Stories
Expensive Crude Is A Major Challenge, Check Out Today's Nifty Strategy
- •Nifty is trading comfortably above the 10 and 20 DEMA, and the strategy remains to buy on dips as long as it holds above the 20 DEMA.
- •Brent crude is near $110 per barrel amid West Asian tensions, though US President Trump delayed 100 percent tariffs on Russian oil for 60 days.
- •Major banks like ICICI Bank, HDFC Bank, and Axis Bank reported their Q2 results with strong business growth despite pressure on Net Interest Margins.
- •FIIs turned buyers in the cash market after 15 days, providing support to domestic market sentiments.
Key Questions Answered
As long as Nifty remains comfortably above its 10 and 20 DEMA, the strategy is 'Buy on Dips' with a strict stop loss at 22,900. Option writers' immediate range is 23,000 to 23,250, and a break above 23,250 could trigger a sharp move toward 23,400.
US President Trump delayed the 100% tariff law on purchasing oil and gas from Russia for 60 days, granting exemptions from sanctions and tariffs citing US interests. This action significantly decreased the threat of additional tariffs on India, which imports over 88% of its crude oil requirements.
ICICI Bank delivered best-in-class results with double-digit business growth on a quarter-on-quarter basis. Deposits grew by 27% year-on-year to reach their highest in 43 quarters, while loan growth stood at 30%, net interest income grew by 17.7%, and profit increased by 20%.
