Here are some of the major updates that could move the markets today:
Stocks
Mindtree posted over 37 per cent rise in net profit for June quarter as it remained ‘confident’ of growth momentum for fiscal’s first half and cautiously optimistic about the second half. The IT company’s net profit stood at Rs 471.6 crore in April-June quarter, against Rs 343.4 crore in the same period a year ago.
Tata Power arm TP Saurya said it has bagged a 600-MW wind solar hybrid power project in Karnataka from state-owned Solar Energy Corporation of India.
Jubilant Pharmova: The pharma company’s wholly owned subsidiary Jubilant Pharma Holdings said it has signed an agreement with Standard Chartered Bank for a five-year loan of $400 million, about Rs 3,186 crore. Majority of the amount will be used for repayment of existing term loan and debt bonds.
Sanofi India said the board of directors on July 26 will consider declaration of one-time special interim dividend for the year ending December 31, 2022.
About 26 investors, including Porinju Veliyath, and Ashish Chugh, will take stake in Duroply Industries
Somany Ceramics is looking at a 27 per cent growth in revenue to Rs 2,700 crore during the current fiscal even though the industry is passing through a “bad phase” due to rise in natural gas prices. Its turnover was Rs 2,120 crore last year.
What to Expect?
NIFTY opened with a gap-up at 16,129 and fell after a few minutes of consolidation. The fall was so huge that the global recovery did not help NIFTY. The index broke 16,000 and closed at 15,967, down by 92 points or 0.57%.
BANK NIFTY opened with a gap-up at 35,263 and fell to 35,000. There was consolidation for a while followed by a fall. There was an attempt at recovery but failed and the index closed at 34,828, down by 304 points or 0.85%.
FMCG closed in the green.
The US markets closed lower as there was a sell-off towards the close but the European markets closed deep in the red.
The Asian markets are mixed with NIKKEI trading 0.7% higher. The U.S. Futures are trading slightly lower and the European futures are flat.
SGX NIFTY is trading at 15,950 indicating a gap-down opening.
NIFTY has supports at 15,950, 15,920 and 15,850. We can expect resistances at 16,000, 16,070 and 16,130.
BANK NIFTY has supports at 34,700, 34,500 and 34,200. Resistances are at 35,000, 35,220, 35,380 and 35,540.
NIFTY has the highest call OI build-up at 16,500 followed by 16,300. The highest put OI build-up is at 15,500 followed by 15,800.
BANK NIFTY has the highest call OI build-up at 35,500 and the largest put OI build-up is at 34,000.
Foreign Institutional Investors net sold shares worth Rs 2800 crores. Domestic Institutional Investors net bought shares worth Rs 1800 crores.
INDIA VIX stays at 18.52.
We had positive cues coming from Europe in the morning. UK GDP data was much better than expectations and the industrial production data also surprised the market participants. Germany CPI came out at 7.6% as expected. But the European markets opened with a gap-down and we fell with them. Though Europe showed recovery, we did not.
It is very important that you take note of yesterday’s price action. There were multiple attempts to give a sharp recovery towards the end but failed. 16,000 being a strong level resisted the up-move. It was a surprise that 20 ema was resisting BNF despite multiple efforts to break it.
US Consumer Price inflation came out at 9.1% and it was worse than the estimate. The figure came out at a record high. Remember that the real reaction to the data can come tonight. It is almost sure that there will be a 75 basis points hike in July.
HDFC twins have to be watched considering heavy selling yesterday. Crude oil has moved below 100.
I will be watching 15,920 on the downside and 16,070 on the upside.
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