News Shots

  • As discussed in YouTube live yesterday, the AGR verdict from the Supreme Court is to be announced today. Vodafone Idea, Bharti Airtel and IndusInd Bank will affect the most from the ruling. The market is expecting a verdict in favour of the telcos.
  • The Ministry of Defence announced that it has prepared a list of 101 items for which there would be a ban on the import beyond the timeline indicated against them. Defence stocks like Bharat Forge, BEL and L&T can definitely gain from this.
  • There are positive updates regarding the Reliance – Aramco deal that Aramco is still interested. This can be a great boost for Reliance Industries.
  • US private equity giant Blackstone Group is set to acquire property developer Prestige Estate’s rental income assets for more than $1.7 billion (Rs 12,745 crore) in the largest real estate portfolio buyout in India.
  • IndusInd Bank has acquired 7.82 per cent stake in battery maker Eveready Industries by invoking pledged shares following loan default. Promoter group Khaitan family’s stake in Eveready Industries has now slipped below 10 per cent.
  • Info Edge Ltd owned Zomato to raise another 100 Million USD.
  • Cipla reported a 26.58 per cent rise in its consolidated net profit to Rs 566.04 crore versus a net profit of Rs 447.15 crore for the corresponding period during last year. Abbott India and Divi’s Laboratories also announced great results.
  • Bata India reported a consolidated net loss of Rs 100.88 crore for the first quarter ended June 2020.
  • Q1 Results Announcement Today:
    • Titan Company
    • Power Grid
    • Bank of Baroda
    • Ujjivan Financial Services
    • Equitas Holdings

What to expect today?

  • Last week we saw the market taking support at 10,880 and moving up strongly to 11,200. Nifty did face resistance multiple times at 11,200 but closed above it on Friday. Markets were consolidating on Thursday and Friday. There are chances of a breakout soon and today’s AGR verdict (if positive) can be a stimulus for that.
  • US Markets are mixed. Asian markets are also mixed. SGX NIFTY is currently trading at 11,251, indicating a gap up opening in the Indian Market.
  • NIFTY is likely to trade between 11,100 and 11,400 today. There is support at 11,200 and 11,150 and resistance at 11,260, 11,300 and 11,340
  • Highest Call Open Interest at 11,500, followed by 11,300. Highest Put Open Interest at 11,000, followed by 11,100. 
  • Foreign institutional investors (FIIs) bought shares worth Rs 397.32 crore while domestic institutional investors (DIIs) sold shares worth Rs 438.62 crore in the Indian equity market on Friday.
  • There are many stocks (from the news above) in focus today. The AGR verdict definitely is the highlight of the day.
  • Other than that, focus needs to be given to the banking and pharma sector.