(Image: REUTERS)
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets were moving between marginal gains and losses on Thursday. S&P BSE Sensex was down 0.07% at 53,019 while the 50-stock NSE Nifty 50 was still below 15,900. Bajaj Auto, Mahindra & Mahindra, and IndusInd Bank were the top gainers on Sensex while Ultratech Cement, HUL, and HDFC were among the laggards. Broader markets were outperforming benchmark indices. Nifty Midcap 50 was up 0.51% while the Smallcap 50 was up 0.89%. Bank Nifty was down in the red, falling 0.05%. Among sectoral indices only, Nifty IT, Nifty Media, and Nifty PSU Bank index were up with gains. India VIX, the volatility gauge, soared 2% higher.
Overall trend is likely to remain positive and need to holds above 35750 zones for an up move towards 36000 then 36250 zones while on the downside support exists at 35500 then 35250 levels. Option traders are suggested to trade with nearby Call like 35700, 35800 strikes or Bull Call Ladder spread.
Trading Range: Expected immediate trading range : 35250/35500 to 36000/36250 zones
~ Motilal Oswal Financial Services
Scottish energy giant Cairn Energy has seized properties owned by the Indian government in Paris, the Financial Times reported on Thursday. The oil producer and the Indian government have been at loggerheads for months after an arbitration tribunal ruled in favour of Cairn and asked the Indian government to pay $1.7 billion over a tax dispute.
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On the domestic front, Fitch Ratings has cut India’s real GDP forecast by 280 basis points to 10%, as renewed Covid-19 restrictions have slowed recovery efforts. The current low vaccination rate in India has made things vulnerable to further waves in the pandemic as only 4.17% of India’s 1.37 billion population has been vaccinated. That apart, open market purchase of government bonds worth ₹20,000 crores under the G-sec Acquisition Programme (G-SAP 2.0) could keep the rupee under pressure. The only bright spot for the rupee could be the upcoming FII inflows on account of IPOs. Considering the global dollar strength and prospects of inflows the rupee is expected to move in a range of 74.50-75.20 levels for the near term with a steady upside bias. Amit Pabari, managing director, CR Forex Advisors
With VIX low, break out expectations have been so low lately that Nifty has kept reverting to means, every time a directional move was attempted. So, it was not surprising to see that yesterday’s upswing failed to find enough momentum for a push beyond 15900. This is now the umpteenth attempt to breach 15900 in the last 30 days. Towards this end, it is fair to assume subdued trades on either sides of 15780 today with 15680-15900 as the outer boundaries. A directional move is certainly round the corner, and patterns suggest that a breakout on the higher side is likely to have a better momentum than a downside break.
~ Geojit Financial Services
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India saw a gap-down opening for the first time in six trading sessions on Thursday, even as yellow metal in the international market remained steady. On Multi Commodity Exchange, gold August futures were trading Rs 171 or nearly half a per cent lower at Rs 47,739 per 10 gram.
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“The Nifty maximum concentration among weekly Nifty put options has shifted higher to 15,800 from 15700 on Wednesday, while among call options, the maximum concentration at 16000. This broadly suggests traders expect the Nifty to rise above or up to 16000 and do not expect the index to fall below 15800. And expecting the Nifty to resolve out of the higher band of the past four weeks contracting range of 15900-15950 and gradually head towards 16100-16200 in coming days. Key point to highlight is that the Bank Nifty has regained upward momentum as it surpassed previous week high of 35576 and is now gearing up to resolve above past six weeks consolidation (35850-33900). The rejuvenated momentum in Banking and IT ahead of Q1FY22 earnings season would help the Nifty resolve out of higher band of consolidation and head towards our target 16100-16200. In the coming session, the trading spot band is between 15760 and 15940,which means further upsides are likely once the immediate resistances of 15940 are taken out and weakness could emerge if the supports of 15760 are broken,” said Raushan Kumar, Derivative Analyst, IIFL Securities.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of Petrol was hiked for the second day straight today by oil marketing companies. Petrol in the national capital now costs Rs 100.56 per litre, up 35 paise since yesterday, while Diesel in the capital city is retailing at Rs 89.62 per litre today, up 9 paise. Fuel prices have increased 36 times since May 4 and five times this month. The price of petrol in Delhi has increased by Rs 9.87, while diesel price has surged Rs 10.55 per litre since the rates started increasing. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
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“IT and metal sectors shall remain in focus as TCS and Shyam Metaliks commence June quarter earnings session today. Stock specific actions shall continue to exist in the market while weekly expiry shall keep the sentiments of the traders cautious. Key support levels for Nifty 50 shall play out to be 15600 while 15900 shall act as a strong resistance level,” said Mohit Nigam, Head, PMS – Hem Securities.
Much awaited Zomato initial public offering (IPO) will hit Dalal Street on July 14 next week. The Online food delivery platform is looking to raise Rs 9,375 crore through the issue, at the price band of Rs 72-76 per share. The offer will consist of a fresh issue of equity shares and an offer for sale (OFS) by Naukri.com’s parent company Info Edge. The food delivery giant would be the first of many Indian tech startups to list on the stock exchanges. The company counts Ant Financials, Info Edge, Sequoia, and Uber as some of its investors and does not have a promoter.
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Domestic equity markets began the day’s trade flat with a negative bias. Midcap, smallcap indices were outperforming benchmarks on opening.
Sensex was trading flat with a positive bias on Thursday morning, ahead of the opening bell. Nifty 50 index was still in the negative.
Sensex and Nifty breached 53,200 and 15,900, respectively during the pre-open session on Thursday but soon slipped into the negative.
In the Nifty current series, there has been a Long Build Up witnessed with an increase in price of 0.34% and an increase in OI by 1.10% till Wednesday wherein there was addition of 1.03 lakh shares in OI, increasing from 93.23 lakh to 94.25 lakh shares. Nifty July rollover stands at 6.15% as on Wednesday. Nifty Put Call Ratio, a sentiment indicator used by traders to gauge the market sentiment and mood, is currently at 1.25 compared to 1.12 of last week, indicating positive bias.
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“Nifty recorded the highest ever closing at 15,880. Bith Nifty and Bank Nifty futures saw short covering along with strong writing in 15,800 put and 35,700 puts, respectively. Options data is suggesting a range of 15,700 to 16,000 in Nifty. Expect 16,000 to be tested if we conquer the crucial resistance of 15,915. Supports now shifted to 15,840 and 15,780. Bank Nifty can aim at 37,500 if we cross 36,000,” said Rahul Sharma, Director & Head – Research, JM Financial Services.
The Nifty continues to consolidate in a range between 15500-15916 for the last several weeks. The 15900-15916 levels have been tested several times over the same period and found resistance. Even on Tuesday the Nifty reacted from the 15916 levels and corrected. But on Wednesday, the Nifty has again resumed climbing higher on the back of rising momentum readings like the 14-day RSI.
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“In the near term, Q1FY22 earning is likely to provide some direction to the markets, in absence of any major triggers. So, we remain cautiously optimistic and believe any correction at this juncture should be considered healthy as investors will get the opportunity to invest in quality counters on dips. Meanwhile, investors will keep a close watch on global cues,” said Ajit Mishra, VP – Research, Religare Broking.
Nifty futures were trading 63 points or 0.40 per cent down at 15,825.50 on Singaporean Exchange, suggesting a negative start for BSE Sensex and Nifty 50 on weekly F&O expiry day. In the previous session, BSE Sensex gained nearly half a per cent, closing above 53,000, while the broader Nifty 50 index posted a record closing high of at 15,879. Investors will watch Q1FY22 earnings which start today with TCS, the pace of vaccinations, reopening of economy.
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SGX Nifty was down 55 points on Thursday morning, signalling a weak start for domestic equity markets on the weekly expiry session.
On the weekly F&O expiry day, Nifty 50 is likely to hit the 16,000-mark while Bank Nifty might surpass 36,200 level. Analysts expect a breakout from consolidation in Nifty and see the possible trading range of 15,800-16,000 in the index. Ahead of weekly options expiry, Nifty 50 made a record closing high of 15,879.65, while Bank Nifty ended over half a per cent higher at 35,771.30 levels. India VIX, the volatility index, cooled off half a per cent to settle at 12.21 levels on Wednesday.
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