Markets witnessed a sharp rebound and gained over 2.5%, thanks to favourable cues - Religare Broking
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Nifty Outlook
Markets witnessed a sharp rebound and gained over 2.5%, thanks to favourable cues. The benchmark opened higher led by supportive Asian markets as China eased lockdown restrictions. As the day progressed, healthy buying across sectors and short-covering supported the market to maintain its momentum. Finally, the Nifty index ended closer to the day’s high to settle at 16,259.3 levels, up by 2.6%. All the sectors ended in the green with metals, energy and FMCG being the top gainers. It’s a much-needed breather for the bulls after five weeks of slide and we may further rebound ahead. Nifty has decisively surpassed the critical hurdle at 16,100 and we’re now eyeing the 16400-16600 zone. Since all the sectors are participating in the rebound, we suggest focusing more on stock selection. In absence of any major event, global markets will remain in focus for cues.
News
* Tata Power has entered into a strategic partnership with Hyundai Motor India ltd to build a robust EV charging network and accelerate the adoption of EVs across India.
* Larsen & Toubro Infotech announced expansion of its global partnership with Google Cloud. LTI is setting up a dedicated Business Unit for Google Cloud’s six key solution pillars like Application Modernization, Data Management, Infrastructure Modernization, Smart Analytics, Artificial Intelligence, and Security.
* Bajaj Electricals Q4FY22 revenue was up 6% YoY at Rs 1,334.3cr. It posted 28% fall in net profit to Rs 39.4cr.
Derivative Ideas
RELIANCE gained 4.2% and closed at 2529.15 on 17th May. The stock has been trading with corrective bias in recent times. Now the stock bounced back after taking support at its 200 Day EMA. The up move happened with incremental volumes and with RELIANCE closing above its resistance at 2500, we believe it is poised to see higher levels. We thus suggest creating Longs within the recommended levels.
Strategy:- BUY RELIANCE @ 2500-2510, SLOSS AT 2435, TRGT 2610.
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