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Nifty Outlook

Markets managed to inch higher and gained nearly a percent, in continuation of the prevailing trend. After the initial uptick, the Nifty index oscillated in a narrow band for most of the session however a sharp surge in the index majors in the last half an hour helped the index to surpass the hurdle at 18,700 and close around the day’s high at 18,758.35 levels. Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein metal, realty and auto traded upbeat while banking and IT consolidated further. The broader indices too participated in the move and gained in the range of 0.7-1.3%.

The rotational buying across sectors is fuelling the recent surge while the global markets are not offering any clear signal. We’re now eyeing a new milestone of the 19,000 mark in Nifty. Participants should keep a close watch on themes/sectors which are gaining traction and place their bets accordingly.

News

* Wipro announced that it is an official launch partner for Amazon Security Lake from AWS, which provides the modern enterprise with intelligent security data to solve more security use cases, increase security visibility and reduce threats.

* Adani Cement leads the way in Water Positivity through pioneering water conservation initiatives in India. Ambuja Cements is 8 times water positive and ACC is 2 times water positive and it aims to become 5 times water positive by 2030 as part of its Sustainability Development plan.

* TCS has been selected by the Rail Delivery Group to design, develop, implement, and operate the UK’s Rail Data Marketplace. The contract between TCS and RDG is for a term of six years including an extension term opportunity.

Derivative Ideas

Nifty gained 0.75% and closed at 18758.35 on 30th Nov. The index after opening flat witnessed humongous buying in the last 30 minutes of trade and managed to close at a new high. Nifty December futures added around 5% Open Interest with rise in price suggesting formation of fresh longs. With substantial Put selling seen at 18600 weekly strike, we expect NIFTY to trade in the range of 18600-18900, thus suggesting selling PE as per the given levels.

Strategy:- SELL NIFTY 08 DEC 18200 PE @ 28-30, STOP LOSS 50, TARGET 5.

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