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Nifty Outlook

Markets consolidated further in a range and ended marginally in the green amid mixed cues. After the flat start, mixed global cues were weighing on the sentiment however rebound in the select index majors in the latter half trimmed all the losses. Finally, the Nifty closed at 17,388; up by 0.25%. Most sectoral indices traded in tandem with the benchmark and settled on a flat note. Meanwhile, profit taking on the broader front kept the participants on their toes.

We expect the index to consolidate further citing mixed indications and it is healthy after the recent surge. Meanwhile, participants should maintain their focus on identifying stock-specific opportunities and utilizing any dip to accumulate. At the same time, we recommend keeping a check on leveraged positions and preferring a hedged approach.

News

* Godrej Consumer Products Q1FY23 revenue grew by 8% YoY to Rs 3,125cr with India business growing at 12%. Its net profit stood at Rs 345cr, down by 16.6% YoY.

* Adani Transmission announced that it has incorporated a wholly owned subsidiary company in the name of “Adani Transmission Step-Two Limited, for transmission, distribution and supply of power and other infrastructure services relating thereto.

* Strides Pharma Science's step down wholly owned subsidiary, Strides Pharma Global Pte. Ltd, Singapore, has received approval for Cyclosporine Softgel Capsules USP (Modified), 25 mg, 50 mg, and 100 mg from the USFDA.

Derivative Ideas

NIFTY gained 0.25% and closed at 17388.15 on 3rd Aug. The index traded with consolidation bias throughout the day and ended the day with marginal gains. NIFTY Fut saw some covering with 17300 PE added 50k odd contracts making 17250-17300 zone a strong support. We expect NIFTY to trade with positive bias in the range of 17250-17500 in the short term and thus suggest selling PE as per the given levels.

Strategy:- SELL NIFTY 11 AUG 16800 PE @48-50, STOP LOSS 70, TARGET 15.

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