IGI Logo

Nifty Outlook

Markets gained for the second consecutive day amid supportive global cues. The benchmark witnessed a gap up start and continued to trade with positive bias throughout the day. The rally was largely led by healthy buying across sectoral indices wherein pharma, realty, auto and metals were the top gainers. The broader markets too ended in the positive range of 1.1-1.4%.

Consequently, The Nifty ended at 17,816.25 levels, up by 1.1% We believe all eyes will be on the FOMC meeting scheduled tomorrow wherein there are high expectations of the Fed increasing the rates by 75bps. So, the FED rate decision will dictate the market trend going ahead. Meanwhile, investors will continue to monitor global cues, crude and currency movement.

News

* Infosys announced its collaboration with Telenor Norway, Telenor’s wholly owned Norwegian telecommunications operator, in its business transformation program to become a digital telecommunications company. Through this engagement, Infosys will accelerate Telenor Norway’s modernization journey while supporting its ‘Beyond Connectivity’ strategy. This collaboration will drive Telenor Norway’s business growth and make the company future ready.

* Zydus Lifesciences (formerly known as Cadila Healthcare) has launched Lenalidomide Capsules in the US. The company had earlier received final approvals for 5 mg, 10 mg, 15 mg and 25 mg strengths and tentative approvals for 2.5 mg and 20 mg strength. Lenalidomide is used to treat various types of cancers.

* Mindtree announced its collaboration with UK’s leading retailer of technology products and services, Currys, to deliver a connected and highly personalised omnichannel shopping experience to its customers across multiple markets.

Derivative Ideas

NIFTY gained 1.1% and closed at 17816.25 on 20th Sep. The index witnessed a sharp rally after opening with a gap, however last hour's fall dented the sentiments. The move was seen on the back of short covering in its FUTS. We expect Nifty to consolidate further in the range of 17500-17900 for the short term and thus suggest selling CE as per the given levels.

Strategy:- SELL NIFTY 22 SEP 18100 CE @28-30 STOP LOSS 45, TARGET 5.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer