News Shots

  • US President Donald Trump had signed an Executive Order on Monday restricting H-1B, L-1 visas and other temporary work permits, which Donald Trump said is aimed at protecting local workers who are facing unemployment. This can affect IT Stocks.
  • Adani Power approves voluntary delisting with floor price of Rs 33.82 per share. The Adani Power stock fell by 4% after the company’s Board of Directors approved the delisting.
  • After the border tensions with China, there has been pressure on Telecom companies to boycott Chinese products and deals. Vodafone Idea, in this situation, may be forced to pay $600-650 million to Chinese vendors (Huawei and ZTE) if the deals are scrapped. Bharti Airtel might owe $300 million.
  • UTI Asset Management Company has received SEBI’s approval for IPO. SBI, LIC, Punjab National Bank and Bank of Baroda hold 18.5 per cent stake each in UTI AMC. The US-based T Rowe Price holds 26 per cent stake in the company.
  • The Government of Singapore acquired 1.14 percent equity stake in ICICI Prudential Life Insurance Company through open market transactions on June 22 at Rs 391.6
  • ONGC has temporarily suspended operations at two drilling rigs in the Arabian Sea after 54 employees tested positive for coronavirus and one died. The oil and gas production has not been impacted.
  • Microfinance company Satin Creditcare Network said its board has approved raising of Rs 120 crore through a rights issue. (Have a look into its charts)
  • Shriram Housing Finance has raised long term debts of around Rs 300 crore from lenders.
  • Drug firm Morepen Laboratories reported a 5.05 per cent rise in its consolidated net profit to Rs 11.02 crore for the quarter ended March.
  • Dhanlaxmi Bank has reported 90.5 per cent decline in net profit at Rs 2.60 crore for March quarter 2019-20. The company attributes this to higher provisions for bad loans and contingencies.

What to expect today?

  • Yesterday, the Indian market showed signs of optimism, mostly traded and closed above 10,300. Market sentiments seem to be positive, amidst rising COVID 19 cases.
  • If you notice, NIFTY was clearly trading in a range yesterday (10,280 to 10,390). Breaking of this range today can give good movement in that direction. Profit booking from DII’s happened yesterday. Likewise, we can still expect more profit booking as the market nears 10,400.
  • The Global Market has been mostly positive. NASDAQ has hit a fresh all time high again. SGX NIFTY is currently trading higher at 10,343, indicating a gap up opening in the Indian Market.
  • NIFTY is likely to trade between 10,260 and 10,450 today. The Supports are at 10,260, followed by 10,210. The resistances are at 10,380 and 10,450. 
  • Highest Call Open Interest at 10,500, followed by 10,300. Highest Put Open Interest at 10,000, followed by 9,900. 
  • FIIs bought for Rs 421 crores. DIIs ended as net sellers worth Rs 1287 crores (profit booking).