News Shots

Maruti Suzuki India reported a 50 percent increase in sales at 1,62,462 units in July. compared to last year.

Tata Motors total domestic sales increased by 92 percent to 51,981 units in July as compared to the same month last year.

Hero MotoCorp reported a 13 percent dip in total sales at 4,54,398 units in July.

Coal India board has approved a proposal to increase the coal evacuation facility charges. The board has also approved subsuming rapid loading charges with evacuation facility charges.

Hindalco Industries is planning to invest around Rs 8,000-10,000 crore in Hirakud, Silvassa and Mundra plants.

Adani Enterprises has floated a new subsidiary that will set up refineries, petrochemical complexes, and hydrogen plants, which will directly compete with the richest Indian Mukesh Ambani’s company.

The agri-science firm PI Industries has agreed to acquire Ind Swift Laboratories’ active pharmaceutical ingredients (API) business for an enterprise value of Rs 1,530 crore.

IDFC First Bank reported a net loss of Rs 630 crore in the April-June quarter due to provisioning measures for cushioning the impact of the second wave of the Covid-19 pandemic. The bank had posted a net profit of Rs 93.55 crore in the year-ago quarter ended in June 2020 and Rs 127.81 crore in the previous quarter ended in March 2021.

Pokarna has established a state-of-the-art quartz surfaces manufacturing facility, one of the largest in the world, with an investment of Rs 500 crore in Telangana.

Major Q1 result announcements today:

  • HDFC
  • Punjab National Bank
  • Varun Beverages
  • Emami
  • Castrol India
  • Carborundum Universal
  • RBL Bank
  • CG Power and Industrial Solutions
  • Balaji Amines
  • Shree Renuka Sugars
  • Capri Global Capital
  • Orient Cement

What to expect today?

Friday, NIFTY opened with a small gap up, consolidated for a long time and then broke out to move up till 15,850. There it took a resistance and fell heavily towards the end to close at 15,763. You can read all about Friday’s movements here.

BANK NIFTY did not look bullish at any point in time and had a perfect range-bound day, moving between 34,500 and 34,700. It closed at 34,584.

PHARMA was the star of the day as SUNPHARMA shot up 10% after its result.

The European markets opened with a gap down and tried to climb back up, and all ended in the red. The US markets also opened with a gap down but couldn’t’ move up after that and ended in the red,

The Asian markets are all trading higher in the green. US and European futures are also trading much higher, more than 0.5%.

SGX NIFTY is trading higher at 15,890 indicating a gap-up opening in the Indian market.

The immediate supports for NIFTY is at 15,800, 15,750 and 15,700.

The immediate resistance for NIFTY will be 15,890-15,900 and there are multiple resistance between 15,900 and the all-time high of 15,950.

34,900 and 35,000 are the important resistances to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 34,500-34,400 then at 34,100 and 34,000.

Foreign institutional investors (FIIs) net sold worth Rs 3848 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 2956 crores in the Indian equity market. 

The highest call OI buildup in NIFTY is at 15,900, followed by 15,800. These people might run for cover today thereby propelling the market even further (another classic case of a weekend trap!, it’s happening consecutively for 2 weeks now) The highest put OI build up is at 15,700.

BANK NIFTY has the highest call OI build up at 35,000, which is a major resistance otherwise. Let’s see if BANK NIFTY can close above 35,000 today!

As it is the month beginning, multiple cues are coming out this week – PMI data, inflation data, major corporate results, RBI monetary policy, US employment data etc. Let’s watch the impact of these data on the market as they come.

Anyways, today is going to be decisive with the gap up opening. Let’s see if our market has the strength to sustain it.

BANK NIFTY closing above 35,000 will definitely indicate strength in the market. I’d want NIFTY to close above 15,850 to establish strength there as well.

Let’s also look into heavyweights like RELIANCE and HDFCBANK who have been extra bearish for a long time now. 

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