News Shots

U.S.-based Adagio Therapeutics Inc. has granted an exclusive license to Biocon Biologics, a subsidiary of Biocon, to manufacture and sell an anti-body treatment for Covid based on ADG20 for India and some emerging markets.

IDFC First Bank to consider raising funds in the July 31 meeting.

The board of directors and shareholders of Equitas Holdings (EHL) and Equitas Small Finance Bank (ESFB) approved the amalgamation scheme of the two companies.

Bajaj Auto has reached an agreement with its Austrian partner Pierer Industrie AG for simplifying their shareholding pattern in premium bike maker KTM through a two-step transfer of their stakes to a new holding company.

The government’s up to 8 percent stake sale in HUDCO at a floor price of Rs 45 apiece would open for institutional investors, via Offer for Sale.

Axis Bank June quarter consolidated net profit more than doubled to Rs 2,374.50 crore driven by other income and lower provisions.

Tata Motors reported a narrowing of consolidated net loss at 4,450 crore in the first quarter ended June 30 as sales improved when compared with the same period of the last fiscal.

The infrastructure major L&T posted an over two-fold jump in consolidated profit after tax (PAT) to Rs 1,531.66 crore for the quarter ended June, helped by higher income.

DLF reported a consolidated net profit at Rs 337.17 crore in the first quarter of this fiscal year on higher revenue. The company had posted a net loss of Rs 71.52 crore in the year-ago period.

Major Q1 result announcements today:

  • Dr. Reddy’s Laboratories
  • IndusInd Bank
  • Interglobe Aviation
  • Canara Bank
  • Torrent Pharmaceuticals
  • Dalmia Bharat
  • Dixon Technologies (India)
  • The Ramco Cements
  • Sanofi India
  • UCO Bank
  • IIFL Finance

What to expect today?

Yesterday, NIFTY opened with a small gap down and then moved up, as expected. NIFTY remained and range-bound between 15,800 and 15,900 before closing at 15,824. You can read all about yesterday’s movements here.

BANK NIFTY also followed a similar pattern but the bad news is that it closed below 35,000.

All the sectors consolidated yesterday. METALS and PHARMA were the better performers.

The European markets closed flat. The US markets closed positively at all time highs, up by just 0.2%.

The Asian markets are recovering from the Chinese bearishness. The Chinese markets continue to move down. US and European futures are trading slightly down.

SGX NIFTY is trading higher at 15,865 indicating a gap up opening in the Indian market. 

The immediate supports for NIFTY are at 15,800 and 15,750

The immediate resistance for NIFTY will be 15,890-15,900.

35,000 and 35,200 are the important resistances 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 2376 crores, and domestic institutional investors (DIIs) net bought shares worth Rs 1551 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. The OI analysis suggests consolidation in the coming days.

Index heavy weights RELIANCE and HDFCBANK should be watched today. They have been bearish for a long time now. Their turn around can easily help NIFTY to break the current consolidation levels.

BANK NIFTY has major catching up to do, compared to NIFTY. Let’s focus on KOTAKBANK, AXISBANK and INDUSINDBK for result based moves.

It looks like NIFTY will test 15,900 again today. I have honestly lost count of how many times 15,900 has been tested and so, there is a high chance that it will be broken in the next test. 

Even if 15,900 is broken, there are multiple resistances before reaching 16,000. I think some of the heavy weights have to take charge for NIFTY to reach 16,000 by this expiry.

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