News Shots

Reliance Industries reported a 7 percent drop in its June quarter profits, but still it is above analyst estimates.

ICICI Bank reported a net profit of Rs 4,616.02 crore for the reporting quarter, up by 77 percent. This is also a really positive result. But ICICI Bank has already gained 3% on Friday.

ITC reported a 30.24 percent jump in its consolidated net profit to Rs 3,343.44 crore for the first quarter ended June 2021.

JSW Steel to make a strategic investment of Rs 750 crore in JSW Paints in 3-4 tranches between FY22-FY25.

IndusInd Bank board approved raising up to Rs 30,000 crore capital. Bank will raise funds by issuing debt and equity securities through routes including QIP, American Depository Receipts, Global Depositor Receipts.

Drug major Cipla is recalling 7,228 bottles of Solifenacin Succinate tablets, a medicine used to treat overactive bladder, in the US market due to manufacturing issues.

Ambuja Cement reported nearly two-fold jump in consolidated net profit to Rs 1,161.16 crore in the quarter ended on June 30 backed by strong growth in volumes and efficiency gains.

Yes Bank reported an over four-fold jump in net profit at Rs 207 crore for the quarter ended June 2021.

Major Q1 result announcements today:

  • Kotak Mahindra Bank
  • Larsen & Toubro
  • Axis Bank
  • Tata Motors
  • SBI Life Insurance
  • Vedanta
  • DLF
  • GlaxoSmithKline Pharmaceuticals
  • Coromandel International
  • Navin Fluorin
  • M&M Financial Services
  • Alembic Pharmaceuticals

What to expect today?

Friday, NIFTY opened with a gap up and was a bit volatile. It had moved down below 15,800, but regained sharply and tested 15,900 before closing just above 15,850. You can read all about Friday’s movements here.

BANK NIFTY performed better than NIFTY, all thanks to ICICI BANK which moved up by more than 3%. The good thing in BANK NIFTY is that it closed above 35,000.

BANKS and REALTY led the rally on Friday. MEDIA moved down while all other indices consolidated.

The European markets and the US markets closed positively, all up by more than 1%.

There is a sudden negativity in Asian markets led by Chinese markets. But it is just a local regulatory issue in China and I feel the other markets are over reacting to it. US and European futures are also trading lower in the red.

SGX NIFTY is trading much lower at 15,739 indicating a gap down opening in the Indian market. 

The immediate supports for NIFTY are at 15,700, 15,650 and 15,600.

The immediate resistance for NIFTY will be 15,750 and 15,800.

35,000 is the important resistance to be watched out for in BANK NIFTY. 

BANK NIFTY has good support at 34,500-34,400.

Foreign institutional investors (FIIs) net sold worth Rs 163 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 2187 crores in the Indian equity market. 

The highest call OI buildup in NIFTY is at 16,000 and the highest put OI buildup is at 15,800. With the gap down opening, the 15,800 put sellers will be in deep trouble. (This is a classic weekend trap – All looked good on Friday and over the weekend but suddenly Monday opening is against expectations and will be causing major troubles)

But, the negative opening should only be a temporary thing. I feel our market should quickly recover and move back up. Let’s see.

Index heavy weights RELIANCE and ICICIBANK should be watched today. They can have a large influence on the market, depending on how they move after the results announcement.

BANK NIFTY has major catching up to do, compared to NIFTY. I will focus on BANK NIFTY in the coming days, also because KOTAK and AXIS are announcing their result today and INDUSINDBK is announcing its result tomorrow.

If NIFTY can close above 15,800 today, it is an indication of strength. If it remains in its favourite consolidation area of 15,700-15,800, then 16,000 will remain a distant dream.

So, as said, I think NIFTY should not be much weak today (I hope the global markets do not over exaggerate the Chinese market fall) and that 15,700 should act as a strong support for this series.

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