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Nifty Outlook

Markets started the week on a firm note on the back of positive global cues. The Nifty index traded with a positive bias throughout the session and ended higher by 0.8% at 14,942 levels. The broader markets too witnessed healthy buying interest as both Midcap and Smallcap ended higher by 1% each. Amongst the sectors, except IT which ended with minor losses, all the other indices ended in the green wherein metals, capital goods and healthcare were the top gainers.

We remain cautiously optimistic on the back of rotational buying in select index majors amid the rising COVID cases. Besides, buoyant global cues are also helping in limiting the downside. Going forward, earnings announcement, macroeconomic data viz. IIP, CPI and WPI data along with COVID-19 updates would remain on participants' radar. Meanwhile, we suggest continuing with the "buy on dips" approach and focusing more on selection of stocks

News

* Lupin announced that it has signed a royalty-free, limited, non-exclusive voluntary licensing agreement with Eli Lilly and Company for manufacturing and selling of Lilly’s drug Baricitinib in India.

* Venkys reported its Q4FY21 numbers wherein revenue was up 42.4% YoY to Rs. 941 cr. Its net profit came in at Rs. 78 cr as against loss of Rs. 97 cr.

* Zydus Wellness reported its numbers wherein consolidated revenue was up 26.8% YoY to Rs. 606 cr. Its net profit jumped 93% YoY to Rs. 133 cr.

Derivative Ideas

BHARATFORG FUTS added around 8% in open interest as LONG buildup was seen in it . Current chart pattern also indicates further up move in its price. We suggest buying in BHARATFORG as per below levels.

Strategy:- BUY BHARATFORG BETWEEN 645-647 STOP LOSS 630 TARGET 674.

Investment Pick - Crompton Greaves Consumer Electricals Ltd.

Crompton Greaves Consumer Electricals (CGCE) is engaged in manufacturing and marketing of a wide range of consumer products ranging from fans, light sources and luminaires, pumps and household appliances such as geysers, mixer grinders, toasters and irons.

We like CGCE for its strong growth potential, consistent rise in market share in its key segment coupled with healthy dividend pay-out ratio, strong cash flow generation, lean working capital cycle and robust return ratios. We recommend a Buy on the stock with a target price of Rs. 479.

Buy Crompton Greaves Consumer Electricals Ltd @ 9-12 Months CMP 377.65 TGT 479

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