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Nifty Outlook

Markets traded lackluster and ended almost unchanged, in continuation to the prevailing consolidation phase. After the flat start, the Nifty index oscillated in a narrow range till the end and settled at 17,539.45 levels. Most sectoral indices traded in sync with the index and closed flat

Markets may consolidate further amid feeble global sentiment however mixed trend across sectors is offering ample trading opportunities. The buoyancy in the banking and financial pack is playing a critical role so far and we expect this outperformance to continue ahead as well. Meanwhile, we suggest focusing more on stock selection and utilising dips to add quality stocks.

News

* IndusInd Bank announced a strategic partnership with Asian Development Bank to support and promote Supply Chain Finance solutions in India.

* UPL Corporation, the flagship company of UPL Ltd for global operations, announced that its Board of Directors has appointed Mike Frank as the Chief Executive Officer of UPL’s Global Crop Protection business that manages all CP assets outside of India.

* Natco Pharma board has approved to sell the investment of 15% of shareholding in Joint Limited Liability Company (JLLC) “Nativita”, for an amount of 3,45,000 Euros to M/s. “Pharmasyntez-Nord” Joint Stock Company, a legal entity under the laws of the Russian Federation subject to the approval of the Statutory and Regulatory Authorities.

Derivative Ideas

NIFTY shed 0.02% and closed at 17539.45 on 2nd Sep. The index traded sideways throughout the day. Fresh Shorts seen in the FUTS with CE writing seen at 17600 and beyond strikes. We expect NIFTY to trade with negative bias in the range of 17300-17750 and thus suggest selling CE as per the given levels

Strategy:- SELL NIFTY 8 SEP 17900 CE @48-50 STOP LOSS 75, TARGET 10.

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