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Nifty Outlook

Markets started the week on a robust note and gained over a percent, tracking firm global cues. After the gap-up start, the Nifty hovered in a narrow range for most of the day and buying in the last hour helped the index to reclaim 18,000 levels. Healthy buying was witnessed across sectors while the broader indices continue to trade mix.

The buoyancy in the global markets, especially the US, combined with favourable domestic cues is helping the markets to maintain the prevailing recovery. And, we expect the Nifty to regain momentum above the 18,100 level. In line with the trend, participants should look for buying opportunities on every dip and avoid contrarian trades.

News

* Bharti Airtel announced its Q2FY23 results with its revenue at Rs 34,527 Cr up by 21.9% YoY, it reported EBITDA at Rs 17,796 Cr up by 27.8% YoY and reported a net profit of Rs 2,145 Cr up by 89.2% YoY.

* L&T announced its Q2FY23 results with its revenue at Rs 42,763 Cr up by 23.0% YoY, it reported EBITDA at Rs 6,368 Cr up by 16.1% YoY and reported a net profit of Rs 2,229 Cr up by 22.5% YoY.

* TCI Express announced its Q2FY23 results with its revenue at Rs 310 Cr up by 13.3% YoY, it reported EBITDA at Rs 52 Cr up by 15.6% YoY and reported a net profit of Rs 38 Cr up by 11.8% YoY.

Derivative Ideas

Nifty futures have seen fresh long buildup in Nov contracts. Huge put writing also seen at 17900 strike, we expect nifty to be in 17900-18300 levels in short term.

Strategy:- SELL NIFTY 3 NOV 17800 PE @ 48-50, STOP LOSS 75, TARGET 10.

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