News Shots

The U.S reported Consumer Price Inflation data yesterday. It jumped 5% in May from last year. This is the fastest jump since the 2008 financial crisis. U.S Markets surprisingly reacted well to the data and closed in green.

OIL India board meeting on June 21 to consider and approve the audited financial results and to recommend the final dividend for the year.

Yes Bank’s board has approved seeking shareholders’ approval for borrowing/raising funds of Rs 10,000 crore by issue of debt securities.

NHPC reported consolidated Q4 net profit at Rs 464.60 crore against Rs 258.83 crore, YoY. But revenue fell more than 24%. Approved a proposal for raising of debt up to Rs 4300 crore during this financial year from bonds.

National Fertilizers reported Q4 net loss at Rs 9.8 crore against Rs 333.11 crore last year.

Godrej Projects Development, a wholly-owned subsidiary of Godrej Properties has acquired 20% of issued and paid-up share capital of Vagishwari Land Developers.

Cosmo Speciality Chemicals, a subsidiary of Cosmo Films, has launched a new product called Fabritizer. It a laundry sanitiser for germ-free clothing.

Suven Pharma, Indian Institute of Chemical Technology, Hyderabad and National Institute of Interdisciplinary Science & Technology, Thiruvananthapuram has entered into an agreement for manufacturing of the anti-Covid drugs, Molnupiravir and 2-DG.

Mangalore Refinery and Petrochemicals has approved the scheme of amalgamation of ONGC Mangalore Petrochemicals with the company.  

Promoters revoked a pledge of 36.38 lakh shares on June 8 in Adani Enterprises and 28.7 lakh shares of Adani Transmission.

Wipro Ltd’s subsidiary, Wipro IT Services, has approved a proposal for issuing US dollar denominated notes of up to $750 million. 

Some major Q4 result announcements today:

  • DLF
  • BEML
  • Bharat Heavy Electricals
  • CG Power and Industrial Solutions
  • Cochin Shipyard
  • Heranba Industries
  • Likhitha Infrastructure
  • Lumax Industries
  • Max Ventures and Industries
  • Sun TV Network

What to expect today?

Yesterday, NIFTY opened with a small gap up and slowly moved up till the end. It closed near the day high and ended the weekly expiry at 15,737. You can read all about yesterday’s movements here.

BANK NIFTY was consolidating all through the morning but broke out after noon. It gave a 200-point move in the last 2 hours and managed to close above the 35,000 mark. 

Nifty Media and Realty closed with big gains and can be watched in coming days as well. They were followed by Nifty PSU Bank.

The European markets closed flat. The US markets closed slightly in the green, after reporting high levels of inflation for the month of May.

Interestingly, all the Asian markets are trading flat ahead of the Indian market opening. 

SGX NIFTY is currently trading flat at 15,787 indicating a flat or small gap-up opening in the Indian market.

The immediate supports for NIFTY are at 15,700, 15,620, 15,570 and 15,500.

The all-time high of 15,800 is a good resistance, but it could get broken today with the gap-up opening. 

35,400, 35,550 and 35,800 are the next important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 34,650 and in the 35,000 zone. The 20-day moving average is at 34,650 and the next support is 34,159.

INDIA VIX stands just above 15. The option chain data does not yet give a good idea for the week ahead.

Foreign institutional investors (FIIs) net bought worth Rs 1329.7 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 575.19 crores in the Indian equity market. 

The global markets are once again consolidating after the inflation data. A fall was expected after the report of high inflation, but U.S markets managed to stay steady.

We saw Bank Nifty breaking out towards the end, but Reliance actually fell sharply. I feel this was an expiry day craziness to keep Nifty flat and that Reliance has a chance to move back up.

Interestingly, Bajaj Finance contributed 26 points to Nifty yesterday after its Monday fall. ICICI Bank and SBI also had good strong closes. HDFC Bank continues to show weakness and the 1,500 and 1,520 levels can be watched.

Bank Nifty closed near the day’s high, so we can expect some positivity from the index today.

It is a relatively free day for me, as my weekly positions have been closed yesterday. Will keep watching the market to see if it reacts in any way to the U.S Inflation data.

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