09-09-2022 09:37 AM | Source: Religare Broking Ltd
NIFTY gained 0.99% and closed at 17798.75 on 8th Sep - Religare Broking
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Nifty Outlook

Markets traded upbeat on the weekly derivatives expiry day and gained nearly a percent, tracking firm global cues. After the gap-up start, the Nifty hovered in a range and finally settled around the day’s high to close at 17,798.75 levels. Meanwhile, buoyancy across sectors especially in the banking and financials kept the participants busy. Besides, buying in midcap and smallcap space added to the positivity.

Nifty has again reached the upper band of the prevailing consolidation range (17,300- 17,800) and a decisive breakout would fuel the next leg of the up move towards the 18,100+ zone. Importantly, the rotational buying across sectors combined with steady foreign flows has strengthened the possibility of a breakout. Participants should align their positions accordingly and avoid contrarian trades.

News

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GNFC has been consolidating in a narrow range while holding firmly above the support zone of multiple moving averages. Today i.e. on Sep 8, it has surpassed its resistance of 20 EMA on the daily chart and looks all set for a steady up move. We thus recommend initiating fresh longs as per given the levels.

Derivative Ideas

NIFTY gained 0.99% and closed at 17798.75 on 8th Sep. The index witnessed a sharp rally on the weekly expiry day on the back of addition of Fresh Longs in its FUTS and Unwinding of huge sold calls at 17600, 17700 strikes. We expect NIFTY to trade positive after breaking out of its consolidation range and thus suggest selling PE as per the given levels.

Strategy:- SELL NIFTY 15 SEP 17400 PE @53-55, STOP LOSS 75, TARGET 20

 

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