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Nifty Outlook

Markets extended gains for yet another session and rose over half a percent. After the initial gap-up start, Nifty oscillated in a range and finally settled closer to the day’s high to close at 18,145.40 levels. Most sectors contributed to the up move where IT, metal and pharma were among the top gainers. Amid all, the market breadth was inclined slightly on the advancing side, due to the underperformance of the smallcap pack.

Nifty has reclaimed the 18,100+ zone almost after seven months and it is likely to continue this tone however we can’t ignore the possibility of an intermediate pause or dip. Besides, the upcoming events viz. the outcome of the US Fed meet and MPC’s special meet will keep the volatility high. Participants should maintain the “buy on dips” approach and stick with the sectors which are participating in the move.

News

* Kansai Nerolac announced its Q2FY23 results with its revenue at Rs 1,931 Cr up by 19.2% YoY, it reported EBITDA at Rs 199 Cr up by 22.1% YoY and reported a net profit of Rs 111 Cr up by 27.4% YoY.

* UPL announced its Q2FY23 results with its revenue at Rs 12,506 Cr up by 18.3% YoY, it reported EBITDA at Rs 2,768 Cr up by 35.4% YoY and reported a net profit of Rs 813 Cr up by 28.4% YoY.

* Sun Pharma announced its Q2FY23 results with its revenue at Rs 10,809 Cr up by 13.1% YoY, it reported EBITDA at Rs 2,814 Cr up by 10.0% YoY and reported a net profit of Rs 2,262 Cr up by 10.5% YoY.

Derivative Ideas

Nifty Futures have seen fresh long builtup of around 8% Open interest. Put writing seen at 18000 strike, we expect nifty to be in 18000 to 18350 range.

Strategy:- SELL NIFTY 3 NOV 18000 PE @ 45-48, STOP LOSS 75, TARGET 10.

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