Markets and News
Yesterday in my Nifty predictions, I had told you to stay away from market as it is likely to be in a very tight range and less volatile. It turned out to be exactly like that. There are some days where trading is not possible we are in such times now. Even the global markets are flat with Dow Jones again ending mildly positive with a 120 plus point gain and Asia today morning has been mildly positive with none of them showing any signs going up big time. Brent Crude is another sign of worry as it crossed 74.5 dollars and trading above that now.
On the domestics, the bad news comes from the mutual fund data which has seen a 69% fall for the month of July. This is the second consecutive month of decline and that shows how weak the belief is in the mind of average investor. Hopefully with market going up in August, we might see some revival. On the Q1 results front, the results were mixed yesterday with none of them actually out performing. Adani Enterprises was a big disappointment and with this all Adani companies are reporting bad numbers. Companies like Edelweiss which normally come with good numbers also disappointed. Today is the day for oil with giants like HPCL, BPCL, ONGC that will be reporting their numbers.
Following are the Q1 results expected today.
1. Aditya Birla Capital
5. EID Parrys
11. Natco Pharma
14. PNB Housing
15. Siemens India
On the derivatives front, there was a lot of buying in the Nifty futures market yesterday as the Nifty fell a bit and was staying in a range. The options market also some action on the call side than on the put side and the Nifty put call ratio reduced to 1.67 from 1.70. 11500 call added 3.9 lakh positions and 11600 call added 3.2 lakh positions and 11400 call added 1.9 lakh positions and 11700 call added 1.1 lakh contracts. On the put side 11400 put added 2.6 lakh contracts and 11200 put added 2.1 lakh contracts. 11000 put still continues to have maximum accumulated open interest of 51.1 lakh contracts and 11500 call with 38.5 lakh accumulated contracts is highest on call side.
What is the Nifty call for the day?
A flat Asia means an absolutely flat open to Nifty around 11400 mark and for last few days its stuck there. 11420-11440 is a very strong resistance and looks like its getting tougher and tougher everyday to break it. On the down side 11320 is a strong support and 11350 is also an intermediate support. So, there is no trade today also like yesterday, but if Nifty goes below 11350 then its wise to take a long position there with 11400-11420 as the target.