IGI Logo

Nifty Outlook

Markets extended gains and rose over half a percent, in continuation of the prevailing trend. After the initial uptick, the benchmark oscillated in the range but finally settled around the day’s high. Gains in banking, realty and auto supported the surge while IT, pharma and energy witnessed profit taking. Meanwhile, the broader indices traded mixed. Amongst the benchmark, the Nifty ended with gains of 0.7% to close at 16,730 levels.

Markets will react to the results of heavyweights like Reliance, ICICI Bank, Infosys and Kotak Bank in early trades on Monday. Besides, the development on the global front over the weekend will also remain on the radar. We recommend continuing with a positive yet cautious stance and focusing more on identifying stocks amid the rotational buying.

.

Derivative Ideas

HDFCBANK gained 2.33% and closed at 1392.5 on 22 July. The stock after taking the support at 1340 levels has shown a good up move after that. Trading above its 20 and 50 Day EMA, now the stock has given a breakout of inverted H&S pattern on hourly charts on the back of addition of Fresh Longs in its FUTS. We expect 1420 levels in the stock in the short term and thus suggest buying CE as per the recommended levels.

Strategy:- BUY HDFCBANK 1380 CE@16-18, STOP LOSS : 6, TARGET : 35

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