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Daily Report 1-Aug-23

Wall Street was marginally positive as oil stocks help market gain while health care stocks struggle, big tech stocks such as APPLE & AMAZON remain in focus ahead of its earnings later this week.

Domestic natural gas prices were raised from Aug. 1, 2023, to Aug. 30, 2023. Domestic natural gas prices were raised to $7.85/mmBtu from $7.48/mmBtu. The price of gas from ONGC and OIL nomination fields will have a ceiling of $6.50/mmBtu on a gross calorific value basis.

WTI Crude above $80 & Brent Crude above $85.  Metal price remain strong on hope of China’s stimulus package.

F&O data: FII continue to reduce long position in index futures, net short by 8147 contracts in index futures on Monday.  Net long position now stands at 51.46%.

Approach on Indices: Nifty likely to test 19835 & Banknifty likely to test 45835, indices above this level could open further upside and support remain on Nifty @ 19478 & Banknifty @ 45219.

GIFT NIFTY @ 19883 Vs 19844 Nifty future previous close.


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Daily Report 31-Jul-23

Wall Steet had another positive session with NASDAQ gain by 1.90% as tech stocks did well.  DOW30 was up by 0.50% & S&P500 was up by 0.99%.

China Seeks to Boost Consumption to Spur Economy’s Recovery – China’s economic data continues to remain weak as Chinese government continue to focus on economic revival since beginning of 2023.

Metal & Chemical stocks will be focus as China’s is expected to announce fresh set of measures to boost economy.

F&O Data: FII net long position in index futures by 13814 contracts, FII reduced 19427 contracts in index futures.  Nifty PCR @ 0.82 Vs 0.90 & Banknifty PCR @ 0.74 Vs 0.70.

Approach on Indices: Nifty @ 19478 & Banknifty @ 45219 could act as important support level and indices remain in uptrend till these levels hold.

Market View: We would focus on Metal stocks, Defense stocks for fresh allocation.  PSU’s where Q1FY24 earnings is pending could provide fresh entry opportunity.

GIFT NIFTY @ 19785 Vs 19751 Nifty future pre close.

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Daily Report 21-Jul-23

Wall Street: TESLA & NETFLIX was down after result, NASDAQ & S&P500 ended down by 2.05% & 0.68% respectively.  DOW30 ended in green with 0.47% gains.

INFY Q1FY24 result in-line with estimate, revised revenue guidance downward to 1% – 3.5% from earlier 4% – 7%.  INFY ADR down by 8.5% overnight, expect to open with deep cuts.

RELIANCE will come out the result today.  LT result on 25-Jul-23 will consider Buy-back and special dividend and record date for same will be 2-Aug-23.

F&O data: FII added 11091 contracts in index futures, net long position for FII is now above 1 lakh contracts in index futures, net long position now stands at 70.68%.

Approach on Indices: GIFT Nifty indicate down opening due to INFY & other IT stocks could remain under pressure, Nifty @ 19697 & Banknifty @ 45110 could act as support level in case of any correction.  Banknifty will continue to outperform.

GIFT NIFTY @ 19880 Vs 19967 Nifty future previous close at 8:05 AM

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Daily Report 20-Jul-23

Wall Street had muted session with minor gains as corporate earnings continues to boost sentiment, TESLA Q2 result beat margin despite price cut.  NETFLIX was down reacting to result.

RELIANCE & JIO Financials to trade at separate entity from 20-Jul-23.  Price discovery session from 9:00 AM to 10:00 AM.  Cost of acquisition for Reliance Ind @ 95.32% & RSIL @ 4.68%, values RSIL @ 132.98*

HINDUNILVR & INFY will announce Q1FY24 result today.  INFY expected to declare result after market hours, stock will react to its number tomorrow.

F&O data: FII were net seller in index futures by 3464 contracts, net long position remains above 70% currently at 70.20%:29.80%.  Nifty PCR @ 1.34 Vs 1.34 remains unchanged.  Banknifty PCR @ 1.12.

Approach on Indices: Indices continue to make fresh high now on daily basis and Nifty is in unchartered territory and heading towards 20000 historic level.  With weekly options expiry Nifty @ 19800 & Banknifty @ 45500 will be in focus.

GIFT NIFTY @ 19830 Vs 19847 Nifty future previous at 8:30 AM

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Daily Report 19-Jul-23

Wall Street had another positive session as US indices closed at yet another closing high in recently times.  US Banks rally as result beat estimate, Microsoft hits record high after AI-Optimism.

LTIM corrected yesterday reacting to its result, LTTS may correct today as it announced result after-market hours yesterday.  INFY is set to announce it result on 20-Jul-23, rallied by 3.73% on deal win.

JIO Financial will get listed in a separate entity from 20-Jul-23 and will be included in Nifty 50 and other indices.  All outstanding F&O contract in RELIANCE will be closed today and physical settled.

F&O data: FII added net long 5590 contracts in index futures, net long position now stands at 71.18% and 96701 contracts.  Nifty PCR @ 1.34 Vs 1.54 previous.  Banknifty PCR @ 0.99 Vs 1.46 previous.

Approach on Indices: We expect further profit booking on indices, we are not comfortable with the pace of rally to add fresh long at current level.  Nifty @ 19622 & Banknifty @ 45110 are near term support level in our watch list.

GIFT NIFTY @ 19800 Vs 19771 Nifty future close at 8:30 AM

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Daily Report 18-Jul-23

Wall Street had another positive as financials rally ahead of their earnings – Bank of America & Morgan Stanley are due to announce result on Tuesday & Goldman Sachs on Wednesday.

Reliance – JIO financial services demerger on 20-Jul-23.  JIO financial to be included in Nifty 50, BSE Sensex and other indices.  Pre-open price discovery session will be held between 9:00 to 10:00 AM.

HDFCBANK records 30% growth in PAT year on year, HDFC ADR was up 4.43%; Most brokerage house maintains over-weight on HDFCBNAK with target of 2010 – 2200.

F&O data: FII net long: short position at 70.25%:29.75%. Nifty PCR @ 1.54 Vs 1.34 previous.  Banknifty PCR @ 1.46 Vs 0.86 previous.  

Approach on Indices: PCR do indicate overbought zone, but expect another round of short covering.  Indices are trading in unchartered territory.  Nifty around 19800 & Banknifty around 46000 likely to be tested today.  

GIFT NIFTY @ 19769.50 Vs 19730 Nifty future previous close.

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Daily Report 17-Jul-23

Wall Street had flat closing on Friday after rally seen earlier this week on back of declining inflation data.  U.S. market recorded weekly gain on major indices round 2% to 3%.

HDFCBANK to announce result today, 42 HDFCBANK shares will be allotted for every 25 HDFC shared held.  HDFCBANK could see some pressure.

LTIM & TATAELXSI are two IT companies are set to announce result today ahead of LTTS tomorrow and INFY on 20-Jul-23.  INFY rallied around Rs 90/- or 6% in last two trading days.

F&O data: FII long: short position continues to remain at 70.29%:29.73%, Nifty PCR @ 1.34 Vs 1.11 previous.  Banknifty PCR @ 0.86 Vs 0.78.

Approach on Technical: Momentum on indices continue to remain strong, Nifty around 19550 zone Banknifty around 45000 is seeing some supply.  Nifty @ 19232 & Banknifty @ 44228 are key levels

GIFT NIFTY @ 19635 up 16 points at 8:05 AM

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Daily Report 14-Jul-23

Wall Street had another positive session as PPI & Core PPI data decline more than estimate.  Many big US Banks will come out with their quarterly earnings and provide fresh cues.

Brent Crude back above $80 as market sentiment improves after US CPI inflation data on Wednesday & PPI data yesterday.  Dollar Index below 100 would improve risk-on sentiment.

Mid-cap 100 & Small-cap 100 seen some selling pressure / supply at higher level as valuation looks stretch going into result season.  HDFCBANK Q1FY24 result on 17-Jul-23 will be key.

F&O data: FII net sell 9554 contracts in index futures, net long: short remains at 69.22%:30.78%.  Nifty PCR @ 1.11 Vs 0.88 previous.  Banknifty PCR @ 0.78 Vs 0.67 previous.

Approach on Indices: GIFTNIFTY indicate 50 – 70 points gap-up opening, indices continue to consolidate could trigger another round rally if supported by HDFCBANK & INFY result next week.

GIFTNIFTY @ 19554 Vs 19475 Nifty future previous close

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Daily Report 12-Jul-23

Wall Street ended higher ahead of important US inflation data.  JP Morgan and other financials gained ahead of result later this week and PPI data on Wednesday.

India’s inflation data will be released today at 5:30 PM.  HCLTECH & TCS are due to announce their result today.  IT stocks going into result with low expectation.

GST Council meeting: GST increase to 28% on online-gaming, horse racing and casino.

F&O data: FII added net long 5151 contracts in Nifty while FII were net seller by 4600 in Banknifty & 541 in FINNIFTY futures.  Nifty PCR @ 1.08 stable.  Banknifty PCR @ 0.67 is near to oversold zone.

Approach on Indices: Banknifty is currently trading around important support level.  Nifty is trading near upper end of the range and break above 19524 could trigger another round of rally.  Banknifty trading near 44773 – an important support level.

GIFTNIFTY @ 19545 up 8 points at 8:25 AM

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Daily Report 11-Jul-23

Wall Street had another positive session as it awaits CPI & PPI data on Wednesday & Thursday respectively.  NASDAQ closed flat as tech stocks seen profit booking at higher level.

PM Modi ‘s visit to France in focus: India set to buy 26 Naval Rafales & 3 Scorpene Subs.  Defense procurement board gives clearance ahead of PM’s visit.

Metal stocks were in focus as China slips to brink of deflation, adding urgency to stimulus package.  CPI data was flat in June and PPI fall by 5.4%.

F&O data: FII added 2979 contracts in index futures, net long: short position remains at 71.86%:28.14%.  Nifty PCR @ 0.98 Vs 0.89 previous and Banknifty PCR @ 0.74 Vs 0.75 previous.

Approach on Indices: Indices continue to consolidate, Nifty trading above important support level @ 19181 & Banknifty is trading close to important support level @ 44773.  Banknifty below 44773 could open further downside to 44228 level.

GIFTNIFTY 19484.50 up 28 points at 8:30 AM

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