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Nifty Outlook

Markets ended marginally higher in a volatile session, in extension to the recent up move. Firm global cues triggered an upbeat start in Nifty however profit taking at the higher levels capped the upside. Meanwhile, sectoral indices traded mixed wherein rebound in IT and buying in banking and auto kept the tone positive. The broader indices traded in line with the benchmark and closed marginally higher.

We maintain our bullish view on markets and suggest continuing with the “buy on dips” approach. The recent rebound in the US markets is further adding to the comfort. As we’re seeing buying interest across the board, the focus should be more on the best-performing sectors viz. banking, financials, auto and FMCG, and remain selective in the others.

News

* SpiceJet announced that it has appointed Ashish Kumar as the Chief Financial Officer with effect from Sep 9.

* Mahindra Logistics announced that it has acquired 100% stake in V-Link Freight Services Pvt. Ltd for Rs 1cr

* TTK Healthcare board at its meeting elected T.T.Raghunathan, Executive Vice Chairman as Chairman of the Board with executive responsibilities, with effect from 9th September, 2022.

Derivative Ideas

NIFTY gained 0.19% and closed at 17833.35 on 9th Sep. The index consolidated with negative bias giving up its gap up gains. 17900 CE added significant OI making 18000-18050 zone to watch out for resistance. We expect NIFTY to trade in a range of 17700-18000 in the short term and thus suggest selling CE as per the given levels.

Strategy:- SELL NIFTY 15 SEP 18200 CE @33-35, STOP LOSS 55, TARGET 5.

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