Markets ended marginally in the green in a range bound session, in continuation to the prevailing consolidation phase - Religare Broking
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Nifty Outlook
Markets ended marginally in the green in a range bound session, in continuation to the prevailing consolidation phase. Initially, the benchmark started with an uptick, tracking ease in the CPI Inflation. As the day progressed, the index drifted gradually lower and finally settled slightly higher. On the sector front, Media was the top gainer (up by +14.4%), thanks to a sharp recovery in Zee ltd, followed by auto and IT while on the flip side metals and FMCG were the losers. The broader markets, mid-cap and small-cap, continued their outperformance as it ended higher in the range of 0.3-1.3%.
Though the index has been holding at higher levels, it would be difficult to regain momentum without the banking pack, which is still signaling a mixed trend. Amid all, we reiterate our view to continue with a positive yet cautious approach until we see any sign of trend reversal.
News
* Laurus Labs announced it agreement with Unitaid & CHAI is accelerating for the development, commercialization, and registration of the best-in-class second and third-line HIV treatment darunavir boosted with ritonavir for children.
* HAL and Rolls-Royce have signed an agreement for Make-in-India Adour engine parts to support Rolls-Royce's international defence customer base.
* Isgec has received an order for 25 Medical Oxygen Plants from the Defence Research & Development Organisation, Ministry of Defence, Govt. of India. The scope of work includes Manufacturing, Supplying, Installing, and Commissioning.
Derivative Ideas
BANKNIFTY FUT shed around 1% in open interest in as short covering was seen in it. Current chart pattern also indicates further up move in its price. We suggest buying in BANKNIFTY 30 SEP 38000 CE as per below levels.
Strategy:- BUY BANKNIFTY 30 SEP 38000 CE@80-85 SLOSS AT 55,TRGT 140.
Investment Pick - Phillips Carbon Black Ltd.
Established in 1960, Phillips Carbon Black Ltd (PCBL) is an integral part of the RP-Sanjiv Goenka Group. Over the decades, they have built scale, expanded global footprint and set up world-class R&D facilities to address diverse customer requirements. At present, they are the largest carbon black manufacturer in India with 603,000 MT of annual production capacity. Also, it has four strategically located state-of-the-art plants at Durgapur (West Bengal), Palej & Mundra (Gujarat) and Kochi (Kerala) along with R&D Centre in Asia and Innovation Centre in Europe. Further, PCBL is a strong global player with a significant customer base in 45+ countries and offices in Japan, Germany, Belgium, China, South Korea and Vietnam.
PCBL is a leader in carbon black having a strong presence in India as well as globally. The company’s products, i.e. carbon black and speciality black, demand is likely to be driven by increase in global demand, the focus of the Indian government on the manufacturing sector and recovery in the automobile sector. In addition, its focus on manufacturing high-performance new grades products, improving operating efficiency and increasing specialty black portfolio across inks, coatings and paints segments will further drive growth. We have a positive outlook on the company from the long term perspective and have initiated a ‘Buy’ on the stock with a target price of Rs 306.
Buy - Phillips Carbon Black Ltd @ 9-12 Months CMP 251.2 TGT 306
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