Can the Rally Continue? Share Market Today

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

Stocks

Apollo Hospitals Enterprise reported a 35.33 per cent decline in consolidated net profit at Rs 323.78 crore in the first quarter of FY23 amid higher expenses and marginal revenue growth. The company had posted a consolidated net profit of Rs 500.68 crore in the same period last fiscal.

Institutional Investor Advisory Services India (IIAS) has advised shareholders of Paytm parent firm One97 Communication to vote against the reappointment of Vijay Shekhar Sharma as its chief executive as well as against his remuneration.

Bata India reported a 71.82 per cent rise in consolidated net profit at Rs 119.37 crore for the first quarter of FY23 as the shoemaker achieved the 'highest ever quarterly sales'. The company had posted a net profit of Rs 69.47 crore in the April-June quarter a year ago.

Trent reported a consolidated net profit of Rs 114.93 crore in the first quarter of the current financial year. The company had posted a net loss of Rs 138.29 crore in the April-June quarter a year ago.

Page Industries reported a multi-fold increase in its net profit at Rs 207.03 crore for the quarter ended June 2022. The company had posted a net profit of Rs 10.94 crore during the April-June period a year ago.

What to Expect? 

NIFTY opened with a huge gap-up as expected. The open price was 17,718 and thereafter, NIFTY moved down slowly. Bulls helped the index from falling quicker. Support was taken at 17,640 and the index closed at 17,659, up by 124 points or 0.71%.

BANK NIFTY opened with a gap-up at 38,740 and continued moving higher. Though there was an initial down-move, the index kept rallying and tested 38,900 but failed. BNF closed at 38,880, up by 592 points or 1.55%.

IT shot up yesterday.

The US markets and the  European markets closed flat.

The Asian markets are trading higher. NIKKEI has shot up opening after a holiday. The U.S. Futures and the European futures are trading flat.

SGX NIFTY is trading at 17,700 indicating a flat opening.

NIFTY has supports at 17,640, 17,600 and 17,550. We can expect resistances at 17,700, 17,790 and 17,900.

BANK NIFTY has supports at 38,790, 38,650 and 38,500. Resistances are at 38,900, 39,000 and 39,200.

Foreign Institutional Investors net bought shares worth Rs 2300 crores. Domestic Institutional Investors also net sold shares worth 700 crores.

INDIA VIX  dropped by 6% to 18.4.

Check the weekly chart and connect the highs of 18th Oct and 10th Jan weeks. NIFTY has moved out of the channel today and the bulls kept coming in when the sellers tried to push the index into the channel.

Reliance along with the FMCG giants dragged the market. Let us see how Reliance performs today.

Since Monday is a holiday on account of Independence day, it will be a short week for the market and thus, premium moves could be slightly different tomorrow.

LIC, Grasim, and ONGC will announce their results today. I will watch India's CPI data which is expected to be around 6.8%. Industrial output data also will be released today.

My focus will be on the IT stocks today due to two reasons: The IT giants had rallied yesterday and also, NASDAQ saw selling pressure. Let us see if there is some profit booking.

I will be watching 17,600 on the downside and 17,800 on the upside.

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