outlookNIFTY:

The Nifty opened almost flat today, which means it opened at yesterdays close; a strong rally took the Nifty more than 100 points up to 10280. Selling started from this high level which took the index almost 250 points down intraday, finally closing 10,046. There were two very clear trends today, one up and then the subsequent one-down. The Nifty has broken down from a small trading range which had support at 10,114. The downside target for this breakdown is 9925.

The market has already gone and visited its resistance level, therefore it is possible that it may slowly begin to correct a bit and move towards its support. The short terms trends are a strong uptrend; although we may see a correction to this. Hence we should be cautious on our short positions.

If the Nifty were to open or trade above 10,000 and show signs of some weakness, a short trade is justified intraday, with a target of 9925. The stop is 10114.

BANK NIFTY:

Bank Nifty opened at 21295.50 with a marginal gap up of 72 points. The index first saw an intraday rally and recorded its intraday high around 21568.85. After that prices have seen a sharp fall and finally closed near its day low at 20653.85 with a loss of 570 points. Private and PSU Banks both have performed same today and closed lower. Within the index, in terms of points, IndusInd Bank contributed highest while HDFC Bank contributed lowest. The trading range of 20300-21600 is still intact. A close beyond this range may be able to decide the next likely direction.

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
       EICHERMOTORS 17026.85 BUY The stock has given the breakout with volume  on the intraday as well as on the daily chart. The stock can be bought at CMP with a stop loss of  16800 and for the target of  17500.
       HDFCBANK 987.30 SELL The immediate trend of the stock is weak . The stock can be sold below 979.50 with a stop loss of  989 and for  the target of  955

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
DRREDDY 4150 CE BUY 142.15 150 120 200 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
INFRATEL.20.06 Jun 233.6 1.32 29.75 10704000 BANKNIFTY.20.06 Jun 20585.5 -2.72 19.44 1826300
RBLBANK.20.06 Jun 139.35 4.97 20.41 27573000 BHARATFORG.20.06 Jun 358.3 -1.2 18.67 6700200
ITC.20.06 Jun 198.55 0.28 12.04 50824800 TATACHEM.20.06 Jun 301.4 -0.87 17.36 2239200
MUTHOOTFIN.20.06 Jun 941 2.87 11.63 1562250 BALKRISIND.20.06 Jun 1112 -2.99 15.41 1324000
GLENMARK.20.06 Jun 402.95 0.59 11.08 3775800 ESCORTS.20.06 Jun 941.5 -2.01 14.12 3049200
                                                                        Short Covering                                                                              Long unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
COLPAL.20.06 Jun 1370.1 1.06 -4.12 2050300 IDEA.20.06 Jun 10 -17.01 -16.1 2.62E+08
BHEL.20.06 Jun 31.2 11.83 -2.36 62036000 IBULHSGFIN.20.06 Jun 141.85 -4.8 -13.62 14332800
SUNPHARMA.20.06 Jun 497.05 1.65 -1.4 35775000 JUSTDIAL.20.06 Jun 405 -6.95 -8.96 2161600
TORNTPHARM.20.06 Jun 2384.2 0.75 -1.37 1332000 CANBK.20.06 Jun 100.05 -0.45 -5.16 10179000
DIVISLAB.20.06 Jun 2412 0.1 -1.23 2986000 NCC.20.06 Jun 29.8 -4.18 -4.88 23139000

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
HDFC LIFE INSURANCE COMP 506.85 -2.91 9173487 5309720 62.98 INDIA VIX 30.2 1.87 78552
SBI LIFE INSURANCE COMPA 758.5 -2.67 1521254 793565 57.85 Nifty Pharma 10122.05 1.84 78552
GODREJPROP 834.15 2.31 1024257 269178 55.5 Nifty Realty 202.65 0 78552
Hindustan Unilever Ltd 2106.5 -0.25 3128155 2264424 52.68 Nifty Auto 6577.7 -0.5 78549
Colgate Palmolive (India 1375.1 1.49 1721560 539512 52.47 Nifty IT 14737.85 -1.05 78552
GMR Infrastructure Limit 21.1 4.71 31924686 7589656 50.95 Nifty Metal 2022.5 -1.09 78549
INDRAPRASTHA GAS LIMITED 463.45 -2 4938564 2630817 49.08 Nifty 50 10046.65 -1.19 78552
NESTLEIND 16552.55 -1.68 174685 70664 48.05 Nifty Energy 13894.9 -1.74 78552
HCL Technologies Ltd. 572.85 -0.93 3812757 1782648 47.26 Nifty Bank 20724.9 -2.18 78552
HDFC Ltd. 1772.1 0.64 9065372 2850499 45.91 Nifty Media 1320.85 -3.29 78549

Upcoming Economic Data

   Domestic                                                                                                                                                  International
•INR: Industrial Production (YoY) (Apr)  on 12th June, 2020

•INR: CPI (YoY) (May) on 12th June, 2020

•USA: Core CPI (MoM) (May) on 10th June, 2020

•USA: Crude Oil Inventories on 10th June. 2020

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News Updates

•Steel manufacturers are to witness lower margins by 200-250 bps on an average in FY 21 as the ongoing pandemic has resulted in a drastic demand slowdown, logistic constraints and labour shortage. Infrastructure projects too will be deferred even after the lockdown is lifted, said a sector research survey by Crisil.  “With double-digit dip in H1FY21 in the topline and lower capacity utilization rate, margins are expected to remain under pressure,” said the report.

•State-owned BHEL on Tuesday announced commissioning of 270 mega watt (MW) thermal power plant in Telangana. Located at Manuguru in Kothagudem district of the state, the project was awarded to BHEL by Telangana State Power Generation Corporation Limited (TSGENCO), the company said in a statement.

•India’s eight largest consumer goods makers by market value of Rs 35,000 crore saw revenue decline 5.35% on an average over the year-ago period, according to data from Motilal Oswal. The revenue growth had been slowing for five straight quarters as India grappled with a prolonged slowdown before turning negative because of the new cornavirus crisis. Nestle India Ltd. and Britannia Industries Ltd. were the only companies to report higher sales for the quarter. ITC Ltd., though yet to announce its fourth-quarter earnings, is expected to report a contraction.

•The National Company Law Tribunal (NCLT) approved a resolution plan of telco Aircel, two years after the operator went down under a debt of Rs 20,000 crore.

Source: Economic Times,  Moneycontrol  ,Business Today,Livemint, Business Standard, Bloomberg Quint

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
BRPL Final Dividend;Half Yearly Results 10-Jun-20 JIGAR General 10-Jun-20
CENTURYTEX Audited Results;Dividend 10-Jun-20 KARTKIN Audited Results 10-Jun-20
DHANUKA Audited Results;General 10-Jun-20 MGL Audited Results;Final Dividend 10-Jun-20
DWARKESH A.G.M.;Audited Results 10-Jun-20 PRATIK Audited Results 10-Jun-20
GREENPOWER Audited Results 10-Jun-20 SRTRANSFIN Audited Results;Final Dividend;General 10-Jun-20
GRPLTD Audited Results 10-Jun-20 SURAJLTD Audited Results;Quarterly Results 10-Jun-20
HSIL Audited Results;Dividend;General 10-Jun-20 TANLA Audited Results 10-Jun-20
INDHOTEL Audited Results;Final Dividend 10-Jun-20 VANICOM Audited Results 10-Jun-20
INDOUS General 10-Jun-20 VKAL General 10-Jun-20
JAMNAAUTO Audited Results;Quarterly Results 10-Jun-20 VOLTAMP Audited Results 10-Jun-20

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
IRBINVIT 10-Jun-20 Income Distribution (InvIT) MAXINDIA 12-Jun-20 Amalgamation
ESABINDIA 11-Jun-20 Interim Dividend – Rs. – 70.00 MAXINDIA 12-Jun-20 Spin Off
NESTLEIND 11-Jun-20 Final Dividend – Rs. – 61.00 TATACOFFEE 12-Jun-20 Dividend – Rs. – 1.50
PAPERPROD 11-Jun-20 Final Dividend – Rs. – 3.00 AVANTEL 17-Jun-20 Final Dividend – Rs. – 2.00
WELENT 11-Jun-20 Final Dividend – Rs. – 2.00 RALLIS 17-Jun-20 Final Dividend – Rs. – 2.50
KANSAINER 12-Jun-20 Dividend – Rs. – 3.1500 SINCLAIR 17-Jun-20 Stock  Split From Rs.10/- to Rs.2/-

DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more


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