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Nifty Outlook

Markets extended consolidation for yet another session and gained nearly half a percent. After the flat start, it traded lackluster for most of the session however buying in the final hour helped the Nifty to close around the day’s high at 18,117.15 levels. A mixed trend was witnessed on the sectoral front wherein metal, media and oil&gas ended higher while healthcare and IT pack witnessed profit taking.

Markets have been maintaining a positive tone amid the consolidation bias, which clearly shows buying interest among the participants. Though all the sectors are contributing to the move, we reiterate our view to stick with the sectors/stocks which are participating in the move instead of laggards. For cues, the performance of global indices and earnings will remain in focus.

News

* Titan reported its Q2FY23 results with its revenue at Rs 9,163 Cr up by 22.3% YoY, its EBITDA came in at Rs 1,247 Cr up by 28.6% YoY and reported a net profit of Rs 307 Cr up by 35.2% YoY.

* Marico announced its Q2FY23 results with its revenue at Rs 2,496 Cr up by 3.2% YoY, it reported EBITDA at Rs 433 Cr up by 2.4% YoY and reported a net profit of Rs 280 Cr down by 12.2% YoY.

* Cipla announced its Q2FY23 results with its revenue at Rs 5,829 Cr up by 5.6% YoY, it reported EBITDA at Rs 1,302 Cr up by 6.2% YoY and reported a net profit of Rs 789 Cr down by 11.0% YoY.

Derivative Ideas

NIFTY FUTURES have witnessed good support at 18000 levels. Huge put writing also seen at 18000 levels. We expect Nifty to be in 18000-18300 levels.

Strategy:- SELL NIFTY 10 NOV 17700 PE @ 32-35, STOP LOSS 51, TARGET 5.

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