Advisory Desk

From Advisory Desk 27th June 2023

 

Market Outlook: US market closed lower due to profit booking in heavyweight stocks. However, futures were trading slightly higher ahead of FED Chairman Powell's speech. Asian markets have begun with a mixed performance, while the SGX Nifty is indicating a flat to positive opening. On the domestic front, there has been a significant decrease in monsoon deficiency from 47% to 28% within a week, which is positive for our market, particularly for sectors like Auto and FMCG. Yesterday, Nifty did not follow the selling trend seen in the previous two sessions and is holding above the lower end of the current range and 20 DEMA. We continue with our buy on dips strategy with a stock-specific approach. Today being weekly expiry, we expect Finnifty's range to be 19300/19400-19625/19778. Tomorrow, our market will be closed due to a public holiday.

Actionable: Buy M&M, Godrej Properties, Trent.

 

Global market:

DOW:  - 12

SGX NIFTY:   + 30   (prev. close 18704)

NIFTY 50 : 18691

Sensex : 62970

 

Institution:

FII:                 -     409    Cr

DII:                +     250    Cr

NSE:

Advances:  1797  / Declines:  1860

Currency:

Dollar: $ 82.04

Dollar Index: 102.62

 

Commodity:

Gold: $ 1937  per ounce

Crude: $ 74.70  per barrel

 

Bonds:

10 year US bond rate: 3.72

10 year Indian Bond rate: 7.07

Derivative:

PCR: 0.90

VIX:  11.39

 

Updates:

 

Bharti Airtel: The telecom major has announced changes in its leadership team in Airtel Business. Ajay Chitkara has resigned as CEO and will continue with the company until the third week of August.

 

Aditya Birla Capital: The Aditya Birla Group company has opened its qualified institutional placement (QIP) issue with the floor price set at Rs.175.99 per share. Sources told that the fund raising is likely to be at Rs.1,750 crore.

 

ICICI Prudential - The company received a show cause cum demand notice from the Directorate General of GST Intelligence for not paying tax of Rs.492.06 crore from July 2017 to July 2022. The company also deposited Rs.190 crore without accepting liability in this case.

HAL: Board to meet today to discuss equity share split and also, to recommend the final dividend for the FY22-23.

City Union Bank: The Board of the bank has approved raising capital up to Rs.500 crore through the QIP route.

 

Securities in ban: HINDCOPPER, RBL BANK.

 

Derivative View: On option front, monthly maximum Call OI is at 18800 then 18700 strike while Maximum Put OI is at 18700 then 18600 strike. Option data suggests an immediate trading range in between 18550 to 18800 zones.