News Shots

  • There is news of the world’s first COVID-19 vaccine developed by Russia’s Sechenov University to have successfully completed human trials. But, there are multiple more phases of trials to be completed before it becomes a “Covid-19 vaccine”.
  • Biocon has received the Drugs Controller General of India’s (DCGI) approval to market its Itolizumab for treatment of patients with moderate to severe Covid-19 complications.
  • Qualcomm Inc will invest Rs 730 crore in Jio Platforms in exchange for a 0.15 percent stake
  • In Q1 results, DMart reported 88% fall in profits, from Rs 320 crores to Rs 40 crores.
  • IRCTC’s net profit jumped 79% to Rs 150 crores, in FY20-21 Q4 results.
  • The telecom regulator TRAI has blocked Bharti Airtel’s Platinum and Vodafone Idea’s RedX premium plans that offer faster data speeds and priority services, saying such schemes could lower the quality of mobile services for those who haven’t opted for them.
  • Karnataka Bank has clocked its highest-ever quarterly net profit of Rs 196.38 crore in the first quarter ended June, on the back of various cost-cutting measures and healthy core income growth.
  • Concerned over uncertain market conditions, JSW Steel has decided to reduce its capex target for 2020-21 by about 45 per cent to Rs 9,000 crore against its earlier plan of spending Rs 16,340 crore.

What to expect today?

  • Last week, the market was in heavy consolidation, moving within a narrow range of 10,690 to 10,850 (approx) There is a chance for a breakout/breakdown, with breakout having higher chances. There are multiple news globally regarding optimism on the COVID 19 vaccine development. As I said in yesterday’s live, there is 200 DMA for NIFTY in between 10,850 and 10,900, which can act as a resistance. So, if that is broken, we may see NIFTY moving further up.
  • The American, European and Asian markets closed mostly higher. SGX NIFTY is currently trading higher at 10,837, indicating a gap up opening in the Indian Market. 
  • NIFTY is likely to trade between 10,700 and 10,900 today. There is support at 10,750 and 10,690, and resistance at 10,820 and 10,875. 
  • Highest Call Open Interest at 11,000, followed by 11,200. Highest Put Open Interest at 10,500, followed by 10,600. 
  • Reliance has to be watched as the new investment has come in. Infosys should be in watch owing to its result announcement. Banking and Pharma sectors can also be closely monitored.