Morning Outlook 15th July, 2022

NIFTY:

NIFTY opened at 16018.85 With a gap up of 52 points. The index moved further on the upside for another 50 points and then found strong resistance there. Prices recorded its intraday high at 16070.85 and then started drifting downwards. The index went below 15900 and recorded its intraday low at 15858.20. The index saw a minor correction in the last hour of trading and finally closed at 15938.65 near its yesterday’s closing price with a loss of 28 points or 0.18% down. OIL GAS outperformed today and ended with a gain of 1.34% followed by PHARMA which ended 0.78% up.IT led the bears today by ending 1.58% lower. METAL and AUTO ended almost on a flat note.

We have seen many narrow range days in the past which should result in big wide range days but that did not happen yet. We are assuming a sharp move is yet to come in either direction. In case of a rally, we should look for a buying opportunity on a breakout above 16150. In case of a gap up or down, apply the first 15 minutes rules. That means the high recorded in the first 15 minutes will be your entry point. Keep a stop of 110 points and a target of 240 point.

BANK NIFTY:

Bank Nifty opened 34817.95 Without much of a gap. The index initially moved higher but the rally fizzled out quickly. Prices recorded its intraday high at 35027.60 and then saw a sharp downside move. Minor rallies in between were quickly sold into and the index keeps on drifting Downwards to record its intraday low at 34558.45. Prices have finally closed at 34663.15 with a loss of 155 points. PSU BANKS has seen an underperformance today and closed lower by 2.21%. PVT BANKS have also moved lower today but ended with a loss of just 0.21%.Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while AX IS BANK contributed the lowest.

It was a volatile day in the index where prices moved lower and ended with a loss for The short-term trend is still up. A close below 34500 may change it to sideways. Support is visible at around 34000.

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Bharat Heavy Electricals Ltd (BHEL) on Thursday said it has successfully commissioned 100-MW floating Solar photovoltaic plant at NTPC Ramagundam in Telangana. The plant is installed across the natural raw water reservoir, saving valuable land resources, and also conserves water by reducing evaporation, a company statement said.

• Ajmera Realty & Infra India Ltd on Thursday reported an over three-fold jump in its sales bookings to Rs 400 crore for the quarter ended June on better demand. Its sales bookings stood at Rs 111 crore in the year-ago period, the company said in a statement. The carpet area sold by the company stood at 1,57,438 square feet in April-June period of this fiscal as against 61,663 square feet in the year-ago period.

• Tata Power on Thursday issued a clarification saying no officials of Tata Power are involved in the alleged bribery case involving Power Grid Corporation of India. Tata Power spokesperson in a tweet said, ““Tata Power clarifies that no officials of Tata Power are involved in the alleged bribery case involving Power Grid Corporation of India, being investigated by CBI. Some media reports have wrongly mentioned Tata Power’s name in the alleged case.”

• TCS will kick start corporate earnings season this week, and if one were to go by what analysts say the IT major may not disappoint the Street, with a nearly 15 per cent jump in revenues and a 7-11 per cent year-on-year rise in June quarter profit. The demand commentary could be strong, they said, even as margin may take a hit on wage hikes.

Source: Economic Times,  Indian Express  ,Business Today, Livemint, Business Standard, Bloomberg Quint

BOARD MEETINGS

CORPORATE ACTION

Source: Economic Times,  Indian Express  ,Business Today, Livemint, Business Standard, Bloomberg Quint

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