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Nifty Outlook

Markets traded lackluster and ended unchanged, in absence of any major trigger. After the initial downtick, the Nifty index oscillated in a narrow range till the end and finally settled at 18,409 levels. Meanwhile, sectoral indices traded mixed wherein metal, media and realty lost over a percent each. Besides, the prevailing underperformance of the broader indices continues to weigh on the sentiment.

The recent move in the index lacks decisiveness and shows an early sign of exhaustion too however we recommend following the trend until it reverses. We’re seeing select heavyweights and midcap counters attracting buying interest while the rest are either trading in a range or witnessing pressure. We feel it’s prudent to restrict positions and focus on overnight risk management.

News

* Zydus Lifesciences announced that it will be exclusively marketing CanAssist Breast, an innovative and a highly advanced prognostic test for breast cancer patients in the early stages to help clinicians decide whether the patient needs chemotherapy or not.

* IndusInd Bank announced that it has partnered with the Government of Uttarakhand to offer its banking services in more than 600 Nyaya Panchayats. Under this partnership, IndusInd Bank through the vast network of 'Bharat Money Stores', will provide fully digital and paperless banking services to its rural customers from neighbouring villages.

* KEC International has secured new orders of Rs 1,294 Cr across its various businesses. Transmission & Distribution has secured a large order for supply of towers in America. Railways business has secured two orders for Ballastless Track works (BLT) from Chennai Metro and Mumbai Metro in the technologically enabled segment in India. Cables business has secured orders for various types of cables in India and overseas

Derivative Ideas

Nifty gained around 0.03% and closed at 18409.65 on 16th Nov. The index after opening flat consolidated in a narrow range. Nifty Futures saw a reduction in Open Interest of around 2.3%. With significant Put writing at 18300 strike, we expect NIFTY to be in the 18300-18600 range, thus suggesting selling PE as per the given levels.

Strategy:- SELL NIFTY 24 NOV 18100 PE @ 58-60, STOP LOSS 80, TARGET 20.

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