Good Morning folks,
Yesterday market was tricky with movements on either side. Anybody who caught the trend would have made good profits. All Intraday calls gave good results. As today is expiry Market can be tricky and volatile.
Global cues:
• Wall Street gained on Wednesday with the S&P 500 hitting its 4-month high.
• Strong quarterly gain by GS and promising early data for a potential COVID-19 vaccine increased U.S. markets.
• Crude oil stockpiles dropped more than expected last week due to a fall in weekly crude imports.
• European shares rebounded on Wednesday from losses in the previous session following reports of progress in developing a COVID-19 vaccine.
• Asian Markets are in Negative and Dow futures are trading flat.
• SGX Nifty is up 10 points, so can expect flat opening in our markets.
Indian markets:
• Nifty failed to capitalize on its gap-up start and ended flat. Big selloff was seen in last 1 hour mainly triggered by Reliance.
• Gains in IT stocks were capped by losses in index heavyweights RIL and Bharti Airtel.
• Reliance slipped 7% from highs to close with a cut of 4% on profit taking.
• FIIs were net sellers of worth Rs. 221.70 Cr and DIIs were net sellers of worth Rs. 899.37 Cr.
• Nifty formed a 'Shooting Star' candle on the daily chart, meaning it's now a 'sell on rise' market.
RIL AGM:
• As pointed out yesterday, dynamics of Nifty changed between 2:00-3:30 pm after investors were left unimpressed by the RIL AGM. They were also disappointed as the Saudi Aramco deal was not proceeding as planned.
• The selloff in RIL blew away investor’s wealth by Rs 1.26 lakh crore as the market cap of the company slid to Rs 11.7 lakh crore.
• The stock price had moved up around 16.5% in this month anticipating announcements at the AGM. Most of the announcements were in line with the expectations built till Wednesday and the stock price reacted on the principle of buy on expectation and sell on announcement.
Others:
• Pharma and FMCG were top gainers. Infra and Realty were top losers.
• Bharti Airtel & Vodafone Idea fall as Google to take a 7.7% stake in Jio.
• Bandhan Bank & Federal Bank end 1-2.5% lower after Q1 earnings.
• Wipro surges 17% after reporting margin beat in Q1.
• YES Bank’s Rs 15,000 crore FPO subscribed 22% on day.
Game Plan for Tomorrow’s Expiry:
• If the bank nifty opens flat, it may continue its downward trend. On the other hand if there is a gapup, it can be rangebound for a while before following any trend since it is expiry day. Same can be expected in Nifty as well.
• Short Covering can come in today and markets may stay up.
• Nifty’s expected range today can be 10600 to 10830.
• Downside support is at 10640 & 10700 levels.
• Upside resistance is at 10820 & 10760 levels.
• Maximum call OI of 24.03 lakh contracts was seen at 10,700 strike, which will act as crucial resistance for tomorrow.
• Maximum put OI of 21.7 lakh contracts was seen at 10,500 strike, which will act as crucial support tomorrow.
• Overall, market seems to be in bearish phase.
• The June quarter corporate earnings season has started and it will provide a better picture of the damage caused by the pandemic-induced lockdown. More than the numbers for the quarter, the commentary and the outlook will be key
Buzzing stocks of day:
• RIL showed a formation of a big bear candle at the closing of the day. Expect the stock to go down to 1,827 levels if the broader index doesn’t sustain the upside movement.
• Petronet opened gap down on Wednesday and the stock closed 3.70% down. Expect the movement to further slide down with large number of sellers building up in the last half an hour.
• Infosys FY Q1 2021 results beat the street expectations the stock can rally to 850 levels with a Bullish Harami Pattern formation on Wednesday
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• ITC has shown a strong structure on Wednesday it can move u.p to 205 levels with 2% upside on Thursday.
Results on July 16
L&T Finance, L&T Technology, Ozone World, Bajaj Consumer, Modi Naturals, Natura Hue, Onward Tech, Sugal & Damani
Source: moneycontrol
Disclaimer
Please note that all the recommendations/views/ levels we provide are based on the theory of technical/fundamental analysis and personal observations. This does not claim for sure/ certain profit or any fix returns. we are not be liable for any losses you make on the given takes and levels. You are advised to take your position with your sense, discretion and judgment. only you would be responsible for outcomes of your trades
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