News Shots
Maruti Suzuki bought 12.09% stake in AI software company Sociograph Solutions for Rs 1.99 crore to create customised sales experience on the web, and in virtual and augmented reality.
Marico acquired 53.98% stake in healthy breakfast and snack company HW Wellness.
Natco Pharma filed a suit against the company for a Process Patent
Bharat Electronics reported that their revenue went down by 8.35%.
Earnings Today: Adani Ports, Grasim Industries, Zee Media Corporation
What to Expect?
NIFTY opened flat at 16,294 and moved higher. There was resistance at the level of 16,400 and NIFTY fell. The fall was heavy that the index closed at intraday low, at 16,215, down by 51 points or 0.32%.
BANK NIFTY opened flat at 34,330 and moved up. 34,800 stopped the index from moving higher. The index fell and BNF closed the day at 34,247, down by 29 points or 0.08%.
METALS fell by 8% as export duty of 15% was imposed on steel.
The US markets and the European markets closed in the green.
The Asian markets are trading lower. The U.S. Futures and the European futures are trading in the red.
SGX NIFTY is trading at 16,207 indicating a flat to gap-down opening.
NIFTY has supports at 16,185, 16,125, 16,080 and 16,000. We can expect resistances at 16,260, 16,340, 16,410 and 16,485.
BANK NIFTY has supports at 34,000, 33,700, 33,400 and 33,200. Resistances are at 34,440, 34,800, 35,000 and 35,200.
NIFTY has the highest call OI build-up at 17,000 followed by 16,800. The highest put OI build-up is at 16,000 followed by 15,500.
BANK NIFTY has the highest call OI build-up at 35,000 and the largest put OI build-up is at 34,000.
INDIA VIX is at 23.4.
Foreign Institutional Investors net sold shares worth Rs 2,000 crores. Domestic Institutional Investors net bought shares worth Rs 1,400 crores.
Reliance disappointed with out giving a follow-up for the phenomenal rally on Friday. The stock closed 0.6% in the red.
Metals fell by 8% as export duty of 15% was imposed on steel. Also, import duty on raw materials were decreased. This was done to reduce the cost of domestic production. Tata steel and JSW steel fell by more than 12%.
RBI Governor in an interview to CNBC TV said that more hikes are coming to control inflation. However, this did not have a major impact on the markets.
Fed’s Bostic said that he would prefer a pause in the hike in September after the hikes coming in. We have Jerome Powell’s speech tonight.
I will be watching 16,260 on the upside and 16,120 on the downside.
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