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Nifty Outlook

Markets lost nearly half a percent in a volatile trading session, in continuation of the ongoing corrective trend. After the flat start, the benchmark inched gradually lower however a sharp recovery in the index majors, especially banking heavyweights, pared the losses in the latter half. Eventually, the Nifty settled at 16,167.10; down by 0.5%. On the sector front, IT, auto and FMCG were laggards while metals financials and realty ended in green. The broader markets too ended lower in the range of 0.6%-2.9%. Participants are closely eyeing the US inflation data for cues and we’ll see the reaction in early trades on Thursday. Though the Nifty index has rebounded after penetrating the crucial support zone of 16,000 for a brief, we believe banking holds the key to further rebound. Keeping all in mind, we recommend keeping a cautious stance and suggest preferring hedged positions.

News

Balaji Amines Q4FY22 consolidated revenue jumped 88.2% YoY at Rs 779 cr. Its net profit was up 28.7% YoY at Rs 108.7cr.

Gujarat Gas Q4FY22 revenue surged 36.5% YoY to Rs 4,773.4cr. Its net profit grew by 27.6% YoY to Rs 444.4cr.

Torrent Power Q4FY22 revenue grew by 21% YoY to Rs 3,744 cr. It posted a loss of Rs 487.4cr in Q4FY22 as against profit of Rs 398cr in same period last year, impacted by additional impairment charge of Rs 1,300cr with respect to DGEN Mega Power Project.

Derivative Ideas

DABUR gained 0.91% and closed at 507.1 on 11th May. The FMCG sector has been seeing some correction and DABUR is no different. Now the stock found support at its important zone of 490-495 and saw a good intraday up move after that. The demand came with incremental volumes and Fresh Longs being added in its FUTS. We thus suggest initiating Longs as per the given levels

Strategy:- BUY DABUR @ 500-504, SLOSS AT 489, TRGT 525.

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