Market update

2 days we made all time highs on NIFTY and will we see it repeat on 3rd day also? Its 50-50. Yesterday’s close below 9800, as I indicated in my update yesterday shows this market is not in a big hurry to conquer 10,000. 3 days it gave nearly 170 points but hereon things might pause a bit. After a big rally there should be a pause and today might be that day. Trump Jr’s emails and not so great start to Q1 results have dampened the sentiment a bit. Another flat day is expected today and 9830 will continue to be a resistance and again the close above or below 9800 determines the strength of the market in near term.
The put-call ratio is at 1.37 which is a multi month high and serious call buying seems to have started at 10,000. On the results front Indus Ind bank delivered on Profit and NII front but NPA looks bit worrying. profits grew 27% and came at 836.5 Cr. NII which is the income you earn by interests you get on lending stood at 1774 Cr. NPAs however went upto 609 Cr or 1.09% in Q1 vs 0.93% seen in Q4 of FY17. South Indian bank as usual was a disappointment. The stock fell almost 4% and now trading at 27.70. No important results scheduled for today.
The important macro news today is the CPI and IIP results scheduled at 5.30pm today. CPI for June is expected to come at 1.6% vs 2.2% seen in May. IIP for the month of May is expected to come at 1.7% vs 3.1% seen in April this year.

Given is the Petrol prices in important cities today, 12th July

City Petrol Diesel
Delhi 63.93(63.93) 54.74(54.74)
Mumbai 73.27(73.27) 58.27(58.27)
Kolkota 67.40(67.40) 57.49(57.49)
Chennai 66.38(66.38) 57.72(57.72)
Bangalore 65.10(65.10) 54.88(54.88)
Hyderabad 67.91(67.91) 59.62(59.62)

Prices remain unchanged today.