NIFTY Stays Strong Despite Lack of Strength in the Global Markets - Share Market Today

Here are some of the major updates that could move the markets today:

Stocks

ITC said it has exited from lifestyle retailing business following a strategic review of the business portfolio. The company entered the lifestyle retailing business more than two decades ago under the Wills Lifestyle brand. It sold a range of apparel including formal, casual, evening and designer wear under the brand.

Axis Bank said it will acquire over 5 per cent stake in fintech platform CredAble for Rs 55 crore and the deal is expected to be completed by September. The bank will acquire 8,921 equity shares, equivalent to 5.09 per cent, of face value of Rs 10 each for Rs 55 crore in CredAble.

Bosch reported a 28 per cent increase in its consolidated net profit at Rs 334 crore in the April-June quarter of FY23 amid overall recovery in the automotive segment. The company had posted a net profit of Rs 260 crore in the same quarter of last financial year.

Brigade Enterprises reported a consolidated net profit of Rs 87.68 crore for the quarter ended June on better sales. It has posted a net loss of Rs 40.09 crore in the year-ago period.

Axis Bank said it will acquire over 5 per cent stake in fintech platform CredAble for Rs 55 crore and the deal is expected to be completed by September. The bank will acquire 8,921 equity shares, equivalent to 5.09 per cent, of face value of Rs 10 each for Rs 55 crore in CredAble.

What to Expect? 

NIFTY opened with a gap-down at 17,294 amid weak global cues yesterday. Though there was an initial down-move, the dip was bought. The index exhibited strength by moving up strongly. Nifty ended the day flat at 17,345.  

BANK NIFTY opened with a gap-down at 37,727 and was volatile. There was very quick movement in the premium as well. 38,000 was broken finally and the index closed at 38,024 up by 120 points or 0.32%. 

IT moved down by 0.7%.

The US markets closed much lower and the  European markets closed slightly in the red.

The Asian markets are trading in the green. The U.S. Futures are trading higher and the European futures are mixed.

SGX NIFTY is trading at 17,390 indicating a gap-up.

NIFTY has supports at 17,250, 17,220, 17,160 and 17,070. We can expect resistances at 17,400, 17,500 and 17,600.

BANK NIFTY has supports at 37,760, 37,640 and 37,500. Resistances are at 38,200, 38,400 and 38,800.

NIFTY has the highest call OI build-up at 17,500. The highest put OI build-up is at 17,200.

BANK NIFTY has the highest call OI build-up at 38,000 and the largest put OI build-up is at 37,000. 

Foreign Institutional Investors net bought shares worth Rs 800 crores. Domestic Institutional Investors also net bought shares worth 100 crores.

INDIA VIX spiked to 18.53.

VIX has spiked up again despite no fall. The global cues were so weak but our markets consolidated. As I mentioned yesterday in the premarket report, it is a strong signal of bullishness if our markets consolidate in spite of the weakness in the global markets.

Morning volatility continued. Option scalping buyers can meet their daily target in the first hour itself as the premium spikes have been happening well in the last two days.

Note that there are concerns of Taiwan tensions between China and the US regarding the visit of Nancy Pelosi.

The RBI Monetary Policy Committee meeting will begin today. The interest rate decision will be made on Friday only. We are expecting positive outcomes this time.

17,400 is right on top of NIFTY. That will be a powerful resistance as breaking the level would mean heavy bullishness. That was a previous swing point.

The government has cut windfall taxes on diesel though the levy on domestic crude oil production has been increased. Let us watch Reliance.

I will be watching 17,250 on the downside and 17,400 on the upside.

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