From Advisory Desk : Vikash Sahay
Nov 04, 2020 Market Outlook:As the results of US elections starts pouring in of few states, markets are reacting accordingly and hence US and Europe up by 2%. We are expecting a new government which will clear the stimulus package soon. Asian markets are in mix. Yesterday gains earned by Banks and financials are given up by SGX Nifty as it’s down by 75 points with high volatility. One should remain stock specific until this mega event is played out.
SGX NIFTY: -50 (prev.close 11826)
NIFTY 50 : 11813
Sensex : 40261
FII: +2274 Cr
DII: -1101 Cr
Advances: 1376 / Declines: 1268
Dollar: $ 74.40
Gold: $1896 per ounce
Crude: $40.15 per barrel
10 year US bond rate: 0.82
10 year Indian Bond rate: 5.90
Above estimate: Sun pharma, Ajanta Pharma
Inline estimate: Dabur
Below estimate: Godrej Properties
Ajanta Pharma : Announces share buyback worth Rs 136 crore. Board to buyback 7.35 lakh shares or 0.84% of total equity at Rs 1,850 per share. The buyback price is a 15% premium to Tuesday’s closing price. Record date for the same has been set as November 13.
Derivative view :
On monthly expiry, maximum Put OI is at 11000 followed by 11500 strike, while maximum Call OI is at 12000 followed by 12500 strike. We have seen marginal Call writing in 12200 and 12300 strikes, while Put writing is seen at 11800 then 11500 strikes. Option data suggests a wider trading range in between 11400 to 12000 zones.