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Nifty Outlook

Markets rebounded strongly and gained nearly 2%, tracking firm global cues. A sharp surge in the US markets triggered a gap-up start in the Nifty however selective participation from the index majors capped the momentum as the day progressed. It finally settled closer to the day’s high at 18349.7 levels. The IT pack led the surge among the sectoral pack closely followed by metal and financials. Meanwhile, the underperformance continued on the broader front wherein both midcap and smallcap ended flat to marginally higher.

Markets have been maintaining a positive trend and recovery in the US markets is fuelling momentum at regular intervals. Since Nifty has reclaimed the 18,350 mark, we are now eyeing the record high in the index. At the same time, we’ve been observing selective participation so stock selection holds importance. Besides, the underperformance of the broader market is also hurting the sentiment. Participants should align their positions accordingly and prefer stocks that are trading in tandem with the benchmark.

News

* M&M reported its Q2FY23 results with its revenue at Rs 20,839 Cr up by 56.6% YoY, its EBITDA came in at Rs 2,496 Cr up by 50.4% YoY and reported a net profit of Rs 2,090 Cr up by 46.0% YoY.

* Hindalco reported its Q2FY23 results with its revenue at Rs 56,176 Cr up by 17.8% YoY, its EBITDA came in at Rs 5,743 Cr down by 28.6% YoY and reported a net profit of Rs 2,205 Cr down by 35.5% YoY.

* Exide Industries reported its Q2FY23 results with its revenue at Rs 3,841 Cr up by 13.3% YoY, its EBITDA came in at Rs 431 Cr up by 1.7% YoY and reported a net profit of Rs 241 Cr against 194 Cr a year ago.

Derivative Ideas

Nifty gained 1.78% and closed at 18349.70 on 11th Nov. The index after opening positive continued showing strength. Nifty FUT added significant Open Interest as Fresh Long formation with the confluence of Put selling at 18300 and below strikes. We expect NIFTY to trade with a positive bias in the short term in the range of 18200-18500 thus suggesting selling PE as per the given levels

Strategy:- SELL NIFTY 17 NOV 18000 PE @ 28-30, STOP LOSS 50, TARGET 5.

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