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Nifty Outlook

Markets extended rebound for the second consecutive session and gained nearly 2%, tracking firm global cues. After the upbeat start, the benchmark moved from strength to strength for most of the day however marginal selling in the last hour trimmed some gains. Consequently, the Nifty ended with gains of 1.9% at 15,638 levels. All the sectors participated in the move wherein media, PSU banks and metals gained maximum. The broader indices, Midcap and Smallcap, too ended higher and gained over 3.5% each.

This move has certainly eased some pressure but sustainability is the key. Participants are keenly eyeing the US Fed chair’s speech for cues and the progress of the monsoon is also on the radar. A decisive move above 15,700 in Nifty can further fuel the rebound to the 16,000 zone else the decline would resume. Stocks, on the other hand, are offering opportunities on both sides so traders should plan accordingly.

News

* Larsen & Toubro Infotech announced that it has been awarded the GSI Global Delivery Platform Partner of the Year by Snowflake, the Data Cloud Company. This award was presented at the Snowflake Summit 2022 'The World of Data Collaboration'.

* NIIT, a leading global talent development corporation, has been recognised as the ‘Transformational platform for professional learning in new-age technologies’ by India’s leading IT magazines, Dataquest. It won this award under the education category at the 29th edition of the Digital Leadership Conclave 2022 held by the publication.

* Marksans Pharma’s wholly owned subsidiary Time-Cap Laboratories Inc. recalls Kroger Brand Aspirin (300 count bottles) and Ibuprofen (160 count bottles) due to label packaging issues to meet child resistant packaging requirements. Total 12 lots containing 209,430 units have been recalled.

Derivative Ideas

NIFTY gained 1.88% and closed at 15638.8 on 21st June. The index witnessed a good bounce after finding support at 15150-15200. However during intraday NIFTY faced a hurdle at 15700 where significant OI added from past 2 days. We expect NIFTY to trade in the range of 15500-15800 for this weekly expiry and thus suggest selling 15900 CE as per the given levels.

Strategy:- SELL NIFTY 15900 CE @ 20-22, STOPLOSS 35, TARGET 5.

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