Actionable: Buy Havells, DLF, ICICI Lombard, Kotak mahindra bank.

From Advisory Desk : Vikash Sahay

6th September 2021

Market Outlook: On Friday, Nifty Metal, IT stocks and Heavy weight Reliance industries led Nifty to surpass 17300 levels ending the week on a strong note gaining 3.70%. FIIs have bought stocks amounting over Rs. 6,800 crore in the last week. Today, US Markets would be closed due to Labour day. Asian markets have started the week on mixed note, with SGX Nifty up by 40 points. We may see some sectorial shift and the ongoing momentum to contiune however may see some profit booking near 17,500- 17,600 which acts as an immediate resistance zone.

Actionable: Buy Havells, DLF, ICICI Lombard, Kotak mahindra bank.

Global market:
DOW:  -74
SGX NIFTY:  +10  (prev.close 17359)
NIFTY 50 : 17323
Sensex : 58129

Institution:
FII:                     +769 Cr
DII:                     +669 Cr

NSE:
Advances: 1668 / Declines: 1532

Currency:
Dollar: $ 73.02
Dollar Index: 92.16

Commodity:
Gold: $1830  per ounce
Crude: $71.85  per barrel

Bonds:
10 year US bond rate: 1.33
10 year Indian Bond rate: 6.16

Derivative:
PCR: 0.84
VIX:  14.54

Updates:

ICICI Lombard: Company on Friday said that IRDAI has given its final approval for the demerger of the general insurance business of Bharto AXA General insurance to itself by way of a scheme of arrangement. Last year, ICICI lombard entered into a definitive agreement to acquire Bharti AXA general insurance in an all stock transaction.

Dr reddy’s: Enters into definitive agreement with Citius Pharma to sell its rights to anti cancer agent E7777( Denileukin diftitox). It will receive an upfront payment of $40 million, milestone payment of upto $40 and $70 for additional indication approvals. Further, dr.reddy’s will receive certain sales based milestones and tiered earn-out payouts.

M&M financial services: Company had given monthly business update for August month. The total disbursements at Rs.2,150 crore delivered 57% YoY growth on low base, collection efficiency improved to 97% from 95% in july month. Company witnessing a meaningful reduction in NPA contracts during the month as customer cash flows improved and expecting the downward trajectory to continue in coming months.

Reliance industries: As per reports, company prepares a $5.7 billion non binding bid to acquire a controlling stake in T- mobile Netherlands BV, the country’s largest telecom operator.

Securities in BAN: IBUHSGFIN.

Derivative View : VIX closed at 14.54. Max Put OI is at 17000 then 17200. Max Call OI is at 17500 then 17400. Option data suggests a trading range between 17000 to 17500.

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