News Shots

  • Unlock 2.0 is beginning today, with relaxations in night curfew, provision for more domestic flights and trains, and clearance for more than five people in a shop. However, schools, colleges and other educational institutions will remain closed till July 31. And Metro rail, multiplexes, gyms, swimming pools, bars and auditoriums will stay shut until further orders.
  • PM Modi Speech – Free ration for 80 crore people till November end and the usual emotional targeting.
  • Bharti Airtel’s Sunil Mittal bids for satellite firm OneWeb. OneWeb makes so-called low-Earth orbit satellites that provide high-speed communications. It faces competition from Elon Musk’s SpaceX Starlink project and Jeff Bezos’s Amazon-linked Project Kuiper.
  • Vodafone Idea posts Rs 11,643 crore Q4 loss, its seventh successive quarter in the red, hurt by loss of subscribers, high finance costs and a one-time charge related mainly to its statutory dues. Out of this total loss, Rs 6,375 is an exceptional loss, mostly related to the AGR dues payment.
  • Private Equity firm Carlyle to buy 25% stake in Bharti Airtel’s data centre business for $235 million
  • Automobile companies will announce their June sales today. So, keep watching them.
  • PVR and INOX announced release date of much awaited Sooryavanshi and 83, which shall inspire confidence among shareholders.
  • Jindal Steel and Power (JSPL) said it will offload its entire stake in Oman-based subsidiary for over USD 1 billion (about Rs 7,500 crore). The divestment is in line with JSPL’s vision and commitment to continuously bring down its debt and deleverage its balance sheet. 
  • Larsen & Toubro said it has achieved a major milestone under the ‘Make in India’ initiative by building a cryostat for a $20 billion global fusion project.
  • State-owned general insurer New India Assurance reported Rs 126.6 crore profit for the March Quarter. The company had registered a net loss of Rs 270.54 crore in January-March period of 2018-19.
  • State-run Oil & Natural Gas Corporation (ONGC) posted a standalone net loss of Rs 3,098.26 crore for the quarter ended March due to an exceptional item towards impairment loss of Rs 4,899 crore.
  • Much detrimental FY21 Q1 results to start coming in with TCS’s result on July 9

What to expect today?

  • Yesterday, as expected, we saw profit booking later in the day before PM Modi’s speech. Market is in extreme consolidation mode. NIFTY has been trading in the range of 10,200 to 10,400 for 4 consecutive trading days. 10,400 has been tested multiple times. Keep watching these levels for breakout/breakdown. (Breakdown chances being obviously higher)
  • The entire global market, including multiple Asian markets are up. But SGX NIFTY is currently trading lower at 10,236, indicating a gap down opening in the Indian Market. 
  • NIFTY should test the support at 10,200 today. NIFTY is likely to trade between 10,150 and 10,400 today. There is support at 10,150 and 10,100, and resistance at 10,280 and 10,350. 
  • Highest Call Open Interest at 10,500, followed by 10,000. Highest Put Open Interest at 10,000, followed by 9,800.  
  • FIIs ended as net sellers, selling nearly Rs 2000 crores. DIIs bought strongly for nearly Rs 2100 crores
  • Reliance fell heavily. It was an easy trading opportunity as I had also shared the chart pattern in our Telegram channel. As I always say, keep watching Reliance.