IGI Logo

Nifty Outlook

Markets traded dull and ended marginally lower, taking a breather after the recent surge. After the flat start, profit taking pushed the index gradually lower however marginal rebound in the final hours trimmed losses. Consequently, the Nifty index settled at 18,075; down by 0.38%. Most sectoral indices traded in tandem with the benchmark and ended with a marginal cut. Meanwhile, movement on the stock-specific front kept participants busy till the end.

Markets will react to the outcome of the US Fed meet in early trades and then the focus would shift to the MPC’s special meet. The outcome of these events could trigger some volatility but the market tone is likely to remain positive. We thus recommend focusing more on accumulating quality stocks on dips.

News

* Kajaria Ceramics announced its Q2FY23 results with its revenue at Rs 1,078 Cr up by 10.7% YoY, it reported EBITDA at Rs 129 Cr down by 28.5% YoY and reported a net profit of Rs 69 Cr down by 42.3% YoY.

* Dalmia Bharat announced its Q2FY23 results with its revenue at Rs 2,971 Cr up by 15.1% YoY, its volumes 5.8 MnT up by 13.7% YoY and its EBITDA/T came in at Rs 655 Cr down by 46.1% YoY.

* Adani Transmission announced its Q2FY23 results with its revenue at Rs 3,252 Cr up by 28.0% YoY, it reported EBITDA at Rs 1,164 Cr up by 22.0% YoY and reported a net profit of Rs 195 Cr down by 32.7% YoY.

Derivative Ideas

ITC has witnessed good fresh long buildup at 350 levels. It added round 2% open interest as fresh longs. We expect ITC to trade in 345-360 range.

Strategy:- SELL ITC 24 NOV 345 PE @ 4.5-5, STOP LOSS 8, TARGET 2.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ000174330

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer