Global cues:
• Stocks fell on friday as Wall Street wrapped up a volatile week of trading, with tech shares struggling and U.S.-China tensions rising.
• Losses in the Healthcare, and industrial sectors also led shares lower.
• Approximately 32 million Americans on unemployment benefits are currently receiving $600 per week in expanded jobless benefits, but this is due to expire on July 31st.
• US Fed policy makers meet on July 28-29.
• The dollar hit its lowest level in nearly two years.
• The European Union leaders have agreed to an exceptional stimulus package worth $860 billion to pull their economies out of the corona black hole. This move is expected to further accentuate the rally in gold, silver and other metals.
• Sgx nifty is trading 40 points higher Asian markets are mixed.
• Dow futures is trading in green.
Indian markets:
• The Indian market ended the day in red on Friday but posted sixth straight weekly gains.
• FIIs were net buyers of worth Rs. 409.88 Cr and DIIs were net sellers of worth Rs. 1002.98 Cr.
• Except IT, all sectors ended in the red, with Nifty down 2.06%.
• Mindspace Business Parks REIT IPO will open for subscription on July 27 till July 29.
• Goldman Sachs India has bought an additional 0.92 percent stake in Rossari Biotech.
• The combined market cap of RIL fully paid shares and partly paid shares crossed Rs 14 lakh crore on Friday. RIL is the first Indian company to hit Rs 14 lakh crore in market cap
Trends:
• Nifty saw a negative opening on Friday and traded with modest losses in initial trade.
• After a rangebound move, the market turned weaker as the index plunged. Just when it seemed the market may end with a correction, a sharp short-covering rally pulled Nifty higher.
• A long bull candle was formed in this week, as per weekly timeframe chart, after the formation of hanging man type candle pattern of last week.
• This is rare formation and previously in the last two occasions, such weekly opening upside gaps have been filled subsequently in the next week, by intra-week decline. Hence, there is a possibility of profit booking in the next week.
• Market has been in range for last four trading days between 11080-11235.
· For upcoming week nifty may trade between 10900 – 11500.
· Any dip in the market is a buy for the upcoming week.
· Whether markets will go to 11500 or not depends only on BankNifty. If BankNifty falls nifty will be consolidating at current levels. And if it supports Nifty then we can see 11500 levels.
· Reliance results is one to watch out for.
· Infosys, HDFC Bank are of negative sentiment for the upcoming week. One can take positional short positions In these stocks.
Option strategy for tomorrow:
• Nifty looks like it will consolidate a while before making any upmove thanks to Infosys & HDFC bank.
• Tomorrow it is a sell on high type of market. If there is a huge gapup short nifty.
• If nifty opens flat also sell Nifty with a stopploss
• If Nifty opens gapdown wait for the trend before taking any position.
• Bank Nifty is much weaker than Nifty.
• Nifty’s Expected range tomorrow will be 11050 to 12300.
• Nifty may see resistance at 11200 & 11260.
• Nifty may see support at 11140 & 11080.
• Maximum call OI of 26.31 lakh contracts was seen at 11,200 strike which will act as crucial resistance for tomorrow.
• Maximum put OI of 24.35 lakh contracts was seen at 11,000 strike which will act as crucial support for tomorrow.
• We advise you to remain light and keep booking profits wherever it's necessary. Also, if our markets have to see any upward move, the banking space plays a vital role in this. Hence, one needs to see whether Bank Nifty manages to convincingly go beyond 23000-23200 or not in the forthcoming week.
Buzzing stocks of day:
• Infosys promoter sold a stake of 786 crores. The stock showed high vols on Friday and closed 922.85 levels. Expect the stock to test 905 levels on an intraday basis on Monday.
• Sun Pharma showed some strong structure in the last 20 mins of trade expect the stock to show some bullish movement and move up to 492 levels.
• ICICI bank reported Q1 FY21 profit at Rs 2,599.1 crore, a growth of 36.2 percent YoY basis expect the stock to show strong movement to 395 levels with 376 being a support level.
• RIL is currently trading 2,146 levels. The stock was 4.5% up on Friday and there has been some structure in the stock over the last few weeks. Expect the stock to move up to 2,175 levels
Results on July 27
Pfizer, Bharti Infratel, Escorts, Havells India, Hindustan Media, Kotak Mahindra Bank, Marico, Maruti Infra, Nippon, Tech Mahindra, V-Guard India
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 fixed returns. we are not 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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