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Nifty Outlook

Markets traded under pressure and lost over half a percent, in continuation of the prevailing corrective move. After the initial uptick, the benchmark gradually inched lower as the session progressed and finally settled closer to the day’s low. Amongst the sectors, except healthcare, all the other indices ended with losses wherein Oil & Gas, Telecom and Power were the top losers. Meanwhile, the broader markets outperformed the benchmark and ended on a flat note.

Markets will react to the US inflation data in early trades as that would set the tone for policy action by the US Fed. Besides, weekly derivatives expiry and earnings will keep the volatility high. Participants should maintain caution and continue with stock-specific trading approach.

News

* Glenmark Pharmaceuticals and SaNOtize Research and Development Corp, today announced that The Lancet Regional Health Southeast Asia (TLRHSEA) – peer reviewed, high impact journal published the successful phase 3 clinical trial results of SaNOtize’s Nitric Oxide Nasal Spray (NONS) study titled: “SARS-CoV-2 accelerated clearance using a novel nitric oxide nasal spray (NONS) treatment: A randomized trial.

* Equitas Small Finance Bank Limited, one of the leading SFBs, has announced the revision of interest rates for Fixed and Recurring Deposits of Non Resident External (NRE) Account with effect from 13th July 2022.

* Adani Ports and Special Economic Zone Ltd announced that it expects its cargo handling volumes to grow by 60% in FY23 and FY24 to cater to 500 million tonnes (MT) by FY25.

Derivative Ideas

NIFTY shed 0.57% and closed at 15966.65 on 13th July. The index traded weak throughout the day on the back of heavy CE writing at 16000 and beyond levels with addition of fresh shorts in its futs. On charts, NIFTY engulfed the previous day range and gave a weak closing. We expect pressure in the markets going forward and thus suggest selling CE as per the given levels.

Strategy:- SELL NIFTY 21 JUL 16500 CE@38-40, STOP LOSS 60, TARGET 10.

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