NIFTY:
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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