News Shots

  • AGR hearing adjourned by the Supreme Court to 19 August. SC seeks Government’s view on whether Reliance Jio should pay RCom’s AGR dues.
  • Regarding rumours of selling stake in JLR, Tata Motors said there is adequate liquidity with the company to manage its operations and capital expenditure, and rejected reports of stake sale in the JLR unit.
  • New-York based Rosen Law Firm has announced an investigation of potential securities claims on behalf of HDFC Bank shareholders based on allegations of sharing “materially misleading business information” with investors. The firm is preparing for legal action on behalf of the bank’s shareholders
  • The RBI has lifted regulatory restrictions on the remuneration of Bandhan Bank‘s Managing Director and CEO. With this, all the regulatory restrictions imposed by the central bank are now withdrawn.
  • YES Bank will enhance pool of share in Employee Stock Option Plan (ESOP) to 225 million shares from 75 million to grant them to employees, to attract and retain its executives and ensure they avoid poaching
  • Indiabulls Real Estate and Embassy Group will finalise the valuation and swap ratio for their proposed merger today. This will see Embassy Group merging real estate assets spread over 62 million sq ft with listed company Indiabulls Real Estate.
  • Muthoot Finance has tied up with Kotak Mahindra General Insurance to offer Covid-19 insurance cover of up to Rs 1 lakh against gold loan.
  • Major Results Announcement Today:
    • ZEEL
    • Hindustan Aeronautics Limited

What to expect today?

  • Yesterday, we saw the market consolidating again and ending near 11,250 with a positive bias. Click here for a detailed analysis of Friday’s market and stock movements. Bank NIFTY was extremely weak yesterday, even breaking the day before yesterday’s low.
  • US Markets closed mixed. Asian markets are mostly positive. SGX NIFTY is currently trading at 11,273, indicating a flat to positive opening in the Indian Market.
  • NIFTY is likely to trade between 11,200 and 11,350 today. There is support at 11,250, 11,170 and 11,130 and resistance at 11,250, 11,280 and 11,320.
  • Highest Call Open Interest at 11,500, followed by 11,300. Highest Put Open Interest at 11,000, followed by 11,200. 
  • Foreign institutional investors (FIIs) bought shares worth Rs 332.9 crore whereas domestic institutional investors (DIIs) sold shares worth Rs 717.62 crore in the Indian equity market
  • Banking stocks led by HDFC Bank are still underperforming. And then there is negative news about HDFC Banks as well. They continue to be in focus. Also, IT and Steel stocks have been doing well.
  • The problem now is both NIFTY heavyweights Reliance and HDFC Bank are not moving up, for multiple reasons. If we see a slight positive movement in them, NIFTY can easily regain and break earlier highs.