Oil
was little changed before an OPEC+ meeting that’s set to deliver another
oversized production hike, threatening to swell a glut forecast for later this
year. The GIFT Nifty was trading 34 points higher at 25,529, indicating a
positive start for the benchmark 50-stock index later in the morning. Earlier,
foreign investors remained net sellers in the Indian stock market, offloading
over 1,925 crores of securities as per provisional data from NSE.
Fundamental Update
- Bharat Forge - The Company has incorporated a
step-down subsidiary named Agneyastra Energetics. Positive
- UCO Bank - The bank reported a 13.67%
year-on-year growth in the April–June quarter of fiscal 2026, driven by
expansion in its domestic loan book. Positive
- IEX - The Company reported a 6.5% rise in electricity trading volumes to 10,852 million units in June. For the April–June quarter, volume increased by 15% to 32,382 million units. Positive
- Aegis Logistics - The Company commissioned an LPG cryogenic terminal at Pipavav with a static storage capacity of 48,000 MT. Positive
Technical
Update
- NIFTY – The Nifty index continued downward
journey to close below 25,500 at 25,405 on Friday. Index lacks momentum for
amid trade tariff uncertainty with USA. Today’s range – 25,250 – 25,600.
- BANKNIFTY – Bank nifty too slipped below 57K to
settle at 56,791 on Friday. Large public sector lenders faced selling pressure
from major fund houses. Index has 17 day EMA of 56,500 as strong support while
57,150 is near term resistance. Today’s range – 56,500 – 57,150.
Disclaimer: This report is prepared by an analyst who has exercised due diligence in
checking the correctness and authenticity of the information before publishing
research report. We shall not be in any way responsible for any loss or damage
in analysis or views obtained from the use of information contained in this
report and especially states that we have no financial liability whatsoever to
the user of this report.
No comments:
Post a Comment