Nifty Update: TPG and L Catterton for Rs. 64.4Bn investments in JIO Platforms

Nifty June 15th Pre-Market Update: Nifty moves, Stocks to Trade, FnO Action and Much More. *Reliance attracts TPG and L Catterton for Rs. 64.4Bn investments in JIO Platforms, Fed Chair Powell is likely to do a Congressional Testimony DrReddy, Cadila, signs agreements with Gilead Sciences, AstraZeneca agrees to make COVID-19 Vaccine for Europe. Nifty Likely to face Resistance at higher levels of 10060-10080, China Industrial output at 4.4% against 5%.

International Key Triggers: Nifty50 managed to close above 9900 at 9972.9 with that huge gap down on Friday on the overnight negative news flow that came from both Europe and US. Nifty at the close was pulled up by Auto, Banks and Energy majors on Friday at close. SGX Nifty is currently trading at 08:30am today at 9870 is indicating flat-sluggish start, Key world indices are also sluggish around -0.5 from their previous closing.

DJIA Futures which is also hovering around that 25000 mark, Europe and US stocks suffered declines in over last week, with bleak economic outlook and worries of 2nd wave of Corona virus fear adding to negative  sentiment following a weak outlook from the Financial Markets.

*Key Triggers during the week are 1, Rise In U.S. #Coronavirus Cases To Drive Sentiment, 2, Fed Chair Powell Congressional Testimony amid concerns over a possible resurgence of Covid-19, Policy Decisions by Bank of Japan and Bank of England. Further down we have the data’s on U.S. Retail Sales and U.S. Jobless Claims. ORCL Earnings.

Domestic News: Reliance JIO attracted its 10th Investor in JIO Platforms, the company has now raised over Rs.1.04lac Cr for over last 2 months for a 22.38% Stake sale and another Rs.54k Cr in the Rights Issue taking the fund raising tally to Rs.1.58Lac Cr. Indian shares closed down over 2% on Thursday, led by bank stocks, after the country's top court extended a hearing on telecom companies' outstanding dues. DrReddy, Cadila signs Non-Exclusive Licensing agreements with Gilead Sciences to register, manufacture and sell Remdesivir.

Grasim reported Q4 Net Profit at Rs.3.57bn against Rs.4.51bn, revenues at Rs.43.12bn. Eicher reported net at Rs.3.-4bn against Rs.5.45bn. Sub-Division approved by board for 1:10.  As many as 68 shares ended in Red from Nifty200’while 132 closed in green with IDEA, ABFashion, SRTRANSFIN, MandM and Infratel as top gainers while ZEEL, Enduracne, HEG, ONGC and GIC top losers.

Nifty IT fell over 1.8% last week while Auto gained over 2,9%. FII net sell of Rs. 1311Cr while DII bought Ra. 1945Cr. VIX settled at 30.82, IDEA, SBILIfe, HDFCLife, CholaFin and NCC and PowerGrid have seen long buildup while UPL, Mindtree, Page, Zee and BharatForg saw short-BuildUp. Some key Earnings today are CanFinHomes, CHolaFIn, IGL Pfizer, TataMotors and Shoppers Stop.

Nifty Watch: Nifty is likely to weak around 9850-9860 and expected to continue swings between 9545-10098 while we may see some wild movements in 2nd half, if Nifty manages to trade above 10073 we may see huge short-covering to take it well beyond 10170-10200. As we had mentioned on Friday Nifty made a fall at open and made a low at 9544.35 and managed to close near highest point of 9972.9 to end up by 70 points, BankNifty saw a 1220 point swing and managed to close at 20654.55.

Nifty  Supports are at 9872, 9823, 9770, 9721, 9673, 9622 and 9574, Resistances are at 10072 followed by 10121, 10170, 10224, 10275, 10321, 10374 and 10430. Key Stocks to watch are:   BajFinance, Bandhan, Eicher, HDFCBank, HeroMotoCo, IndusInd, JublFood, LT, MandM, Maruti, Reliance, SRTRANSFIN, Tatamotor, Titan, HUL and NIITTech. For more updates and stock recommendations follow our Twitter, FB, Telegram and Website.