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Nifty Outlook

Markets traded under pressure and lost nearly a percent, in continuation to the prevailing consolidation phase. After the weak start, the benchmark drifted further lower and settled around the day’s low. Consequently, the Nifty index settled at 16,058.30; down by 1%. The profit taking was widespread and mostly sectoral indices ended lower. The broader indices also lost nearly half a percent each.

Markets would react to the inflation data, both India and the US in early trades. Besides, the earnings announcement from some of the IT majors would also be in focus. We recommend maintaining a focus on identifying stock-specific opportunities with a bias on the positive side..

News

* Syngene International has entered into an agreement for the purpose of acquisition of renewable power by acquiring equity stake up to 26% in Ampyr Renewable Energy Resources Eleven Private Limited, Special Purpose Vehicle formed by Ampyr India Asset Holdings Private Limited, for generation and supply of solar power.

* Rail Vikas Nigam Limited (RVNL) in named RVNL - SP Singla Constructions Pvt. Ltd. (Consortium) has been awarded Letter of Acceptance (LoA) by National Highways Authority of India (NHAI) regarding Construction of 4 laning of NH-5 from Kaithlighat to Shakral Village in Himachal Pradesh on Hybrid Annuity Mode.

* Eveready Industries India has approved the appointment of Dr. Anand Chand Burman, Mr. Mohit Burman and Mr. Arjun Lamba as Non-Executive Director(s) (Additional Director(s)) of the company, with effect from July 12, 2022.

Derivative Ideas

NIFTY shed 0.97% and closed at 16058.3 on 12th July. The index after opening negative traded weak throughout the day on the back of addition of Fresh Shorts in its FUTS and heavy CE writing at 16100 and beyond levels. We expect NIFTY to trade in 15900-16250 in the short term and thus suggest selling CE as per the given levels.

Strategy:- SELL NIFTY 14 JUL 16300 CE@28-30, STOP LOSS 45, TARGET 5.

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