News Shots

Adani Total Gas will consider a proposal to raise funds via a medium-term note program of as much as $750 Million(~Rs 5,625 crores).

Bharti Airtel is availing the option of a delayed payment of spectrum auction instalments due up to four years and has requested the same for AGR dues.

The government also changed the telecom licence norms to reduce the tax burden on telecom operators. It exempted all non-telecom revenues, income from dividends, interest, property sale and rent and others, for calculation of levies like licence fees and spectrum usage charges.

Indus Towers posted a 38% YoY increase in consolidated net profit to about Rs 1,559 crore for Q2.

Net profit numbers of tyremaker CEAT fell 77% to Rs 42.28 crore for Q2, impacted by higher input costs. This may be a general issue for the tyre industry.

Court will give a verdict on Zee Entertainment and Invesco case today.

HDFC AMC has reported its Q2 revenue up 19% YoY at Rs 542.33 crore and net profit up 2% YoY at Rs 344.38 crore.

TechM reported its Q2 numbers with revenue up 7% at Rs 10,881.30 crore compared to last quarter. However, net profit was down 1% QoQ at Rs 1,338.70 crore and fell below estimates.

Major Earnings Today:

  • Axis Bank
  • Kotak Mahindra Bank
  • Cipla
  • Bajaj Finance
  • Ambuja Cements
  • ABB India
  • IRB Infrastructure Developers
  • Dr. Lal PathLabs
  • Torrent Pharmaceuticals
  • Canara Bank
  • Nippon Life India Asset Management
  • Persistent Systems
  • PI Industries
  • Jindal Stainless
  • Mangalore Refinery & Petrochemicals
  • Wabco India
  • GATI

What to expect today?

Yesterday, NIFTY opened with a huge gap-up at 18241 and then started falling.The index even crossed 18000 but then took proper support below 18000 to bounce back. NIFTY finally closed at 18125, up 10 points or 0.06%.

BANK NIFTY also opened with a gap-up but unlike NIFTY, had a fantastic rally to create a new all-time high. The index saw profit booking towards the end and closed at 41192, up 869 points or 2.15%.

All other sectoral indices closed in the red. NIFTY REALTY(-2.77%), NIFTY IT(-1.10%) and NIFTY AUTO(-1.80%) closed deep in the red. 

The European markets traded in the green except CAC40. The U.S. markets closed in the green with NASDAQ up by 0.90%. 

The Asian markets are trading mostly in the green. Japan’s NIKKEI is nearly 2% up. U.S. Futures and European Futures are trading in the green.

SGX NIFTY is trading higher at 18,181 indicating a gap-up opening in NIFTY. 

Major supports for NIFTY are at 18,100, 18,040 and 18,000. We can expect resistances at 18,250, 18,320 and 18,400.

BANK NIFTY has support at 41000, 40700 and 40500. Resistances are at 41500 and 41830.

The highest call OI build up in NIFTY is at 19,000 followed by 18,500 and 18,200. There is a significant build-up everywhere. The highest put OI build-up is at 17,500, followed by 18,000 and 17,800.

BANK NIFTY has the highest call OI buildup at 42000. 41000 call option sellers ran for cover yesterday as Bank Nifty rallied up nearly 2.5%. The highest put OI build-up is at 40,000, followed by 41000.

INDIA VIX is now at 17.61.

Foreign Institutional Investors net sold shares worth Rs 2459.1 crores. Domestic Institutional Investors net bought shares worth Rs 2390.23 crores.

It was ICICI Bank that supported the market yesterday, giving more than 130 points to NIFTY on its own. Major results from Kotak Bank, Axis Bank, Bajaj Finance and Cipla from NIFTY 50 are expected today.

17,950 will continue to act as major support. If this level is broken, the bearishness will continue or there will be a trend change in the market. NIFTY is slightly out of the channel which we discussed in TSMS. If it moves down further, it can be a sign of downtrend. Or else, we can expect consolidation in the coming days. On the upper side, you can keep a watch of 18,320 as a good level for the index.

Let us closely watch the heavyweights in the day, as we will need someone like ICICI Bank to keep NIFTY floating above 18,000. There is a hope of reversal from NIFTY IT, which is at a good support level in its 1-day charts and more than 7% down from its recent highs. BANK NIFTY may also continue its strength with multiple banks including Kotak and SBI yet to publish their results.

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