News Shots
The country’s largest software firm TCS reported a 28.5 per cent jump in June quarter net profit at Rs 9,008 crore, which is just below analyst estimates.
Tata Motors has tied up with Jammu & Kashmir Bank for retail finance. It has inked a two-year memorandum of understanding (MoU) with Jammu & Kashmir Bank.
Coal India has inked a pact for purchase of 11 Russian rope shovels for nearly Rs 1,462 crore. Electric rope shovels play a vital role in opencast mines for loading of material.
Bharat Dynamics has signed a contract worth about Rs 499 crore with the Ministry of Defence for the manufacture and supply of Akash Missiles to the Indian Air Force.
Union Bank of India has accepted bids to raise up to Rs 1,150 crore by issuing Basel III-compliant bonds.
The number of active demat accounts opened with CDSL has reached the 4-crore mark. CDSL, which began operations in 1999, had 1 crore active demat accounts in September 2015, crossed 2 crore in January 2020, 3 crore in January 2021 and 4 crore in July 2021.
The German technology and services major Bosch has launched HygNXT, an educational gaming application that promotes next generation hygiene and good health practices.
Mankind Pharma has received licence from the Defence Research and Development Organisation (DRDO) to manufacture and market oral 2-deoxy-D-glucose (2-DG), used for the treatment of COVID-19.
Mahindra and Mahindra Financial Services completed the acquisition of 20% of the Equity Share Capital of Ideal Finance Limited from its existing shareholders, resulting in an increase in MMFSL’s stake in Ideal Finance from 38.20% to 58.20%.
Major Q1 result announcements today:
- Delta Corp
- Excel Realty N Infra
- Integrated Capital Services
- Madhucon Projects
- Mapro Industries
- Suryavanshi Spinning Mills
- Valencia Nutrition
What to expect today?
Yesterday was a clearly trending bearish day in the market after a very long time. NIFTY opened flat, tried to move up and then kept falling throughout the day to close just above 15,700. You can read all about yesterday’s movements here.
BANK NIFTY also broke many major supports and closed more than 1% down near 35,200.
All sectors except NIFTY IT moved down yesterday.
The European markets have fallen nearly 2%. The US markets are down nearly 1%.
Almost all Asian markets are showing major weakness and trading 1-2% down. US and European futures are slightly in the red.
SGX NIFTY is trading lower at 15,667 indicating a gap down opening in the Indian market.
Global markets fell yesterday owing to the fear of a global second COVID wave because of the new delta variant of the virus. Asian markets falling today as well is indicating that yesterday’s was not a one off fall and that the concern is real.
The immediate supports for NIFTY are at 15,630, 15,600 and 15,500.
The immediate resistance for NIFTY will be 15,750-800. The all time high of 15,900-15,915 will not be taken out for a long time now.
35,500 is the important resistance to be watched out for in BANK NIFTY.
BANK NIFTY has good support at 35,000 and 34,650.
Foreign institutional investors (FIIs) net sold worth Rs 554 crores, and domestic institutional investors (DIIs) net sold shares worth Rs 949 crores in the Indian equity market.
There was major strength in our market but now it seems to be gone.
15,500-15,900 has been the consolidation range in NIFTY. As long as NIFTY does not break 15,500, I’d still say there isn’t much change in the market. If 15,500 is broken and sustained, then the sentiments will turn bearish.
Today is going to be decisive. Let’s see how the market performs. If BANK NIFTY is breaking the support at 35,000 with strength and NIFTY is breaking 15,630 with strength, then can be bearish for the day and short them/sell call options.
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