbers compared to last year. This need not be considered highly negative as the lockdown is easing and the sales are picking up with time.
- One interesting observation is – Both V-Guard and Orient Electric have announced their results. Orient’s profit has fallen by only 8% while V-Guard’s profit has fallen by nearly 50%, even though both of them are in the same industry
What to expect today?
- We saw an unprecedented bull run in the market yesterday, taking NIFTY to 9900 levels, despite many negative global and local cues. This, adding to the continuous rally that we have been seeing since the last week has made the Indian market outperform the global market. BANK NIFTY which was hugely oversold has regained efficiently.
- US and Asian markets mostly closed positively yesterday. SGX NIFTY is trading flat, indicating an uneventful opening for the Indian markets.
- 10,000 is a strong resistance and breaking that will be a huge event in the market and that can give a quick upside movement. But, after the movement, a retracement can be expected back to the current levels. The market is expected to consolidate in 9500 – 10,000 levels for some time before decisively moving ahead to higher ranges.
- NIFTY likely to trade between 9700 and 10,000 today. There is a support at 9710 and a resistance at 9930.
- Maximum Call Open Interest at 10,000 and maximum Put Open Interest at 9,500. Significant call writing is seen at 10,300 adding to the optimism in the market