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Nifty Outlook

Nifty traded volatile in a narrow range and ended almost unchanged, in continuation to the prevailing consolidation phase. A mixed trend was witnessed on the sectoral front wherein telecom, IT, metal ended with gains whereas realty, consumer durables and banking ended with losses. The broader markets outperformed wherein both midcap and smallcap ended in the green.

Participants will react to the IIP data in early trade on Monday i.e. September 13. Besides, the index heavyweight, Reliance, will be the focus as they’re launching their next Jio phone on September 10.

Nifty is currently witnessing time-wise correction as it’s hovering within the 17,250-17,400 zone. A decisive break on either side would trigger the next directional move. Meanwhile, traders should maintain a positive yet cautious approach and maintain positions on both sides.

News

* Zydus Cadila has received tentative approval from the USFDA to market Brexpiprazole Tablets in the strength of 0.25 mg, 0.5 mg, 1 mg, 2 mg, 3 mg, and 4 mg. Brexpiprazole is an atypical antipsychotic indicated for use as an adjunctive therapy to antidepressants for the treatment of Major Depressive Disorder (MDD) and for treatment of schizophrenia.

* Lodha Group has partnered with Tata Power to provide end-to-end EV charging solutions in all its residential and commercial projects across Mumbai Metropolitan Region (MMR) and Pune.

* TCS has been selected by Transport for London (TfL) to design, implement and operate a new smart mobility system that will reimagine the administration of taxi and private hire vehicles in London.

Derivative Ideas 

SYNGENE FUTS added around 5% in open interest in as LONG buildup was seen in it. Current chart pattern also indicates further up move in its price. We suggest buying in SYNGENE as per below levels.

Strategy:- BUY SYNGENE BETWEEN 622-625 SL 610 TARGET 645.

Investment Pick - Nippon Life India Asset Management Ltd.

Incorporated in 1995, Nippon Life Asset Management Company (NAM) is one of the leading AMCs in India with a total AUM of ~Rs. 3.79 tn. It is involved in managing the mutual fund (AUM of Rs. 2,442 bn) and managed accounts including Portfolio Management Services (PMS), Alternate Investment Funds (AIF), Pension Funds and Offshore Funds.

We continue to remain constructive on the Indian mutual fund industry given its low penetration level as compared to major economies (11% AUM to GDP ratio v/s world average of 62%). Further, NAM’s consistent increase in equity assets, industry-leading retail assets, focus on growing SIP book and strong presence in B-30 cities augurs well for the growth prospects of the company. We recommend a Buy on the stock with a target price of Rs. 492.

Buy Nippon Life India Asset Management Ltd @ 9-12 Months CMP 440.25 TGT 492

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