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Nifty Outlook

Markets witnessed a roller coaster ride and ended the session with a cut of nearly half a percent. The start was positive amid supportive global cues however choppiness after the MPC meeting outcome kept the traders on their toes till the end. Finally, the Nifty ended at 16,356 levels. On the sectoral front, a mixed trend was seen while the broader ended lower in the range of 0.2-0.5%.

As the RBI policy is behind us, markets will take cues from global markets and upcoming macroeconomic data. We reiterate our cautious view citing a lackluster move in the index and suggest maintaining positions on both sides.

News

* Lupin announced that it has received tentative approval from the USFDA for its Abbreviated New Drug Application Ivacaftor Tablets, 150 mg, to market a generic equivalent of Kalydeco® Tablets, 150 mg of Vertex Pharmaceuticals Incorporated. This product will be manufactured at Lupin’s Nagpur facility in India.

* Ramkrishna Forgings have received an export order worth Rs 1,150mn over the period of 4 years from a European Tier 1 supplier for a new differential housing case business.

* Tata Chemical announced that its commercial paper of Rs 100cr has been reaffirmed by CRISIL ratings with credit rating of CRISIL A1+.

Derivative Ideas

POLYCAB shed 4.31% and closed at 2314 on 8th Jun. Broadly the stock had been trading in a range of 2300-2800. The stock has been facing pressure for the last 4 sessions. Now Fresh breakdown is seen on the charts with the violation of trend line support at 2350 levels. The fall happened with good volumes and addition of Fresh Shorts. We anticipate more pain ahead in the stock and thus suggest initiating Shorts in FUTS with the recommended levels.

Strategy:- SELL POLYCAB FUTS @2320-2330, SLOSS AT 2370, TRGT 2240.

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