The index consolidated in a range throughout the day - Religare Broking
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Nifty Outlook
Markets settled almost unchanged in a volatile trading session, in absence of any major trigger. After the initial uptick, the Nifty oscillated in a range and finally settled at 17,655.60 levels. Most sectoral indices traded in sync with the benchmark wherein metal, energy and infra pack witnessed decent traction.
Markets are still in a range and rotational buying across sectors is helping the index to hold strong amid mixed global cues. Since all the sectors, barring IT, are contributing to the move, the focus should be more on stock selection
News
* RITES announced that it has secured a new business order, for Appointment as General Engineering Consultant for Ahmedabad Metro Rail Project, Phase-ll, as a lead member of the consortium for Rs 92.7cr from Gujarat Metro Rail Corporation Ltd.
* IRCTC informed that Rajni Hasija, Director (Tourism & Marketing), will continue to hold the additional charge of the post of the CMD, in addition to her own, for a further period of 6 months (w.e.f August 01, 2022) or till the regularly selected incumbent joins the post or until further orders, whichever is the earliest.
* Pfizer has declared an interim special dividend of Rs 30 per equity share of Rs 10 each (300%) for FY23. The company informed that this is in view of the gain on account of sale of Upjohn Business to Mylan Pharmaceuticals. The record date is September 20, 2022.
Derivative Ideas
NIFTY shed 0.06% and closed at 17655.60 on 6th Sep. The index consolidated in a range throughout the day. The index faced a stiff resistance at 17700-17750 zone on the back of significant CE writing. We expect the same to continue i.e. Nifty to face hurdle at higher levels and thus suggest selling CE as per the given levels.
Strategy:- SELL NIFTY 8 SEP 17900 CE @38-40, STOP LOSS 60, TARGET 10.
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