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Nifty Outlook

Markets consolidated in a narrow range and ended almost unchanged, taking a breather after the recent fall. After the initial decline, Nifty rebounded after retesting the previous session’s low and remained range bound thereafter to finally close at 18,244.20 levels. Most sectoral indices traded in line with the benchmark and closed flat.

In absence of any major event, the performance of the global indices especially the US will dictate the market trend. Besides, the upcoming expiry of November month derivatives contracts would keep the participants busy. Meanwhile, we suggest continuing with a stock-specific trading approach and focusing on sectors that are showing resilience in the recent dip.

News

* As per the data released by the Telecom Regulatory Authority of India for the month of September, subscriber market share for Jio’s was at 36.66%, followed by Airtel with 31.80% share and Vodafone-Idea with 21.75%.

* Infosys announced a strategic collaboration with Envision AESC. Through this, the company will help develop a cloud based platform to digitize and automate manual processes at Envision AESC’s EV battery manufacturing plants.

* Maruti Suzuki launched a new model for Eeco which has been innovatively engineered and developed as a dual-purpose vehicle to cater to the evolving needs of customers.

Derivative Ideas

ITC gained 0.90% and closed at 340.25 on 22nd Nov. Off late the stock has been witnessing some correction after attempting its lifetime highs. But now the stock is looking to find support at its crucial MAs. With fresh long formation of nearly 10-12% in its FUTS, we believe ITC is poised to resume its uptrend and thus suggest selling PE as per the given levels.

Strategy:- SELL ITC 29 DEC 325 PE @ 2.8-3, STOP LOSS 4, TARGET 1.

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