News Shots

Promoter Pawan Chaudhary acquired 1.26 lakh equity shares in Venus Remedies via open market transactions. His shareholding in the company stands increased to 12.82 percent, up from 11.87 percent earlier.

HFCL, along with its material subsidiary HTL, has received purchase orders (‘PO’) of Rs 237.25 crore from one of the leading private telecom operators in the country. The company will supply optical fibre cables. The contract will be executed by October 2022.

Joint venture RVNL – Bhartia has received a Letter of Acceptance (LoA) from Northeast Frontier Railway for construction of single line BG tunnel. The total estimated cost of the project is Rs 560.26 crore.

Bharat Dynamics has signed a contract worth Rs 2,971 crore with the Ministry of Defence for supply of ASTRA MK-I Beyond Visual Range (BVR) air to air missile and associates equipment to Indian Air Force & Indian Navy.

Jagadish G Kaujalgi has resigned as Chief Executive Officer of Gujarat Themis Biosyn with effect from July 10.

What to Expect? 

NIFTY opened with a gap-down at 16,599 and there was initial bearishness. There was a huge up-move by crossing the day-high but there was resistance near previous day-high. A heavy sell-off took the index lower and NIFTY closed the day at 16,585, down by 77 points or 0.46%.

BANK NIFTY opened with a gap-down at 35,665 and moved up only to face resistance at 35,850. There was sell-off towards the end and BNF closed at 35,487, down by 340 points or 0.95%.

Metals moved up by 1.3%.

The US markets were rather volatile and closed lower. The  European markets were mixed with DAX closing in the red.

The Asian markets are mixed. NIKKEI is trading higher. The U.S. Futures and the European futures are trading higher.

SGX NIFTY is trading at 16,537 indicating a gap-down opening. 

NIFTY has supports at 16,535, 16,370 and 16,300. We can expect resistances at 16,650, 16,700 and 16,750.

BANK NIFTY has supports at 35,000, 34,800, 34,400 and 34,000. Resistances are at 35,750, 36,000 and 36,300 .

INDIA VIX is at 20.5.

Foreign Institutional Investors net sold shares worth Rs 1,000 crores. Domestic Institutional Investors net bought shares worth Rs 1,800 crores. 

The crude oil prices moved up in the morning yesterday and there was a sudden fall in the prices in the noon. There was a similar fall in the night as well. Keep an eye on the price movement. Also, track FII activity. Though the net sell amount is less, the gross amount is large; the gross sell is nearly 50,000 crores!

It took just one hour to erase the gains of five hours. The magnitude of profit booking was high and this led to volatility despite VIX at just 20, low as compared to the previous weeks.

India’s GDP growth was reported at 4.1% in the last quarter and the annual figure stands at 8.7%. This is slightly lower than the expectations at around 8.9%. There were some economists expecting the figure above 9. Watch Auto sales data today.

Eurozone CPI inflation came out at 8.1%, which is a record high since Euro tracking started in 1994. This has added to the negative sentiments created by German inflation data at 7.7%, a 50-year high.

Yesterday’s price action is a reminder that breakdowns can happen rather quickly and the ones who shorted before the M breakdown at 3 PM would have made great profits. This is in contrast to the ideal situation where there is a candle-close slightly below the neckline followed by a deep red candle. Remember that there is a gap of 170 points below 17,530. 

I will be watching 16,700 on the upside and 16,500 on the downside.

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