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Nifty Outlook:

Markets extended Friday’s decline and lost nearly one and a half percent, tracking feeble global cues. After the weak start, the benchmark inched gradually lower as the day progressed and finally settled around the day’s low. Consequently, the Nifty closed at 17,490; down by 1.51%. All sectors fizzled under pressure wherein metal, realty and banking were among the top losers.

The fear of aggressive rate hikes by apex banks has started haunting the participants again. Though the Nifty has re-entered the declining broadening pattern, we expect the index to respect 17,300 levels. Meanwhile, we recommend maintaining positions on both sides and giving preference to defensive especially FMCG for long trades while others are reeling under pressure

News

* AstraZeneca Pharma India: has received import and market permission in Form CT-20, the subsequent new drug approval, from the Drugs Controller General of India for Olaparib film-coated tablets.? AstraZeneca Pharma India has received import and market permission in Form CT-20, the subsequent new drug approval, from the Drugs Controller General of India for Olaparib film-coated tablets.

* Gillette India has posted Q1FY23 revenue was up 26.8% at Rs 553 cr versus Rs 436 cr, YoY. Its net profit at Rs 67.6 cr as against Rs 27.5 cr in the same quarter last year.

* Shilpa Medicare's subsidiary Shilpa Biologicals (SBPL) has successfully completed the phase 3 human clinical studies of its first biosimilar, the 100mg/ml high concentration (HC) Adalimumab biosimilar.

Derivative Ideas

NIFTY shed 1.51% and closed at 17490.70 on 22nd Aug. The index witnessed a sharp fall continuing its profit taking after finding resistance at 17950-18000. The down move consists of Fresh Short buildup in its FUTS. We believe the 17700-17750 zone would be a critical hurdle for the index. We expect NIFTY to trade with negative bias in the range of 17300-17700 in the short term and thus suggest selling CE as per the given levels.

Strategy:- SELL NIFTY 25 AUG 17700 CE@53-55, STOP LOSS 75, TARGET 10

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