News Shots

Adani Airport Holdings, a wholly owned subsidiary of Adani Enterprises has taken over the management control of Mumbai International Airport Limited from the GVK Group.

HDFC Bank to meet on July 17 to consider raising funds via foreign currency debt.

Bank of Maharashtra approved the floor price of Rs 24.89 per equity share for its qualified institutional placement.

Shriram Transport Finance approved and allotted 1,300 senior secured rated, listed, principal protected market linked, redeemable, non-convertible debentures of face value of Rs 10 lakh each on private placement basis. Issue size is of Rs 85 crores plus green shoe option of Rs 50 crores.

NTPC plans to build 4.75 GW solar park in Gujarat.

Single super phosphate plant of Zuari Agro Chemicals in Mahad has resumed its operations with supply of raw materials having been tied up with a supplier. Nitrogen, phosphorus and potassium A plant has been shut down due to unavailability of raw materials.

ICRA has upgraded credit rating for the bank facilities of Barbeque-Nation Hospitality.

Mindtree reported higher profit at Rs 343.4 crore in Q1FY22 against Rs 317.3 crore in Q4FY21, revenue rose to Rs 2,291.7 crore from Rs 2,109.3 crore QoQ.

Tata Metaliks reported profit at Rs 94.72 crore in Q1FY22 against loss of Rs 12.36 crore in Q1FY21, revenue jumped to Rs 602.97 crore from Rs 209.94 crore YoY.

Major Q1 result announcements today:

  • Infosys
  • L&T Technology Services
  • 5Paisa Capital
  • Craftsman Automation
  • Dodla Dairy
  • Hatsun Agro Product
  • Raghav Productivity Enhancers
  • Tinplate Company of India

What to expect today?

Yesterday, NIFTY opened with a major gap up around 15,800, took resistance and moved down to 15,750. Later, with the strength of banking heavyweights, NIFTY moved up and closed above 15,800.  You can read all about yesterday’s movements here.

BANK NIFTY was the star of the day. Opened with a major gap up and fell before moving up with a lot of vigour. The resistance at 35,500 was taken out with strength and the index closed 1.35% up at 35,673.

BANKS and FINANCIAL SERVICES outperformed the market yesterday. NIFTY IT continued to disappoint.

The European markets all closed flat with a negative bias. There was weakness towards the end, after the US inflation data was out.

US inflation came out higher than expected causing worries for a sooner than expected interest hike by the Fed. US markets moved down slightly from their all time highs and closed slightly in the red. It’s good to see that markets did not fall much after such worrying data.

Asian markets are almost all trading in the red, following weakness in the US. US and European futures are also trading slightly negative.

SGX NIFTY is trading lower at 15,800 indicating a gap down to flat opening in the Indian market.

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

The immediate resistance for NIFTY will be 15,800, 15,840 and 15,900.

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

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

Foreign institutional investors (FIIs) net bought worth Rs 113 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 344 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 15,700 followed by 15,800 and 15,600. There are straddles at 15,800 now. PCR has increased to 0.9, indicating recovery 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 has been bearish for many days. Let’s see if INFOSYS result announcement today can change anything.

The higher US inflation data has definitely had a negative impact on the global markets but remember our market has a lot of strength. 

Also remember that a gap down to flat opening is a perfect recipe for further up move. So, watch the market and understand the trend. Today is a Wednesday and Wednesdays can get crazy.

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.

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