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Last Updated : Jul 29, 2019 11:05 PM IST | Source: Moneycontrol.com

Trade Setup for Tuesday: Top 10 things to know before Opening Bell

The broader markets declined in line with benchmarks as the Nifty Midcap and Smallcap indices fell 1 percent each.

The market started the week on a negative note as benchmark indices ended lower on July 29 with Nifty falling below the crucial 11,200 level on the back of selling in auto, metal and infra stocks.

At close, the Sensex was down 196.42 points to close at 37,686.37, while Nifty fell 95.10 points to 11,189.20, forming a large bearish candle on the daily charts.

The relentless bearish sentiment indicated that the trend is still in favour of bears and the next crucial level to watch out for would be 11,100, experts said.


"Bears have completely gripped the Indian markets on account of a slowdown in various sectors and weak earnings season," Umesh Mehta, Head of Research, Samco Securities told Moneycontrol.

He said charts are indicating that the bears might continue to overpower the bears for a few more months. However, there will be bounce-backs for investors to short their positions on rallies, he added.

The broader markets declined in line with benchmarks as the Nifty Midcap and Smallcap indices fell 1 percent each.

We have collated 10 data points to help you spot profitable trades:

Key support and resistance level for Nifty

The Nifty closed at 11,189.2 on July 29. According to the pivot charts, the key support level is placed at 11,124.07, followed by 11,058.93. If the index starts moving upward, the key resistance levels to watch for out are 11,282.67 and 11,376.13.

Nifty Bank

The Nifty Bank closed at 29,295.9, down by 29.40 points on July 29. The important pivot level, which will act as crucial support for the index, is placed at 29,069.5, followed by 28,843.1. On the upside, key resistance levels are placed at 29,557.6, and 29,819.3.

Call options data

Maximum Call open interest is at 11,500, which will act as a crucial resistance level in August series. It was followed by the 11,300 strike.

Maximum Call writing is at 11,300 followed by 11,400 strike.

Put options data

Maximum Put open interest is at 11,000, which will act as a crucial support level in August series. It was followed by 11,200 strike.

Marginal Put writing is at 11,200 followed by 10,900 strike.

Analyst or Board Meetings/Briefings

Bajaj Hindusthan Sugar board meeting on August 13 to consider and approve the financial results for the period ended Jun 30, 2019

Deepak Fertiliser board meeting on August 14 to consider and approve the Unaudited Financial Results for the quarter ended Jun 30, 2019

Mayur Uniquoters board meeting on August 6 to consider and approve the un-audited results of the company for quarter ended June 30, 2019 and to consider and declare the first Interim dividend

Jindal Drilling board meeting on August 7 to consider and approve the financial results for the period ended Jun 30, 2019

MRF board meeting on August 9 to consider and approve the unaudited financial results for the quarter ended Jun 30, 2019

Stocks in the news

Dr Reddy's Laboratories Q1: Net profit up 45.4% at Rs 663 crore versus Rs 456.1 crore, revenue up 3.3% at Rs 3,844 crore versus Rs 3,721 crore, YoY

Dr Reddy's Laboratories appointed Erez Israeli as the chief executive officer (CEO) of the Company effective August 1, 2019.

SPARC Q1: Net loss at Rs 94.2 crore versus loss of Rs 64.5 crore, revenue up 3% at Rs 17.3 crore versus Rs 16.8 crore, YoY

Strides Pharma Q1: Net profit at Rs 3.7 crore versus loss of Rs 4.3 crore, revenue up 45.1% at Rs 685.8 crore versus Rs 472.7 crore, YoY

Kingfa Science Q1: Net profit at Rs 10.5 crore versus Rs 0.8 crore, revenue up 8.3% at Rs 183.9 crore versus Rs 169.7 crore, YoY

Trigyn Technologies bags contract from Canadian government for 3 years w/option of 2-year extension

Century Enka Q1: Net profit down 17.7% at Rs 18.5 crore versus Rs 22.5 crore, revenue down 7.5% at Rs 375.2 crore versus Rs 405.9 crore, YoY

Muthoot Capital Q1: Net profit down 22.4% at Rs 13.6 crore versus Rs 17.5 crore, revenue up 26.3% at Rs 143.9 crore versus Rs 114 crore, YoY

Sanofi India Q2: Net profit down 2.2% at Rs 97.4 crore against Rs 99.6 crore, revenue up 9.4% at Rs 747.9 crore versus Rs 683.6 crore, YoY.

Results to Watch Out For

Results on July 30: Axis Bank, Hero MotoCorp, Tech Mahindra, Bank of India, PNB Housing Finance, Piramal Enterprises, Dish TV, New Delhi Television, GRP, Repro India, Sumeet Industries, TCI Express, Chemfab Alkalis, TCI Developers, Andhra Cements, Kalpataru Power Transmission, VIP Industries, Aegis Logistics, Gulf Oil Lubricants, Vinati Organics, Shoppers Stop, Solar Industries, Prism Johnson, United Bank of India, Vaibhav Global, Cholamandalam Investment, NOCIL, PTL Enterprises, Spice Mobility, Balkrishna Paper Mills, Super Spinning Mills, R Systems International, Gujarat Gas, Mangalore Refinery and Petrochemicals, Swaraj Engines, NMDC, RPG Life Sciences, Granules India, Welspun India, HeidelbergCement India, Fertilizers and Chemicals Travancore, Orient Electric, EIH Associated Hotels

All Eyes on Axis Bank

After better-than-expected June quarter earnings by ICICI Bank, all eyes are on Axis Bank which will release its quarterly earnings report card on July 30.

Most brokerages expect more than two-fold increase in Q1FY20 profit on lower provisioning & stable operational income YoY, and around 15 percent growth in NII as well as loan book compared to year-ago, with stable asset quality.

"Traction in advances is seen improving 15 percent YoY to led by focus on high yielding retail & MSME loans. Decline in G-Sec yield is expected to aid trading income leading to positive impact on PAT. PAT is seen at Rs 1,725 crore on the back of a stable operational performance & lower provisions," ICICI direct said.

With no material exposure towards IL&FS, ADAG group, DHFL, etc. slippages are seen lower leading to lower credit cost of 46 bps; and asset quality is expected to largely remain stable with GNPA ratio at 5.2 percent, it added.

Bulk deals


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FII & DII data

Foreign Institutional Investors (FIIs) sold shares worth Rs 704.42 crore, but Domestic Institutional Investors (DIIs) bought Rs 1,351.64 crore worth of shares in the Indian equity market on July 29, as per provisional data available on the NSE.
First Published on Jul 29, 2019 11:01 pm