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Nifty Outlook

Markets started the week on a buoyant note and gained over half a percent. After the flat start, healthy buying in key sectors like banking, IT and auto aided a steady rise in the benchmark. Consequently, the Nifty ended around the day’s high to close at 17,525 levels. The broader indices also closed with modest gains.

Nifty has decisively surpassed the hurdle at 17,400, and we’re now eyeing 17,800. Apart from the performance of world markets, the last leg of the earnings season coupled with key domestic data like IIP, CPI and WPI would remain on the participants’ radar for cues. We reiterate our preference for top-performing sectors like banking, financials, auto, FMCG and selectively from the IT pack for fresh longs.

News

* Ahluwalia Contracts (India) has secured new order from IISc Medical School Foundation, Bangalore for construction of IISc Medical School worth of Rs 220 cr. The order inflow during the FY23 stands at Rs 2,352.13 cr.

* HFCL has entered into an agreement with Qualcomm Technologies, Inc. for HFCL's design and development of 5G millimeter wave (mmWave) FWA (Fixed Wireless Access) CPE (Customer Premise Equipment) products.

*  Adani Ports reported its Q1FY23 numbers wherein revenue was up 20.6% YoY to Rs. 4,638 cr. EBITDA was down 31% YoY to Rs. 1,809 cr. Net profit was down 18% at Rs. 1,072 cr.

Derivative Ideas

NIFTY gained 0.73% and closed at 17525.1 on 8th Aug. The index traded with positive bias throughout the day and ended the day giving close above 17500. NIFTY Fut saw good addition of longs with 17500, 17400 PE adding significant OI. We expect NIFTY to trade with positive bias in the range of 17350-17700 in the short term and thus suggest selling PE as per the given levels.

Strategy:- SELL NIFTY 17200 PE @33-35, STOP LOSS 50, TARGET 5.

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