IGI Logo

Nifty Outlook

Markets staged a strong up move on the monthly expiry day and gained over a percent. After the gap-up start, the benchmark indices gradually inched higher and gained noticeable momentum in the last half an hour. Consequently, Sensex made a new record high and Nifty also inched closer to that milestone and closed at 18,484 levels. All sectors contributed to the move wherein IT outshined others. The broader indices also posted modest gains but the participation was restricted.

Markets have reclaimed buoyancy and we expect the tone to continue however participants shouldn’t go overboard and continue with selective buying. The banking and IT pack look firm to us while others are seeing a mixed trend. We reiterate our preference for index majors and quality midcaps and suggest focusing more on overnight risk management.

News

* TVS Motor inaugurated its first state-of-the-art TVS Experience Centre in Singapore. It will offer a range of TVS Motor’s premium motorcycles, vehicle servicing facility, spare parts and the full range of merchandise.

* Cyient announced that it has significantly strengthened the leadership of Cyient DLM in a bid to expand its Electronics Manufacturing Services capabilities.

* L&T has secured an order from Greenko group, for development of an off stream pumped storage project in Madhya Pradesh. Upon completion, the project will be one of the largest clean energy projects of its kind in India.

Derivative Ideas

Nifty gained 1.19% and closed at 18484.10 on 24th Nov. The index after opening positive inched higher throughout the day on the back of addition of fresh longs in its Futs and significant put selling in near the money options. We expect NIFTY to trade with positive bias in the range of 18300- 18600, thus suggesting selling PE as per the given levels.

Strategy:- SELL NIFTY 01 DEC 18100 PE @ 28-30, STOP LOSS 45, TARGET 5.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer