Stocks to watch out for as global cues make Nifty test crucial supports📉

An intense late-day selloff in FAANG stocks sent the Dow Jones into the red which closed 2.41% lower. SGX Nifty fell by 1% which indicated a negative opening for the broader index in India. Nifty and Sensex had a gap down opening of 0.9 % at 10134.40 and 33737.79 respectively.

Bharti Airtel Ltd reported a 65.4% fall in quarterly profit(YoY), as it faces pricing pressure amid aggressive competition in the country’s telecom sector. Its shares had dropped 5% in early trade and finally closed 6.28% at 296. Six marquee investors including Softbank have invested $1.25 billion in the company’s Africa unit ahead of a potential IPO.

ICICI Bank will post its Q2 results tomorrow early in the day expected around 9 am. The stock’s volumes traded today were well above its 5,10,30 day average volumes. The stock slumped 3.2% from its intraday high but managed to recover in the afternoon session and closed 0.8% lower at 319.45. ICICI Bank should be on the lookout for tomorrow’s trading session.

Other stocks coming up with their numbers tomorrow are Dr. Reddys Lab, Edelweiss, ITC, Nestle, Eros Intl, IOB, Bharat Elec, and Shoppers Stop.

The Nifty moved sideways and formed a spinning top today indicating indecisiveness in the market. Nifty and Sensex closed 1% lower from yesterday’s close at 10,124.90 and 33,690.09 respectively. If Nifty manages to open above the psychological level of 10,200, we expect positive marginal gains for the bulls tomorrow.