27th Feb, 2024

Investment in securities market are subject to market risks, read all the related documents carefully before investing.
 Morning Market Outlook
• Expects market to open on a flat note on account of most of the global markets are trading on a flat
range ahead of the US Fed’s favoured inflation data to be release on Thursday.
• US and European market ended with modest losses along with Asian markets open on a mixed bag as
the focus shifted to upcoming economic data - fourth-quarter GDP data, set to be release on
Wednesday.
• Gift Nifty is trading flat to positive ahead of domestic GDP data, February F&O expiry and auto monthly
sales data to be release this week.
• Expect range bound market today but stock specific action may continue.

Actionable Idea for the Day Index Levels :

Nifty Cash R1 R2 S1 S2
Technical Pick: 22,122 22,222 22,300 22,050 21,900
Lic Housing : Buy BankNifty Cash R1 R2 S1 S2
46,576 47,000 47,350 46,400 46,000
(CMP 659 SL 643 TP 700
2-3 Days) Top 5 Investment Idea
Stock Name Rating CMP TP Upside
Fundamental Pick: IIFL Finance BUY 609 800 31%
Tata Consumer BUY 1,177 1370 16%
L&T : Buy
Ultratech BUY 9,930 12000 21%
(CMP: 3470, TP: 4200) Kaynes BUY 2,874 3300 15%
(Duration 1 Year) LIC BUY 1,041 1270 22%
 Fundamental Outlook

Global Market Summary:

• US markets yesterday ended with a modest loss with S&P 500 down 0.4%, while the Nasdaq was down
0.1%.
• Currently, Dow Fut is trading 7 points lower.
• European indices were lower.
• Asian markets were trading mixed today.
• Global Cues: Negative
Indian Market Summary:
• Nifty yesterday saw some profit booking at higher levels and closed with a loss of 91 points at 22122
levels.
• FIIs: -Rs285 crore DIIs: -Rs5 crore.
• Currently GIFT Nifty is trading 56 points lower.
• Domestic Cues: Negative
News and Impact :
Hotels: The Indian hotel industry is expected to register a revenue growth of 7-9% in the FY25, according
to a report by credit rating firm ICRA. Pan-India hotel occupancy reached a decadal high of 70-72% in the
FY24 vs 68-70% in FY23. Impact: Positive
TVS Motor: The company's Singapore arm will raise its stake in Germany-based Killwatt GmbH to 49%
from 39.28%. The company acquired 8,000 shares of Killwatt GmbH at €500 per share.
Impact: Positive
 Fundamental Actionable Idea
LT: CMP INR3470, TP INR4200, Upside 21%, BUY
• Company receives order in the range of Rs1,000-2,500 crore for its railway business to construct phase
2A of Jakarta's Mass Rapid Transport Project
• LT is focusing on increasing market share by targeting large-sized projects. Int. inflows surged 377% YoY
in 9MFY24, driven by hydrocarbon & infra segment. from Middle-East.
• We expect revenue/PAT CAGR of 18%/26% over FY23-26 for the core EPC division driven by 18% growth
in order inflows, gradual recovery in core EPC EBITDA margin to 9.7% by FY26 & control over working
capital.
View: Buy

NTPC: CMP INR338

• The Indian government has revised its peak power demand forecast, citing a substantial surge in
electricity consumption.
• The government now expects electricity demand to surge to a high of 384 gigawatts by March 2032, a
5% increase on an estimate issued in May.
• We are positive on NTPC given the rising power demand.
• Further, company has crossed 100 million tonne (MT) coal production mark from its captive mines and
is targeting 100 MT coal production per annum by 2030.

View: Positive
 Nifty Technical Outlook
Nifty (CMP: 22122): Nifty immediate support at 22050 then 21900 zones while resistance at 22222 then
22300 zones. Now it has to hold above 22050 zones, for an upside move towards 22222 then 22300
zones whereas supports are placed at 22050 then 21900 zones.
 Bank Nifty Technical Outlook

Bank Nifty (CMP: 46576) : Bank Nifty support at 46400 then 46000 zones while resistance at 47000 then
47350 zones. Now it has to cross and hold above 46750 zones for an up move towards 47000 then 47350
levels whereas on the flipside, support is seen at 46400 then 46000 zones.
 Technical Trading Idea

LIC Housing Fin : Buy CMP : 659 Target : 700 SL : 643 Duration : 2-3 Days
• Lic Housing Finance has given range breakout on daily chart and managed to close above the same. It
has also given Inside bar breakout on weekly scale and formed a bullish Marubozu candle on daily
chart which implies complete dominance by bulls.
• Momentum indicator RSI is positively placed which may take the prices higher.
 Derivative Outlook

 Nifty February future closed at 22,141.65 with a premium of 19.60 point v/s 16.15 point premium in the
last session.
 Nifty futures OI increased by 3.98% to 1.48 Cr and Bank Nifty futures OI increased by 2.80% to 31.40
Lakhs.
 Nifty Put/Call Ratio (OI) decreased from 1.02 to 0.97 level.
 India VIX was up by 4.21% from 14.94 to 15.60 levels. Volatility steamed up and brought down the bull’s
energy.
 On option front, Maximum Call OI is at 22500 then 22300 strike while Maximum Put OI is at 22000 then
21900 strike. Minor Call writing is seen at 22200 then 22300 strike while some Put writing is seen at
22100 then 21900 strike. Option data suggests a broader trading range in between 21900 to 22500
zones while an immediate trading range in between 22000 to 22300 zones.
 Derivative Outlook

1-Day change in Nifty OI Nifty OI

• Option Buying: Buy Nifty 22150 Call till it holds above 22050 zones. Buy Bank Nifty 47000 Call if it
crosses and holds above 46750 zones.
• Option Strategy: Buy Nifty Bull Call Ladder Spread (Buy 22100 CE, Sell 22250 CE and Sell 22350 CE) at
net premium cost of 30-35 points. Buy Bank Nifty Bull Call Ladder Spread (Buy 46600 CE, Sell 47000
CE and Sell 47400 CE) at net premium cost of 80-90 points.
• Option Writing: Sell Nifty 21650 PE and 22600 CE at inflow of 20-22 points with strict double SL. Sell
Bank Nifty 45000 PE and 48200 CE at inflow of 45-50 points with strict SL.
Siddhartha Khemka Chandan Taparia, CMT, CFTe
Head - Retail Research Derivatives & Technical Analyst
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 27th Feb, 2024

FIN NIFTY : 20619

Fin Nifty Index opened marginally lower and remained consolidative in a narrow range of Fin Nifty Level
100 points in between 20600 to 20700 zones for most part of the session. It formed a small Spot Closing 20619
Bodied candle on daily scale with longer upper shadow as momentum is missing at higher
Weekly VWAP 20700
zones while hovering near its 50DEMA on daily scale. Now it has to continue to hold above
20600 zones to extend the momentum towards 20750 then 20850 levels while on the Weekly Change % -0.92
downside support is seen at 20500 then 20400 zones. Monthly VWAP 20450
Monthly Change % 1.58
Expiry day point of view : Overall trend is likely to be volatile and now it has to continue to Key Resistance 20850
hold above 20600 zones to extend the momentum towards 20750 then 20850 levels while Key Support 20400
on the downside support is seen at 20500 then 20400 zones. Range 20400-20850

Trading Range : Expected wider trading range : 20400/20500 to 20750 /20850 zones.
Fin Nifty Strike OI (Lac)
Option Strategy : Option traders can initiate Bull Call Spread (Buy 20550 CE and Sell 20650 21000 48.00
Max Call OI
CE) to play the upside move. 20800 33.00
Option Writing : Option writers are suggested to Sell 20900 Call & 20300 Put in pair with 21000 29.00
Change in Call OI
double the SL. 21100 24.00
20000 33.00
Max Put OI
Weekly and Monthly Change : Fin Nifty is up by 1.58% in this series at 20619 on expiry to 20200 21.00
expiry basis as January 2024 series settled at 20285. Fin Nifty is trading 170 points higher 20150 19.00
from its series VWAP of 20450 while 70 points lower from its weekly VWAP of 20700 points Change in Put OI
20000 18.00
which indicates overall broader trading range with capped upside for expiry day point of
view.
Investment in securities market are subject to market risks, read all the related documents carefully before investing.
Chandan Taparia, CMT, CFTe Shivangi Sarda, CFA, FRM Arpit Beriwal
Derivatives & Technical Analyst Research Analyst Research Analyst

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Analyst ownership of the stock No
A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com. Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can have an independent view with regards to
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This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Financial Services Limited (SEBI Reg No. INH000000412) has
an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or
solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.

For U.S.
MOTILAL Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the
United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major
institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the
"Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this
chaperoning agreement.

The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.

For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets services license and an exempt financial adviser in Singapore, as per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL
by Monetary Authority of Singapore. Persons in Singapore should contact MOCMSPL in respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”, of which some of whom may consist of "accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the SFA”).
Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must immediately discontinue any use of this Report and inform MOCMSPL.

Disclaimer:
This report is intended for distribution to Retail Investors.

The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation
of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own
investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own
advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or
fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required
from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each
of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This
document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication,
availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors,
employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold
MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be` suffered by the person accessing this information due to any errors and delays.

This report is meant for the clients of Motilal Oswal only.

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal, Email Id: [email protected], Contact
No.:022-40548085.

Grievance Redressal Cell:

Contact Person Contact No. Email ID
Ms. Hemangi Date 022 40548000 / 022 67490600 [email protected]
Ms. Kumud Upadhyay 022 40548082 [email protected]
Mr. Ajay Menon 022 40548083 [email protected]

Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI: ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.

Customer having any query/feedback/ clarification may write to [email protected]. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to [email protected], for DP to [email protected].