We expect the index to respect 17,300 levels - Religare Broking
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Nifty Outlook:
Markets witnessed a swift rebound and gained half a percent, taking a breather after the recent dip. After the initial downtick, the benchmark inched gradually higher as the session progressed and finally settled around the day’s high. Mostly sectoral indices participated in the move wherein banking, auto and metal were among the top gainers. In line with the move, the market breadth was also inclined towards the advancing side.
The recovery indicates that bulls are not in the mood to surrender easily and we expect the rebound to extend further till the Nifty upholds 17,300. However, mixed global cues combined with scheduled monthly expiry of August month contracts would continue to keep the participants on the edge. We thus recommend staying light and waiting for some stability.
News:
* Godrej Agrovet has signed a memorandum of understanding (MoU) with Assam, Manipur and Tripura governments for the development and promotion of oil palm cultivation.
* Sterling and Wilson Renewable Energy announced that it has bagged a big order from National Thermal Power Company (NTPC).
* Maharashtra Seamless announced that it has received an order with basic value of Rs 197 cr for casing pipes from ONGC Ltd. ONGC Ltd. will utilise these pipes for its oil and gas exploration activities in Rajasthan, Gujarat, Andhra Pradesh, Assam and Tripura.
Derivative
NIFTY gained 0.5% and closed at 17577.50 on 23rd Aug. The index, after a pullback, resumed its upward journey and traded with positive bias throughout the day. NIFTY FUTS saw good addition of longs with 17400, 17500 PE adding significant OI making 17450-17500 to look out for as support. We expect NIFTY to trade with positive bias in the range of 17450-17750 in the short term and thus suggest selling PE as per the given levels.
Strategy:- SELL NIFTY 25 AUG 17400 PE@48-50, STOP LOSS 75, TARGET 5
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