Sell Nifty 24 Nov 18600 CE @ 43-45, STOP LOSS 60, TARGET 10 - Religare Broking
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Nifty Outlook
Markets remained range bound and lost nearly half a percent amid mixed cues. The Nifty index traded dull in a narrow range for most of the session however decline in the last half an hour pushed the index in the red. It finally settled at 18,343.9; down by 0.4%. The decline was widespread wherein auto, media and IT lost over a percent each. The broader indices too remained under pressure and lost nearly half a percent each.
The recent market structure is pointing towards the possibility of some profit taking or consolidation ahead. However, we expect Nifty to hold the 17800-18100 zone. The prevailing underperformance on the broader front is already hurting sentiment and it might deteriorate further during the corrective phase. We thus reiterate our view to remain selective and focus on position sizing.
News
* Tata Motors announced that it has bagged a prestigious order of 1000 buses from Haryana Roadways. Tata Motors will supply the 52-seater fully built BS6 diesel buses in a phased manner.
* Tata Consultancy Services announced that it has expanded its partnership with Randstad, to modernize the latter’s application estate on the cloud, strengthen the security posture and accelerate its growth and transformation journey.
* UltraTech announced the commencement of the third Birla White Wall Care Putty plant at Nathdwara, Rajasthan with a capacity of 4 LMT per annum, at a total cost of Rs 187 Cr. The Company now has a Wall Care Putty capacity of 13.0 LMT per annum, further strengthening its position in the markets.
Derivative Ideas
Nifty shed 0.36% and closed at 18343.90 on 17th Nov. The index after opening flat consolidated in a narrow range. Nifty Futures saw an addition in Open Interest of around 1.8% suggesting short built up. With significant Call writing at 18300 and above strikes, we expect NIFTY to find resistance at the higher levels, thus suggesting selling CE as per the given levels.
Strategy:- SELL NIFTY 24 NOV 18600 CE @ 43-45, STOP LOSS 60, TARGET 10.
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