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Nifty Outlook

The equity markets traded nervously ahead of the US Fed meet outcome. While strength was seen in the morning, selling pressure in the second half dragged the indices lower. The broader markets outperformed wherein Midcap and Smallcap ended with healthy gains of 0.5% each. Amongst the sectors, Auto, Capital Goods, and Healthcare ended with gains whereas Metal, Oil & Gas and Power ended with losses.

All eyes would be on the US Fed meet outcome. The street seems to be divided over the quantum of rate hike between 50-75 bps. Apart from this, commentary from the US Fed would also be actively tracked by the investors. Meanwhile, participants should remain light and wait for clarity.

News

* PNB Housing Finance said the board of directors approved issuance of non-convertible debentures aggregating up to Rs 2,000 cr on private placement basis.

* JSW Steel reported the Crude Steel production for the month of May, 2022 at 17.89 lakh tonnes, which grew by 31% YoY on standalone basis.

* GR Infraprojects' subsidiary GR Bandikui Jaipur Expressway Private Limited has executed the concession agreement with the National Highways Authority of India.

Derivative Ideas

GRASIM gained 1.71% and closed at 1331.7 on 15th June. The stock after being in corrective bias of late is now trying to stabilize near its support at 1290-1300 levels.On hourly charts, the stock has given a descending triangle breakout at 1315. Holding 1290, we anticipate a good move on the upside and thus suggest initiating Longs as per the recommended levels.

Strategy:- BUY GRASIM @ 1315-1320, STOPLOSS 1287, TARGET 1390.

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