IGI Logo

Nifty Outlook

Markets witnessed erratic swings throughout the weekly expiry day and finally settled on a flat note. The beginning was upbeat; thanks to firm global cues however the updates on lingering geopolitical tension between China-Taiwan led to nervousness and triggered a sharp dip. The situation improved gradually as the day progressed, with noticeable traction in the IT, pharma, metal and FMCG pack. Finally, the Nifty index closed almost unchanged at 17,382 levels. Meanwhile, broader indices traded mixed wherein midcap gained over half a percent while smallcap slipped in the red.

Markets will be closely eyeing the outcome of MPC’s monetary policy meet on Friday. Before that, the performance of the global indices amid the fresh developments on China-Taiwan tension would dictate the trend in early trades. On the index front, the Nifty has been seeing consolidation on the expected lines however rise in the volatility is making life tough for the traders. We recommend preferring hedged positions and focusing on the defensive pack as well.

News

* Britannia posted Q1FY23 revenue at Rs 3,701cr, up by 8.7% YoY. The net profit de-grew by 13.2% YoY to Rs 336cr.

* BHEL Q1FY23 revenue was up 61% YoY to Rs 4,672cr as against Rs 2,901cr in Q1FY22. It reported loss of Rs 192cr as against loss of Rs 445cr in the same quarter last year.

* Adani Total Gas Q1FY23 revenue was up 3% QoQ to Rs 1,042cr. Its net profit jumped 70.6% QoQ to Rs 138cr.

Derivative Ideas

INFY gained 2.16% and closed at 1599.9 on 4th Aug. The stock has been moving higher after finding the support at 1420-1440 zone with incremental volumes. Now Fresh Longs is seen in its FUTS, we expect INFY to test 1640-1660 levels in the short term and thus suggest buying CE as per the given levels.

Strategy:- BUY INFY 1600 CE @28-30, STOP LOSS 21, TARGET 45.

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