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Nifty Outlook

Markets witnessed a breather after the recent fall and settled with decent gains following favourable global cues. After the gap up opening, the benchmark gradually inched higher however profit-taking in the latter half trimmed the gains. Finally, The Nifty index ended with healthy gains of 1.3% at 14,507 levels. The broader indices, midcap and smallcap, too ended with healthy gains of 1.7% and 1.3% respectively. On the sector front, all the indices ended in green wherein metals, consumer durables and telecom were the top gainers.

We feel this bounce is just a pause and traders should maintain extra caution until we see some stability in the move. Investors, on the other hand, may now start accumulating quality stocks as we have already seen a decent correction across the board.

News

Shriram City Union Finance declared second interim dividend of Rs. 10 per equity share for FY21. The second interim dividend shall be paid on or before April 19, 2021.

Confidence Petroleum India and GAIL Gas have signed an agreement for setting up 100 CNG Stations on built & operate basis in Bengaluru city in next three years.

Godrej Properties has sold over 275 residences worth Rs 475 crore within one day at the launch of its project, Godrej Woods, in Noida.

Derivative Ideas

COFORGE added around 10% in open interest addition as long buildup was seen in it till closing time. Current chart pattern also indicates further up move in its price. We suggest buying COFORGE in cash as per below levels

Strategy:- BUY COFORGE BETWEEN 2820-2830, SLOSS AT 2790 TARGET 2910.

Investment Pick - Crompton Greaves Consumer Electricals Ltd.

Crompton Greaves Consumer Electricals (CGCE) is engaged in manufacturing and marketing of a wide range of consumer products ranging from fans, light sources and luminaires, pumps and household appliances such as geysers, mixer grinders, toasters and irons.

We like CGCE for its strong growth potential, consistent rise in market share in its key segment coupled with healthy dividend pay-out ratio, strong cash flow generation, lean working capital cycle and robust return ratios. We recommend a Buy on the stock with a target price of Rs. 479.

Buy Crompton Greaves Consumer Electricals Ltd @ 9-12 Months CMP 383.35 TGT 479

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