A morning walk down Dalal Street: Upmove in Nifty should emerge on a close above 11,080

Clearly, there was nervousness on D-Street. The S&P BSE Sensex which hit a record high on Wednesday failed to gain momentum while on the other hand, Nifty closed below 11000 mark for the second consecutive day in a row.

Overall global markets traded lower due a mixed earnings season and global trade concerns. Weakness in domestic currency and uncertainty around No-Trust vote also played its part.

The rupee on Thursday weakened past Rs 69/USD to close at another record low. The rupee ended at 69.05 a dollar, down 0.62�percent from its previous close of 68.62.

The last time the rupee hit an all-time closing low of 68.9413 was on 5 July. It touched an all-time intraday low of 69.0925 on June 28.

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The large part of the nervousness was also on account of No-Trust vote on Friday. Although analysts are not too worried as they feel that government will be able to prove its majority without any hiccups.

The breadth of the market was heavily skewed towards declining stocks with two declining shares for one advancing stock.

It looks like the index is consolidating and getting ready for a big move on either side. On the downside, the bulls managed to defend the swing low of 10,925 thus strengthening the support area of 10925-10890.

Technical outlook continues to be positive with 11078-11100 as a key target area.

On the institutional side, foreign institutional investors sold Rs 315 crore worth of India shares while DIIs bought Rs 470 crore, according to provisional data.

The Big News:

The big news will come from the earnings front. As many as 27 companies will report their numbers for June quarter which include names like Bajaj Auto, Wipro, CEAT, Bata India, Havells India, Just Dial, and MCX.

Bajaj Auto: PAT likely to grow by 32�percent YoY to Rs 1257 crore

Wipro: PAT likely to fall by 1.7 percent YoY to Rs 2040 crore

CEAT: PAT likely to stand at Rs 84.3 crore

Havells India: PAT likely to grow by 73 percent YoY to Rs 210 crore

MCX: PAT likely to grow by 42 percent to Rs 211 crore

Technical Outlook:

Nifty formed a bearish candle on the daily charts

The current range bound trade indicated that the market eagerly awaits more corporate earnings data to get direction on either side by breaking the range of 10,925-11,080 levels, experts said.

A breach below 10,900 may drag the index down by around 150 points, contrary to this, upmove shall emerge on a close above 11,080.

Traders for time being are advised to remain neutral and initiate positions in the direction of the breakout once it occurs.

Three levels: 10900, 11080, 11171

Max Call OI: 11000, 11100

Max Put OI: 10800, 11000

Stocks with high delivery percentage: Eicher Motors, Dabur, Tata Chemicals

35 stocks saw long buildup: OBC, Reliance Power, Torrent Power, Just Dial

68 stocks saw a short build-up: Hindalco, HCC, Chola Fin, NHPC

Stocks in news:

IOC, BPCL, Adani top bidders for city gas licences

Bharat Gas Resources Ltd, a unit of Bharat Petroleum Corp Ltd (BPCL), bid for as many as 53 cities while state-owned gas utility GAIL India Ltd's retailing arm, GAIL Gas Ltd, put in offers for 34 cities.

Bajaj Finserv posted a 41.2 percent year-on-year (YoY) increase in its first-quarter consolidated net profit at Rs 825.77 crore. The profit was Rs 584.53 crore in the same period a year ago.

Novartis AG agreed to buy the rights to a skin-disease drug from developers Galapagos NV and MorphoSys AG in a deal that could reach $1 billion as Chief Executive Officer Vas Narasimhan centers the Swiss drugmaker on developing innovative prescription medicines, Livemint said.

Technical Recommendations:

We spoke to Epic Research and here��s what they have to recommend:

ITC: Buy | Target: Rs 280 | Stop loss: Rs 267

Titan Company: Buy | Target: Rs 900 | Stop loss: Rs 840

Apollo Tyres: Sell | Target: Rs 265 | Stop loss: Rs 290

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. First Published on Jul 20, 2018 06:53 am

Samuel Heath and Sons PLC (HSM) to Issue Dividend Increase – GBX 6.88 Per Share

Samuel Heath and Sons PLC (LON:HSM) declared a dividend on Thursday, July 12th, Upcoming.Co.Uk reports. Stockholders of record on Thursday, July 19th will be paid a dividend of GBX 6.88 ($0.09) per share on Friday, August 17th. This represents a dividend yield of 1.42%. The ex-dividend date of this dividend is Thursday, July 19th. This is a positive change from Samuel Heath and Sons’s previous dividend of $5.50. The official announcement can be accessed at this link.

Shares of Samuel Heath and Sons opened at GBX 485 ($6.42) on Wednesday, Marketbeat Ratings reports. Samuel Heath and Sons has a twelve month low of GBX 295 ($3.90) and a twelve month high of GBX 560 ($7.41).

Get Samuel Heath and Sons alerts:

Samuel Heath and Sons (LON:HSM) last announced its earnings results on Thursday, July 12th. The company reported GBX 38.70 ($0.51) EPS for the quarter. Samuel Heath and Sons had a net margin of 7.54% and a return on equity of 24.76%.

Samuel Heath and Sons Company Profile

Samuel Heath & Sons PLC designs, manufactures, and markets a range of products in the builders' hardware and bathroom field in the United Kingdom and internationally. The company offers bathroom products, such as lavatory, bidet, and tub faucets, as well as faucet ancillaries; shower valves, shower heads and shower arms, hand showers, shower hoses, slider rails, and wall outlets and body jets; and bathroom accessories comprising toilet roll holders, soap dishes and liquid soap dispensers, towel rings, rails and shelves, tumblers, shelf units, robe hooks, toilet brush sets, towel stands, toothbrush holders, trolleys and stands, soap and sponge trays, shower seats, grab rails, light pulls, mirrors, shower baskets, cotton wool holders, and waste bins.

Featured Article: What is the Book Value of a Share?

CNN, other outlets show solidarity with LA Times over judge's order to alter story

Dozens of news organizations spanning the media spectrum are expressing support and solidarity with the Los Angeles Times over a federal judge's order for the newspaper to alter a published story.

In a letter filed Monday in the Ninth Circuit Court of Appeals, the Reporters Committee for the Freedom of the Press called for a reversal of the district court's ruling over the weekend, describing it as "unconstitutional."

On Saturday, the Times published a story about a Glendale, California, police officer named John Saro Balian who pleaded guilty to charges that he lied to federal investigators regarding his link to an organized crime syndicate.

The story included details of the defendant's plea agreement, which was under seal but posted mistakenly in an online court database, where it was found by a Times reporter. After receiving the order from Judge John F. Walter, the Times complied and removed details of the plea agreement. The story now includes an update at the bottom telling readers that those references were scrubbed.

"It appears that the district court may have entered the temporary restraining order in an attempt to correct the mistaken public filing of the plea agreement, which was meant to be kept under seal," RCFP's letter said. "The district court's desire to correct this administrative error, however, cannot justify the imposition of a prior restraint, which has now created a constitutional harm."

Many First Amendment advocates said the decision to impose prior restraint, the act of preventing the publication of material, after the story was published is highly unusual and alarming.

In its letter, RCFP invoked the case surrounding the Pentagon Papers, noting that the Supreme Court "rejected a prior restraint" preventing their publication "in spite of the government's claims that an injunction preventing publication was necessary to protect military secrets."

RCFP also argued that Balian "cannot possibly meet his burden to overcome the First Amendment presumption against prior restraints."

"Because the defendant has pled guilty, his Sixth Amendment rights are not implicated," the letter said, referring to the section of the Bill of Rights that guarantees an accused person to a fair trial.

Fifty-nine news organizations, including CNN, the New York Times, the Associated Press, CBS, ABC and BuzzFeed, signed on to the RCFP's letter.

In addition, the Los Angeles Times filed an emergency motion for a stay in the Ninth Circuit on Sunday night. Times executive editor Norman Pearlstine defended the paper's decision to publish.

"We believe that once material is in the public record, it is proper and appropriate to publish it if it is newsworthy," Pearlstine said in a statement this week. This is Pearlstine's first public legal battle at the helm of the Los Angeles Times since he took over as editor last month.

But Craig Missakian, Balian's attorney, said that the First Amendment "does not grant the press an absolute license to put another man in harm's way."

"In restraining the Los Angeles Times from disclosing details of an under seal filing--details that will put defendant and his family at risk--the court's order struck the proper balance between freedom of the press and defendant's equally important due process rights," Missakian told CNN in an email on Monday. "The Times claims it had the legal right to disclose the confidential document but apparently gave no thought to whether it was the right thing to do."