News Shots

HDFC reported a marginal decline in standalone net profit at Rs 3,001 crore in the quarter ended June 2021. It had reported a standalone profit after tax of Rs 3,051.52 crore in the corresponding quarter of the previous fiscal.

Adani Group’s edible oil firm Adani Wilmar filed draft papers with markets regulator Sebi to launch its initial public offer (IPO) to raise up to Rs 4,500 crore for funding its expansion.

Punjab National Bank reported over three-fold jump in its standalone net profit to Rs 1,023.46 crore for the first quarter ended June 30, mainly due to fall in operating expenses and good recovery.

The state-owned power company SJVN said its 1,500 MW Nathpa Jhakri hydro power station and 412 MW Rampur plant have clocked their highest ever monthly power generation in July 2021.

The water treatment player VA Tech WABAG has bagged an engineering and procurement order worth USD 165 million (about Rs 1,230 crore) from Russia-based Amur Gas Chemical Complex LLC.

The construction company Man Industries has received new orders worth Rs 200 crore from oil and gas, and water sectors. With these new contracts, the company’s order book stands at Rs 1,500 crore.

NCC received four new orders totalling to Rs 1,679 crore in July.

Tata Motors to increase prices on an average by 0.8%, depending on the variant and model, effective August 3.

Minda Industries board approved the launch of a QIP issue on Monday. The floor price of Rs 734.84 per equity share is at a discount of 2.50% to Monday’s closing price.

Major Q1 result announcements today:

  • Bharti Airtel
  • Adani Enterprises
  • Adani Ports & Special Economic Zone
  • Dabur India
  • Tata Consumer Products
  • Godrej Consumer Products
  • Indian Overseas Bank
  • Bank of India
  • Alkyl Amines Chemicals

What to expect today?

Yesterday, NIFTY opened with a gap and consolidated above 15,850 for a very long time. There was a quick fall towards the end and a quicker recovery and NIFTY closed at 15,885. You can read all about yesterday’s movements here.

BANK NIFTY underperformed NIFTY, took resistance at 34,850 and closed just above 34,700. 

REALTY was the star of the day as the index shot up more than 4%. AUTO also did well after the good July month auto sales data.

The European markets opened positively and consolidated after that. Bringing negativity again, the US markets opened with a gap up but fell throughout the day to close in the red. They are just 0.2-0.3% down but taking the gap up into consideration, they have fallen greatly.

Almost all Asian markets are trading in the red as the US markets moved down yesterday. Japan and Hong Kong are trading 1% down. But, US and European futures are trading much higher, in the green.

SGX NIFTY is trading higher at 15,880 indicating a gap down opening in the Indian market. When it opened at 6.30 am today, it was trading above 15,900.

The immediate supports for NIFTY is at 15,800, 15,750 and 15,700.

The immediate resistance for NIFTY will be 15,890-15,900 and there are multiple resistance between 15,900 and the all time high of 15,950.

34,900 and 35,000 are the important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 34,500-34,400 then at 34,100 and 34,000.

Foreign institutional investors (FIIs) net sold worth Rs 1539 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1505 crores in the Indian equity market. 

The highest call OI buildup in NIFTY is at 15,900, followed by 16,000. The highest put OI is at 15,800. But there is a large amount of call OI as well at 15,800, that means there are many straddles at 15,800.

Looking at where NIFTY can open today, the 15,800 put sellers might worry a bit but I feel they will be happy by the expiry.

BANK NIFTY continues to have the highest call OI build up at 35,000, which is a major resistance otherwise also. Let’s see if BANK NIFTY can close above 35,000 today!

The data coming out at the beginning of the month are all positive. These positive local cues could have definitely pushed the market upwards but that’s when the US suddenly moved down yesterday.

One major event this week is SBI’s result tomorrow. That has the potential to take BANKNIFTY and thus NIFTY up. 

PNB’s result came out to be good yesterday. Watch out for PNB and other PSU BANKS and thus BANK NIFTY today.

Anyways, today is also going to be decisive with the gap down opening. Let’s see if our market has the strength to recover from it.

BANK NIFTY closing above 35,000 will definitely indicate strength in the market. I’d want NIFTY to close above 15,850 to establish strength there as well.

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