Markets traded volatile in a narrow band and finally settled marginally higher - Religare Broking
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Nifty Outlook
Markets traded volatile in a narrow band and finally settled marginally higher. Initially, the benchmark opened with an uptick, taking cues from the global counterparts however pressure in the IT majors and select heavyweights from other sectors capped the upside. Sectoral indices traded mixed wherein defensive traded subdued. Meanwhile, the broader indices, midcap and smallcap, outperformed and kept the participants busy till the end. Since markets are closely following global cues, the rebound in the US market is giving hope for some respite on the domestic front as well. However, we recommend participants to continue with a cautious stance until we see some sign of reversal in the Nifty index. Meanwhile, sectors are offering trading opportunities on both sides so the focus should be more on stock selection and risk management.
News
Century Plyboards Q4FY22 revenue was up 20.9% YoY at Rs 901cr. It posted 2.1% YoY jump in its net profit at Rs 88.5cr versus Rs 86.7cr.
Bharat Forge Q4FY22 revenue was up 28.1% YoY at Rs 1,674cr versus Rs 1,307.3cr. It posted 27.5% YoY jump in its net profit to Rs 261.9cr.
Ami Organics Q4FY22 revenue was up 54.5% YoY at Rs 143.5cr. Its net profit rose 38.3% YoY to Rs 21.3cr.
Derivative Ideas
ABFRL gained 2.84% and closed at 271.7 on 16th May. The stock has been trading with corrective bias in recent times. Now after finding the trend line support at its important zone of 245-250, the stock witnessed a good bounce. Trading above its long term MAs with Fresh Longs added in its FUTS, we believe the stock is poised to see higher levels. We thus suggest creating Longs within the recommended levels.
Strategy:- BUY ABFRL @ 267-269, SLOSS AT 258, TRGT 282.
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ000174330
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
Tag News
Weekly Market Analysis : Markets strengthened recovery and gained nearly 2% in the passing w...
