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Nifty Outlook

Markets traded highly volatile in a range and ended almost unchanged, taking a breather after Tuesday’s surge. Initially, supportive global cues led to a positive start however profit taking in select heavyweights trimmed all the gains. Finally, the Nifty ended on a flat note at 16,240 levels. Meanwhile, the movement on the broader front kept the participants busy. Amongst the sectors, all the other indices, barring FMCG and pharma, ended in the red.

The recent rebound in the global indices is certainly comforting however the lingering geopolitical and inflation worries are still keeping the participants on the edge. Meanwhile, the lack of any positive trigger from the domestic front is further weighing on sentiment. Amid all, the scheduled weekly expiry would keep the volatility high on Thursday. We thus recommend continuing with a cautious stance, with a focus on overnight risk management.

News

Sun Pharmaceutical Industries announced that one of its wholly-owned subsidiaries plans to launch a first-in-class oral drug, Bempedoic Acid, in India for reducing low-density lipoprotein cholesterol. The company will launch the drug under the brand name Brillo.

TeamLease Services Q4FY22 consolidated revenue rose 3.1% QoQ to Rs 1817.4cr. Its net profit was up 3% QoQ at Rs 30.9cr.

Arvind Q4FY22 revenue was up 33.2% YoY to Rs 2,203.5cr. Its net profit jumped 58.2% YoY to Rs 84.2cr.

Derivative Ideas

HINDUNILVR gained 2.07% and closed at 2291.4 on 18th May. Broadly the stock has been trading in a channel. Now the stock after seeing a shortfall which itself suggests the anxiousness of the bulls gave a good up move. The move happened with incremental volumes and Fresh Longs seen in its FUTS. Closing above its long term MAs, HINDUNILVR is poised to see higher levels. We thus suggest creating Longs with the CE option as the recommended levels.

Strategy:- BUY HINDUNILVR MAY 2300 CE @ 21-24, SLOSS AT 5, TRGT 54

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