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Nifty Outlook

Markets reclaimed record high and posted gains of over one and a half percent, rejoicing firm global cues. The bias was positive from the beginning and noticeable strength in banking and realty pack combined with strong traction in the select index majors pushed the index to a newer high. Among the benchmark indices, Sensex inched closer to the new milestone of the “60000” mark and Nifty settled at 17,823 levels. The broader markets also ended with decent gains of 1% and 0.9% respectively.

Markets are celebrating ease in China's “Evergrande” crisis and no major surprise from the US Fed. We expect the up move to continue and eyeing the 18,000 mark in Nifty now. However, we reiterate our view to remain selective and avoid going overboard.

News

* IIFL Finance will open a public issue of secured bonds on September 27, 2021, to raise up to Rs 1,000 cr, for the purpose of business growth and capital augmentation. The bonds offer up to 8.75% yield and high degree of safety.

* Affle (India) announced the grant of a patent from US Patent & Trademark Office related to the technology of driving app installations and user interactions during podcasts. This is the fourth US patent granted to Affle, alongwith multiple other patents filed and pending across US, India and Singapore.

* G R Infraprojects has received Letter of Award from National Highways Authority of India for "Development of 6-lane Amritsar-Bathinda Greenfield section of NH-7S4A from village Tiba on NE-SA to junction with Moga Jalandhar road (NH-703) near Dharamkot (from km 0+000 to km 39+000) as a part of Amritsar-Jamnagar Economic Corridor in the state of Punjab on Hybrid Annuity Mode under Bharatmala Pariyojana Phase-I (Package-1).

Derivative Ideas

NAM-INDIA FUT has added around 14% in open interest in as fresh long build up was seen in it. Current chart pattern also indicates further up move in its price. We suggest buying in NAM-INDIA as per below levels.

Strategy:- BUY NAM-INDIA BETWEEN 435-437 SL 425 TARGET 455.

Investment Pick - Orient Electric Ltd.

Orient Electric Ltd. (OEL) is part of the diversified USD 2.4 billion Indian conglomerates CK Birla group. OEL is a 60-year-old brand in fans and has established itself as a one-stop brand for lifestyle electrical solutions which include fans, lighting, home appliances and switch gears. Orient Electric has manufacturing facilities in Kolkata, Faridabad and Noida. The company enjoys a marketing presence across 35 countries. In the domestic market, it has a robust sales/ distribution network and service network with pan-India coverage.

Buy Orient Electric Ltd @ 9-12 Months CMP 348.1 TGT 439

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