News Shots

The chemical producer Tatva Chintan Pharma Chem will make its debut today. Tatva Chintan’s Rs 500 crore IPO was subscribed over 180 times. The company sold shares at a fixed price band of Rs 1,073-1,083. The company was commanding a hefty premium of Rs 1,140-1,150 in the grey market a day ago.

RBI has imposed Rs 5 crore penalty on Axis Bank. Penalty imposed for contravention of RBI’s cybersecurity framework.

Maruti Suzuki reported a consolidated net profit of Rs 475 crore for the first quarter ended June 30. The auto major had posted a consolidated net loss of Rs 268 crore in the April-June quarter of 2020-21.

The country’s largest mortgage lender HDFC has enhanced its existing limit to raise capital through medium-term notes to up to $2.8 billion (about Rs 20,875.65 crore)

Ashok Leyland will invest up to $200 million (nearly Rs 1,500 crore) in its electric vehicles journey through its UK-based arm Switch Mobility in the next few years.

Sonata Software will acquire US-based IT services company Encore Software Services, a move that will enhance its capabilities in cloud engineering, application development and maintenance and data management.

Yes Bank and Indiabulls Housing Finance have come forward for a strategic co-lending tie-up to source and service home loans. Under this strategic co-lending agreement, they will offer home loans to homebuyers at competitive interest rates.

Happiest Minds Technologies reported a nearly 29 percent decline in consolidated net profit to Rs 35.73 crore in the June 2021 quarter.

Major Q1 result announcements today:

  • Tech Mahindra
  • Indus Towers
  • Colgate-Palmolive
  • Container Corporation of India
  • Laurus Labs
  • TVS Motors Company
  • Deepak Nitrite
  • Oberoi Realty
  • Union Bank of India

What to expect today?

Yesterday, NIFTY opened with a small gap up and had a CRAZY day. It fell more than 250 points to reach 15,500!! And then it gave a V shaped recovery to climb back up 200 points and closed above 15,700!! You can read all about yesterday’s movements here.

BANK NIFTY also fell hugely, broke the support at 34,400, then climbed back up to close just above 34,500.

Almost all the sectors closed in the red yesterday. METAL was the only sector to do well.

The European markets moved up and closed in the green. The US markets closed flat as the Fed announcement became a non event as expected. NASDAQ moved up as it had fell the day before.

The Chinese markets seem to be recovering well now. The other Asian markets are also trading in the green. US and European futures are absolutely flat..

SGX NIFTY is trading higher at 15,760 indicating a gap up opening in the Indian market. 

The immediate supports for NIFTY is at 15,700-15,690.

The immediate resistance for NIFTY will be 15,800, 15,820 and 15,840.

34,700, 35,000 and 35,200 are the important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 34,500-34,400.

Foreign institutional investors (FIIs) net sold worth Rs 2274 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 921 crores in the Indian equity market. 

There are huge call OI buildups in NIFTY at 15,800, 15,900 and 16,000 indicating major resistances above and limited up move today.

Similarly, in BANK NIFTY, the call writing at 35,000 has become massive now, indicating a high probable expiry below it.

NIFTY has fallen back into its favourite consolidation zone of 15,700 – 15,800. NIFTY can consolidate within this range.

If any of these levels are broken, we can expect a larger move in that direction.

It’s monthly expiry today and thus, things can get crazy and volatile. Global markets recovering and getting stability again is a good sign that our market may not be so volatile today.

If NIFTY slips below 15,700, I will sell call options aggressively. If NIFTY stays below 15,750 for a long time, then also I will aggressively sell call options.

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