News Shots

RBL Bank has been empanelled by the Reserve Bank of India (RBI) as an agency bank to conduct banking business for the central and state governments.

India Cements reported an over two-fold jump in consolidated net profit at Rs 46.63 crore for the quarter ended June 2021.

HeidelbergCement India entered into Power Purchase Agreement, Share Subscription Agreement and Shareholders Agreement with Lalganj Power (LPPL) for subscribing to 36,36,364 equity shares of Rs 10 each.

YES Bank has proposed to set up an asset reconstruction company (ARC) and invited interest from prospective investors to be a part of the company as the lead investor.

PNB Housing Finance is now looking to raise Rs 35,000 crore debt, after facing legal hurdles in the Carlyle group deal, days after SAT gave a split verdict in the matter. The company will seek shareholders’ nod in its annual general meeting (AGM) on September 3, 2021.

Indraprastha Gas has entered into an agreement with Kinetic Green Energy & Power Solutions, for setting up battery swapping stations initially at Delhi/NCR and thereafter at mutually agreed locations.

Wipro has partnered with IP Infusion to drive disaggregated network solutions and foster innovation. The solutions will simplify management across 5G networks, enhance network automation, and reduce CapEx and OpEx.

Bajaj Finserv to incorporate a wholly owned subsidiary for alternate investments. The subsidiary will focus on investing in start-ups and property. Bajaj Finserv will invest up to Rs 300 crore in one or more tranches either in the form of equity or any other security or loan in the subsidiary.

Major Q1 result announcements today:

  • Tata Steel
  • Bharat Petroleum
  • Eicher Motors
  • Hero Motocorp
  • NMDC
  • Aurobindo Pharma
  • Ashok Leyland
  • Page Industries
  • Bharat Forge
  • Power Finance Corporation
  • 3M India
  • Natco Pharma
  • Oil India
  • GR Infraprojects

What to expect today?

Yesterday, NIFTY opened with a gap up above 16,300 and kept falling till 16,160 and then recovered back to 16,280. There was huge intraday volatility as expected. You can read all about yesterday’s market movements here.

BANK NIFTY was bearish, broke the support at 35,800 and fell till the next support at 35,500. There was a recovery towards the end and the index closed just above 35,800.

NIFTY METAL reversed and shot up after some days of bearishness. Most of the other sectors moved down or consolidated.

The European and US have closed mostly positively. Out of all the main indices, only NASDAQ closed in the red. FTSE closed 0.8% up and DOWJONES closed 0.6% up. The US markets derived positivity from the lower than expected inflation numbers.

The Asian markets are mixed, none making large moves. Chinese markets are showing weakness again. The US and European futures are flat, but in the red.

SGX NIFTY is trading slightly higher at 16,320 indicating a gap up 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. 16,350-16,360 look like good resistances for NIFTY.

The 35,800 zone is an important support for BANK NIFTY. The next support is at 35,500.

36,200-36,300 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 238 crores, and domestic institutional investors (DIIs) also net bought shares worth Rs 206 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 this week.

BANK NIFTY has the highest call OI buildup at 36,000. The put buildup at 36,000 has vanished indicating loss of strength in BANK NIFTY. The largest put OI buildup in BANK NIFTY is 35,500.

For NIFTY, the level at 16,200-16,170 can be watched as an intraday support. Similarly, I will be looking at 16,360 on the higher side. Depending on which is broken, I will take/adjust trades accordingly.

For BANK NIFTY, I will be bearish if 35,700 is broken and I will be bullish if 36,000 is broken on the higher side.

We need to give time to the market to understand the trend for the day. It has been volatile for many days and it may continue to do so today. I feel the expiry will be between 16,200 and 16,400.

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