Markets traded volatile and ended marginally lower for the second consecutive session - Religare Broking
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Nifty Outlook
Markets traded volatile and ended marginally lower for the second consecutive session. After the initial uptick, the benchmark drifted gradually lower however recovery in the last half an hour of the trade trimmed losses. Finally, the Nifty index ended lower by 0.3% to close at 16,522.75 levels. A mixed trend was witnessed on the sectoral front wherein banking, capital goods and metals ended higher whereas realty, IT and healthcare traded subdued. Meanwhile, positivity on the broader front kept the participants occupied.
With macro data behind us, the performance of the global markets amid the lingering inflation fear would dictate the trend. Besides, monsoon updates ahead of the monetary policy meet would also be in focus. Amid all, we reiterate our bullish view and suggest continuing with the “buy on dips” approach.
News
* M&M reported its monthly volumes for May 2022 wherein auto volumes were up 18% MoM and 208% YoY. Its tractor segment also reported strong growth of 48% YoY.
* Bajaj Auto May volumes was up 1% YoY to 2,75,868 units. Motorcycles sales were up 4% YoY and Commercial Vehicles sales were down 16%.
* Ashok Leyland volumes for May came in at 13,273, up by 315% YoY. Both M&HCV & LCV volumes were up 307% YoY and 328% YoY.
Derivative Ideas
JUBLFOOD gained 0.92% and closed at 556 on 1st Jun. The stock has seen a good upmove with addition of OI implying Fresh Longs. After the stock gave a trendline breakout at 545, it has been resting in a narrow range for a couple of sessions. The chart indicators pointing towards the resumption of the up move. Holding 535, the stock is poised to see 580 levels in the coming days. We thus recommend initiating Fresh Longs as per the given levels.
Strategy:- BUY JUBLFOOD @ 545-550, SLOSS AT 530, TRGT 580.
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