7th November, 2024

Investment in securities market are subject to market risks, read all the related documents carefully before investing.
 Actionable Ideas for the Day

Technical Pick: (2-3 Days) Quant Picks:

Stock Names Close Price SL TP
Quant Intraday Sell Idea:
COFORGE : Buy 7829 7625 8235
Stock Names Close Price SL (1%) TP (2%)

IRB (Sell) 53.0 53.5 51.9

Fundamental Pick: (1 Year) GPPL (Sell) 195.5 197.5 191.6

LT Foods : Buy
(CMP : 396 TP: 520)

Focused Ideas for the month

Stock Name TP Upside
HCL Tech 2300 25%
IPCA Lab 1950 23%
Voltas 2070 19%
REC Ltd 630 18%
Bank of Baroda 290 10%
 Morning Market Outlook

• The market is expected to open on a flat note despite a strong performance in the US, where stocks
surged up to 4% higher, reaching a record high following Donald Trump's victory in the 2024 presidential
election.

• US investors are optimistic that the new administration will introduce lower taxes, reduce banking
regulations, and ease restrictions on businesses, which could boost US economic growth.

• However, global markets in Europe, Asia, and the Gift Nifty have seen declines of 0.5% to 1%, driven by
concerns that the new US government might increase tariffs, potentially affecting local exports.

• Additionally, the US Federal Reserve is set to announce its interest rate decision today, with expectations
of a 25 basis point cut. The Fed's commentary will play a critical role in shaping market sentiment.

• Results Today M&M, Trent, Lupin, Cummins, Linde India, Escorts Kubota and NCC. Focus on Metal,
Banking, Defense, IT and Energy stocks.
 Nifty Technical Outlook
NIFTY (CMP : 24484) Nifty immediate support is at 24250 then 24050 zones while resistance at 24650
then 24850 zones. Now it has to hold above 24450 zones, for an up move towards 24650 and 24850
zones whereas supports are placed at 24250 then 24050 zones

Nifty Cash R1 R2 S1 S2
24,484 24650 24850 24250 24050
 Bank Nifty Technical Outlook

BANK NIFTY (CMP : 52317) Bank Nifty support is at 52000 then 51750 zones while resistance at 52750
then 53000 zones. Now it has to hold above 52250 zones for an up move towards 52750 then 53000
zones while on the downside support is seen at 52000 then 51750 levels

Bank Nifty Cash R1 R2 S1 S2

52317 52750 53000 52000 51750
 Technical Trading Idea

COFORGE : Buy CMP : 7829 Target : 8235 SL : 7625 Duration : 2-3 Days
• Price has retested its breakout zone and headed up towards life high levels. Volume spike was visible as
buying was seen across the IT space supporting the bull run. The ADX line has turned up which
confirms the strength of the trend.
 Derivative Outlook

• Nifty November future closed at 24,587.10 with a premium of 103.05 point v/s 82.15 point premium
in the last session.
• Nifty futures OI increased by 0.54% to 1.26 Cr and Bank Nifty futures OI increased by 2.85% to 27.99
Lakhs.
• Nifty Put/Call Ratio (OI) increased from 0.94 to 0.97 level.
• Bank Nifty Put/Call Ratio (OI) decreased from 1.04 to 0.92 level.
• On option front, Maximum Call OI is at 25000 then 24500 strike while Maximum Put OI is at 24000
then 24200 strike. Call writing is seen at 25000 then 24500 strike while Put writing is seen at 24000
then 24200 strike. Option data suggests a broader trading range in between 24000 to 25000 zones
while an immediate range between 24200 to 24800 levels.

• Option Buying: Buy Weekly Nifty 24500 Call if it holds above 24450 zones. Buy Weekly Bank Nifty
53000 Call till it holds above 52250 zones.
• Option Strategy: Nifty weekly Bull Call Spread (Buy 24500 CE and Sell 24650 CE) at net premium cost
of 40-50 points. Bank Nifty Weekly Bull Call Spread (Buy 52400 CE and Sell 52800 CE) at net premium
cost of 170-180 points.
• Option Writing: Sell Weekly Nifty 24250 PE and 24750 CE with strict double SL. Sell Weekly Bank
Nifty 49500 PE and 54500 CE with strict double SL due to higher volatility.
 Fundamental Outlook
Global Market Summary:
• US markets rallied yesterday following Donald Trump’s victory in the US elections. Both the S&P 500 &
Nasdaq were up more than 2%.
• Dow Futures is trading 68 points higher.
• European indices ended in red down -0.1% to -1%.
• Asian markets today, are trading mixed
• Global Cues: Mixed
Indian Market Summary:
• The Nifty opened positive and witnessed consistent buying interest throughout the day, closing with
gains of 264 points (+1.1%) at 24,477.
• FIIs: -Rs4446 crore DIIs: +Rs4889 crore.
• Currently GIFT Nifty is trading 33 points lower.
• Domestic Cues: Muted
News and Impact :
Polycab: The company has emerged as the lowest bidder for a contract worth Rs 1,549.66 crore from
BSNL. The contract involves the development of the middle-mile network of BharatNet on a Design, Build,
Operate, and Maintain (DBOM) model for Package 7 (Bihar). Impact: Positive
RVNL: The company's consortium emerged as the lowest bidder for a Rs 1,917 crore order and also
received a Rs 180 crore order from East Central Railway for feeder line modification work. Impact: Positive
Key results today: M&M, Lupin, Alembic Pharma, Escorts, Indian Hotels, NHPC, Abbott India, ABFRL,
Astral, Cochin Shipyard, Cummins India, Emami, IRCON, RVNL, SAIL, Baazar Style Retail, Trent
 Fundamental Actionable Idea
LT Foods INITIATING COVERAGE: Basmati brilliance on a global scale
CMP INR396 TP INR520 Upside 31% Buy
• LT Foods is a leading Indian basmati and specialty rice producer with over 70 years of experience in offering a
diverse range of rice products under the brands, Daawat and Royal.
• The company's international growth is driven by geographic expansion, innovative product launches, and
acquisitions, benefiting from higher price realizations abroad.
• With plans to enhance its market presence across geographies (focusing on the Middle East), we estimate
LTFOODS to record a CAGR of 14%/15%/18% in revenue/EBITDA/adj. PAT over FY24-27 through strategic
marketing and an extensive distribution network.
View: Buy

Gail: CMP INR209 TP INR265 Upside 27% Buy

• GAIL’s 2QFY25 performance was in line with EBITDA was up 7% YoY & PAT up 11% YoY.
• GAIL expects 5mmscmd p.a. growth in marketing volumes over the next two years. For the trading segment,
EBIT guidance of INR45b has been maintained but is expected to be exceeded.
• It plans to add around 80 new CNG stations and 120k new D-PNG connections in the next two years.
• We estimate a 14% CAGR in PAT CAGR over FY24-27
View: Buy
 Quant Weekly Buy Ideas

What are the rules?.

1. Weekly Buy Ideas:
• Stock names will be given at market open (9:15 am)
• Recommended time to entry: between 9:15 to 9:30 am.
• Entry: We go long for a week (5 trading days)
• Exit: We Sell after a week of it’s recommendation
• SL: is placed at 2% of the entry price
• Book Profit: is placed at 4% of the entry price

Today’s Techno Quant Weekly Buy Ideas : NIL

 Quant Intraday Sell Ideas

What is this? What are the rules?

Based on technical indicators this strategy gives 2 stocks that • Stock names will be given at market
have a high likelihood to fall during the day (from open to close). open (9:15 am)
This is an intraday Sell strategy which can provide a good • Recommended time to entry:
cushioning during a black swan event. between 9:15 to 9:30 am.
• Entry: We short 2 stocks daily
Today’s Sell Ideas: (intraday)
Stock Names Close Price SL (1%) TP (2%) • Exit: we will exit at 3:15 as this is an
intraday call
IRB (Sell) 53.0 53.5 51.9
• SL: is placed at 1% of the open.
GPPL (Sell) 195.5 197.5 191.6 • Book profit: At 2% fall since open.
• In special situations the book profit
might be delayed if the stock is in free
fall.
 Chandan Taparia, CMT, CFTe Neil Jha ,
Siddhartha Khemka Head - Derivatives & Technical Research Head - Quant Products
Head - Retail Research
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