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Nifty Outlook

Markets ended lower in a volatile trading session, in continuation of the prevailing trend. After the tepid start, the benchmark continued to hover in a range till the end. Meanwhile, mostly sectoral indices traded with a negative bias and the broader indices too lost nearly a percent each.

Markets are largely taking cues from the global markets, in absence of any major domestic event. And, going ahead, the US Fed chairman's speech and China's interest rate decision would be important triggers for the markets. On the domestic front, the COVID trend and the progress of the monsoon will also be in focus. We reiterate our negative view on markets and suggest continuing with the “sell on rise” approach.

News

* Ahluwalia Contracts has secured new orders including construction of National Police Academy, Maharajgunj, Kathmandu - EPC Basis, Janakpur, Nepal (Under Joint Venture) aggregating to Rs 442 Cr (Approx.) in Nepal.

* HDFC Life Insurance Company has considered and approved the proposal for raising of funds through issuance of up to 3,500 unsecured, rated, listed, subordinated, redeemable, fully paid-up, non-convertible debentures, each having a face value of Rs 10,00,000, for an aggregate nominal value of up to Rs 350 cr for cash, at par, in dematerialised form, on private placement basis.

* Ratnamani Steel has announced that it has received new orders aggregating to Rs 203 cr including export orders aggregating to Rs 187 cr, to be executed within FY22-23.

Derivative Ideas

HINDUNILVR shed 1.7% and closed at 2110 on 17th June. Of late the stock had been trading in a range. Now fresh breakdown is seen with the violation of trend line support at 2150 levels that too with incremental volumes and significant rise in OI suggesting Fresh Shorts in HUL FUTS. The chart indicators also point it sliding down further. We thus suggest creating Shorts as per the given levels.

Strategy:- SELL HINDUNILVR FUTS @ 2120-2130, STOPLOSS 2170, TARGET 2040.

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