Markets traded volatile and lost over one and a half percent, pressurised by weak global markets - Religare Broking
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Nifty Outlook
Markets traded volatile and lost over one and a half percent, pressurised by weak global markets. After the gap down start, the Nifty oscillated in the range and finally settled at 17,542.8 levels. Mostly sectoral indices traded in tandem however buoyancy on the broader front kept the participants busy.
Markets are showing tremendous resilience amid weak global cues and the recent consolidation should be seen as a breather, to digest the gains. We thus recommend continuing with the “buy on dips” approach. Banking, financials and auto top our list of preferred sectors while the underperformance from the IT pack may continue to hurt. Participants should align their positions accordingly.
News
* Maruti Suzuki India Ltd reported a 26.4 per cent increase in total sales at 1,65,173 units in August 2022. The company had sold a total of 1,30,699 units in the same month last year.
* TVS Motor registered a growth of 15% in August 2022 with sales of 333,787 units as against 290,694 units in the month of August 2021.
* SBI Card today announced the launch of 'CASH BACK SBI Card', the first-of-its-kind and the most comprehensive Cash back credit card in India.
Derivative Ideas
NIFTY shed 1.22% and closed at 17542.80 on 1st Sep. The index after opening gap down pared some losses, however it got resisted at 17700 levels and saw an intraday dip of more than 200 points after that. Fresh Shorts seen in the FUTS with CE writing seen at 17600 and beyond strikes. We expect NIFTY to trade with negative bias in the range of 17300-17750 and thus suggest selling CE as per the given levels
Strategy:- SELL NIFTY 8 SEP 18000 CE @58-60 STOP LOSS 80, TARGET 20.
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