Delivery Idea: Buy Indian Hotels

Insight Online News

From VCap Money Advisory Desk : Vikash Sahay

23rd March 2023 : Market Outlook: The US stock market rallied on the initial FED news, but then reversed course dramatically and ended sharply lower after no discussion of rate cuts this year. Furthermore, Treasury Secretary Yellen’s statement that the treasury was not considering extending additional deposit insurance to all banks added fuel to the fire. Bond yields dropped sharply as the bond market saw the FED being less aggressive in the future, coupled with renewed safe-haven buying due to banking concerns.The Bank of England will announce its rate hike decision today following yesterday’s unexpected rise in inflation. Asian markets have started on a mixed note while SGX Nifty is indicating a flat opening. On the domestic front, the Long to Short ratio by FII in index futures has reached the oversold zone, indicating a high possibility of short covering in the upcoming days. Today being weekly expiry, we expect volatility with Nifty’s range to be 16950/17071-17250/17350 and Banknifty’s range to be 39400/39750-40250/40500  .
Actionable: Buy SRF, Bank of Baroda.

Delivery Idea: Buy Indian Hotels

HAL OFS: We recommend to participate in the OFS as investors are getting a good price. Issue will be opened for retail investors tomorrow.

Global market:

DOW:  – 530
SGX NIFTY:   – 50   (prev. close 17158)
NIFTY 50 : 17151
Sensex : 58214
FII:               +   62      Cr
DII:               +  384    Cr

Advances:  1984  / Declines:  1523

Dollar: $ 82.66
Dollar Index: 102.32
Gold: $ 1972  per ounce
Crude: $ 75.75  per barrel
10 year US bond rate: 3.46
10 year Indian Bond rate: 7.35

PCR: 1.00
VIX:  14.80


HAL – The Union government’s decision to announce disinvestment of up to 3.5% stake in Hindustan Aeronautics, with a floor price set at a discounted rate of 6.7% to yesterday’s closing price, aims to raise about 2,867 crore, and the offer for sale (OFS) will be launched on Thursday, March 23, 2023, for non-retail investors and Friday, March 24, 2023, for retail investors.
KEC International – Company has bagged new orders worth Rs1,560 crore from Power Grid Corporation of India Ltd (PGCIL) for transmission & distribution (T&D) projects in India.

GR Infra – The National Highways Authority of India (NHAI) has awarded the responsibility of the six-laning of Surat–Nashik–Ahmednagar–Solapur–MH/KNT border Greenfield stretch in Maharashtra worth Rs.872.17 crore to GR Infra. Furthermore, the NHPC project worth Rs.3,637.12 has been awarded to a joint venture between the same company and Patel Engineering, which also emerged as the lowest bidder.
Coromandel International – The Company announced its foray into speciality & industrial chemicals, contract development & manufacturing organisation (CDMO) business and expansion of its crop protection chemical business. It will invest 1,000 crore over the next two years in the new businesses.

Securities in Ban: BIOCON, IBULHSGFIN.
Derivative View: Weekly Maximum Call OI is at 17500 then 17400 strike while Maximum Put OI is at 17100 then 16900 strike. Option data suggests an immediate trading range in between 16800 to 17350 zones.

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