NIFTY to Open Lower; Will the Supports Protect 16,000 This Week? Share Market Today


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


Dr Reddy's Laboratories said it has launched its generic version of fesoterodine fumarate extended-release tablets used for treating overactive bladder in the US market. The launch follows the approval granted by the US Food and Drug Administration (USFDA).

Fortis Healthcare aims to add around 1,500 beds over the next five years to enhance its presence in existing locations, according to its Annual Report for 2021-22. The healthcare major currently has over 4,300 operational beds.

Tata Motors said it has increased prices of its passenger vehicle range with immediate effect to partially offset the impact of rising input costs. A weighted average increase in price of 0.55 per cent will come into effect starting Saturday across the range, depending upon the variant and model.

Bandhan Bank advances grew by 20 per cent from a year ago to Rs 96,649 crore as of June 30, the bank said. Total deposits of the private sector lender also grew by 20 per cent to Rs 93,057 crore by the end of Q1 FY23.

Indian Overseas Bank has increased the marginal cost of funds based lending rate across tenors by 0.10 per cent. The new rates, which will come to effect from July 10, will range in 6.95-7.55 per cent.

What to Expect? 

NIFTY opened with a gap-up at 16,275 on Friday. There was profit booking and NIFTY fell to 16,190. The index consolidated there till the end of the day. NIFTY closed at 16,220, up by 87 points or 0.54%.

BANK NIFTY opened with a gap-up at 35,262. Profit booking drove BNF to 35,000. There was consolidation after the first candle and the index closed at 35,124, up by 204 points or 0.58%.

IT closed flat.

The US markets closed flat and the European markets closed well in the green on Friday.

The Asian markets are trading lower except for NIKKEI as Japan’s ruling coalition has expanded majority in the upper house after the assassination Shinzo Abe, the former PM. The U.S. Futures and the European futures are trading lower.

SGX NIFTY is trading at 16,113 indicating a gap-down opening.

NIFTY has supports at 16,190, 16,160, 16,060 and 16,020. We can expect resistances at 16,230, 16,280 and 16,330.

BANK NIFTY has supports at 35,000, 34,690 and 34,500. Resistances are at 35,200, 35,300 and 35,450.

NIFTY has the highest call OI build-up at 16,200 followed by 16,500. The highest put OI build-up is at 16,000 followed by 16,200. There is a good straddle built at 16,200.

BANK NIFTY has the highest call OI build-up at 35,500 and the largest put OI build-up is at 35,000.

Foreign Institutional Investors net sold shares worth Rs 110 crores. Domestic Institutional Investors net bought shares worth Rs 35 crores.

INDIA VIX dropped to 18.4.

As mentioned in Dalal Street Week Ahead, I was watching the level of 15,930 last week and was expecting a rally of at least 350 points once it is broken. The index almost touched the point but there was profit booking. Let us see if the support levels can protect the index above the 16,000 level.

Let us watch the crude oil prices. Though the reason behind the fall is not the supply increase but a fall in demand due to the recession fears, the fall in crude oil prices will be good for our markets.

TCS announced their quarterly results and the numbers were a bit disappointing as the quarterly profits came out at 5% against an expected 11% YoY. Let us watch the stock closely.

US Jobs data was stronger than expected this time and Fed’s Bostic said that the economy is strong enough to handle rate hikes.

I will be closely watching 16,000 on the downside and 16,500 on the upside for the week.

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