News Shots

Axis Bank reported it has Rs 648 crore exposure to Future Group companies, including Rs 305 crore outstanding loans to Future Retail. The bank was clarifying after it received queries regarding the same.

SpiceJet clarified on reports of default on payment to Airport Authority of India by saying that the principal amount owed to AAI is completely secured by bank guarantee. SpiceJet also said that the AAI owes them more than Rs 142 crores in wrongful charges.

Karnataka Bank is now authorised by the RBI to facilitate transactions related to government businesses.

Suzlon Energy is planning to raise up to Rs 1,000 crore from securities issue.

Adani Enterprises incorporated a wholly owned subsidiary called Noida Data Center Ltd. NDCL has the objective to develop, operate, maintain and deal with the business of Data Centers. Meanwhile, promoter Adani Tradeline created a pledge of 2.62 lakh shares on August 3rd.

Rolex Rings is making its debut in the market today after its IPO was subscribed over 130 times.

Divi’s Laboratories reported a 13% YoY increase in its consolidated net profit at Rs 557 crore for Q1.

Larsen and Tourbo said it has received approval from shareholders to raise up to Rs 4,500 crore through issuance of convertible bonds, according to a regulatory filing.

SAIL posted a consolidated net profit of Rs 3,897.36 crore for the April-June quarter against a net-loss of Rs 1,226.47-crore last year in the same period. Time for a fresh rally in SAIL? But beware of a gap-up!

Major Q1 result announcements today:

  • Shree Cement
  • MRF
  • Reliance Power
  • Clean Science and Technology
  • Hinduja Global Solutions
  • Balrampur Chini Mills
  • Gujarat State Petronet
  • Laxmi Organic Industries
  • Tamilnadu Petroproducts
  • Tata Investment Corporation
  • Chemcon
  • Ester Industries
  • Gati
  • Subex
  • Astrazeneca India

What to expect today?

On Friday, the market cooled off a bit to close just above 16,200. You can read all about the market movements here.

BANK NIFTY consolidated and closed just above 35,800 just like on Thursday. The level is looking like a good support for the index.

Most sectoral indices saw consolidation on Friday. Reliance fell after the Supreme Court ruled in favour of Amazon in the Future Retail case. HDFC Bank tried to move up towards the end of the day but found resistance at 1,500.

US markets closed in the green on Friday while Europe consolidated.

The Asian markets are mixed with many closed for the day including that of Japan and Singapore. The Futures in the European markets are slightly in the red. The US markets’ Futures are also in the red. 

SGX NIFTY is trading flat at 16,270 indicating a slight gap-up opening in the Indian market.

The immediate supports for NIFTY is at 16,190, with more strong support at 16,150. Going ahead, 16,000 is likely to act as a key support for Nifty. 16,285 and 16,350 look like good resistances for Nifty.

The 35,800 zone is important for Nifty. 36,200 will act as an immediate resistance for the index. 36,500-600 is also an important resistance to be watched out for in BANK NIFTY. 

BANK NIFTY has intraday supports at 35,700 and 35,200.

Foreign institutional investors (FIIs) net sold worth just Rs 69 crores, and domestic institutional investors (DIIs) also net sold shares worth Rs 631 crores in the Indian equity market. 

The highest call OI buildup is at 16,300 and highest Put OI buildup is at 16,000, indicating the market will likely be range bound this week.

BANK NIFTY has a Call OI buildup at 36,000 with the largest put OI buildup at 35,000. The Open Interest data may give a more clear picture by the end of today.

For NIFTY, the level at 16,150 can be watched as an intraday support. Similarly, will be looking at 16,350 on the higher side. Depending on which is broken, I will place trades accordingly.

Even with the negative news for Reliance on Friday, it looked like a small fall. Investors had already considered this outcome, and the movement of the stock today will be crucial. There is no longer any uncertainty in the stock.

HDFC is likely to see a small retracement after its strong rally while HDFC Bank could continue its Friday evening bullish mood. Expecting heavyweights to cancel each others movements and to see net consolidation in the day.

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