IGI Logo

Nifty Outlook

Markets extended gains for the second consecutive session and rose nearly one percent. Supportive global cues triggered a gap-up start in the benchmark, followed by range bound move till the end. Meanwhile, all the sectoral indices contributed to the move wherein banking, financials, metals and realty were among the top gainers. On the benchmark front, the Nifty index settled around the day’s high to close at 16,132.9 levels. In line with the trend, the market breadth was also inclined strongly on the advancing side.

The recent uptick in the index has certainly eased some pressure but the key is to sustain amid mixed sentiment. Apart from the global markets, the focus will be on the IT major, TCS results for cues. A decisive close above 16,200 in Nifty can further fuel the recovery. On the downside, the 15,800-15,900 zone would act as a cushion in case of any decline. Amid all, we reiterate our view to focus on sector-specific opportunities and avoid going overboard.

News

*  Glenmark Pharmaceuticals has launched sitagliptin and it’s Fixed Dose Combinations, at affordable price for adults with Type 2 diabetes in India. It has introduced 8 different combinations of sitagliptin based drugs under the brand name SITAZIT and its variants at affordable price.

* GM Breweries Q1FY23 consolidated revenue stood at Rs 142cr versus Rs 69.7cr, YoY. Its net profit jump 38.8% YoY to Rs 16.2cr.

* BHEL announced that it has successfully commissioned India’s largest floating Solar PV plant rated at 100 MW at NTPC Ramagundam in Telangana. The plant is installed across the natural raw water reservoir, saving valuable land resources, and also conserves water by reducing evaporation.

Derivative Ideas

NIFTY gained 0.89% and closed at 16132.90 on 7th July. The index after opening with a gap managed to stay positive throughout the day, However no significant longs seen in its FUTS with heavy CE writing seen at 16200 levels, we expect NIFTY could find resistance around 16200-16300 zone. We expect NIFTY to trade in the range of 15900-16250 in the short term and thus suggest selling CE as per the given levels.

Strategy:- SELL NIFTY 14 JUL 16600 CE@32-35, STOP LOSS 50, TARGET 10.

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