News Shots
Reliance Jio has become the first mobile service provider to cross 40 crore customers mark in India with a net addition of over 35 lakh subscribers in July. Reliance Jio added 35 lakh subscribers in July 2020, while Vodafone Idea lost 37 lakh users and Bharti Airtel added 32.6 lakh users during the month.
The interest on interest case to get a verdict in the Supreme Court today.
Punjab National Bank has hit the market to raise Rs 1500 crore in tier 2 bonds Monday, as the lender embarked on an aggressive Rs 14000 crore capital raising exercise for this fiscal.
JSW Steel raised Rs 3500 crores through an offshore bond, which could come in handy if the pandemic were to further slow down the industry.
SRF launched a QIP issue on Monday. The floor price of Rs 4,168.7 per share is a 4.58% discount to Monday’s closing price.
Avenue Therapeutics Inc, an associate company of Cipla, has received a complete response letter from the United States FDA for new drug application IV Tramadol.
Infosys has completed the acquisition of US-based product design and development firm Kaleidoscope Innovation.
Bharat Petroleum (BPCL), which controls 11-12 percent of the around Rs 35,000-crore engine oil market, has set a target of raising its market share to 13-14 per cent by March, given the rising rural demand as the farm sector is set for yet another bumper harvest.
Britannia announced stepping up its investment in Tamil Nadu to Rs 550 crore.
Industrial and automotive supplier Schaeffler India launched its lubricant range, including engine and hydraulic oil, coolants and grease, under the brand name TruPower.
Mahindra & Mahindra (M&M) has launched BS-VI compliant variants of its three-wheeler brand Alfa, priced up to Rs 2.67 lakh (ex-showroom Mumbai).
Packaging service provider Essel Propack has received regulatory approval for changing its name to EPL.
Some Major Q2 Results Announcements Today:
- Wipro
- Karnataka Bank
- Tata Steel Long Products
- Rudra Global Infra Products
What to expect today?
Yesterday NIFTY tried to cross 12,00 but failed, following which it fell down steeply because of profit booking. This has established strong resistance at 12,000. Supports were taken at 11,900 and 11,860, and closed strongly above 11,900. Click here for a detailed analysis of Friday’s market and stock movements.
Bank Nifty will try to cross 24,000 and sustain above it.
Though the local cues weren’t great yesterday, owing to the power outage in Mumbai and the Finance Minister’s disappointing press conference, the markets still did well. This indicates strength in the market.
The largest concern in, since there has been a continuous uptrend for the last 2 weeks, profit booking, just like it happened yesterday, might continue again. So that is something to watch out for.
11,800 should act as a support now. So, if the market moves down and if 11,800 is broken, we might see a correction in NIFTY. If NIFTY crosses and sustains above 12,000 today, we can see higher highs.
US Markets closed higher. Asian markets are mostly down. SGX NIFTY is trading at 11,929, which is 38 points lower, indicating a flat to gap down opening in the Indian Market.
NIFTY is likely to trade between 11,850 and 12,050 today. There is support at 11,900 and 11,860 and resistance at 11,950 and 12,000.
Highest Call Open Interest at 12,500, followed by 12,000. Highest Put Open Interest at 11,000, followed by 11,500.
Foreign institutional investors (FIIs) net bought shares worth Rs 615.17 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,028.77 crore
IT, Pharma and Bank stocks in focus today.
Let’s watch the battle between NIFTY and 12,000 again today. All the best for the day!