Prashanth Tapse, Senior VP (Research), Mehta Equities
GIFT Nifty (-18, 25174) signals a cautious start after Nifty (-1.22%) and Bank Nifty (-0.49%) closed lower for a second straight week, weighed by FII selling worth Rs 10,062 crore in July and global jitters over President Trump’s 30% tariffs on EU and Mexico starting August 1st.
While an interim US-India trade deal may soften tariffs below 20%, markets remain edgy amid talk of a potential 500% tariff shock on India.
All eyes are now on Q1 earnings, with results due from NELCO, Rallis India, Tejas Networks, Tata Technologies, HCL Tech (July 14); Just Dial, ICICI Pru Life, ICICI Lombard, HDFC Life (July 15); Angel One, Tech Mahindra (July 16); CEAT, Heritage Foods, HDFC AMC, LTI Mindtree, Axis Bank, Polycab, Wipro (July 17); and Bandhan Bank, LT Finance, JSW Steel (July 18).
The preferred trade is to sell Nifty between 25,200–25,250 (targets: 25,005/24,901; aggressive: 24,473–24,600) and Bank Nifty at CMP (targets: 56,300/56,000; aggressive: 55,000–55,300).
Chart of the Day is bearish on CAMS, Tata Power, Tata Motors and Titagarh Rail Systems on intraday strength. Top SELL: CAMS (CMP 4070), sell between 4100–4125 with targets at 4021/3991 and aggressive 3859.