Markets managed to gain half a percent amid volatility on a weekly expiry day - Religare Broking
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Nifty Outlook
Markets managed to gain half a percent amid volatility on a weekly expiry day. The benchmark remained range bound for most of the day and finally settled around the day’s high. Meanwhile, healthy buying in banks, metals, & FMCG pack and buoyancy on the broader front kept the participants busy. Consequently, the Nifty closed at 16,580 levels; up by 0.5%.
We maintain our cautiously optimistic stance on the markets and expect volatility to remain high, with more Nifty heavyweights like Reliance, UltraTech, and Infosys, announcing their earnings in the following sessions. However, there’ll be no shortage of trading opportunities and participants should focus more on buying quality stocks from the sectors, which are trading in sync with the benchmark.
News
* Ashok Leyland’s announced that it has signed a MoU, with Adani Capital Pvt Ltd to enter into a strategic financing partnership for its range of Light Commercial vehicles. This MoU will enable both the companies to offer customized financial solutions for its customers in the Small Commercial Vehicle and Light Commercial Vehicle Segment.
* Hindustan Zinc’s Q1FY23 revenue rose 43.7% YoY at Rs 9,387 cr. Its net profit rose by 55.9% YoY to Rs 3,092cr
* PVR Q1FY23 revenue was up 12.8% at Rs 1,000.4 cr. Its net profit grew by 54.5% YoY to Rs 68.3cr.
Derivative Ideas
INFY gained 1.16% and closed at 1532.9 on 21st July. The stock after taking the support at 1400 levels has been on a positive streak from past 4 sessions.The move happened on the back of VWAP based buying on the addition of Significant longs in its FUTS. The short covering among the CE writers was also seen. The data suggests the stock to test 1560-1580 levels in the short term. We thus suggest buying CE of August Expiry as per the recommended levels.
Strategy:- BUY INFY AUG 1560 CE@34-36, STOP LOSS 24, TARGET 58.
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
Tag News
Weekly Market Analysis : Markets strengthened recovery and gained nearly 2% in the passing w...
