US Markets Rally as Fed Rate Hike Came Out as Expected; NIFTY to Open With a Gap-up - Share Market Today

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

Stocks

Tata Motors reported a consolidated net loss of Rs 4,951 crore in the June quarter as chip shortage and COVID-19 lockdown in China impacted Jaguar Land Rover sales. The company had posted a consolidated net loss of Rs 4,450 crore in the same quarter last fiscal.

Biocon reported a 71 per cent increase in consolidated net profit at Rs 144 crore for the June quarter on the back of robust growth across business verticals. The company had posted a net profit of Rs 84 crore in the April-June quarter of the previous fiscal.

Coromandel International reported a 48 per cent increase in consolidated net profit at Rs 499 crore in the June quarter on strong income. Net profit stood at Rs 337.78 crore in the April-June quarter of the 2021-22 fiscal.

Schaeffler India reported a 76 per cent year-on-year growth in net profit at Rs 225.75 crore in the April-June quarter of this year. In the same quarter of the previous year, the company's net profit stood at Rs 128.13 crore.

Blue Dart Express reported more than three-fold jump in consolidated profit after tax at Rs 118.79 crore in April-June 2022 quarter over the same period a year ago. The company had posted a consolidated PAT (Profit After Tax) of Rs 31.3 crore in the quarter ended June 2021.

Dhampur Sugar Mills reported a 26 per cent increase in its consolidated net profit at Rs 39.30 crore for the quarter ended June. Its net profit stood at Rs 31.13 crore in the year-ago period.

What to Expect? 

NIFTY opened flat at 16,480 and after giving a fake down-move, rallied higher. It was a proper up-trending day. NIFTY ended the day at 16,642, up by 158 points or 0.96%.

BANK NIFTY opened flat at 36,392 and gave a big rally. 36,500 was crossed and this led to the short covering. BNF closed at 36,784, p by 375 points or 1.03%.

IT moved up by 1.7%.

The US markets rallied and the  European markets closed in the green.

The Asian markets are trading higher. The U.S. Futures and the European futures are trading slightly lower.

SGX NIFTY is trading at 16,770 indicating a gap-up.

NIFTY has supports at 16,570-550, 16,470 and 16,350. We can expect resistances at 16,670, 16,730, 16,800.

BANK NIFTY has supports at 36,500, 36,300 and 36,000. Resistances are at 36,800, 37,000 and 37,500.

NIFTY has the highest call OI build-up at 17,000. The highest put OI build-up is at 16,500.

BANK NIFTY has the highest call OI build-up at 37,000 and the largest put OI build-up is at 36,000. 

Foreign Institutional Investors net sold shares worth Rs 440 crores. Domestic Institutional Investors net bought shares worth Rs 710 crores.

INDIA VIX is at 18.17.

Fed has hiked the interest rate by 75 basis points as expected. As a result, the US market continued the up-move. Powell said that the slowdown was expected but there need not be recession. Hikes will be decided on meeting to meeting basis.

You can see that put addition at 16,500 was huge yesterday and that it was at par with the call OI build-up at 17,000. This indicates bullishness. 16,800 will be a major point.

It’s the hourly timeframe showing the beauty of price action with a trend reversal happening in the short term after 16,550 was crossed. This makes

As it is monthly expiry, you can expect volatility. Make sure that you do not fall into the trap of quick moves. There will be an IV crush in the morning leading to sudden decay in premium as the event is over.

I will be watching 16,640 on the downside and 16,800 on the upside.

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