News Shots

  • COVAXIN by Bharat Biotech and ZyCov-D by Zydus Cadila marks beginning of the end, says scientists and Government officials The human trials have started but the official rollout to the masses can still take a long time, despite the announcement that Covaxin will be launched by August 15, which is only nearly a month away.
  • ICICI Bank to discuss a proposal to raise funds by issuing equity shares to strengthen its financial position.
  • YES Bank will auction certain properties later this month to recover loan dues of over Rs 1,000 crore.
  • Coal India suffered an average daily production hit of 56 per cent during the three-day strike by workers against the government’s move to open the sector to private players.
  • Indiabulls Housing Finance Ltd has raised ₹2,200 crore from Oaktree Capital by pledging a part of its real estate loans to the global stressed assets investor. 
  • Federal Bank is focusing on safer gold loans amidst the COVID-19 pandemic and hopes to grow faster than last year in the segment as demand for other credit slows down.
  • National Fertilizers has achieved 21.57 per cent growth in fertilizer sales at 12.85 lakh MT in first quarter (April-June) of this financial year (FY21), as compared to the sales of 10.57 lakh MT made by the company in the first quarter of 2019-20. This is an all time high fertilizer sale, breaking all previous records.
  • AstraZeneca Pharma India has received approval from Drugs Controller General of India (DCGI) for Dapagliflozin tablets for treatment of patients suffering from heart failure with reduced ejection fraction.

What to expect today?

  • Last week, NIFTY was on an exceptional bull run creating a 3 months high, owing to positive global cues.  Interestingly, volatility has fallen and now we can expect more stability in the market.
  • Markets globally are on a bull run creating new highs despite exponentially rising COVID-19 cases, which does not fulfil logic.  Let’s always be cautious until there is absolute certainty of a vaccine.
  • The global markets are mostly positive. Some Asian markets are 2-3% up. SGX NIFTY is currently trading higher at 10,680, indicating a gap up opening in the Indian Market. 
  • NIFTY is likely to trade between 10,550 and 10,700 today. There is support at 10,570 and 10,530, and resistance at 10,640 and 10,670. 
  • Highest Call Open Interest at 11,000, followed by 10,500. Highest Put Open Interest at 10,200, followed by 10,500. ‘
  • FIIs finally turned buyers, buying for nearly Rs 900 crores, which is a positive sign. If FIIs continue to buy, we could see a further up movement. However, on Friday, DIIs sold for Rs 330 crores.
  • The banking sector, lead by HDFC Bank, had been underperforming the market. They could be watched for opportunities.