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Nifty Outlook

Markets gained nearly half a percent in a volatile trading session, in continuation of the prevailing trend. The Nifty index traded lackluster for most of the session however a sharp surge in the last half an hour pushed the index to the day’s high. It finally settled at 18,403.40; up by 0.4%. Most of the sectoral indices traded in tandem with the benchmark and ended with modest gains however the underperformance continued on the broader front.

Participants are maintaining a cautious stance around the record high which is reflecting in the market move. However, selective buying in the index majors on a rotational basis is helping the index to hold gains and gradually inch higher as well. We thus maintain our view to continue to follow the uptrend until Nifty holds 17,800 and look for buying opportunities on dips

News

* Godrej Properties announced that it has achieved sales worth INR 500 crore through the launch of its new project, Godrej Woodsville in Hinjewadi, Pune. The company, till date has sold 675+ homes accounting for an area of over 6.90 lakh square feet for the project launched in September 2022.

* India's October trade deficit widens to USD 26.91 Bn. India's merchandise exports fell to USD 29.78 Bn from USD 35.45 Bn in September. Exports in October 2021 stood at USD 35.73 Bn. Merchandise imports declined to USD 56.69 Bn from USD 61.16 Bn in the same period, the data showed. Imports in October 2021 stood at USD 53.64 Bn.

* Syngene announced that the US Food and Drug Administration (FDA) has conducted its pre-approval inspection of the Biologics facility at Bangalore. The inspection was completed successfully without 483 observations.

Derivative Ideas

Nifty added around 2.5% and closed at 18450 on 14th Nov. The index after opening flat consolidated in a narrow range. Nifty FUT saw an addition in Open Interest suggesting fresh long built up. With significant Put writing at 18300 strike, we expect NIFTY to be in the 18300 to 18600 range, thus suggesting selling PE as per the given levels.

Strategy:- SELL NIFTY 24 NOV 18200 PE @ 70-75, STOP LOSS 95, TARGET 30.

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