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Nifty Outlook

Markets gained over half a percent amid volatility and settled around the day’s high as well. After the flat start, the benchmark hovered in a range in the first half however buying in the select index majors turned the bias in the latter half. Metal, IT and auto were among the top gainers on the sectoral front.

Markets are consistently rewarding traders who are focusing more on sector and stock selection during the prevailing consolidation phase. And, we expect this trend to continue, at least in the near future. A decisive break above 33,100 in the banking index may result in further rebound else profit-taking may resume. In absence of any major events, COVID-related updates, earnings and global cues would remain on the participants’ radar.

News

* Hikal reported consolidated revenue growth of 40.5%YoY to Rs 532.5 cr in Q4 FY21.It consolidated profit was up at Rs 50.9 cr compared to Rs. 24.5 cr in the corresponding quarter of last fiscal year.

* Sundram Fasteners reported a revenue growth of 53.2% YoY to Rs 1,273.1 cr. Its net profit grew at Rs 140.8 cr.

* Caplin Point Laboratories reported its earnings wherein revenue growth was up by 29.5% at Rs 278.7 cr. Its net profit grew by 39% at Rs 67.9 cr.

Derivative Ideas

VOLTAS FUTS added around 8% in open interest as LONG buildup was seen in it in last 2 days till closing time. Current chart pattern also indicates further up move in its price. We suggest buying VOLATS IN CASH MARKET as per below levels.

Strategy:- BUY VOLTAS AT 978-980, SLOSS AT 965, TRGT 1010.

Investment Pick - Crompton Greaves Consumer Electricals Ltd.

Crompton Greaves Consumer Electricals (CGCE) is engaged in manufacturing and marketing of a wide range of consumer products ranging from fans, light sources and luminaires, pumps and household appliances such as geysers, mixer grinders, toasters and irons.

We like CGCE for its strong growth potential, consistent rise in market share in its key segment coupled with healthy dividend pay-out ratio, strong cash flow generation, lean working capital cycle and robust return ratios. We recommend a Buy on the stock with a target price of Rs. 479.

Buy Crompton Greaves Consumer Electricals Ltd @ 9-12 Months CMP 377.45 TGT 479

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