News Shots

Glenmark Life Science will make its debut in the market today. The IPO was subscribed 44.17 times. The stock is expected to deliver good listing gains.

Maruti Suzuki said its total production in July increased by 58% year on year to 1.70 lakhs.

Cipla reported a 25.4% YoY increase in its consolidated net profit to Rs 709.92 crore for Q1 with good sales. 

Indiabulls Housing Finance reported 3.3% increase in profits to Rs 282 crore for Q1. Its net interest income was up 4.65% to Rs 765 crore. BNP Paribas Arbitrage fund sold 31.74 lakh equity shares of the company yesterday.

Adani Power posted a consolidated net profit of Rs 278.22 crore in Q1 with higher revenues, against a loss of Rs 682.46 crore in the same quarter last year. The company said that electricity demand in the country has recovered smartly after the fall witnessed during the Covid-19 lockdowns in this quarter.

Multiplex chain PVR said that it expects its business to return to pre-pandemic level by the end of this financial year, counting on consistent supply of good films and no third wave and further lockdowns in the country. Do you think their assumptions will come true?

Force Motors said its total production in July stood at 2,046 units. It reported domestic sales of 1,607 units and exports of 213 units.

Tata Chemicals reported a nearly 5x jump in consolidated net profit at Rs 342.33 crore for Q1, helped by an increase in soda ash volumes in the US and India. The share has been consolidating heavily after falling on 2nd May while reporting Q4 results.

Thermax, heavy electrical equipment returned to profits with consolidated net profit of Rs 42.40 crore for Q1. They had posted a Rs 15.27-crore net loss last year in the same quarter.

Major Q1 result announcements today:

  • Mahindra & Mahindra
  • Hindalco
  • Berger Paints
  • AU Small Finance Bank
  • National Aluminium
  • Voltas
  • Tata Power
  • Torrent Power
  • Indigo Paints
  • APL Apollo Tubes
  • JK Tyres 
  • MTAR Technologies

What to expect today?

The rally continued again yesterday as NIFTY crossed 16,300 but fell towards the end to close just below 16,300. You can read all about yesterday’s movements here.

BANK NIFTY along with most of the other sectors moved down. BANK NIFTY closed 0.54% down, just above 35,800, which is major support.

NIFTY METAL was the only sector which moved considerably up yesterday. Most of the other sectoral indices closed in the red. Index heavyweight stocks like RELIANCE, HDFCBANK moved up thereby giving power to NIFTY.

The European markets closed with a slight positive bias. The US markets closed 0.6-0.8% up, as data showed fewer Americans filed for unemployment benefits. 

The Asian markets are flat, mostly consolidating, but trading in the red. European and US futures are also trading slightly lower.

SGX NIFTY is trading flat at 16,316 indicating a gap up opening in the Indian market. 

The immediate supports for NIFTY is at 16,200, which has been respected for 2 days now.

NIFTY again seems not to be caring about resistances.

36,200 is immediate resistance. 36,500-600 is also an important resistance to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 35,800.

Foreign institutional investors (FIIs) net sold worth Rs 719 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 731 crores in the Indian equity market. 

The highest call OI buildup and put OI buildup are at 16,300, indicating a lot of straddles there, indicating consolidation in the range of 16,100 to 16,500 in the coming days.

BANK NIFTY still has a large call OI buildup at 36,000 and above with the largest put OI buildup at 35,000.

The upper level to watch out today in BANK NIFTY is 36,500-600 and the lower levels are 35,800 and 35,500.

The similar levels in NIFTY are 16,350 on the higher side and 16,200 on the lower side. Depending on which is broken, I will place trades accordingly.

If not for the index heavyweights, NIFTY would have fallen yesterday. So keep an eye on the index heavyweights today also.

I feel 15,900-16,000 will act as strong support going ahead.

Follow us on marketfeed app’s livefeed section to get real-time updates from the market. All the best for the day!

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