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Nifty Outlook

Markets ended almost unchanged amid volatility, in continuation to the prevailing consolidation phase. The Nifty index opened with an uptick but it couldn’t hold the gains for long and oscillated in a range thereafter. It finally settled at 18,267.25; up by 0.13%. Meanwhile, mixed performance from the sectoral front kept the participants busy till the end.

Markets have been maintaining a positive tone amid the consolidation bias, thanks to rotational buying in index majors, especially from the banking pack. However, subdued participation from the broader front is still weighing on sentiment. Considering the scenario, we feel it’s prudent to limit positions and focus on sectors/stocks which are showing higher relative strength. Also, maintain strict risk management rules in place citing the possibility of a rise in volatility due to scheduled F&O expiry.

News

* KPIT announced that it has been selected by Renault Group as a strategic software scaling partner for next-generation SDV programs.

* TCS announced that it is extending its sponsorship of the Standard Chartered Singapore Marathon (SCSM) Corporate Challenge for four more years until 2026. This partnership also marks the beginning of TCS’ four-year association as the official mobile app partner.

* M&M Financial Services’ vehicle leasing and subscription business Quiklyz, has signed MOUs with prominent Last Mile Mobility players for leasing over 1000 electric 3-wheelers.

Derivative Ideas

Banknifty gained 0.64% and closed at 42729.10 on 23rd Nov. The index after opening positive found support at 42600 on the back of substantial Put selling. Bank Nifty futures saw the addition in Open Interest suggesting Long Build up. We expect BANKNIFTY to trade with positive bias in the range of 42200- 43000, thus suggesting selling PE as per the given levels.

Strategy:- SELL BANKNIFTY 01 DEC 41800 PE @ 68-70, STOP LOSS 100, TARGET 10.

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