After the flat start, the benchmark traded in a narrow band till the end - Religare Broking
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Nifty Outlook
Markets hovered in a range and ended almost unchanged, taking a breather after the recent surge. After the flat start, the benchmark traded in a narrow band till the end. Finally, the Nifty index settled at 17,345 levels, after testing the resistance zone around 17,400 levels. Meanwhile, buying in sectors such as PSU banking, FMCG and auto and traction on the broader front kept the participants occupied
We may see further consolidation in the index, to digest the recent gains. Meanwhile, choppiness would remain high due to the upcoming RBI policy meet outcome and prevailing earnings season. On the index front, a decisive close above 17,400 would help the index inch towards 17,800 levels. In case of any profit-taking, the 16,800-17,000 zone would act as a cushion. Participants should continue with the “buy on dips” approach.
News
* Dhanuka Agritech Q1FY23 revenue rose 8% YoY to Rs 392.7cr. Its net profit was up 1% at Rs 49.1cr as against Rs 48.6cr YoY.
* Jubilant Pharmova has posted a revenue decline of 11.2% YoY to Rs 1,451.7cr in Q1FY23. Its net profit fell 70% YoY to Rs 47cr as against Rs 160.6cr
* Bank of India Q1FY23 Net interest income was up 29.5% YoY at Rs 4,072cr. It has reported 22% fall in its net profit at Rs 561.5cr versus Rs 720cr.
Derivative Ideas
The FMCG pack has been doing well and MARICO has formed a strong base around the support zone of multiple moving averages. Indications are in the favor of a steady surge from hereon. We thus suggest initiating fresh longs as per the given levels.
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