Indian benchmark indices are likely to open flat today as the SGX Nifty was trading at 15,790.00, up 0.53 per cent at around 8:30 am.
Tata Motors, Adani group stocks, Axis Bank, Mahanagar Gas and Maruti Suzuki are likely to be in focus today.
Auto giant Maruti Suzuki reported a net profit of Rs 4,40.8 crore in the April-June quarter, compared to a loss of Rs 2,49.4 crore during the same quarter last year. The company said profit for Q1 was impacted due to lower sale volumes. Commodity prices increased steeply during the said quarter but Maruti said it continued to make efforts to reduce costs.
On Wednesday, the benchmark indices ended lower for the third straight session due to weak global cues. Sensex closed 135 points lower at 52,443, while Nifty slipped 37 points to 15,709.
Nagaraj Shetti, Technical Research┬а Analyst at HDFC Securities said, “The short-term trend of Nifty continues to be negative. But, the formation of hammer type pattern at crucial support and sharp intraday upside recovery from a lower range are pointing towards an upside bounce in the market in the next 1-2 sessions. The expected upside is likely to test the upper resistance of 15,860-15,900 levels in the near term.”
On the outlook of Nifty, Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities said, “After selling pressure in the first half, good recovery was seen. Nifty managed to defend 15,700 and close marginally above the same. Support is now seen at 15,500 while resistance is placed at 16,000/16,100 levels. For the near term, expect short covering above 15,770 on the index. Metals and Realty continue to remain in momentum while banking provides value for the medium term.”
Foreign institutional investors (FIIs) emerged as net sellers as they sold shares worth Rs 2,274.77 crore on July 28, as per provisional data available on the NSE.
