News Shots

IndusInd Bank reported doubling of its net profit to Rs 1,016 crore in the June 2021 quarter, on a dip in provisioning and a surge in other income.

Larsen & Toubro board has approved the amalgamation of the company’s wholly-owned arm L&T Hydrocarbon Engineering Ltd with the parent firm.

ICICI Lombard General Insurance Company and Dr Reddy’s Laboratories-owned SVAAS Wellness have joined hands to offer cashless outpatient services to health insurance policyholders.

IIFL Finance reported a 735 per cent jump in consolidated net profit at Rs 265.82 crore for the quarter ended June on healthy growth in its loan portfolios.

Government of India’s offer-for-sale in HUDCO gets 196% demand from non-retail investors on the first day. The OFS for retail investors opens today.

Cyient Australia Pty, a wholly-owned subsidiary of Cyient, to acquire 100% stake in Workforce Delta, a global consultancy company, for $2.7 million.

Major Q1 result announcements today:

  • Maruti Suzuki
  • Nestle (India),
  • SRF
  • IDBI Bank
  • United Breweries
  • Oracle Financial Services Software
  • Cofoge
  • ABB India
  • Pfizer
  • Central Bank of India
  • Happiest Minds Technologies
  • Welspun India
  • UTI Asset Management Company

What to expect today?

Yesterday, NIFTY opened with a gap up and was trading well above 15,800 before the Chinese markets fell heavily. That influenced our markets as well and we fell till 15.700 and closed near to 15,750. You can read all about yesterday’s movements here.

BANK NIFTY also broke the support at 35,000 and fell heavily to close just below 34,800.

NIFTY PHARMA crashed 4% led by DRREDDY which moved down 10%. METAL was the only sector to do well yesterday.

The European markets were highly bearish but recovered in the day, but still to close in red. The US markets also were similar – gap down opening, further down move, recovery, negative close.

The Chinese markets seem to be recovering slightly but Japan and Taiwan are more than 1% down. US and European futures are almost flat to negative.

SGX NIFTY is trading higher at 15,780 indicating a gap up 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, 15,820 and 15,840.

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 1459 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 729 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 this week.

Similarly, in BANK NIFTY, the call writing at 35,000 has become massive now.

NIFTY has fallen back into its favourite consolidation zone of 15,700 – 15,900. I expect consolidation within this range in the coming days also.

Speaking about today’s movement, 15,800 will be a major level around which NIFTY will show predictable movement. Looking down, 15,750 is the level to be watched.

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