Global Markets Fall Ahead of Inflation Data; NIFTY to Open Lower - Share Market Today

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

Stocks

Oriental Aromatics subsidiary Oriental Aromatics & Sons has received environmental clearance for its proposed greenfield project for manufacturing of speciality chemicals & chemical intermediates, at additional MIDC Mahad, Maharashtra.

Asian Granito India informed exchanges that the board has appointed Mehul Shah as new Chief Financial Officer of the company with effect from June 10, after Amarendra Kumar Gupta has tendered his resignation from the statutory position of Chief Financial Officer.

HFCL has received orders worth Rs 73.39 crore consisting of Rs 51.09 crore from one of the leading private telecom operators of the country for supply of UBRs (unlicensed band radio) along with accessories.

Bajaj Auto in its BSE filing said the Board of Directors on June 14 will consider a proposal for buyback of fully paid-up equity shares of the company. This seems to be the first buyback announcement, if any, by the company since 2000.

Crompton Greaves Consumer Electricals now holds 81 percent equity stake in Butterfly Gandhimathi Appliances after acquiring 26 percent stake through open offer on June 8, up from 55 percent earlier.

Sona BLW Precision Forgings informed exchanges that the Board has re-appointed Vivek Vikram Singh as the Managing Director and Group CEO of the company for a period of 5 year starting from July 5, 2022 to July 4, 2027. 

What to Expect? 

NIFTY opened with a gap-down at 16,279 and moved up. It was an up-trending day though there were big rejections. 1PM candle indicated bearishness but the index advanced with the help of Reliance. NIFTY closed at 16,478, up by 122 points or 0.74%.

BANK NIFTY opened with a gap-down at 34,809 and moved down. The index took support at 34,700 and moved higher. There was a huge breakout towards the end and BNF closed at 35,085, up by 139 points or 0.4%.

IT closed well in the green.

The US markets fell heavily along with the European markets.

The Asian markets are trading lower. The U.S. Futures are trading flat and the European futures are down.

SGX NIFTY is trading at 16,240 indicating a gap-down opening.

NIFTY has supports at 16,340, 16,280 and 16,240. We can expect resistances at 16,500, 16,560 and 16,600.

BANK NIFTY has supports at 35,000, 34,850 and 34,700. Resistances are at 35,250, 35,400 and 35,500.

INDIA VIX is at 19.14.

Foreign Institutional Investors net sold shares worth Rs 1,500 crores. Domestic Institutional Investors net bought shares worth Rs 1,600 crores. 

Yesterday’s price action is a lesson for any trader who does not wait for follow-up in shorter time frame. Look at the 1 PM candle. The candle-close was below the neckline but there was no follow-up. At the same time, 15 minutes candle did not close below the neckline! 

The global market sentiments looked negative in the morning yesterday as there were worries of US inflation data due tonight. It is expected to be above 8%. The big players may square their positions today.

The European Central Bank decided to hike the rate next month by 25 basis points. This added to the negativity in the global markets and all the major indices are down today.

Let us closely watch Reliance which moved up with momentum even in the last hour. The stock led the market from the front with a rally from the low.

I will be watching 16,240 on the downside if the fall continues after the gap-down opening.

Follow us on the marketfeed app’s Live Feed section to get real-time updates from the market. All the best for the day!