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Nifty Outlook

Markets traded lackluster and ended almost unchanged amid muted global cues. After the minor swings in early trades, the benchmark traded in a narrow range for most of the day and closed flat. Consequently, the Nifty index settled at 17,544 levels. Meanwhile, sectoral indices traded mixed wherein the metal and capital goods showed traction while IT, realty and consumer durables traded under pressure.

We reiterate our bullish view on markets and suggest continuing with the “buy on dips” approach until the Nifty holds 17,300. Meanwhile, global cues, earnings and upcoming macro data would keep the volatility high. Participants should align their positions accordingly and avoid contrarian bets

News

* Dilip Buildcon through joint venture Dilip Buildcon-Skyway Infraprojects has received letter of acceptance (LOA) for new project 'Gandhisagar-2 multi-village water supply scheme' in Madhya Pradesh. The order is worth Rs 1,400 cr.

* Hindalco reported its numbers wherein consolidated revenue was up 40% YoY to Rs. 58,018 cr. It reported a 48%YoY increase in net profit to Rs. 4,119 cr.

* Pidilite announced its Q1FY23 numbers wherein revenue was up 60% YoY to Rs. 3,101 cr. It reported a net profit growth of 64% YoY to Rs. 358 cr.

Derivative Ideas

NIFTY gained 0.06% and closed at 17534.75 on 10th Aug. The index consolidated with positive bias throughout the day and ended the day giving 2nd consecutive close above 17500. NIFTY Futs saw marginal addition of longs with 17500, 17400 PE adding significant OI. We expect NIFTY to trade with positive bias in the range of 17350-17700 in the short term and thus suggest selling PE as per the given levels.

Strategy:- SELL NIFTY 18 AUG 17000 PE @48-50, STOP LOSS 70, TARGET 10.

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