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Nifty Outlook

Markets continued to trade higher for the third consecutive session largely driven by supportive global cues. After a gap-up opening, the benchmark witnessed some profit booking initially however healthy buying heavyweights across sectors brought back the momentum. As a result, the Nifty ended with gains of 1% to close at 17,500 levels. The broader markets traded in tandem with the benchmark. On the sectoral front, all the indices, except metals, ended with gains.

The news of possible de-escalation between Russia-Ukraine and easing in crude oil boosted investors’ sentiments. On the domestic front, the scheduled monthly expiry will keep volatility high. Amid all, participants should not go overboard and maintain a positive yet cautious stance.

News

* Sun Pharmaceutical Industries announced that one of its wholly-owned subsidiaries has entered into an exclusive patent licensing agreement with H. Lundbeck A/S to market and distribute its own version of Vortioxetine in India under the brand name, VORTIDIFTM. The territory of the licensing agreement will only cover India.

* Dilip Buildcon has declared as L-l bidder for a new HAM project under Maradgi S Andola to Baswantpur section in the state of Karnataka. The order is worth Rs. 1589cr.

* BHEL has achieved yet another milestone in its international business by bagging a prestigious order for a Compressor Package from Iraq. The order for Baiji Refinery in Iraq has been placed by Northern Refineries Company, a National Oil refinery company owned by the Ministry of Oil, Iraq.

Derivative Ideas

AXISBANK gained 1.71% and closed at 750.45 on 30th Mar. The stock has given a triangle breakout on daily chart at 745 levels. Holding 731, with Fresh Longs added in its FUTS, the counter is poised to test its next hurdle at 800 levels. We recommend to go Long in AXISBANK.

Strategy:- BUY AXISBANK @ 742-746, SLOSS AT 731, TRGT 775.

Religare New Year Pick - Medplus Health Services Ltd.

Medplus Health Services Ltd (MHS) is the second-largest pharmacy retailer in India, in terms of revenue from operations and the number of stores as of FY21. They offer a wide range of products, including (i) pharmaceutical and wellness products and (ii) FMCG products such as home and personal care. They operate a retail network of over 2,477 stores and have a primary warehouse in cities such as Karnataka, Tamil Nadu, Telangana, Andhra Pradesh, West Bengal, Maharashtra and Odisha. As of March 31, 2021, they ranked 1st in Chennai and Bangalore and 2nd in Hyderabad and Kolkata, in terms of the number of stores.

Medplus has strongly positioned itself in the retail pharmacy space given its wide product offering, genuine and good quality pharmaceutical products offering, online & offline operations and last-mile delivery capabilities (2-hours delivery). Further, the company has a large scale of operations and offers competitive pricing to their customers which will continue to drive market share. Going forward, the company intends to grow its omnichannel platform with a hyper-local delivery model, enter new geographies and increase the share of private labels which will aid revenue growth.

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