Actionable: Buy Infosys, Titan, Data Patterns.
Insight Online News
From Advisory Desk 18th August 2023
Market Outlook: US market closed lower for the third consecutive session as worries resurfaced about the likelihood of interest rates staying elevated for an extended period. Additionally, 10-year treasury yields reached their highest level in 16 years, pressuring the rate-sensitive tech sector. Indian market could open lower, largely inline with Asian markets. In the prior session, Nifty faced selling pressure due to weak global cues. However, the Mid & Small cap indices closed positive and continuing their outperformance over benchmark indices, which is a positive sign. Overall, we continue to expect the Nifty to trade in a range with stock-specific action. Today being the Sensex weekly expiry, we expect the range to be 64600/64800-65500/65800.
Actionable: Buy Infosys, Titan, Data Patterns.
Global market:
DOW: – 290
GIFT NIFTY: + 20 (prev. close 19283)
NIFTY 50 : 19365
Sensex : 65151
Institution:
FII: – 1511 Cr
DII: – 314 Cr
NSE:
Advances: 1782 / Declines: 1802
Currency:
Dollar: $ 83.15
Dollar Index: 103.28
Commodity:
Gold: $ 1923 per ounce
Crude: $ 84.25 per barrel
Bonds:
10 year US bond rate: 4.25
10 year Indian Bond rate: 7.25
Derivative:
PCR: 0.80
VIX: 12.24
Updates:
Nifty Next 50 changes: Punjab National Bank, TVS Motor Company, Shriram Finance, Trent and Zydus Lifesciences will be included in Nifty Next 50, with effect from September 29. However, ACC, FSN E-Commerce Ventures, HDFC AMC, Indus Towers, and Page Industries will be excluded from the index.
South Indian Bank: The Reserve Bank of India has approved an appointment of P R Seshadri as Managing Director & CEO of South Indian Bank for three years with effect from October 1, 2023.
Reliance Industries: Jio Financial Services is being removed from several FTSE Indices for failing to commence trading after 20 business days. A notice shared by FTSE Russell said that the company had also not announced a firm trading date since its inclusion on July 20. The omission will come into effect from August 22.
Securities in ban: CHAMBLFERT, DELTACORP, GNFC, GRANULES, HINDCOPPER, IBULHSGFIN, INDIACEM, SAIL, PNB, ZEEL.
Derivative View: On option front, weekly maximum Call OI is at 19400 then 19500 strike while Maximum Put OI is at 19300 then 19200 strike. Option data suggests an immediate trading range in between 19200 to 19500 zones.
