Actionable: Buy Tata Power, Ambuja Cement and ICICI Bank.

From Advisory Desk : Vikash Sahay

7th September 2022
 
Market Outlook: US Market ended lower after stronger than expected August ISM data hinting tighter federal reserve policy. Dollar Index spiked to 20 year high to above 110 and 10 year yield spiked to 3 month high at 3.33%. Crude oil down by 3% on fear of demand cut out of recession risk in US/Europe and Covid 19 curbs in parts of china. SGX Nifty indicating gap down opening in-line with weak global markets. Yesterday Nifty opened on strong note but failed to hold on to the gains and remained range-bound. We continue to remain positive in Indian market and any decline would be good opportunity to buy.
 
Actionable: Buy Tata Power, Ambuja Cement and ICICI Bank.
 
Global market:
DOW: -173
SGX NIFTY: -200 (prev.close 17675)
NIFTY 50 : 17655
SENSEX : 59196
 
Institution:
FII: + 1145 Cr
DII: + 633 Cr
 
NSE:
Advances: 1712 / Declines: 1745
 
Currency:
Dollar: $ 79.84
Dollar Index: 110.50
 
Commodity:
Gold: $1706 per ounce
Crude: $91.80 per barrel
 
Bonds:
10 year US bond rate: 3.34
10 year Indian Bond rate: 7.17
 
Derivative:
PCR: 0.99
VIX: 19.52
 
Updates:
 
BEML – Last day to buy shares in demerged entity – BEML Land Assets – which will be listed on exchanges; share issue ratio is 1:1.
 
Power Sector – Govt gives two-year extension to thermal power plants on SO2 norms.
 
Wipro: Company has entered an expanded collaboration with Palo Alto Networks to deliver managed security and network transformation solutions like SASE (secure access service edge), cloud security and next-generation SOC.
 
Paras Defence: The defence player has entered into an exclusive teaming agreement with ‘ELDIS Pardubice’ s.r.o., Czech Republic.
 
Securities in Ban: Delta Corp.
 
Derivative View: Immediate max Put OI is at 17000 and 17500 and max Call OI is at 18000 and 18500. Option data suggests an immediate trading range between 17000 to 18000.

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