The recent move in the index indicates consolidation amid feeble global - Religare Broking
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Nifty Outlook
Markets traded volatile on the weekly expiry day and lost over half a percent due to profit taking across sectors. After the initial uptick, the Nifty index slipped gradually lower as the day progressed and finally settled around the day’s low to close at 17,866.7; down by 0.7%. A mixed trend was witnessed across sectors wherein auto and energy showed decent traction while IT and healthcare remained under pressure.
The recent move in the index indicates consolidation amid feeble global cues however the bias is still on the positive side. Meanwhile, we recommend continuing with the “buy on dips” approach and focusing on sectors/themes which are seeing buying interest on a rotational basis
News
* NTPC declares the entire capacity of 20 MW Auraiya Floating Solar PV Project at Auraiya, UP, as commercially operational w.e.f. September 16.
* Alkem Labs receives Form 483 from US FDA with two observations for St. Louis, USA manufacturing unit.
* Larsen & Toubro bags orders worth Rs 1,000-2,500 cr from Odisha government. The water & effluent treatment business of L&T Construction has secured a repeat order from the Department of Water Resources, Government of Odisha, to execute a pressurized underground pipeline irrigation network system for the Right Command of Lower Suktel Irrigation Project.
NIFTY
NIFTY shed 0.7% and closed at 17877.40 on 15th Sep. The index traded with negative bias throughout the day on the back of addition of shorts in its FUTS. Fresh Call writing is also evident at higher strikes. We expect Nifty to face resistance around 18100 levels and consolidate in the range of 17700-18100 in the short term thus suggesting selling CE as per the given levels.
Strategy:- SELL NIFTY 22 SEP 18300 CE @38-40, STOP LOSS 60, TARGE5.
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