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Nifty Outlook

Markets shrugged off global weakness and started the week on a positive note. After the initial downtick, the Nifty gradually inched higher as the day progressed and finally settled around the day’s high to close at 17,311.80 levels. Though most sectors participated in the move, banking and energy majors played a crucial role in the surge. The broader indices too ended with modest gains.

Markets have made several attempts to move higher in the recent past but a lack of sustainability on the global front has derailed all the attempts. We thus recommend waiting for further clarity and limiting positions in the meanwhile. The banking and financial pack look strongest to us while others are seeing a mixed trend. Participants should align their positions accordingly.

News

* ACC announced its Q3CY23 results with its revenue at Rs 3,987 Cr up by 6.3% YoY. it reported EBITDA at Rs 16.4 Cr down by 98% YoY and reported a loss of Rs 87 Cr.

* PVR announced its Q2FY23 results, its revenue came in at 687 Cr against Rs 120 Cr YoY, reported its EBITDA at Rs 154 Cr and EBITDA margin at 22.4%, and reported a net loss of Rs 71 Cr.

* NTPC signed a (MoU) with Mitsubishi Heavy Industries and its subsidiary Mitsubishi Power India to demonstrate the feasibility for Hydrogen co-firing blended with natural gas in MHI 701D gas turbines installed at NTPC Auraiya Gas Power Plant in Uttar Pradesh. The total installed capacity of the Auraiya Gas Power Plant is 663 MW with four gas turbines operating in combined cycle mode.

Derivative Ideas

NIFTY gained 0.73% and closed at 17311.80 on 17th Oct. The index traded with positive bias throughout the day. The move happened on the back of addition of Fresh Longs in its FUTS and heavy put selling at 17200 levels. We expect Nifty to trade with positive bias in the range of 17200-17500 in the short term and thus suggest selling PE as per the given levels.

Strategy:- SELL NIFTY 20 OCT 16900 PE @ 38-40, STOP LOSS 60, TARGET 5.

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