Markets cooled off from day’s high after testing the resistance of 16350 to end above 16250 and formed a Doji star on candlestick chart. The breadth of the market continues to remain negative by more than 1:2 as action remains specific to few large caps stocks. The 21-day historical volatility for Nifty 50, has been rising steadily in July and has moved higher from 6.86% to 11% recently. This data indicates that the breakdown of a larger magnitude for Nifty will be activated in the event Nifty closes 1.7% lower in span of next three trading session. Today we expect markets to face selling pressure at higher levels and close below Doji low of 16210 will confirm a trend change in the short-term. The trends in SGX Nifty is indicating a flat opening of 6 points. Results today- Hindalco Industries, M&M, Aarti Industries, Abbott India, Alkem Laboratories, BASF, BEL, BEML, Berger Paints, Tata Power, Nalco, Voltas, Zee Entertainment.
The three day RBI Monetary Policy Meeting (4-6 August) is to end on Friday at 10 am with expectations of no change in repo and reverse repo rates amidst fear of a third covid-19 wave. The central bank could revise the inflation outlook for FY22 from the earlier predicted levels of 5.1%. Furthermore, commentary on growth outlook, liquidity support, asset purchase program and policy stance will be keenly watched.
U.S. markets rose on Thursday after data showed fewer Americans filed for unemployment benefits last week. The Dow Jones Industrial Average was up 205.61 points, or 0.59%, at 34,998.28, the S&P 500 was up 18.85 points, or 0.43%, at 4,421.51 and the Nasdaq Composite was up 92.02 points, or 0.62%, at 14,872.55.
Stocks to watch/ Key news
- Retro Tax Scrapped, Centre to Amend I-T Act to Withdraw Tax Demand on Cairn, Vodafone
- Retro tax withdrawal bill aimed for investors’ confidence in India – CBDT
- PM steps in to launch national mission to meet $400 billion export target
- Economy recovering at fast pace from recent lows of April, May – PHDCCI
- NHAI incurred revenue loss of around Rs 3,512 cr in FY21 – Gadkari
- Ministerial panel set to take up PSU insurer’s privatisation soon
- FM invites Aussie investors to tap opportunities in infrastructure sector
- Domestic air passenger traffic recovery continued in July, says ICRA
- Kia takes less than 2 years to cross 300,000 cumulative sales mark in India
- Airtel partners with Google Cloud, Cisco to launch Airtel Office Internet
- Zomato sets up payments aggregator in compliance with RBI guidelines
- Reliance BP Mobility bets on EV battery swapping with Swiggy’s fleet
- Aurobindo Pharma channelising efforts to commercialise Covid-19 vaccine
- Maruti hits semiconductor roadblock in Gujarat; plants to cut shift timings
- Voda Plc offers Vodafone Idea stake to lenders and BSNL for free
- Chemplast Sanmar IPO to open on Aug 10; price band fixed at Rs 530-541
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