Nifty futures were trading 69.50 points or 0.44 per cent higher at 15,797.50 on Singaporean Exchange, suggesting a positive start for BSE Sensex and Nifty 50 on the first day of the week. Asian peers were seen trading up to 2 per cent, on the back of gains on Wall Street. US main indices posted record closing highs in overnight trade on Friday. According to technical analysts, Nifty/Sensex held 15635/ 52250 support and reversed sharply which indicates a strong possibility of a quick pullback rally from current levels. “The texture of the chart suggests 15635/52250 would be the sacrosanct level for the bulls and as long as it’s trading above the same pull back likely to continue up to 15800-15850/52750/52850. Further upside may also continue which could lift the index till 15900/ 53100. On the flip side, below 15635/52250 we can expect one more leg of correction up to 15500-15450/51800-51500,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
Stocks to watch
HCL Technologies: HCL Technologies announced a five-year, global agreement to provide digital transformation and managed services to The Mosaic Company.As part of the agreement, HCL will manage and transform Mosaic’s global application and infrastructure environments to enhance the company’s agility and ability to drive growth in the marketplace.
HFCL, HMT: Steel Strips Wheels, HFCL, HMT, Amit Securities, Dr Lalchandani Labs, Indbank Merchant Banking Services, Ind Bank Housing, ISMT, SM Gold, and Welcure Drugs & Pharmaceuticals will announce April-June quarter earnings on July 12.
Maruti Suzuki: Maruti Suzuki India Limited customers can now finance their cars online, anywhere and anytime, with Maruti Suzuki Smart Finance. Maruti Suzuki Smart Finance is now made available for ARENA as well as NEXA customers. It is also available pan India. It covers a wide range of profiles to meet the demands of a diverse range of customers.
Avenue Supermarts: DMaet operator reported sharply higher standalone profit at Rs 115.13 crore in Q1FY22 against Rs 49.56 crore in Q1FY21.
BPCL: A two-decade-old LPG supply order restricting supply of domestically produced LPG to only state-owned oil companies has stymied plans to allow Bharat Petroleum Corporation Ltd to continue selling subsidised cooking gas (LPG) after its privatisation.
IDBI Bank: The government has extended the deadline for transaction and legal advisors to bid for managing the IDBI Bank strategic sale by 9 days till July 22. The Department of Investment and Public Asset Management (DIPAM) had on June 22 invited bids from merchant bankers and law firms for managing and giving legal advice for the sale process.