16,500 and 36,000! Crucial Expiry for Indian Market - Share Market Today

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

Stocks

Wipro reported a 21 per cent decline in its June quarter net profit as higher employee-related costs pushed up the firm's overall expenses. Consolidated net profit at Rs 2,563.6 crore in April-June was 20.6 per cent, lower than Rs 3,242.6 crore net profit in the same period a year back.

NTPC has inked a pact with Moroccan Agency for Sustainable Energy (MASEN) for cooperation in renewable energy. It signed an MoU with MASEN for cooperation in the renewable energy sector during the 17th CII EXIM Conclave on India Africa Growth Partnership held in New Delhi from 19th-20th July 2022.

Havells India reported an increase of 3.13 per cent in consolidated net profit to Rs 243.16 crore for the June quarter as margins were adversely impacted due to commodity cost fluctuation. The company had posted a consolidated net profit of Rs 235.78 crore in the April-June quarter a year ago.

CEAT reported a 61 per cent decline in its consolidated net profit at Rs 9 crore for the June quarter as high raw material prices impacted business. The Mumbai-headquartered company had posted a net profit of Rs 23 crore in the corresponding period of last year.

The singareni collieries company is directed by Arbitral Tribunal to pay Rs 242.07 crore to McNally within one month from the date of the Award.

What to Expect? 

NIFTY opened with a huge gap-up at 16,565 following positivity in the US markets. There was profit booking initially but the index moved higher. NIFTY closed at intraday low with selling towards the end, at 16,521, up by 180 points or 1.1%.

BANK NIFTY opened with a gap-up at 36,067 and moved higher after a small down-move. There was a head and shoulder patter formed and the index moved down, finally closing at 35,971, up by 252 points or 0.7%.

IT moved up by 3%.

The US markets closed nearly flat in the green and the European markets moved down slightly.

The Asian markets are trading in the red. The U.S. Futures are in the red and the European futures are in the green, both nearly flat.

SGX NIFTY is trading at 16,525 indicating a flat opening.

NIFTY has supports at 16,480, 16,370, 16,280 and 16,200. We can expect resistances at 16,540, 16,585, 16,600  and 16,650.

BANK NIFTY has supports at 35,840, 35,750 and 35,550. Resistances are at 36,000, 36,180 and 36,500.

NIFTY has the highest call OI build-up at 16,600. The highest put OI build-up is at 16,000.

BANK NIFTY has the highest call OI build-up at 37,000 and the largest put OI build-up is at 35,000.

Foreign Institutional Investors net bought shares worth Rs 1800 crores. Domestic Institutional Investors net sold shares worth Rs 230 crores.

INDIA VIX is at 17.2.

FIIs have bought again, and the figure is higher this time. Could this be a sign of a major trend reversal? We will have to wait for a few days to confirm.

The global markets look flat though the Asian markets other than NIKKEI is trading much lower. It has been a good rally in the US markets, trying to bounce back from the bottom. Let us see what 12:30 can do to our market. We have ECB Press conference today. Also, there are rumours around Nord stream, the pipeline from Russia to Europe that was shut for maintenance. It is supposed to reopen today.

16,500 if protected this month, can lead to a major up-move as this would be a trend reversal not just in the short term but mid-term as well.

It will be more interesting to see how BNF reacts to 36,000 level. Where BNF opens will be crucial. The index had closed just below 36,000.

Keep an eye on Reliance that moved 2.7% yesterday.

I will be watching 16,370 on the downside and 16,585 on the upside.

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