Nifty outlook and stock ideas by CapitalVia Global Research: Buy CEAT

Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor

Market witnessed worst sell-off for the decade; All sectoral indices traded lower

The Indian markets performed poorly and global indices traded with weaker sentiments throughout last week due to Coronavirus concerns. Nifty closed at 11,201.80, shedding 431.50 points. Metal, technology, media stocks traded with negative sentiments as all sectors closed in the red. Nifty bank closed at 29,147.20, slashing 1039.80 points from the previous day’s closing.

As per weekly options data, huge call writing on higher strikes ranging from 11,300 to 11,500 is seen which shows Nifty is witnessing resistance in the sub-11,400 zone. Traders should be cautious in taking new