News Shots
The hearing of petitions seeking interest waiver on moratorium and extension of moratorium to continue in the Supreme Court today.
India bans 118 more Chinese apps, including PUBG.
IndusInd Bank has approved allotment of preferential shares to marquee investors to raise Rs 2,495.79 crore.
InterGlobe Aviation, SpiceJet will be in focus after the government allowed airlines to operate with 60 percent capacity in the domestic segment.
LIC Housing Finance is planning to raise Rs 50,500 crore by issuing debt securities or by other private means.
Happiest Minds Technologies to raise up to Rs 702 crore via Initial Public Offering opening on September 7. Company involved in IT consultancy and services is planning to utilise the IPO proceeds to meet long-term working capital and general corporate purposes. The price band has been fixed at Rs 165-166 per share.
Coal India reported a 55 per cent drop in its net profit for the quarter ended June to Rs 2,079.60 crore, but still managed to beat analysts’ estimates.
Arvind Fashions Ltd reported a consolidated net loss of Rs 213.13 crore in the first quarter of 2020. The company had reported a net loss of Rs 95.08 crore in April-June quarter a year ago.
Dish TV India reported a consolidated net profit of Rs 74.54 crore for the quarter ended June. It had posted a net loss of Rs 35.44 crore in the April-June period a year ago
Oil and Natural Gas Corp (ONGC) may see capital spending this fiscal reduce by close to one-fifth after Covid-19 related restrictions delayed projects
Ashok Leyland plans to come up with multiple products for various segments to cater to both domestic and international markets as it aims to de-risk its business, which is currently skewed towards heavy and commercial vehicles
Engineers India has received an order worth Rs 450 crore from GAIL India.
Kalpataru Power Transmission has incorporated a wholly-owned subsidiary in Senegal to foray into the transmission and distribution and railways business.
What to expect today?
Yesterday was more consolidation and less volatility till 2 pm. As discussed, 11,500 was acting as a resistance. At 2 pm, Nifty broke out with strength and closed near to next resistance at 11,550. Click here for a detailed analysis of yesterday’s market and stock movements.
The Global Markets are extremely positive with multiple markets reaching record highs. Compared to them, our market is underperforming. But, if we are to compare, our COVID situation is worse and our economy has also taken a larger hit (Validated by -23% GDP growth)
The limiting factors for our market as of now are local cues – India-China border tension and loan moratorium case.
As discussed above, the hearing of loan moratorium case to continue today in the Supreme Court.
US Markets are mostly up, hitting fresh highs again. Asian markets mostly ended higher. SGX NIFTY is currently trading at 11,572, which is 13 points higher, indicating a gap up opening in the Indian Market.
NIFTY is likely to trade between 11,470 and 11,650 today. There is support at 11,500, and 11,470 and resistance at 11,600 and 11,650.
Highest Call Open Interest at 12,000, followed by 11,500. Highest Put Open Interest at 11,000, followed by 11,500.
Foreign institutional investors (FIIs) net bought shares worth Rs 990.57 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 657.48 crore
Banks, Airlines and Automobiles will be in focus today.
There will be bounceback opportunities in a lot of stocks. When a trend reversal is confirmed, it will be a great time to buy in dips for amazing swing trading opportunities.