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Nifty Outlook

Markets remained volatile and ended marginally lower, in absence of any major trigger. After the initial uptick, the Nifty index inched gradually lower as the session progressed and finally settled at 18,157 levels. The majority of sectors traded in line with the benchmark and ended flat to marginally lower. Meanwhile, the broader indices underperformed and lost over half a percent each.

The recent market move indicates caution among the participants amid mixed signals from the global front. However, rotational buying across sectors is helping the index to maintain a positive tone. Amid all, we feel the prudent approach is to look for stock-specific opportunities for trading until Nifty regains momentum.

News

* Tata Motors reported its Q2FY23 results with its revenue at Rs 79,611 Cr up by 29.7% YoY, its EBITDA came in at Rs 5,572 Cr up by 35.3% YoY and reported a loss of Rs 898 Cr vs Rs 4,415 Cr a year ago.

* APL Apollo Tubes reported its Q2FY23 results with its revenue at Rs 3,969 Cr up by 28.7% YoY, its EBITDA came in at Rs 232 Cr up by 4.5% YoY and reported a net profit of Rs 150 Cr up by 2.7% YoY.

* 3M India reported its Q2FY23 results with its revenue at Rs 977 Cr up by 16.3% YoY, its EBITDA came in at Rs 123 Cr up by 33.7% YoY and reported a net profit of Rs 106 Cr up by 65.4% YoY.

Derivative Ideas

Nifty shed 0.25% and closed at 18157 on 9th Nov. The index after opening positive witnessed some profit taking at higher levels. The move happened on the back of addition of Fresh Shorts in its FUTS and significant Call selling at 18200 and beyond strikes. We expect NIFTY to find resistance at higher levels thus suggesting selling CE as per the given levels.

Strategy:- SELL NIFTY 17 NOV 18600 CE @ 28-30, STOP LOSS 50, TARGET 5.

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