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Nifty Outlook

In a volatile trading session, the markets opened on a firm note however selling pressure in banking stocks led the benchmark indices to trim it gains. Nonetheless, strong buying in IT, Metal and FMCG sectors supported the Nifty index to end higher by 0.4% at 14,874 levels. The broader markets ended firmly higher with both BSE Midcap and Smallcap ending up with gains of 0.6% and 0.7%.

The updates on the action of state governments to curb the rise in COVID-19 cases would keep investors on the edge. Further, the earnings announcement from Nifty majors next week would also induce stock specific volatility. On the global front, movement in global indices, bond yields, currency and crude oil would be actively tracked.

News

* Alembic Pharmaceuticals announced that its joint venture Aleor Dermaceuticals has received tentative approval from the USFDA for its Abbreviated New Drug Application (ANDA) for Efinaconazole Topical Solution, 10%.

* Kalpataru Power announced that its wholly owned subsidiary Kalpataru Power Do Brasil Participacoes Ltda., Brazil, has completed the acquisition of 51% stake in Fasttel along with management control on 7th April, 2021.

* JSW Steel achieved crude steel production of 4.19 million tons in 4Q FY’21, registering a growth of 2% QoQ and 6% YoY.

Derivative Ideas

HINDALCO FUTS added around 7% in open interest as long buildup was seen in it till closing time. Current chart pattern also indicates further up move in its price. We suggest buying HINDALCO as per below levels.

Strategy:- BUY HINDALCO BETWEEN 360-362 STOP LOSS 350 TARGET 375.

Investment Pick - Crompton Greaves Consumer Electricals Ltd.

Crompton Greaves Consumer Electricals (CGCE) is engaged in manufacturing and marketing of a wide range of consumer products ranging from fans, light sources and luminaires, pumps and household appliances such as geysers, mixer grinders, toasters and irons.

We like CGCE for its strong growth potential, consistent rise in market share in its key segment coupled with healthy dividend pay-out ratio, strong cash flow generation, lean working capital cycle and robust return ratios. We recommend a Buy on the stock with a target price of Rs. 479.

Buy Crompton Greaves Consumer Electricals Ltd @ 9-12 Months CMP 392.5 TGT 479

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