A decisive break above 16,700 in Nifty would fuel fresh momentum towards 16,900 - Religare Broking
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Nifty Outlook
Markets managed to gain over half a percent on the weekly expiry session amid mixed cues. After the tepid start, healthy buying in select index majors pushed the benchmark higher and helped it to settle around the day’s high. Amongst the sectors, Auto and Capital Goods ended with losses whereas Oil & Gas, IT and Metal ended with healthy gains. The broader indices traded in sync with the benchmark and gained over half a percent each.
While the global markets are still pointing towards mixed signals, selective buying in index majors across sectors is helping the index to inch higher. A decisive break above 16,700 in Nifty would fuel fresh momentum towards 16,900. We maintain our positive bias and recommend focusing on sectors/themes which are gaining traction. At the same time, participants shouldn’t go overboard and maintain strict risk management in place.
News
* Saudi Arabia-based family-owned, diversified global investor and operator Abdul Latif Jameel has committed to invest up to Rs. 1,700 cr in Greaves Cotton’s e-mobility arm — Greaves Electric Mobility.
* Hindalco announced that it has duly completed disinvestment process of Hindalco Do Brazil Industria Comercia de Alumina LTDA.
* Shipping Corporation of India (SCI) has announced that Smt H.K Joshi has completed her tenure as the Chairperson and Managing Director of SCI. Further, with effect from 01.06.2022 Shri Atul Ubale, Director (B&T) is holding the additional charge of the post of Chairman and Managing Director, SCI and additional charge for the Post of Director (Finance) in accordance with the Ministry's letter dated 27th May, 2022.
Derivative Ideas
POLYCAB gained 1.9% and closed at 2541.05 on 2nd Jun. Broadly the stock has been trading in a range of 2300-2800. After taking the trend line support at 2380-2400 zone, the stock has been inching higher that too with incremental volumes and some Longs added in its FUTS. Trading above its important MAs ribbon, the stock is poised to test its hurdle at 2625 levels. We thus recommend initiating Fresh Longs as per the given levels.
Strategy:- BUY POLYCAB @2510-2520, SLOSS AT 2440, TRGT 2620.
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