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Nifty Outlook

Markets took a breather and gained over half a percent on the weekly expiry day. The benchmark opened with a down gap tracking weak global cues and traded lackluster in the first half. However, the tone changed with a strong rebound in the select index majors from the energy, banking and IT pack in the latter half. Consequently, the Nifty ended near day's high to close at 16,500 levels. The broader indices, midcap and smallcap, ended higher in the range of 0.2-0.4%.

Markets have been witnessing volatile swings in a broader range and most sectors are trading in tandem with the trend. We reiterate our cautious stance and recommend focusing more on sector/stock selection. Among sectors, auto and oil&gas looks strong to us while metals may continue to trade subdued so plan your positions accordingly.

* Infosys announced a global strategic collaboration with TK Elevator, one of the world’s leading elevator companies based out of Düsseldorf, Germany. The global seven-year collaboration is an extension of the successful modernization of TK Elevator’s IT infrastructure in Europe and Africa.

News

* Tanla, a leading global CPaaS provider, and Kore.ai, the world’s leading enterprise conversational AI software platform and solutions company, announced an exclusive partnership in five countries – India, United Arab Emirates, Indonesia, Vietnam, and Philippines.

* Ramco Systems, a global aviation software provider, announced that it has successfully gone live at Iraqi Airways, the national carrier of Iraq with its Aviation M&E MRO Suite V5.9, thereby completely digitalizing all core business processes in the company. Ramco’s next-gen digital platform offers Iraqi Airways real-time data availability ensuring 100% aircraft airworthiness on the release.

* SBILIFE has formed a fresh buying pivot while holding firmly above the support zone of multiple moving averages on the daily chart. The prevailing buoyancy in the other life insurers is added positive. We thus recommend initiating fresh longs within the mentioned zone.

Derivative Ideas

GUJGASLTD has seen good long build up. An Open interest surge of around 14% seen in the scrip with a positive price movement. We expect the stock to rally toward 525 in the short term.

Strategy:- Buy GUJGASLTD in cash market at 488-90, sloss at 474, trgt 520.GUJGASLTD has seen good long build up. An Open interest surge of around 14% seen in the scrip with a positive price movement. We expect the stock to rally toward 525 in the short term.

Strategy:- Buy GUJGASLTD in cash market at 488-90, sloss at 474, trgt 520

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