IGI Logo

Nifty Outlook

Markets remained volatile on the weekly expiry day and settled with a marginal cut. After the initial uptick, the benchmark drifted lower and traded with a negative bias for most of the session. However, a rebound in select index majors in the final hour trimmed some losses. Consequently, the Nifty index settled at 15,938; down by 0.18%, Meanwhile, sectoral indices traded mixed wherein IT, banking and realty ended with losses whereas oil & gas, power and consumer durables ended with gains.

Besides global headwinds, the domestic cues are also portraying a mixed picture. On the benchmark front, it’s critical for Nifty to hold 15,900 else the bias would shift sideways to negative. While most sectors are trading in tandem with the benchmark and drifting lower, defensive like FMCG and pharma are still holding strong. Participants should maintain a cautious stance and align their positions accordingly.

News

* As part of Wipro Consumer Care & Lighting's strategy for continuous growth, Wipro has announced its foray into packaged foods business in India. The company has an ambitious plan to be a significant player in the snack food, spices and ready to eat market.

* Butterfly Gandhimathi reported its numbers wherein revenue was up 85.7% at Rs 253.5 cr against Rs 136.5 cr (YoY). Net profit at Rs 13.2 crore against Rs 0.9 cr (YoY).

* Tata Power Company's subsidiary TP Saurya has received the 'letter of award' from Solar Energy Corporation of India (SECI). The company will set up 600 MW hybrid (wind and solar) power project for SECI in Karnataka. The project will be commissioned within 24 months from the PPA execution date.

Derivative Ideas

NIFTY shed 0.57% and closed at 15966.65 on 13th July. The index traded weak throughout the day on the back of heavy CE writing at 16000 and beyond levels with addition of fresh shorts in its futs. On charts, NIFTY engulfed the previous day range and gave a weak closing. We expect pressure in the markets going forward and thus suggest selling CE as per the given levels.

Strategy:- SELL NIFTY 21 JUL 16400 CE@28-30, STOP LOSS 45, TARGET 5.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer