InvestorQ : What is your trading view for the 24 June and how do you see the markets pan out? Especially, what is your view on Reliance Industries for today?
indhumathi Sayani made post

What is your trading view for the 24 June and how do you see the markets pan out? Especially, what is your view on Reliance Industries for today?

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diksha shah answered.
6 months ago
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With just one day to go for F&O expiry, the trading was volatile on Wednesday with a clear inclination towards heavy unloading of positions in the F&O market. Most traders appear to be unwilling to carry forward positions in Adani group stocks and in metals stocks due to the uncertainty. These stocks to be watched in the next contract as they can see pressure.

Coming to your question, the big news for the day is Reliance Industries with its 44th AGM scheduled on 24 June. The AGM is expected to announce a likely stake sale in the O2C business or the oil to chemicals business of RIL and also the possible launch of Jio-Google phones in India supported by a whole new operating system for Indian markets.

FPI action was strongly positive on Wednesday with global institutions net buying Rs.3,157 crore. Even the domestic institutions bought equities worth Rs.1,317 crore. However, this figure needs to be adjusted for the big deal on UBL as this includes the big blocks on United Breweries sold by DRT and lapped up by many of the institutional investors.

In terms of global market cues, the US markets were mixed on Wednesday with the Dow lower and the NASDAQ marginally higher. However, European markets were totally in the red with the SGX Nifty trading around 15 bps higher in early trades. The trend would most likely develop based on F&O expiry trends and the all important RIL AGM cues.

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