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Nifty Outlook

Markets ended higher in a volatile trading session, taking a breather after the recent decline. After the flat start, the benchmark oscillated in a narrow range and finally ended closer to the day’s high. Meanwhile, sectoral indices traded mixed wherein recovery in FMCG, IT and select financial majors helped the index to close higher while a sharp decline in metals, PSU banks and media pack capped the upside. On the flip side, the broader indices, midcap and smallcap remained under pressure and ended lower in the range of 2.2-3.1%

We feel it’s just a pause after the sharp decline and participants should look for shorting opportunities in case Nifty witnesses any rebound towards the 15,550-15,700 zone. For cues, the performance of the global indices and crude movement will remain in focus.

News

* Engineers India has won three separate projects from specialized chemicals, sunrise and infrastructure sectors. It will provide consulting services and the estimated order value of these projects is approximately Rs 80cr.

* NIIT announced that its life sciences division, NIIT Life Sciences has entered into a multi -year learning services agreement with a Swiss multinational leader in healthcare. Under the agreement, NIIT will provide a full range of learning services to clients to help streamline their regulatory operations using Veeva Vault RIM.

* Anup Engineering has announced that it has received orders of Rs.102.9cr from Public Sector Refinery for Thermal & Mechanical Design, Detailed Engineering, Fabrication, Procurement, Testing, Inspection, Painting and Supply of Heat Exchanger.

Derivative Ideas

INDUSINDBK shed 2.83% and closed at 784.05 on 20th June. Broadly the stock has been witnessing pressure after finding resistance at 1000 levels. Now the stock has given a fresh breakdown from the neckline of H&S chart pattern at 840 levels. With every downtick in price, the stock saw good addition of OI suggesting Fresh Shorts in its FUTS. The chart indicators pointing towards the fall accelerating further. We thus suggest creating Shorts as per the given levels.

Strategy:- BUY INDUSINDBK 780 PE @ 15-17, STOPLOSS 10, TARGET 28.

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