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Nifty Outlook

Markets traded volatile and ended marginally lower, in continuation to the prevailing consolidation phase. After the flat start, the Nifty index gradually inched lower as the session progressed however recovery in the final hours pared the losses significantly. It finally settled at 18300 levels. All the sectoral indices, barring PSU banking, traded in tandem and ended lower.

Markets are indicating the prevailing consolidation to continue and Nifty should decisively cross 18,450 levels to regain strength. Meanwhile, we reiterate our view to focus more on sector/stock selection citing restricted participation. Besides, we’re observing breakout failures across sectors so maintain strict risk management rules also in place.

News

* Sun Pharma announced that the U.S. Food and Drug Administration (US FDA) has approved SEZABY for the treatment of neonatal seizures. With this approval, SEZABY became the first and only product specifically indicated in the U.S. for the treatment of neonatal seizures in term and preterm infants.

* Aurobindo Pharma's subsidiary company, Eugia Pharma Specialities, has received the final approval from the US Food and Drug Administration (USFDA) for Amphotericin B Liposome for Injection. The approved product, Amphotericin B Liposome for Injection, is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), AmBisome Liposome for Injection, of Astellas Pharma US, Inc.

* LTIMindtree has further expanded its Hyderabad operations by setting up a new, state-of-the art digital experience centre in the city. This new, 100,000 sq. ft. centre will have the capacity to accommodate more than 1,000 professionals.

Derivative Ideas

Nifty shed 0.20% and closed at 18307.65 on 18th Nov. The index after opening flat witnessed selling at higher levels. Nifty Futures saw a reduction in Open Interest of around 3% suggesting unwinding of longs. With significant Call writing at 18400 and above strikes, we expect NIFTY to find resistance at the higher levels, thus suggesting selling CE as per the given levels.

Strategy:- SELL NIFTY 24 NOV 18600 CE @ 28-30, STOP LOSS 45, TARGET 5.

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