Actionable: Buy Axis bank, SBI Life, BEL.

Insight Online News

From Advisory Desk : Vikash Sahay

17th September 2021

Market Outlook: Nifty making new highs each day supported by reforms announced by the government like PLI schemes, telecom relief package, bad bank etc which will argue well for the economy and markets going forward. Yesterday, govt had announced the formation of bad bank and extension of sovereign guarantee upto Rs.30,600 crore, which will free up capital for banks and allow them to focus on credit growth. US markets closed on flat. Asian markets are trading in mix, with SGX nifty up by 90  points. Gold has come down sharply and trading near $1750, as dollar index surged to 92.90.  Overall, we expect the momentum to continue with immediate support for Nifty at 17500 and Banknifty at 37500.

Actionable: Buy Axis bank, SBI Life, BEL.

Global market:
DOW:  -63
SGX NIFTY:  +90  (prev.close 17605)
NIFTY 50 : 17629
Sensex : 59141

Institution:
FII:                     +1622 Cr
DII:                     -795 Cr

NSE:
Advances: 1626 / Declines: 1654

Currency:
Dollar: $ 73.52
Dollar Index: 92.92

Commodity:
Gold: $1756  per ounce
Crude: $75.65  per barrel

Bonds:
10 year US bond rate: 1.34
10 year Indian Bond rate: 6.17

Derivative:
PCR: 0.84
VIX:  14.41

Updates:

Kotak mahindra bank: Has acquired the vehicle financing loan portfolio of Volkswagen. With this acquisition, kotak will gain access to over 30k high quality customers with a total loan outstanding amount of around Rs.1340 crore.

Biocon: Biocon biologics and Serum institute life sciences announced strategic alliance. Under the terms of the agreement, Biocon biologics will offer approximately 15% stake to SILS, at a post money valuation of $4.9 billion, for which it will have access to 100 million doses of vaccine annually for 15 years and commercialization rights of the SILS vaccine portfolio for global markets.

Securities in BAN: ESCORTS, EXIDEIND, NALCO, SAIL, SUN TV, ZEEL.

Derivative View : VIX closed at 14.41. Max Put OI is at 17400 then 17500. Max Call OI is at 17800 then 17700. Option data suggests a trading range between 17400 to 17800.

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