News Shots

Reliance Industries held its 44th AGM, in which it presented the roadmap of future. It unveiled their own green energy plans, investment of Rs 75,000 crore to transition itself into a full-fledged green company, 4G enabled smartphone, Saudi Aramco deal and growth of retail business.

State Bank of India has launched the Aarogyam healthcare business loan. Under this new product, the entire healthcare ecosystem such as hospitals, nursing homes, diagnostic centres, pathology labs, manufacturers, suppliers, importers, logistic firms engaged in critical healthcare supply can avail of loans up to Rs 100 crore repayable in 10 years.

LIC will infuse equity capital worth about Rs 2,334.70 crore in its subsidiary LIC Housing Finance by picking up an additional stake in the company. LIC Housing Finance will issue shares at Rs 514.25 apiece to its promoter Life Insurance Corporation of India (LIC) on a preferential basis.

Bank of Maharashtra received shareholders’ approval to raise up to Rs 5,000 crore equity capital through various modes, including rights issue and preference issue.

Rallis India, the subsidiary of Tata Chemicals is planning to enhance manufacturing capacities as well as build a new integrated research development center, and is in the process of launching new products.

Renowned investor Dolly Khanna bought 76,555 shares of Deepak Spinners at Rs. 167.2 apiece through a bulk deal.

Aarti Industries authorised the opening of QIP on June 24. The floor price of Rs 899.77 per share is at a premium of 3.21% to Thursday’s closing price.

Some major Q4 result announcements today:

  • Indraprastha Gas
  • JSW Energy
  • Hindustan Copper
  • Finolex Industries
  • Shree Renuka Sugars
  • PNC Infratech
  • Godfrey Phillips
  • Railtel Corporation of India
  • Barbeque Nation
  • Forbes & Company
  • Balmer Lawrie
  • Inox Winds

What to expect today?

Yesterday, NIFTY opened with a gap up and moved up slowly throughout the day to test and close just below 15,800. You can read all about yesterday’s movements here.

BANK NIFTY was in major consolidation throughout the day and moved up towards the end to close just below the major resistance of 35,000.

NIFTY IT performed the best among sectors as INFY and IT moved up strongly. The sleeping giant, HDFC BANK, also moved up keenly yesterday.

The European markets closed strongly in the green. The US markets also moved up and closed at all time highs, with more positive economic deals happening there.

All the Asian markets are trading in the green. US and European futures are up currently.

SGX NIFTY is trading higher at 15,845 indicating a gap up opening in the Indian market.

The immediate supports for NIFTY are at 15,800 and 15,750. 

Meanwhile, the all time high of 15,900 will act as strong resistance.

35,000 is the important resistance to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 34,650, 34,400 and 33,900 to 34,000 zone. 

Speaking about July expiry, the highest call OI buildup in NIFTY is at 16,000 followed by 15,900. The highest put OI buildup is at 15,500 followed by 15,000. The number of puts are higher than the number of calls, indicating bullishness.

Foreign institutional investors (FIIs) net sold worth Rs 2,890 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1,138 crores in the Indian equity market. 

There are positive cues everywhere – globally, locally, technically, economically etc. NIFTY looks like it is preparing to move to 16,000 soon.

As I have been saying, the key to 16,000 is with banks. If HDFC BANK continues its momentum from yesterday and breaks out from 1520 level, BANK NIFTY can also break out from 35,000-36,000 levels and thus, NIFTY can easily reach 16,000.

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