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Nifty Outlook

Markets opened on a weak note and lost over one and a half percent amid mixed cues. Participants reacted negatively to increasing restriction announcements from state governments while ignoring the positive global cues. The Nifty index traded under pressure throughout the session and ended lower by 1.8% at 14,359 levels. The broader markets too witnessed selling pressure as both Midcap and Smallcap ended with losses of 1.9% and 1.7%. Among the sectors, except healthcare, all the other indices ended with losses wherein realty, capital goods and auto were the top losers.

It seems like our markets have decoupled from global counterparts due to rising COVID cases in India. Going forward, the COVID-19 situation and the pace of vaccination would be a key monitorable for the markets. Further, the earnings announcement from select Nifty majors would induce stock-specific volatility. We maintain our cautious stance in the near term.

News

* Subex announced that it will be launching the new AI automation platform on April 22, 2021 and specific details of the same will be unveiled on the launch day.

* Caplin Steriles, a subsidiary company of Caplin Point Laboratories, has been granted final approval from the USFDA for its ANDA Milrinone Lactate Injection USP, 10 mg/10 mL (1 mg/mL), 20 mg/20 mL (1 mg/mL), 50 mg/50 mL (1 mg/mL), Single-dose vial presentation, a generic therapeutic equivalent version of (RLD), PRIMACOR Injection, 1 mg/mL, of Sanofi-Aventis U.S. LLC.

* Great Eastern Shipping announced that it took delivery of a secondhand Midsize Gas Carrier “Jag Vikram” of about 35,188 cbm. The company had contracted to buy the vessel in Q4FY21.

Derivative Ideas

APOLLOHOSP FUTS added around 8% in open interest as LONG buildup was seen in it till closing time. Current chart pattern also indicates further up move in its price. We suggest buying APOLLOHOSP in cash market as per below levels.

Strategy:- BUY APOLLOHOSP BETWEEN 3120-3130 STOP LOSS 3060 TARGET 3270.

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 372.85 TGT 479

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