Markets traded volatile for yet another session and lost over half a percent - Religare Broking
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Nifty Outlook
Markets traded volatile for yet another session and lost over half a percent. After the initial positivity, the Nifty index pared all its gains as the session progessed and finally settled at 17718.35; down by 0.5%. Barring FMCG and media,most of the sectoral indices traded in tandem with the benchmark and ended lower.
Market will first react to the Fed meet outcome in early trades on Thursday. Besides, the scheduled weekly expiry would add to the volatility. Amid all, indications are in the favour of further consolidation so we suggest traders to stay light and focus more on risk management part. On index front,17,400-17,500 zone would acts a cushion in Nifty while rebound towards 17,900-18,000 zone may attract selling pressure.
News
* Info Edge announced that its boards of Directors have approved entering into agreement to invest ~Rs 80cr in Metis Eduventures Pvt. Ltd. as primary acquisition of shares.
* TVS Motors announced the launch of TVS Apache 160 2V with ABS (Anti-lock Braking System) in Bangladesh.
* Aster DM Healthcare, one of the largest integrated healthcare providers in GCC and India, has announced its entry into the Bangladesh market with Aster Pharmacy division.
Derivative Ideas
ITC has seen fresh long buildup in todays trade. We expect the stock to be in 338-350 range in short term.
Strategy:- BUY ITC 28 SEP 340 CE@3-4, SLOSS AT 1, TRGT 8.
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