News Shots

  • PM Narendra Modi will launch a new tax scheme – “Transparent Taxation – Honoring the Honest” today. The focus of this scheme will be on the simplification of direct tax laws. Corporate tax matters are not expected to be discussed and so this will not have major effects on the stock market.
  • Indiabulls Housing Finance has appointed former deputy RBI governor Subhash Sheoratan Mundra as its non-executive chairman with immediate effect. Sameer Gehlaut has relinquished the office of Executive Chairman of the company and he will be CEO at Indiabulls Ventures.
  • Britannia Industries  will consider raising funds via Commercial Papers on August 17
  • Affle (India) Limited will acquire an 8 percent stake in Talent Unlimited Online Services Pvt Ltd (Bobble AI), India for a total cash consideration of Rs 19.8 crore.
  • Tata Power net profit in Q1FY21 rose 10.2 percent to Rs 268.1 crore from Rs 243.08 crore while revenue fell 16.9 percent to Rs 6,453 crore from Rs 7,766.7 crore, YoY.
  • Ashok Leyland reported net loss of Rs 388.8 crore in Q1FY21 as against a profit of Rs 243 crore in the year-ago period. Revenue declined 88.5 percent to Rs 650.9 crore from Rs 5,684 crore, YoY. 
  • Aurobindo Pharma net profit in Q1FY21 rose 22.8 percent to Rs 780.7 crore from Rs 635.7 crore while revenue increased 8.8 percent to Rs 5,924.8 crore from 5,444.6 crore, YoY
  • Cummins India Q1FY21 net profit fell 65.3 percent to Rs 53 crore from Rs 152.6 crore while revenue declined 62.8 percent to Rs 502.8 crore from Rs 1,351.7 crore, YoY. 
  • Major Q1 Results Announcement Today:
    • Hero MotoCorp
    • Tata Steel
    • Eicher Motors
    • Grasim Industries
    • Balkrishna Industries
    • Power Finance Corporation
    • Trend
    • Godrej Industries

What to expect today?

  • Yesterday went exactly as we had discussed. The negative opening was just an over reaction. The market was on a positive climb throughout the day after the weak opening. It is also positive that NIFTY closed strongly above 11,300. Click here for a detailed analysis of yesterday’s market and stock movements. 
  • US Markets are up. Asian markets are also mostly positive. SGX NIFTY is currently trading slightly higher by 12 points, indicating a flat to gap up opening in the Indian Market.
  • NIFTY is likely to trade between 11,250 and 11,400 today. There is support at 11,320, 11,280 and 11,250 and resistance at 11,340 and 11,370.
  • 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 351 crore while domestic institutional investors (DIIs) sold shares worth Rs 940 crore in the Indian equity market
  • With SBI breaking out yesterday, banks are giving the long-awaited up move as expected. Banks continue to be on the watch. Reliance’s struggle between 2100 and 2150,2200 continues. Do watch Reliance for a breakout or breakdown from these levels.