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Nifty Outlook

Markets settled almost unchanged in a volatile trading session, in absence of any major trigger. After the initial uptick, the Nifty oscillated in a narrow range and finally settled at 17,576.30 levels. On the sectoral front, a mixed trend was witnessed where banking pack and realty posted decent gains whereas others traded subdued.

Markets have been showing resilience amid mixed cues however the participation is largely restricted to select sectors and stocks. Besides, inconsistency on the global front is also keeping the momentum in check. We reiterate our to stick with the top performers while keeping a check position size.

News

* JSW Steel reported 2QFY23 numbers wherein revenue grew by 29% YoY to Rs.41,778 crore. It reported a loss of Rs 915 crore as compared to a consolidated net profit of Rs.7,179 crore.

* Bajaj Finserv total income for the 2QFY23 grew by 15.5% to Rs 20,803.2 crore. The company recorded nearly 39% YoY growth in consolidated profit at Rs.1,557 crore largely led by its subsidiary Bajaj Finance.

* IDBI Bank 2QFY23 NII grew by 48% YoY and NIM improved by 135bps YoY. The bank NNPA stood at 1.15% which declined by 56bps YoY.

Derivative Ideas

NIFTY gained 0.07% and closed at 17576.30 on 21st Oct. The index consolidated with positive bias for a major part of the day. Selling seen in near the money options reflects the same. We expect Nifty to trade with positive bias in the range of 17450-17700 in the short term thus suggesting selling PE as per the given levels.

Strategy:- SELL NIFTY 27 OCT 17200 PE @ 28-30 STOP LOSS 50, TARGET 5.

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