IGI Logo

Nifty Outlook

Market started the truncated week on an optimistic note amid supportive global cues. The benchmark witnessed a gap up opening and thereafter it continued to hover in the positive range throughout the session. Healthy buying in sectors such as auto, FMCG and realty drove the rally. Consequently, the Nifty ended higher by 0.72% at 17,825 levels. Amongst the broader markets, mid-cap and small-cap outperformed and ended in the positive range of 1-1.5%. Almost all the sectoral indices ended in the green except for PSU bank and media.

Markets will continue mirroring global peers for cues. Meanwhile, we suggest investor’s to continue maintaining a stock specific approach. Also, investor’s will keep a close watch on fluctuating crude prices and currency movement.

News

* India’s WPI eased to 13.93% in July as compared to 15.18% in June

* Unichem Laboratories is pleased to announce that it has received ANDA approval from the USFDA for its Quetiapine Extended-Release Tablets which are used for the treatment of Schizophrenia, Bipolar disorder and adjunctive treatment of Major Depressive Disorder. The product will be commercialized from Unichem’s Goa Plant

* One97 Communication (Paytm) announced that it has partnered with Samsung authorized stores across India to facilitate smart payments as well as Paytm Postpaid (Buy Now, Pay Later) at their retail outlets through deployment of PoS devices. With this partnership, Paytm will enable consumers to make digital payments seamlessly at Samsung Authorized stores spread across the country.

Derivative Ideas

Nifty has seen huge call writing at 18000 strike. Vix might be in 17-19% range. We expect Nifty to be in 18000-17600 range.

Strategy:- SELL NIFTY 18 AUG 18050 CE @22-25, STOP LOSS 48, 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