DrReddy to partner with Fujifilm Toyama Chemical GRA for favipiravir

Nifty50 Sensex July 2, Pre-Market Update: Facebook ad boycott officially started on 01st July with 400 brands Centre cancels 4G upgradation tenders from Chinese firms with BSNL and MTNL. Railways kick-start private players in passenger trains operation. US preparing sanctions on China over Xinjiang, Nifty has Key Support placed at 10151 and Resistance at 10638.

International Key Triggers: Nifty opened above 10320 and kept trading in narrow range till 11:30, then surged 120+ points 10330 to 10447.05 with a day low of 10299.6 to finally close at 10430.05. SGX Nifty as of 08:15am is trading at around 10470. Key world indices Futures are trading in green led by DJIA Futures which currently around that 25600 mark while Nikkei225 at 22200 and Hang-Seng at 24740.

US readying global sanctions on China over Xinjiang abuse. Global markets would be choppy due to positive news on Covid-19 vaccine and negative news on US Sanctions over China and India-China Standoff extending, China-Hong-Kong issues. US monthly jobs report to be out today.

Domestic News: Indian Railways to start process inviting private players in passenger train to raise Rs 30000Cr, 109 routes in 12 networks planned. Overall Auto sales down 33.2% with two-wheeler down 32.5%. DrReddy to partner with Fujifilm Toyoma Chemical GRA for manufacture and sale of favipiravir.

As many as 72 stocks hit fresh 52week high and AartiDrugs, Clariant Chem, Escorts, Eveready, IOL, NavinFluor, weresome of them. Omaxe continued to hit 52 week low. Top Gainers from Nifty200 are AxisBank, IBHOUSING, BoB, BharatForge and BajFinServ. Top losers Edelweiss, JindalStel, Quess, IDEA and Hudco.

Escorts, NavinFluor, VaibhavGbl, GujGas, Renuka and IDBI. Omaxe hit fresh 52 week low. AartiInd, CaplinPoint, DishTV, NavinFluor and IBVentures had over 2.7 times higher volumes. 86 stocks closed in Red and 114 Closed in Green with 6 stocks gaining >5%. All key indices closed in Green with NBFC, FinService and BankNifty gaining over 2.5% while Pharma lost over 1. FIIs net sell Rs 1696.45 Cr, DIIs net Buy Rs 1377.13Cr in equity market.

As we mentioned yesterday NBFC, PSUBanks and BankNifty stole the show yesterday with >2.5% gains, we mentioned BankNifty range as 20915 to 21925 and today Low was 21281 and High 22061.6 Nifty is expected to open strong today, VIX dropped by 3.4% to 28.12%, Long Built-Up seen in MandMFIN, IBHOUSING, AxisBank, HPCL and BOB. Short Built-Up seen in Glenmark, ApolloHosp, JustDial, BOI and NIITTech.

Short Covering was visible in BharatForge, SRTRANSFIN, Ujjivan, BEL and AmarajaBatt. August Contracts were active in Petronet. Nifty managed to reduce discount to 35 points today suggesting caution by some smart traders Highest Call OI in Nifty seen at 10500CE and 10400CE strikes of July while 10300PE and 10200PE had max OI.

Nifty Watch for the day: We again reiterate that Too Much Of News Flowing around, Traders to exercise caution Nifty is likely to open positive around 10460-10490 and expected to continue swinging due to weekly expiry. Nifty range for the day is between 10151 - 10636 while we may see some wild movements in the markets around 13:20 and last hour BankNifty will continue its dominance with select NBFCs, 21270 – 22285 is the broader range.

Nifty key Supports is at 10310, 10241, 10184 and 10151. Resistances are at 10474, 10543, 10602 and 10638. Key Stocks to watch are AxisBank, Bajaj-Pack, Britannia, Grasim, DrReddy, HDFCBank, HUL, ICICIBank, IndusInd, JindalStel, ShreeCem, TCS and Ujjivan.