News Shots

Zomato’s net loss widened to Rs 356 crore during the quarter ended June 30, 2021, against Rs 99.8 crore during the like period of the previous financial year. The total income of the company stood at Rs 916 crore during the quarter under review. This was a massive jump from a revenue of Rs 283.5 crore it reported in the year-ago period.

SBI Life Insurance Company is liable to refund Rs 84 crore plus interest amounting to Rs 27 crore, for its Supersuraksha Life Insurance Policy on orders of the Insurance Regulatory and Development Authority of India.

Rattanindia Enterprises to make a strategic investment in U.S.-based Matternet, an urban drone logistics platform. With this investment, REL has forayed into the deep-tech Unmanned Aerial Vehicle industry.

GMR Infrastructure board to meet on August 13 to consider raising up to Rs 6,000 crore in one or more tranches through the issue of securities including a QIP and/or FCCBs.

Karnataka Bank is in the process of upgrading its technology platforms and is proposed to undertake tech migration activity between August 14-17.

Power Grid Corporation of India posted a nearly three-fold jump in consolidated net profit at Rs 5,998.28 crore in the June quarter, mainly on the back of higher revenues.

Major Q1 result announcements today:

  • Bata India
  • Pidilite Industries
  • Cadila Healthcare
  • Bajaj Electricals
  • Cummins India
  • Aster DM Healthcare
  • CESC
  • CreditAccess Grameen
  • Endurance Technologies
  • IDFC
  • Equitas Holdings
  • Gujarat State Fertilizers & Chemicals
  • HEG
  • India Cements

What to expect today?

Yesterday, NIFTY made a large intraday move again but ended with net consolidation. NIFTY moved up to 16,360 and then fell to 16,200 and recovered back to 16,280. You can read all about yesterday’s market movements here.

BANK NIFTY closed with 0.01% move. It had broken out from 36,200 with the help of HDFCBANK and KOTAKBANK but fell later. The close was just above 36,000.

Most sectoral indices fell yesterday while the others consolidated. NIFTY METAL continued to move down heavily, with SAIL leading the pack.

There is consolidation in the European and US markets. FTSE and DOWJONES closed slightly higher, but still all under 0.5% movement.

The Asian markets are mixed, none making large moves. The US and European futures are consolidating.

SGX NIFTY is trading slightly higher at 16,310 indicating a gap up opening in the Indian market. 

The immediate supports for NIFTY is at 16,190, with more strong support at 16,150. Going ahead, 16,000 is likely to act as a key support for Nifty. 16,350-16,360 look like good resistances for NIFTY.

The 35,800 zone is an important support for BANK NIFTY. 36,200-36,300 will act as an immediate resistance for the index. 36,500-600 is also an important resistance to be watched out for in BANK NIFTY. 

Foreign institutional investors (FIIs) net sold worth just Rs 178 crores, and domestic institutional investors (DIIs) also net bought shares worth Rs 687 crores in the Indian equity market. 

The highest call OI buildup is at 16,300, followed by 16,400 and highest put OI buildup is at 16,200 followed by 16,000, indicating the market will likely be range bound (16,000 to 16,400) this week.

BANK NIFTY has the highest call OI buildup and put OI buildup at 36,000 indicating that BANK NIFTY will consolidate around this level this week.

For NIFTY, the level at 16,200-16,170 can be watched as an intraday support. Similarly, I will be looking at 16,360 on the higher side. Depending on which is broken, I will take/adjust trades accordingly.

For BANK NIFTY, I will be bearish if 35,800-35,700 is broken and I will be bullish if 36,300 is broken on the higher side.

HDFCBANK to be watched around 1520 and KOTAKBANK to be watched around 1824 ranges.

Follow us on marketfeed app’s livefeed section to get real time updates from the market. All the best for the day!