Directionless trade continues as Nifty stays confined to 24,500-24,600
Select pockets in broader markets continue to do well
Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.
In our latest episode of In The Money by Zerodha, we go back to a question that should come before any strategy: does this market actually trend?
Most of what we know about systematic trading comes from deep, liquid US markets. But do those same ideas hold up in Indian commodity futures?
In this episode, we analyze the five most liquid MCX commodities (Gold, Silver, Copper, Crude Oil, and Natural Gas) using an 11-year baseline backtest to understand how they actually behave.
Instead of searching for the “best” commodity, we ask more fundamental questions: Do these markets really trend? Does direction matter? How consistent are those trends over time? And are backtest results telling the whole story? If you trade commodities or plan to—this framework may change how you interpret backtests before you put real money behind a strategy.
Markets Today
Nifty opened flat at 24,581, tracking mixed global cues as strength in global equities was offset by a rise in oil prices, while the lack of momentum from last week continued. The index slipped sharply soon after the open, falling to an intraday low near 24,510 within the first half hour, before staging a strong recovery back above 24,600 by around 10:45 AM.
Through the rest of the first half, Nifty remained choppy and range-bound, repeatedly testing the 24,600–24,610 zone and briefly touching an intraday high near 24,620 around 12:30 PM.
In the second half, the index struggled to sustain these higher levels and slipped towards 24,575 before recovering once again to around 24,610. Selling pressure returned after 2 PM, dragging Nifty towards the 24,540–24,550 zone in the final hour. A late recovery helped erase some of those losses, with Nifty eventually closing almost flat at 24,583.80, extending the recent phase of range-bound and directionless trade.
Sectoral Indices Performance
Winners & Losers
Commodities
FII / DII Flows
Here’s the trend of FII-DII activity from the last 5 days:
Thematic Indices
Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 11th August:
The maximum Call Open Interest (OI) is observed at 24,600, followed by 25,000, indicating potential resistance at the 24,700 -24,800 levels.
The maximum Put Open Interest (OI) is observed at 24,500, followed by 24,600, suggesting support at 24,500-24,400.
Note: OI is subject to multiple interpretations; however, generally, an increase in Call OI indicates resistance in a falling market, while an increase in Put OI indicates support in a rising market.
Source: Sensibull
Top Stories in India
The Government introduced the Mines and Minerals (Development and Regulation) Amendment Bill in the Lok Sabha, proposing conditions on state governments’ ability to tax mineral rights and mineral-bearing land. The Bill seeks to amend the MMDR Act, 1957 to enable faster exploration and production of minerals, with a particular focus on boosting the availability of critical minerals. Dive deeper
Bharat Forge reported a Q1FY27 consolidated net loss of ₹90 crore, compared with a ₹284 crore profit a year ago, as exceptional restructuring costs at its German subsidiary weighed on profitability. This came despite revenue growing 19% YoY, supported by an 88% surge in defence revenue, 8% growth in forgings, and a 125% increase in the other businesses segment. Dive deeper
Info Edge reported a 20.4% QoQ decline in Q1FY27 net profit to ₹246 crore, impacted by a one-time loss of ₹72 crore, while revenue rose 2.4% sequentially to ₹824 crore. Its Naukri.com business remained resilient with revenue growing 5% to ₹612 crore, while 99acres.com revenue declined 10% to ₹130 crore. Dive deeper
Hindustan Copper reported a 162.4% YoY surge in Q1FY27 consolidated net profit to ₹352 crore, driven by strong revenue growth. Revenue from operations jumped 81.3% YoY to ₹937 crore, compared with ₹516 crore in the year-ago quarter. Dive deeper
Amara Raja Energy & Mobility reported a 16% YoY increase in Q1FY27 consolidated net profit to ₹191 crore, supported by strong sales growth. Revenue from operations jumped 23.9% YoY to ₹4,215 crore, compared with ₹3,401 crore in the year-ago quarter. Dive deeper
Top Stories Globally
Brent crude rose above $85 per barrel, extending gains for a fourth consecutive session, as uncertainty over the Strait of Hormuz kept supply concerns elevated. Iran and Oman have yet to finalise an agreement to reopen the strategic waterway, while conflicting signals from Tehran and Washington have raised doubts over the timing and prospects of a deal. Dive deeper
Gold held above $4,340 per ounce, near a two-month high, while silver climbed above $63.5 per ounce, its highest level in seven weeks, as markets scaled back expectations for further Federal Reserve rate hikes. Signs of weakening in the U.S. labour market, including an unexpected decline in July nonfarm payrolls, strengthened expectations that the Fed could keep rates unchanged in September. Dive deeper
SpaceX shares surged 16% on Friday, extending their two-day rally to around 23% and bringing the stock close to reclaiming its $135 IPO price for the first time since falling below it last month. The rally added more than $327 billion to the company’s market value over two sessions. Dive deeper
Sony Group and TSMC reportedly plan to invest around ¥1 trillion ($6.3 billion) to jointly manufacture next-generation chips used in image sensors. The companies are expected to establish a joint venture, 60% owned by Sony and 40% by TSMC, with commercial production potentially beginning as early as 2029 in Kumamoto, Japan. Dive deeper
Westpac Banking Corporation reported a 20% decline in mortgage applications and expects investor housing credit growth to halve next year, as changes to Australia’s property tax concessions weigh on housing demand. The slowdown is becoming visible across the property market, with auction clearance rates at six-year lows and national home prices falling around 2% over the past four months. Dive deeper
Management Chatter
In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.
Amit Shetty, CEO of Embassy Office Parks REIT on demand from GCCs & AI-related companies:
"GCCs continued to anchor demand, accounting for 81 per cent of quarterly leasing, while AI-related companies contributed 21 per cent of new leasing. This reflects the growing depth and quality of India's office market, with companies shaping the AI-driven economy choosing our campuses as platforms for growth." - Link
C. S. Setty, Chairman of SBI, sees securitisation as a way to recycle large illiquid loan books and create additional capacity to fund India’s investment cycle:
“Many of us have illiquid asset portfolios on our books. Take home loans, for instance. I mentioned earlier, and I am reiterating, that the overall system has 34 lakh crore or even more in home loans. This is an absolutely illiquid home loan portfolio. Therefore, we need to consider whether securitisation structures can be introduced. However, if securitisation structures are introduced, they will not work unless there is participation from non-banks. We are consciously working as a market leader to introduce those structures and help the funding capability in the system grow.” - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!