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Nifty Outlook

Markets started the week on a robust note despite feeble global cues and gained over half a percent. After the gap-up start, the Nifty index hovered in a narrow range for most of the session and finally settled around the day’s high to close at 17,665.80 levels. Sectoral indices traded mixed wherein media, metal and banking gained maximum traction. The market breadth also ended strong, thanks to continuous buying on the broader front.

The recent market outperformance can be largely attributed to the banking and financial pack while the global markets are not showing any sign of respite. And, a decisive breakout above 17,800 in Nifty would further fuel the momentum. We thus reiterate our bullish view and suggest restricting positions to the sectors which are showing resilience.

News

* Skipper Limited, a leading manufacturer for Power Transmission & Distribution structure, announced that it has secured fresh new order of Rs 225 cr for several Domestic & International T&D projects including Telecom.

* Aurionpro Fintech Inc., an Aurionpro subsidiary based in USA, announces acquisition of Real Patient Solutions Inc. d.b.a. Hello Patients Solutions Inc (Hello Patients), a startup registered in the State of Delaware, USA.

* M&M Financial Services recorded disbursements of approximately Rs 3,740 cr, registering a 75% YoY growth. The YTD disbursement at approximately Rs 17,150 cr registered a YoY growth of 104%.

Derivative Ideas

NIFTY gained 0.72% and closed at 17665.8 on 5th Sep. The index traded with strength throughout the day on the back of addition of Fresh Longs in its FUTS. 17600 PE added meaningful OI making 17450-17500 zone to watch out for as support. We expect Nifty to trade with positive bias in the range of 17500-17900 and thus suggest selling PE as per the given levels.

Strategy:- SELL NIFTY 8 SEP 17300 PE @48-50 STOP LOSS 75, TARGET 10.

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