IGI Logo

Nifty Outlook

Markets edged higher for the second consecutive session, driven by firm global cues. After the gap up opening, the benchmark remained in a range and finally settled around the upper band of the same. Healthy rebound financials, metals and PSU banks aided sentiments. Consequently, the Nifty ended higher by 0.9% at 15,699 levels. The broader markets outperformed and ended higher in the range of 1.4-1.6%. Barring IT, all the other sectoral indices ended in the green.

Markets are witnessing consolidation after the sharp decline and awaiting some fresh triggers. Since we don’t have any major domestic events, global updates viz. market performance, crude movement and easing of the geopolitical situation will remain on the participants’ radar. We like auto, FMCG and pharma for long trades while metals and PSU banks may continue to underperform. We recommend maintaining sector/stock-specific approach and aligning the positions accordingly.

News

* Tata Steel announced that its subsidiary Tata Steel Mining has completed the acquisition of remaining 10% equity stake in Rohit Ferro-Tech for Rs 20cr.

* Hero MotoCorp announced that it has launched the new bike, Passion ‘XTec with host of advance connected features that will excite the country’s youth.

* Canara Bank in its meeting has approved the capital raising plan for FY23 amounting up to Rs 9000cr by way of Debt Instruments (Additional Tier I / Tier II Bonds).

Derivative Ideas

ICICI Bank has seen a good fresh long buildup of around 4% in Open Interest. The Scrip has already seen long rollover of around 34% in the July series at an average of around 705. We expect stock to be in 700-745 in the July series.

Strategy:- Buy ICICI Bank 730 CE 28 July at 12-14, stoploss at 2, Target 30.

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