Actionable: Buy HDFC bank & Lauras Lab
From the Advisory Desk :Vikash Sahay
02nd July 2020
Market Outlook: Dow Jones gave up the early gains of the day and closed 75 points in red as the COVID cases rose significantly in California and Arizona. Asian markets are trading in green by half a percent and SGX Nifty is up by 70 points. Gold hovers around the level of $ 1800, VIX at 28 and FIIs have sold stock worth Rs 6500 in last six trading sessions. Today being a weekly expiry, we expect the Nifty to be in the range of 10200-10600 and Bank Nifty to be in the range of 21200-23000.
Actionable: Buy HDFC bank & Lauras Lab.
SGX NIFTY: +70 (prev.close 10399)
NIFTY 50 : 10430
Sensex : 35414
FII: -1696 Cr
DII: +1377 Cr
Advances: 1481 / Declines: 1305
Dollar: $ 75.59
Gold: $1778 per ounce
Crude: $42.03 per barrel
10 year US bond rate: 0.68
10 year Indian Bond rate: 5.84
Dixon Tech: Enters into a new line of business to manufacture set top boxes. Total investment will be Rs 40—50 lakh and company expects a revenue of Rs 100-150 crore in fiscal 2021.
Laurus labs: Laurus Labs completed the acquisition of the South Africa-based Phekolong Pharmaceuticals. Laurus now holds 100% share of Phekolong making the latter its wholly-owned subsidiary. The deal will give access to south African national public sector antiretroviral treatment programme.
Derivative View – VIX closed at 28.11. Max Put OI is at 10300 then 10000 Max Call OI is at 10500 then 10600. Option data suggests a wider trading range between 10000 to 10600.