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Nifty Outlook

Markets started the week on a feeble note and lost over half a percent, in continuation to the previous session’s fall. After the initial decline, Nifty traded in a narrow band till the end and settled closer to the day’s low at 18,159.95 levels. Most sectoral indices traded in line with the benchmark and ended lower wherein realty, IT and energy were the top losers.

Participants should see the dip as normal profit taking after the recent surge and we expect the 17950-18050 zone to act as immediate support in Nifty. While we’re seeing a mixed trend across sectors, resilience in the banking space is playing a critical role in capping the damage so far. We recommend continuing with a stock-specific trading approach and maintaining positions on both sides.

News

* Bharti Airtel announced the launch of its cutting edge 5G services in Guwahati. The services will be available to customers in a phased manner and as of now customers with 5G enabled devices will enjoy high speed Airtel 5G Plus network at no extra cost until the roll out is more widespread.

* Alembic Pharmaceuticals announced that it has received final approval from the USFDA for its Abbreviated New Drug Application, Nifedipine Extended-Release Tablets USP, 30 mg, 60 mg and 90 mg.

* Infosys Foundation announced the inauguration of the Infosys foundation sports park in Bengaluru, India. The Honorable Home Minister of Karnataka Mr. Araga Jnanendra Kumar inaugurated the sporting facility.

Derivative Ideas

Nifty shed 0.81% and closed at 18159.95 on 18th Nov. The index witnessed selling pressure throughout the day. The move happened on the back of addition of fresh shorts in its futures. With significant Call selling at 18200 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 18400 CE @ 28-30, STOP LOSS 45, TARGET 5.

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