Nifty futures tumbled 220 points or 1.38 per cent to 15,716.50 on Singaporean Exchange, indicating a gap-down start for BSE Sensex and Nifty 50 on Monday
Nifty futures tumbled 220 points or 1.38 per cent to 15,716.50 on Singaporean Exchange, indicating a gap-down start for BSE Sensex and Nifty 50 on Monday. On weekly basis, NSE’s Nifty closed at a record high level, despite consolidating within the range of 15550-15950 for the sixth straight week. Asian peers were seen trading in deep sea of red in early trade on Monday, while US stock indices declined in overnight trade on Friday. “The Nifty has scope to move towards 16100 without much efforts. However, for that, support from Banks and the FMCG sector will hold key. The strategy should be to buy if Nifty corrects to 15900/15850 without hitting the levels of 16100. Traders should keep a final stop loss at 15750 for the same. On the higher side, 16000, 16100 and 16150 would be resistance levels. It is advisable to reduce long positions between 16050/16150 levels,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd.
Stocks to watch
Reliance Industries Ltd, Just Dial: RIL’s retail arm, Reliance Retail Ventures Ltd (RRVL) on Friday said it will acquire 40.95 per cent stake in Just Dial for Rs 3,497 crore, bolstering its digital play in the rapidly growing online commerce market in India.
HDFC Bank: Amid disruptions due to Covid-19, the largest private lender HDFC Bank on Saturday posted lower than estimated net profit of Rs 7,730 crore during the June quarter as the asset quality of the bank worsened. The net profit of the bank registered a 16.1% on-year growth.
GR Infra, Clean Science and Technology: GR Infraprojects, and Clean Science and Technology Ltd will debut on stock markets on Monday. The Rs 936-crore GR Infraprojects IPO was subscribed 102.58 times. While the initial public offering of Clean SCience and Technology was subscribed 93.41 times.
HCL Tech, ACC: BSE-listed companies such as HCL Technologies, HDFC Life Insurance Company, ACC, Indian Bank, Mastek, Alok Industries, GTPL Hathway, Nippon Life India Asset Management, Ponni Sugars (Erode), PSP Projects, Supreme Petrochem, and Swaraj Engines, will announce April-June quarter results on July 19.
Bharti Airtel: Bharti Airtel and communications gear maker Cisco on Friday announced the launch of connectivity solutions for enterprises based on Cisco’s software-defined wide area network technology.