Indian shares to open firm on derivatives expiry day

| Updated: July 29, 2021 8:35 am

The Indian stock market is expected to open firmer on the back of positive Asian cues. However, the market movement will be more stock-specific and broader moves are likely to be volatile due to the July series expiry day in the derivatives segment.

After three days of losses, the market in Asia is witnessing a relief rally. A similar trend is expected in India. The Nifty futures trading in the Singapore exchange is trading flat at 15705 levels. The futures and options segment will dictate the trend during the day in the market. “There is nervousness in the market however short-covering today may take Nifty to upper-end resistance of 15900 in the short term,” a note from Kotak Securities said.

Meanwhile, certain stocks will be on the traders’ radar on the back of news flows. The biggest attraction for the day would be the listing of Tatva Chintan Pharma Chem.

Axis Bank will see the reaction from traders as the Reserve Bank of India imposed Rs 5 crore penalty on the bank for violation of certain norms including a cybersecurity framework. Nestle India, Mahanagar Gas, United Breweries, ABB India will be in focus after the announcement of their June quarter earnings.

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