News Shots

Infosys posted nearly 23 percent YoY rise in net profit for the June quarter at Rs 5,195 crore. This is slightly below analyst expectations. 

Tata Consultancy Services announced plans to expand its operations in Arizona, by investing over $300 million by 2026 and hiring more than 220 employees by 2023.

Tata Motors has launched a new brand exclusively for the fleet customers. Under the ‘XPRES’ brand, the auto major would introduce offerings, catering to fleet specific needs of safety, passenger comfort and low cost of ownership.

High Court of Andhra Pradesh has extended the interim suspension of closure orders from Andhra Pradesh Pollution Control Board for Amara Raja Batteries’ plants situated at Karakambadi, Tirupati and Chittoor, Andhra Pradesh.

Marico announced a strategic investment in Apcos Naturals Private Limited, the owner of Ayurvedic beauty brand ‘Just Herbs’, with an acquisition of 60% equity stake for an undisclosed consideration.

Sterlite Technologies to consider raising funds via issuing shares, securities.

Adani Transmission has got shareholders’ nod to raise up to Rs 2,500 crore in one or more tranches through the issuance of equity shares, securities and debentures, according to a regulatory filing by the company.

5paisa Capital reported higher consolidated profit at Rs 7.19 crore in Q1FY22 against Rs 2.8 crore in Q1FY21. Revenue rose to Rs 60.08 crore from Rs 42.33 crore YoY.

Major Q1 result announcements today:

  • Wipro
  • Larsen & Toubro Infotech
  • Tata Elxsi
  • Cyient
  • Angel Broking
  • Tata Steel Long Products
  • Aditya Birla Money
  • Cyient
  • Rama Paper Mills
  • Rollatainers

What to expect today?

Yesterday, NIFTY opened flat just above 15,800 and tried moving down by breaking 15,800. By 10 am, major power kicked in thanks to IT and banks, and NIFTY moved up continuously to test 15,880 and then close at 15,853. You can read all about yesterday’s movements here.

BANK NIFTY opened with a gap down but later shot up, crossed 35,500, tested the ever important resistance of 35,800 again and then closed at 35,668. 

After multiple days of bearishness, IT stocks broke out yesterday, both mid cap and large cap.

The European markets all closed flat with a negative bias. US markets opened with a gap up and moved down slightly to end mixed.

Asian markets are all mixed, with Japan trading 1% down and Hong Kong trading 1% up. US and European futures are also trading mixed.

SGX NIFTY is trading slightly higher at 15,880 indicating a flat to small gap up opening in the Indian market.

The immediate supports for NIFTY are at 15,800-15,790, 15,750 and 15,700. 

The immediate resistance for NIFTY will be 15,880, 15,900 and 15,920.

35,800 is the important resistance to be watched out for in BANK NIFTY. 

BANK NIFTY has good supports at 35,500-35,400, 35,250 and 35,000.

Foreign institutional investors (FIIs) net sold worth Rs 1303 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1335 crores in the Indian equity market. 

NIFTY’s highest call OI buildup is at 16,000 followed by 15,900. Highest put OI buildup is at 15,800 followed by 15,700. PCR has increased to 1.1, indicating strength in the market.

BANK NIFTY still has the highest call OI at 36,000 and highest put OI at 35,500. There is a straddle buildup at 35,500. It looks like 35,000 will be sustained by BANK NIFTY in this expiry.

IT broke out yesterday. Let’s see how INFY and IT stocks will react to INFY’s result from yesterday. WIPRO is also announcing results soon. Let’s keep an eye on IT stocks and the NIFTY IT index today. 

As mentioned in The Stock Market Show yesterday, NIFTY closed in the green yesterday only because of IT stocks. So, it is crucial to watch them today as well.

BANK NIFTY tested 35,800 for the fourth time and failed to break it again. So, it will be crucial to see if 35,800 will be tested again and broken today!

The levels I will be watching out for are 35,800 as a resistance in BANK NIFTY and 35,500-35,400 as a support in BANK NIFTY. If the former is broken, then the whole market can breakout and move up. If the latter is broken, there will be weakness in the market.

Based on the above mentioned levels in BANK NIFTY, NIFTY will also be testing resistance at 15,900-15,920 and support at 15,800-15,790. Intraday trends can be confirmed based on which of these levels are broken.

Based on the poll that I ran during the show yesterday, majority said that the expiry will be below 15,900 in NIFTY. What do you think?

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