OUTLOOK-2020-09-11

NIFTY:

The Nifty continued its momentum and opened with a gap up of almost 85 points at 11363. The index first traded sideways till 10:10 AM and then began a handsome rally of almost 95 points till 12:40 PM. After that, the index then saw a correction till 2:00 PM and then started another sharp move up of almost 90 points and made the day high at 11464. Finally the Nifty closed higher by 171 points at 11449.

We had identified a range with support at 11100 and resistance at 11450. Towards the end of the day trading session, prices have broken the resistance and closed just there. A follow through today on the upside may be able to confirm this breakout.

The long term trend remains up. Long term momentum has been down and is now reaching an area considered to be oversold. A rally can be expected soon. Intraday traders today can look to buy if the Nifty opens above 11450, one should buy above the first 15 minutes high. While if the Nifty opens below 11450, one can look to sell below the first 15 minutes low.

BANK NIFTY:

Bank Nifty opened at 22466.50 with a gap up of 178 points. Price first  moved up making a high of 22678 then moved down touching a low of 22225 ad finally closed around where they opened at 22466. Resulting in a nothing day for the index. With the moratoriums decision being extended until September 28th, the Banking and financials sector may be under some pressure and be slightly choppy due to the uncertainty of the decision.

PSU Banks have performed better than Private banks.

Major support comes in at 22000 and resistance around 23000.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
ADANIENT 298.30 BUY The stock has given a breakout from a range. The stock can be bought at CMP with a stop at 293 and for the target of  310
TORRENT PHARMA 2814.55 BUY The stock has given a breakout from a range. The stock can be bought at CMP with a stop at 2795 and for the target of  2870.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
HINDUNILVR 2120 CE BUY 55.15 CMP 47 70 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ASIANPAINT.Sep 24 2059.55 3.64 9.86 3832800 CONCOR.Sep 24 366.3 -2.11 16.79 6686514
BPCL.Sep 24 431.9 5.92 8.75 22482000 CADILAHC.Sep 24 365.35 -1.83 13.92 9882400
APOLLOHOSP.Sep 24 1613 0.15 8.55 1035000 INFRATEL.Sep 24 200.75 -5.08 10.61 16870000
ADANIENT.Sep 24 299.55 5.01 8.41 16920000 BATAINDIA.Sep 24 1270.95 -1.37 8.72 2160400
ZEEL.Sep 24 223.1 0.65 6.71 27414000 BRITANNIA.Sep 24 3735.5 -0.57 7.45 1059200
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
LICHSGFIN.Sep 24 288.25 2.84 -6.87 10202000 TORNTPHARM.Sep 24 2818.15 -0.18 -9.67 892000
BANKNIFTY.Sep 24 22506.6 0.76 -6.53 1415075 VOLTAS.Sep 24 650 -0.37 -7.9 2063000
MRF.Sep 24 59284.65 0.52 -6.28 42680 TATAPOWER.Sep 24 55.55 -0.63 -6.37 77017500
AMARAJABAT.Sep 24 740.25 0.03 -6.05 1041000 ESCORTS.Sep 24 1196.8 -0.7 -5.78 2673000
AXISBANK.Sep 24 447.3 3.23 -5.31 52074000 PAGEIND.Sep 24 18494.6 -0.13 -5.24 138360

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hindustan Unilever Ltd 2133.9 0.08 2137794 1218782 60.64 Nifty Energy 15978.05 3.98 10836064
Colgate Palmolive (india 1397.3 2.31 684571 343083 58.83 Nifty 50 11449.25 1.52 52080261
Sbi Life Insurance Compa 845.2 1.77 659109 912611 54.16 Nifty Media 1644.5 1.33 360544461
Tata Consumer Products l 546.55 2.21 3787088 2311408 52.63 Nifty Bank 22466.2 0.89 26437363
Hdfc Ltd. 1777.45 0.95 3245630 1287217 51.29 Nifty it 18395.85 0.74 1188735
Itc Ltd. 184.9 0.6 17785076 13615592 48.92 Nifty Auto 7945 0.53 74810429
Kotak Mahindra Bank Limi 1319.5 -0.5 3289998 1670619 48.52 Nifty Fmcg 30778.75 0.47 671964
Bharti Airtel Limited 497.35 -1.37 21005767 14935539 47.45 Nifty Pharma 11303.4 -0.01 52482610
Container Corp Of India 367.55 -2.01 4485419 1535906 46.98 Nifty Metal 2369.8 -1.14 248336890
Mrf Ltd. 59134.05 0.63 9822 5969 46.4 India Vix 21.26 -4.36 273773601

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR:  Manufacturing Output (MoM) (Jul) on 11th  September, 2020

•IN R: Industrial Production (YoY) (Jul) on 11th  September, 2020

•USA: Core CPI (MoM) (Aug) on 11th September, 2020

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NEWS UPDATES

•Reliance Industries Ltd. is offering to sell a roughly $20 billion stake in its retail business to Amazon.com Inc.Amazon has held discussions about investing in the conglomerate’s Reliance Retail Ventures Ltd. unit and has expressed interest in negotiating a potential transaction, the person said. Mumbai-based Reliance Industries is willing to sell as much as a 40% stake in the subsidiary to Amazon, the person said, asking not to be identified because the information is private.

•The Supreme Court on Thursday virtually extended the loan moratorium period till September 28, granting relief to borrowers. The top court extended the interim order, in which it had directed the banks not to declare as NPAs accounts that are unable to make repayments, till further orders.

•Ratings agency Crisil Ltd. has said nearly two-thirds of the companies that it rates will eligible for a debt restructuring, considering the financial benchmarks set by the RBI-appointed Kamath Committee. For its analysis, the ratings agency studied the rated portfolio of 8,500 companies after sorting them by ratings, sector and moratorium availed. The ratings, Crisil said, excludes financial sector firms and small and medium-sized businesses.

•Reliance Industries became the first Indian company to hit a market cap of $200 Billion. In 2020, Reliance has gained a market cap of over $70 billion, while the second-placed TCS has gained less than $10 billion.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
ADANIGREEN Quarterly Results 11-Sep-20 KLGCAP Quarterly Results 11-Sep-20
AFEL Preferential Issue;Results 11-Sep-20 LLOYDSTEEL Quarterly Results;General 11-Sep-20
BGRENERGY Quarterly Results 11-Sep-20 MIDHANI Preferential Issue of shares 11-Sep-20
BHEL Quarterly Results 11-Sep-20 NGIL General 11-Sep-20
BPCAP Quarterly Results 11-Sep-20 OSWALAGRO Quarterly Results 11-Sep-20
DCMFINSERV Quarterly Results 11-Sep-20 PRECISION Quarterly Results;General 11-Sep-20
DEEPAKFERT Right Issue of Equity Shares;General 11-Sep-20 SKYIND Quarterly Results 11-Sep-20
FSC Quarterly Results 11-Sep-20 STDBAT Quarterly Results 11-Sep-20
GARFIBRES Quarterly Results 11-Sep-20 TIL Quarterly Results 11-Sep-20
GORANIN Quarterly Results 11-Sep-20 TOYAMIND Quarterly Results;General 11-Sep-20
IRCTC Quarterly Results 11-Sep-20 TRANSFRE Quarterly Results 11-Sep-20
ISFT Quarterly Results 11-Sep-20 TREEHOUSE Quarterly Results 11-Sep-20
ITDC Quarterly Results 11-Sep-20 WANBURY Quarterly Results 11-Sep-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
AVADHSUGAR 11-Sep-20 Dividend – Rs. – 4.00 HONDAPOWER 11-Sep-20 Dividend – Rs. – 12.50
BAJAJCON 11-Sep-20 Dividend – Rs. – 2.00 INDGELA 11-Sep-20 Dividend – Rs. – 1.50
BHARATSE 11-Sep-20 Dividend – Rs. – 0.50 NECLIFE 11-Sep-20 Final Dividend – Rs. – 0.05
BLS 11-Sep-20 Final Dividend – Rs. – 0.50 SALONACOT 11-Sep-20 Dividend – Rs. – 0.60
COMPEAU 11-Sep-20 Dividend – Rs. – 1.00 VICTMILL 11-Sep-20 Final Dividend – Rs. – 50.00
ENGINERSIN 11-Sep-20 Final Dividend – Rs. – 1.55 WPIL 11-Sep-20 Dividend – Rs. – 7.50
FIEMIND 11-Sep-20 Final Dividend – Rs. – 3.00 AEGISLOG 14-Sep-20 Final Dividend – Rs. – 1.20
GGL 11-Sep-20 Bonus issue 5:6 GANECOS 14-Sep-20 Final Dividend – Rs. – 2.00

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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