- #BLSInternational's acquisition of #Turkey-based #iDATA
- What should you do with #FinNifty before the weekly expiry?
Take stock of the derivative markets with Agam Vakil and Samina Nalwala on the F&O Show. #NDTVProfitLive
Guest List:
Shikhar Aggarwal, Joint Managing Director, BLS International
Aditya Arora, Multi Asset Research Analyst, Adlytick Stock Market Research (Adlytick.in)
Brijesh Ail, Retail Research IDBI Capital
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Share Market News | NDTV Profit LIVE | NDTV Profit LIVE News | Business News LIVE | Finance News | Mutual Funds | Stocks To Buy | Stock Market LIVE News | Stock Market Latest Updates | Sensex Nifty LIVE | Nifty Sensex LIVE
- What should you do with #FinNifty before the weekly expiry?
Take stock of the derivative markets with Agam Vakil and Samina Nalwala on the F&O Show. #NDTVProfitLive
Guest List:
Shikhar Aggarwal, Joint Managing Director, BLS International
Aditya Arora, Multi Asset Research Analyst, Adlytick Stock Market Research (Adlytick.in)
Brijesh Ail, Retail Research IDBI Capital
______________________________________________________
For more videos subscribe to our channel: https://www.youtube.com/@NDTVProfitIndia
Visit NDTV Profit for more news: https://www.ndtvprofit.com/
Don't enter the stock market unaware. Read all Research Reports here: https://www.ndtvprofit.com/research-reports
Follow NDTV Profit here
Twitter: https://twitter.com/NDTVProfitIndia , https://twitter.com/NDTVProfit
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#ndtvprofit #stockmarket #news #ndtv #business #finance #mutualfunds #sharemarket
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TVTranscript
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01:49 - Markets recover from days lows after a volatile start.
02:01 Sensex above 7,300,
02:04 while the Nifty hovers around 22,100.
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02:10 Most sectoral indices trade in the green
02:12 with gains led by the PSU PAC, Media and Metals.
02:15 On the other hand, IT and Realty and Pharma under stress.
02:19 Jyothi CNC makes a strong D Street debut.
02:26 The stock lists at a 12% premium
02:30 to its IPO issue price on the NSE.
02:35 The Adani Group offers bigger flats
02:37 to residents of the Ravi as part of redevelopment.
02:41 And all eyes on HDFC Bank Q3 results,
02:48 asset quality is expected to remain stable
02:50 with steady loan growth.
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03:01 - Hello and welcome.
03:09 This is the FNO show and I am Agam Vakil.
03:11 And in this show, we take you through all that is happening
03:14 in the futures and options space in the Indian markets.
03:17 At the moment, the Nifty and the Sensex
03:20 are trending largely flattish, marginally in the red,
03:24 well, actually in and out of the green and red.
03:26 So not too much to speak for,
03:28 but the Nifty is holding on to the 22,000 mark
03:31 and the Sensex well above 73,300.
03:35 As we speak, the Bank Nifty also is in focus today
03:40 considering the Fin Nifty expiry.
03:42 The Bank Nifty is well up marginally as well.
03:45 It is a Fin Nifty where we're gonna shift out
03:48 and perhaps put a focus on considering
03:50 as the weekly options expiry today.
03:52 And the Fin Nifty also is currently
03:54 just marginally in the green.
03:56 However, trying to take out the 21,500 mark,
04:00 the question is whether or not it can
04:02 in today's day of trade.
04:03 This is something that we're gonna wait and watch out for.
04:06 But even in terms of the Nifty,
04:08 remember that it's going to be largely about HDFC Bank,
04:12 because we will have earnings coming through
04:15 towards the end of this trading session,
04:17 possibly after market hours.
04:19 And for now, it is trading flat,
04:21 but this is after a sharp 2% up move
04:24 that it's made yesterday.
04:27 For now, besides that, in terms of key contributors
04:29 as far as the index is concerned,
04:31 and the Nifty specifically,
04:33 well, of course, while HDFC Bank is quiet,
04:35 we're looking at about a profit taking
04:37 for HCL Technologies, Wipro, Tech Mahindra, LTIM.
04:41 So top four losers on the Nifty 50
04:45 are all from the IT pack.
04:47 It seems like it's just a little bit of an up move fatigue
04:51 for as far as your IT counters go.
04:56 But from there on,
04:58 let's talk about the futures and options space,
05:00 and let's quickly pull out what's really happening
05:02 in the Nifty futures.
05:04 And for now, we are not looking at any change whatsoever,
05:08 neither on the underlying,
05:10 nor in terms of its open interest.
05:12 The Bank Nifty futures, again,
05:14 which will be in future and focus today.
05:16 And that's where we are seeing a well, marginal cues.
05:20 But there is a little bit of an open interest buildup
05:24 coming through.
05:25 So that's something that we're gonna keep an eye on
05:27 in terms of Bank Nifty.
05:29 But as far as your futures and options space is concerned,
05:34 we'll take a small detour
05:36 and address what's happening with BLS International,
05:40 where we believe that the company has in fact agreed
05:43 to acquire certain assets in Turkey.
05:46 And because of that,
05:48 we certainly did see BLS International,
05:50 well, open with substantial strength.
05:53 We have Shikhar Aggarwal,
05:54 the joint managing director who's joining us on the show,
05:58 to take us through what this acquisition means.
06:00 Shikhar, good morning,
06:01 and thank you so much for taking the time out.
06:03 You know, your take firstly on the acquisition,
06:06 what this brings to BLS International.
06:09 I believe you're paying a consideration
06:11 of around 450 odd crores converted into rupees, of course.
06:16 When do you expect that break-even to come through
06:20 over the how many years?
06:21 If you could give us some more details.
06:23 Definitely.
06:24 So see the acquisition that we have made
06:26 is the company called IDATA.
06:28 It is the fourth largest player in visa outsourcing.
06:31 It's a regional player.
06:32 You know, they work primarily for the German
06:35 and Italian government from 2006 in Turkey
06:38 and couple of more countries like Russia, Kazakhstan,
06:42 and basically, you know, Azerbaijan,
06:44 a lot of countries in this side of the world.
06:46 And, you know, they are a very strong company
06:48 with strong cash flows.
06:50 They did a revenue of around 200 crores last year
06:53 with a 95 to 100 crores of profits.
06:56 So, you know, we definitely have taken the company
06:58 at five to six times of the profit of last year.
07:02 And we expect to recover the money in the next five years.
07:06 Going forward, we definitely accept, you know,
07:09 the profits of this companies will increase
07:12 in the coming years.
07:13 You know, we also expect that we will streamline
07:16 our operations, you know, in this region.
07:18 So our costs will go down, you know,
07:20 from our existing operation that we are working
07:22 for different governments.
07:23 So overall, the profit margins of the combined entity
07:27 will definitely go up.
07:28 And in the long run, you know, it will give us a new reach
07:31 in different territories.
07:32 It will help us get new contracts
07:34 with these client governments
07:36 in other geographies of the world.
07:38 So definitely, you know, now we have become
07:40 the second largest player in visa outsourcing in the world.
07:43 - Right.
07:45 Well, let me get in my colleague Mahima
07:47 to join us into the conversation as well
07:49 as she also takes a close look at the particular company.
07:52 Mahima?
07:54 - Yeah.
07:55 Good morning, Shikhar.
07:56 So my first question to you is that,
07:58 what kind of revenue contribution to your total revenue
08:01 are you expecting out of this acquisition of IDATA?
08:03 - See, this company is last year
08:07 did around 200 crores of revenue.
08:09 So that will definitely get added to our books.
08:12 But, you know, we expect further growth coming
08:14 in this company in the next few years.
08:16 And we also want to value add, you know,
08:18 from our learnings that we have learned
08:20 over the past few years.
08:21 So definitely, you know, I think now this company
08:24 will become a significant revenue contributor
08:27 to our entity.
08:28 And from profit point of view,
08:30 if you see the profit margins that this entity is doing
08:33 because of being a niche player, you know,
08:35 in this segment is quite good, quite high.
08:38 So we definitely expect that profit will add on,
08:42 you know, profit margins for the combined entity
08:45 will increase and we will also learn from this entity.
08:49 - Shikhar, I just wanted to come in on the kind of growth
08:51 that we've seen for IDATA based on the releases.
08:55 Now, I know that 2020 and 2021 were off years
08:59 because of COVID.
09:00 And consequently, we've seen a huge flip
09:03 when it comes to 2022.
09:05 That's where you suggested that the revenues
09:08 were worth around 200 crores.
09:10 I'm just trying to understand that going forward,
09:12 what kind of growth can we expect from this specific unit
09:15 that you are about to acquire going in?
09:17 - Definitely, as you have seen in BLS International also,
09:23 2020 and 2021 were, you know,
09:25 years where the revenue was less,
09:26 but 2022 we also did good revenue.
09:28 Same goes with this company.
09:30 And as I told you before,
09:31 BLS International has not reached
09:33 100% pre-COVID volume.
09:35 Same goes with this company.
09:36 They have also not raised the pre-COVID volume.
09:39 So we expect that in the next few years,
09:41 the revenue and profitability from this company
09:43 should go up further.
09:45 You know, we will be realigning some of our offices
09:47 in the same geographies.
09:49 So definitely there will be reduction in costs
09:51 for both the entities.
09:53 So, you know, profit margins will go up.
09:55 So definitely, you know, in the next few years,
09:57 we expect different contracts winning also
09:59 with this company in this regions
10:01 where we did not have a very strong presence.
10:03 Now we can bid aggressively
10:05 for all different global contracts
10:07 in these specific jurisdictions.
10:10 - Right, Shikhar.
10:11 So we're seeing that your revenues from digital services,
10:14 like the contribution has been increasing
10:16 significantly year on year.
10:18 So do you expect any kind of change
10:20 in terms of your segment contribution?
10:22 - Definitely, see, as we have explained
10:25 in the last few years,
10:26 that we expect good growth coming in both
10:28 BLS International from the visa counselor services
10:31 and the digital service,
10:32 which is the BLS e-service segment of the company,
10:35 wherein we are also listing that entity now,
10:38 and we have already filed for an IPO
10:40 listing expected to close
10:42 within a month or two months time.
10:43 So we definitely expect even mergers and acquisitions
10:46 in that entity, revenue to grow from that entity,
10:48 but at the same time on a long-term basis,
10:51 the revenue mix should remain same
10:53 because BLS International also,
10:55 we see a major growth coming, you know,
10:57 with this acquisition, with new tenders that are coming in
11:00 where we are applying.
11:00 So definitely, you know, in the long-term basis,
11:03 the revenue mix should remain the same.
11:05 - Right.
11:06 So you recently won a, again, won a contract
11:10 from High Commission of India in Canada.
11:12 What kind of synergies are you expecting
11:14 from that contract going forward?
11:15 - See, we definitely, you know,
11:18 have been performing very well in Canada
11:20 for the last 10 years.
11:22 And Indian government had again come out
11:24 with a tender in Canada.
11:25 So we again won that contract
11:27 with addition of three new offices
11:29 and starting of some additional services,
11:31 like a premium lounge.
11:32 So definitely we expect increase in margin
11:35 coming in from that contract also going forward.
11:38 - Right.
11:40 Also, what kind of margin outlook do you see for FY25?
11:44 - If you see the last second quarter,
11:48 we have already achieved a margin of 21%,
11:51 which was a major growth, you know,
11:53 compared to last quarter.
11:55 Our strive is to increase the margins, you know,
11:58 and rationalize the cost of the company, you know,
12:01 and increase the profit margin.
12:02 So definitely we expect, you know,
12:04 to maintain these margins,
12:06 whatever we have achieved in the second quarter.
12:08 And definitely with this acquisition,
12:11 there will be synergy.
12:12 So we see a further increase in margin
12:14 in the coming quarters.
12:16 - Okay, well, that's all that we have for you, Shikhar.
12:20 Wanna take a moment to thank you for joining us
12:22 and taking us through the latest acquisition
12:24 that you made for us.
12:25 And of course, Mahima, thanks for joining in
12:27 and well, you know, taking this conversation ahead with me.
12:31 But on that note, we shift focus back to the markets,
12:34 which are currently, or rather have started currently
12:39 trending a tad bit higher.
12:40 And I'm talking about the fin nifty specifically
12:42 in this case, it's moved about 21,500.
12:46 And it's gonna be a very, very interesting day
12:47 to keep an eye on, especially ahead of earnings from HDFC.
12:51 And not just the fin nifty, the bank nifty as well.
12:55 On that note, let's bring in our experts for today.
12:59 We have Aditya Arora, multi-asset research analyst
13:02 and analytic stock market research.
13:04 And we also have Rajesh L.
13:06 He is retail research from IDBI CAP.
13:10 Good morning to both of you and thanks for joining in.
13:12 Aditya, I'll start with you.
13:13 Your view on the nifty at the moment.
13:16 Are you expecting the nifty to sustain about 22,000
13:19 at least over the course of the next few days?
13:22 Very good morning.
13:25 I think markets have reached a point wherein,
13:28 you know, markets are going up with less momentum.
13:31 Previously, the momentum was high as the momentum
13:33 in Reliance was good.
13:35 Now we have HDFC Bank results and I think a lot
13:39 of call writers are present at 22,000 and 22,100.
13:43 So I think now this is the friction zone,
13:46 one to 100 points up and that could be it.
13:51 So I think it's a good time to take chips off the table
13:54 because I expect markets to, you know,
13:56 collect about one to 300 points from the peak,
14:00 which could be 20 to 100 or 20 to 300.
14:04 So I'm pretty much neutral to bearish
14:07 at this point in time on nifty.
14:10 All right.
14:11 Brijesh, good morning to you as well.
14:12 Your view on this specific benchmark, the nifty?
14:15 Yeah, morning.
14:18 So specifically on the nifty, we are of the opinion
14:20 that the levels of 22,200 is likely to act as a reason.
14:25 Today for the very first time, there has been a short build
14:28 up in the nifty from the futures point of view
14:30 and continuously at 22,200.
14:33 So a lot of call writers were extremely becoming active.
14:36 So my sense is maybe during the day,
14:39 by any chance if today's morning first 15 minutes tick,
14:42 that low is taken down, then there are fair chances
14:45 that nifty might correct a little bit lower,
14:47 close to 21,900, 21,950.
14:52 That is the expected low for the nifty.
14:54 But if you ask me directionally,
14:55 I'm not bullish on the market.
14:57 I believe this 22,200 will also be taken off.
15:00 We are talking of 22,500 on the higher side
15:03 and 21,500 on the lower side.
15:05 So this thousand points is the range for the nifty
15:08 from the directional point of view.
15:09 For the day specific, I would be cautious
15:12 if today's morning first early 15 minutes trade
15:15 is taken down.
15:16 I would be a little bit cautious
15:18 because there will be a loss of momentum
15:19 and that this particular thing can drag it back
15:22 to another 100 odd points on the downside.
15:24 Same with exactly opposite to this is what a bank nifty.
15:29 If you see bank nifty, bank nifty is,
15:31 we are observing a long buildup.
15:33 So maybe obviously because of the HGFC result
15:36 which are lined up.
15:37 So it's a mixed view.
15:39 One has to be cautious
15:40 and one has to take these stock specific trades.
15:43 - So Brijesh has given his view on the bank nifty as well.
15:47 You know, I wanna take up Aditya's view
15:50 on the bank nifty too.
15:51 Aditya, it may perhaps be just a tad challenging
15:55 because HGFC's overall weightage on the bank nifty
15:59 is about 33% and the earnings are expected
16:01 perhaps post market hours.
16:03 But at this point in time,
16:04 how would you approach this one?
16:06 - I concur with the view.
16:08 I think bank nifty is relatively outperforming
16:12 and could be an outperformer
16:13 given patterns of HGFC banks are also pretty good.
16:17 So if we take a positional view on HGFC bank,
16:21 then I think there's more than 5 to 10% in HGFC bank.
16:25 So any positive trigger could take HGFC bank
16:29 to all time highs and even bank nifty to new highs.
16:33 So I think, you know, last leg of rally could be
16:37 from HGFC bank which could take bank nifty to higher levels
16:40 but in intraday or so short term time,
16:44 I think probably there's some fatigue in nifty.
16:47 So underperformance on nifty
16:49 and outperformance on bank nifty.
16:51 - Okay, so we keep an eye on a handful of data points
16:55 that both our experts have pointed out
16:57 as far as the bank nifty is concerned
16:59 and of course pertaining to HGFC's influence
17:02 on the bank nifty.
17:03 But on that note, we slip into a short break
17:05 but on the other side,
17:06 we talk about stocks and a lot more.
17:08 Stay tuned in.
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20:16 - Welcome back.
20:23 This is the FNO Show and we now take a look
20:25 at all the stocks which are buzzing in
20:27 the futures and options space, futures specifically.
20:31 And we'll take a look at all the gainers
20:33 in terms of open interest at the moment.
20:35 And I'm sure we'll have quite a few starting off
20:38 with Nalco and Page Industries,
20:41 Titan, LIC Housing Finance and ONGC.
20:43 Okay, so all of them are looking at
20:45 in a substantial increase in open interest,
20:47 even as their respective underlyings advance.
20:50 LIC Housing specifically is flattish.
20:52 So I wouldn't exactly say longs building up there,
20:55 but we do have gains in Nalco along with Page Industries
20:58 with a significant increase in open interest towards longs.
21:01 And Titan is the other, you know,
21:03 very, very interesting one.
21:04 It's now moved about the bar mark of 3,800 rupees per share.
21:08 So, and that continues to see fresh longs.
21:11 There as well.
21:11 And ONGC, what a run that's had,
21:14 along with the entire oil and gas pack.
21:18 That's up and about with a gain of around 1.5%.
21:21 What about stocks which are seeing unwinding in trade today?
21:23 Let's pull that up as well and take a look
21:26 at where there is decline in open interest.
21:29 And the declines in OI are not significant, if you can see.
21:33 So while we do have longs unwinding in Abbott,
21:37 LTI, Mindtree and HCL Technologies,
21:40 we also have a bout of short covering
21:42 in India marked Intermesh.
21:44 CoForge of course is flattish right now.
21:46 So I wouldn't want to, you know,
21:48 give any label to that particular one.
21:51 But besides that, there's plenty more to keep an eye on.
21:55 And among many things, well, we're looking at the Nifty
21:59 moving above the mark of 21,100,
22:02 making a new life high as we speak.
22:06 Another one of those milestones coming through
22:09 over the course of the last three trading sessions.
22:12 And there's no letting up, is there?
22:14 And I reckon that for every time bulls would,
22:18 I'm sorry, bears would want perhaps go ahead
22:21 and sell these markets, you know,
22:23 they get these reminders from time and again
22:25 that you cannot fight the trend.
22:27 And until and unless the trend has come to an end,
22:31 where you're going to have to stay
22:33 with the in the direction with which it moves.
22:36 But I'm going to talk about, you know,
22:38 some of these stock ideas with our experts as well.
22:40 Preyjesh, I come to you.
22:43 What stock ideas are you suggesting
22:46 in today's day of trade to us?
22:47 Yeah, so as I said, there's a mixed view on the index.
22:52 So let's go with the individual stock specific.
22:54 Petronet LNG is one stock in the F&O space,
22:57 which I think can see a good momentum.
22:59 It's kind of getting from the range breakout.
23:02 I think currently at 236, the stock is trading
23:05 and we can have a long bet with the stock at 231
23:09 for the target of 245.
23:10 This can be one of the F&O trade.
23:12 After that, one more which I'm looking at is the Canada Bank.
23:17 It's again a momentum play.
23:19 It's looking quite positive on charts.
23:21 At the level of 472, with a stock at 464,
23:24 for the target of 488.
23:26 So this can be the next bet.
23:28 And lastly, as we saw,
23:31 Autospace was something which was moving morning.
23:33 There was a quite good momentum over there.
23:36 Maruti is something which is again moving
23:38 from the support zone.
23:39 So Maruti can be one stock which can be bought
23:42 at current level with the stock price of 10,159
23:46 for the target of 10,400.
23:49 Right.
23:50 Well, I just want to point out that while I may have
23:52 suggested that Nifty is at a life high,
23:55 you know, on an absolute change,
23:56 business is still very much flat.
23:58 So there isn't a very, very big up move coming in
24:02 as far as the Nifty is concerned.
24:04 And you know, all the bulls are trying their best
24:07 to do whatever they can to shift and push Nifty higher
24:12 to the next orbit.
24:13 But for now, we're seeing a gain of around 15 points,
24:16 and which is not substantial.
24:18 The only positive is that Nifty is currently trending
24:21 in the green.
24:22 Look at the advance decline ratio,
24:24 and between the advances and declines,
24:26 there isn't a substantially large difference.
24:29 Well, it's largely one advance for one decline.
24:33 And that certainly will also be something
24:38 that a lot of traders will think about.
24:40 Because in a bull market, you also want the breadth
24:43 to be in your favor and substantially in your favor.
24:47 But as I've suggested earlier as well,
24:50 there's going to be a lot of pull and push,
24:52 especially when benchmarks do hit new highs.
24:56 There tends to be a little bit of volatility induced
24:58 as well before we get a resumption in either consolidation
25:02 or in either side of the trend.
25:03 But I'm going to move back to Aditya
25:07 for his trading picks for the day.
25:09 Aditya.
25:10 - Right.
25:12 So my first pick would be DLF.
25:14 I think we saw very stellar gains in the LSA counters,
25:19 whether it's large caps or small caps.
25:22 There was rally across the board.
25:23 Now they seem pretty overheated,
25:25 and all the RSIs are pretty overstretched and overbought.
25:30 And patterns are suggesting that probably at this point,
25:33 call writers could come in
25:35 and push the prices a little lower.
25:37 So call writing could be a good strategy
25:39 at this point in time.
25:41 So 820 call is sell at 9.20.
25:44 14 is stop loss and target is four and zero.
25:47 Second one would be Maruti.
25:50 You know, my thoughts are pretty much in concur
25:52 with other guests on the show today.
25:55 So Maruti is again a bullish bet from my side.
25:58 I think put writing could be a good strategy over here.
26:02 So 10,000 put is sell at 75.
26:05 140 is a stop loss and zero is target.
26:07 - Okay.
26:09 So these are some of the trading strategies
26:11 as far as our experts have
26:14 when it comes to, well, a handful of ideas, of course.
26:17 And, you know, we do want to talk about
26:21 the information technology space
26:23 and what's really happening there.
26:25 And I want to talk about a handful of counters
26:27 which haven't come to the fore yet.
26:29 Let's pull up LTI MindTree.
26:31 It was on one of those lists.
26:33 And, you know, while we have seen so much strength
26:36 in InfiTC as Wipro, HCI tech over the past few days,
26:40 I want to address what's happening with LTI MindTree.
26:42 It's currently at 62.50.
26:44 So it has also gained largely in tandem.
26:46 But this is the only other large cap IT, well, major,
26:51 which has not yet announced earnings.
26:53 And of course, in terms of the pecking order now,
26:55 it becomes slightly higher than Tech Mahindra
26:58 on account of a larger market cap.
27:00 But Brijesh, any view on LTI MindTree?
27:04 Any ideas with respect to how you would
27:07 potentially trade this one?
27:08 - So taking a long, fresh long positions is not advisable.
27:14 I think we'll ride the momentum.
27:16 So basically, yesterday, from the levels of 6,000,
27:19 there has been a substantial gain
27:21 in the last couple of days.
27:22 So that 6,000 remains the base as of now.
27:25 And the momentum can go back to 6,500 plus levels.
27:28 So somebody's having a position,
27:30 should hold on the position,
27:32 making a fresh trade would not be advisable.
27:36 The buyers will be positive
27:37 and trend also looks positive right now.
27:40 - All right.
27:41 And then I'm going to take a view
27:43 on something like a CoForge,
27:45 where again, you know, at least in today's trade,
27:48 it's been quiet.
27:49 But once again, when it does start seeing traction
27:53 in either an upward or a downward move,
27:55 we start seeing a lot more.
27:58 Aditya, are you witnessing anything
28:00 in CoForge at the moment?
28:01 Would you have a buy or sell
28:04 or would you want to avoid taking any positions
28:06 at the moment?
28:07 - I think CoForge could be bought
28:09 at current market price of 6618
28:12 and 6,350 should be the stop loss
28:15 and target should come at 6,900 to 7,200.
28:19 So it's a slightly bullish candidate at this point in time.
28:23 - Okay.
28:24 Well, there you have it.
28:25 That's the view on two of your IT companies
28:28 where the sector has been focused on account of earnings,
28:31 but we have run out of time on this show.
28:33 So I'm going to take a moment
28:34 to thank both our experts, Aditya and Brijesh
28:36 for taking us through their views
28:38 and also giving us a handful of trading ideas.
28:41 And with that, it's a wrap on the F&O Show,
28:43 but Lossma lined up on the other side.
28:45 Stay tuned.
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