From Advisory Desk : Vikash Sahay
23rd September 2020 : Market Outlook: After consecutive day of sell off, IT stocks led to post gains in NASDAQ by 1.7% and Dow closed higher by 0.5%. However, Asian markets continued to remain flat to negative and SGX NIFTY up by mere 15 points. Yesterday we saw selling in all sectors, while IT tried to remain positive. FIIs have sold 2500 cr in last 2 days. Markets remain under pressure however IT and pharma are showing some resilient.
Actionable: Buy HCL Tech, Cipla
SGX NIFTY: +5 (prev.close 11160)
NIFTY 50 : 11153
Sensex : 37734
FII: -2073 Cr
DII: +879 Cr
Advances: 692 / Declines: 1946
Dollar: $ 73.58
Gold: $1907 per ounce
Crude: $41.45 per barrel
10 year US bond rate: 0.67
10 year Indian Bond rate: 6.00
Tata Group Companies: Shapoorji Pallonji Group stated before supreme court that a separation from the Tata Group is necessary due to the potential impact of the continuing litigations on the livelihoods and the economy. The statement comes after the Supreme Court barred the Mistry group from pledging or selling any Tata shares until October 28.
Reliance industries: Reliance Jio offers new post paid plans lower than the competitors along with add ons such as family connections, international roaming and OTT platforms. Very attractive and aggressive plans.
Derivative View : VIX closed at 21.14. Max Put OI is at 11200 then 11000. Max Call OI is at 11400 then 11500. Option data suggests a wider trading range between 11000 to 11500.