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Nifty Outlook

Markets extended gains for yet another session and rose nearly half a percent. After the flat start, the Nifty index gradually inched higher however profit taking in the latter half trimmed the gains. Finally, it ended at 18,618.05; up by 0.3%. Meanwhile, the sectoral indices traded mixed wherein FMCG and metal posted healthy gains. The broader indices underperformed the benchmark and shed over half a percent each. Markets have been maintaining a positive tone, thanks to rotational buying in index majors. However, mixed global cues and the existence of a hurdle around 18700 in Nifty may cap the upside and trigger some consolidation too. Apart from banking and IT, we’re seeing buying interest emerging in the defensive pack viz. FMCG and selectively in pharma. Traders should align their positions accordingly.

News

Britannia has entered into a Joint Venture Agreement with Bel SA, France to undertake the development, manufacturing, marketing, distribution, trading and selling of cheese products in India and certain other countries.

Tata Motors announced that it has joined hands with IndusInd Bank to offer an exclusive EV Dealer Financing solution to its authorized passenger EV dealers. Under this scheme, IndusInd Bank will provide additional inventory funding with attractive pricing to authorized passenger EV dealers of Tata Motors.

Cipla announced the launch of Leuprolide Acetate Injection Depot 22.5mg. The injection is indicated for palliative treatment of advanced prostate cancer.

Derivative Ideas

Nifty gained 0.30% and closed at 18618.05 on 29th Nov. The index after opening flat managed to make a new lifetime high for the second consecutive day before facing resistance on the higher levels due to unwinding of some longs from its futures. With significant Call selling seen at 18700 weekly strike, we expect NIFTY to consolidate in the range of 18300-18700, thus suggesting selling CE as per the given levels.

Strategy:- SELL NIFTY 08 DEC 19000 CE @ 38-40, STOP LOSS 60, TARGET 10.

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