10th July, 2019 Morning Brief

Market will open on a negative note today after a volatile session on yesterday.

Stocks in Asia were trading mixed after a subdued session on Wall Street, with investors awaited clues on policy from Federal Reserve Chairman Jerome Powell.

U.S. stocks closed a whisker higher after treading water for most of the session as markets braced for an onslaught of central bank news this week.

A small bullish candle resembling a Hammer kind of pattern has been formed on the daily charts.
The formation of this kind of pattern suggests some positive reversal if 11520  level is held.

A small positive candle was formed with long lower shadow. Technically, this pattern indicates a high wave type candlestick pattern. Normally, a formation of such high wave type candle patterns after a reasonable weakness could be viewed for a minor upside bounce. Short term trend of Nifty is in the process of showing upside bounce from the lows. Important supports to be watched around 11,450-420 levels and crucial overhead resistance is placed around 11665 levels.

🎯 News & Impact 🎯

🎯 Tata Consultancy Services (Q1, QoQ) :
Revenues up 0.4 % at Rs.38,172 crore.
Net profit up 0.1 % at Rs.8,131 crore.
Ebit down 3 % at Rs.9,220 crore.
Margin narrowed to 24.2 % versus 25.1 %.

🎯 InterGlobe Aviation :
Company said the company received a letter dated July 8 from Rakesh Gangwal, informing the company that he has written a letter to the SEBI seeking regulatory intervention on his alleged grievances regarding questionable transactions and governance violations. In the meantime, SEBI has asked the company to give its response to this letter by July 19.

🎯 Manpasand Beverages :
Mehra Goel & Co. resigned as the statutory auditor of Manpasand Beverages.

🎯 Dr. Reddy :
Company's Andhra Pradesh units two observations under Form 483 from the U.S.FDA.

🎯 Mawana Sugar :
Company said Uttar Pradesh Co-operative Bank Ltd. has sanctioned soft loan of Rs 116.40 crore to the company to clear the outstanding dues of the farmers for the crushing season 2018-19.

🎯 NLC :
India commissions 63 MW of the 100 MW solar power plant at Tamil Nadu with effect from July 7.

🎯 BHEL and Container Corp :
These duo to form Joint Working Group to establish rail-based logistics terminal at Haridwar.

🎯 Autoline Industries :
Company said the government of Maharashtra has approved additional Industrial Promotion Subsidy IPS claim of Rs.44.61 crores.

🎯 Himachal Futuristic Communications :
Company received a purchase order worth Rs.186.9 crore from BSNL for setting up of optical transmission backbone network for Armed forces.

🎯 VST Tillers :
Company said Uttar Pradesh Co-operative Bank Ltd. has sanctioned soft loan of Rs. 116.40 crore to the company to clear the outstanding dues of the farmers for the crushing season 2018-19. 

🎯 Bharti Airtel :
Airtel Africa lists 3.76 billion shares on Nigeria's stock market at 363 Naira each.
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Edited by Sharp.