The Nifty for the month of July remained range bound with trading activity restricted in a narrow range of 15,630-15,960 and formed Doji star on monthly candlestick chart. A Doji star pattern is a sign of indecisiveness and often a signal of market tops after an extended uptrend. With FIIs turning net sellers in cash market on continuous basis and DIIs accumulating 58% of short positions in market wide stock futures- Nifty and Nifty Bank remain risky. We can expect follow-up selling in Nifty and Nifty Bank below 15,760 and 34,300 respectively. However, trends on SGX Nifty are indicating a positive opening with a 89 points gain. Results today- HDFC, Punjab National Bank, Emami, Carborundum Universal, Castrol India.
On the global front, US stocks fell on Friday and registered losses for the week as Amazon.com shares dropped after the company forecast lower sales growth. The Dow Jones Industrial Average fell 149.06 points, or 0.42%, to 34,935.47, the S&P 500 lost 23.89 points, or 0.54%, to 4,395.26 and the Nasdaq Composite dropped 105.59 points, or 0.71%, to 14,672.68.
Key news/ Stocks to watch
NSE on July 31 announced the quantity freeze limits for derivatives contracts on Nifty, Bank Nifty and Nifty Financial Services. As per an NSE circular, the quantity freeze limit for Nifty derivatives contracts is at 2,800, while it is at 1,200 for Bank Nifty and at 2,800 for Nifty Financial Services.
Tata Motors: The company’s sales in the domestic and international market for July 2021 stood at 54,119 vehicles, compared to 27,711 units during July 2020.
Escorts: Agri Machinery Segment in July 2021 sold 6,564 tractors, the highest ever July sales and registered a growth of 23.3% against 5,322 tractors sold in July 2020.
Eicher Motors: The Volvo Eicher Commercial Vehicles sold 4,271 vehicles in July 2021, up 95.6% compared to 2,184 vehicles sold in July 2020.
IRCTC: The board will consider sub-division of shares on August 12.
UPL: The company reported higher profit at Rs 749 crore in Q1FY22 against Rs 653 crore in Q1FY21, revenue rose to Rs 8,515 crore from Rs 7,833 crore YoY.
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