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Nifty Outlook

Markets managed to end with modest gains in a range-bound session, in continuation to the prevailing trend. After the initial uptick, the Nifty index oscillated in a range and finally settled at 18,202.8 levels. Most sectors traded in line with the benchmark and ended higher wherein metal, auto, energy and banking were among the top gainers. The broader indices too ended higher and gained over half a percent each

Markets are gradually inching higher, tracking favourable global cues and supportive domestic factors. However, the lack of momentum indicates a bit of caution around the record high. Keeping all in mind, we feel participants should focus more on stock selection for now but avoid contrarian trades.

News

* Aditya Birla Capital reported its Q2FY23 results with its revenue at Rs 6,825 Cr up by 22.0% YoY, its NII came in at Rs 1,112 Cr up by 26.7% YoY and reported a net profit of Rs 488 Cr up by 29.4% YoY.

* Sundaram Finance announced its Q2FY23 results with its revenue at Rs 1,337 Cr up by 3.4% YoY, and reported a net profit of Rs 281 Cr up by 31.2% YoY.

* Ceat announced its Q2FY23 results with its revenue at Rs 2,895 Cr up by 18.1% YoY, it reported EBITDA at Rs 203 Cr down by 7.7% YoY and reported a net profit of Rs 644 Cr down by 84.8% YoY.

Derivative Ideas

Nifty gained 0.47% and closed at 18202.80 on 7th Nov. The indices witnessed some profit taking on the higher levels. However the structure still remains positive. With Put base seen at 18100 and 18200 in Nifty, we expect the index to trade with positive bias in the short term in the range of 18000-18350 thus suggesting selling PE as per the given levels

Strategy:- SELL NIFTY 17 NOV 17700 PE @ 38-40, STOP LOSS 60, TARGET 5.

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