Trade Setup for July 15: Nifty may slide deeper if 24,900 support fails
While frontline indices struggled, broader markets showed resilience, ending in positive territory. Barring the IT pack, buying was witnessed across sectors.
Top drags on the Nifty included Jio Financial, Bajaj Finance, Wipro, Tech Mahindra, and Asian Paints. On the flip side, gainers like Eternal, Titan, IndusInd Bank, ONGC, and SBI Life Insurance provided some support.
IT stocks were the worst performers, with the Nifty IT index closing as the biggest sectoral loser. HCL Technologies posted disappointing Q1 margin numbers and trimmed its FY26 margin guidance to 17-18% due to lower utilisation and increased GenAI investments. However, it slightly raised revenue growth outlook to 3-5%.
In other stock-specific action, VIP Industries initially dropped over 4% following news of a promoter stake sale of up to 32%, but reversed course to close over 5% higher. Ola Electric jumped 20%, clocking record volumes since Q1 earnings. The EV maker now projects FY26 revenue between ₹4,200 crore and ₹4,700 crore — translating to flat-to-modest growth versus FY25.
Meanwhile, Anthem Biosciences launched its ₹3,395-crore IPO, which saw 73% subscription on Day 1. The issue, priced at ₹540-570 per share, closes on July 16.
Looking ahead, investor mood remains cautious ahead of inflation data releases from India and the US.
Technical Outlook:
Nagaraj Shetti of HDFC Securities said the Nifty's short-term trend is still weak. Support is seen around 25,000–24,900, and a rebound is possible if this zone holds. Resistance is at 25,200.
Rupak De of LKP Securities noted that the index touched its 50-DMA intraday and warned that a fall below 24,900 could trigger a sharper correction. If support holds, a rebound to 25,350 is possible.
Hardik Matalia from Choice Broking highlighted 25,000 as critical support. A breakdown below it may push the index toward 24,700, while on the upside, resistance lies at 25,200–25,500.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
6 hours ago
- The Hindu
After taking singles last year, now positioned to go for the boundaries: HDFC Bank CEO
With FY25 being the first full year of the merger of HDFC Ltd. into HDFC Bank Ltd. and having built upon it, HDFC Bank, India's largest private sector lender, is now eyeing sizeable growth in the future, a top executive said. 'The successful playing out of the merger synergies, the reduction in the credit deposit ratio and the large-scale mobilisation of deposits, all constitute tailwinds for the bank,' Sashidhar Jagdishan, Managing Director and Chief Executive Officer, HDFC Bank Ltd said in the bank's annual report which was released on Monday. 'To use a cricketing analogy, we focused on taking singles in the year that concluded and are now positioned to go for the boundaries,' he said. He said as a merged entity, the HDFC Bank Group has several key subsidiaries with businesses in life as well as general insurance, mutual funds and brokerage, positioning it as a strong financial services conglomerate. 'The mortgage business which was a key component of the merger, has grown from strength to strength and is now the largest in the country. This portfolio has also been a catalyst for increased cross-selling opportunities within the HDFC Bank Group,' he said. Stating that more than 95% of the incremental home loan customers were now opening Current Account Savings Accounts with the bank, with over half of them opting for additional product offerings, he said this had enhanced customer convenience. He said the Bank's NBFC (Non-Banking Financial Company) subsidiary, HDB Financial Services Ltd was recently listed in accordance with regulatory requirements. Mr. Jagdishan said that the bank's cybersecurity measures were focused on ensuring the highest level of protection against cyber threats, with proactive monitoring and automated incident response capabilities, enhanced network visibility and a zero-trust security model. 'We remain focused on being a cyber-resilient, regulatorily compliant and trusted institution that can adapt and succeed in the emerging risk landscape,' he added. He said over the last four plus years, the bank had worked tirelessly on scaling, fortifying and modernising its technology backbone through enhanced investments on resources and collaboration with key partners and the results were now visible. 'Our core now seamlessly supports scalability and resiliency has been built by design. Our focus to further modernise through our 'Hollow the Core' programme is progressing well,' he added. Mr. Jagdishan said in line with digital adoption GenAI would play a central role on 'how we innovate, stay resilient and create value for the future.'
&w=3840&q=100)
Business Standard
6 hours ago
- Business Standard
HCLTech Q1 results: Net profit slips 10% to ₹3,843 cr, revenue up 8.2%
HCLTech, India's third-largest information-technology (IT) services firm, on Monday reported net profit for the first quarter of 2025-26 at ₹3,843 crore, down 9.72 per cent year-on-year. On a sequential basis profit was down 10.7 per cent. It reported 3.7 per cent constant-currency revenue growth for the April-June quarter, helped by its technology and services, telecommunications and media, and financial services. These more than offset the sluggishness in manufacturing and the life-sciences vertical. For the quarter ended June 30, HCL reported revenue of ₹30,349 crore, up 8.2 per cent over that in the same period a year earlier. The value of the new deal bookings stood at $1.81 billion. That also helped India's third-largest IT services exporter to raise the lower end of its guidance. HCL now expects to grow 3-5 per cent on a constant-currency basis for the full year, up from 2-5 per cent it had projected in April. However, the firm cut its EBIT (earnings before interest and tax) margin guidance to 17-18 per cent from 18-19 per cent earlier. The company said the margins would be impacted due to restructuring. 'The macro environment remained stable from an overall perspective, with some variations across verticals, but the overall situation did not deteriorate as feared at the start of the quarter,' said C Vijayakumar, chief executive officer (CEO) and managing director, at a news conference. 'We won a large consolidation deal in financial services this quarter, which is not accounted for in the total contract value (TCV) for the first quarter,' Vijayakumar added. 'We have some large deals in the pipeline which were expected to close in Q1 but have moved to the second quarter. This delay is unrelated to the external or macro factors. We are optimistic about this conversion, and if all goes according to plan, the TCV numbers should see a stepup in the coming quarters.' Financial services were up 6.8 per cent, technology 13.7 per cent, and telecommunications 13 per cent. The manufacturing and life sciences verticals were down 1 per cent and 4 per cent, respectively, because uncertainties persisted in those sectors owing to concerns over trade tariffs. While growth in the United States, the biggest market that contributes about 60 per cent to the top line, remained muted, Europe was up 9.6 per cent while business from other geographies, excluding India, was up 15 per cent. 'Steady bookings, artificial intelligence/GenAI adoption, a robust pipeline and management commentary on non-deterioration of demand environment position it well for FY26. While near-term uncertainties may impact discretionary spending, HCLTech's diversified portfolio and AI-driven solutions ensure long-term growth potential,' wrote Shaji Nair, research analyst, Mirae Asset Sharekhan. Operating margins, however, dropped to 16.3 per cent from 17.1 per cent year-on-year. 'The margins were lower than what we had planned. While Q1 has been historically low for us, the margins were below expectations as utilisation dropped due to a delay in rampup of a specific programme. We also encountered rampdowns in specific areas. Also there was a demand supply mismatch between skills and locations and a client bankruptcy,' the CEO said. The company took on board 1,984 fresh engineering graduates in the last three months. HCL will also add people with specialised skills in AI, cybersecurity, and digital engineering. They will account for 15-20 per cent of fresh hiring. 'We will also be undertaking some restructuring in facilities which we are not utilising outside India which are related to acquisitions. Also there will be some talent ramp downs in some geographies outside India and expect during the second and third quarter and a small part in the last,' Vijayakumar added. Meanwhile, the first-quarter performance of India's largest IT services provider, Tata Consultancy Services (TCS), continued to reflect the impact of macroeconomic uncertainty and slow discretionary spending. The firm's management remained optimistic overall, but admitted that high single-digit growth looks tough. TCS reported a net profit of ₹12,760 crore for the first quarter of FY26, up 6 per cent compared to ₹12,040 crore in the same period of FY25. Revenue grew 1.3 per cent year-on-year (Y-o-Y) in reported terms to ₹63,437 crore in Q1FY26. Sequentially, the company's revenue was down by 1.6 per cent, the slowest quarterly growth since Q1FY21, when revenue fell 4 per cent quarter-on-quarter due to the Covid-19 pandemic. Prior to that, TCS had reported a sequential revenue decline of 0.2 per cent in Q1FY18.
Economic Times
6 hours ago
- Economic Times
Coping with loss
The recent events, including wars, terrorist attacks, accidents and stampedes, bring home the point that life is like a flicker of a candle that may be blown out at any time. It is painful to watch the death of dear elderly relatives. Sudden deaths that come without warning or through terminal illnesses are heartbreaking for those left behind. Grief is sharply felt when pet animals die. It is said that a parent's sorrow for a child's loss continues ad mention King Chitraketu, who, after many years of childlessness, performs a sacred yajna to beget a son. However, the child is poisoned by his jealous stepmother. Chitraketu becomes inconsolable and bemoans his terrible fate when sage Narad, along with sage Angirasa, summons the child's soul to soothe his father. The king is speechless when the spirit soul questions the rishi, to whom the sage is referring, as it has had numerous parents in its multiple lives. The king realises that the soul is infinite while the body is for a predetermined period as per karmic deserts, and he retires into penance. The Ishopanishad says, for one who realises that life is the journey of souls that are connected, although each is different, there is no cause for attachment or sorrow. One can only strive for realisation, especially in times of distress. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. The 10-second mystery: Did the Air India crash report hide more than what it revealed? Can Indian IT's 'pyramid' survive the GenAI shake-up? Zee promoters have a new challenge to navigate. And it's not about funding or Sebi probe. The deluge that's cooling oil prices despite the Iran conflict Stock Radar: Natco Pharma stock showing signs of momentum after falling over 30% from highs – what should investors do? In mid-caps, 'just hold' often creates wealth: 10 mid-cap stocks from different sectors with upside potential up to 44% F&O Talk | Foreign outflows, IT drag pull nifty lower; next support at 24,500: Rahul Ghose How to use dividend yield in volatile times: 6 stocks where this strategy has a high chance of giving much better returns
