outlookNIFTY:

The Nifty opened at 13448.50 with a gap down of 41 points. Prices have first moved down another 80 points to record its intraday low at 13399.30. Prices then traded sideways and narrow for  almost the whole day. Prices have seen a sharp rally in the last hour of trading and erased all its intraday losses and finally closed at 13478.30 down by 50.80 points. The FMCG and Metal sectors have gained while Auto and Bank sectors closed with loss.

The markets were quite choppy with the index moving up and down almost randomly. The Nifty has again made a Doji pattern. In the last three days, this is the second day in which the Doji has been made. The index again opened lower then moved down and finally rallied back to close almost at the same location where it had opened.

It is difficult to say exactly what the implication of two Doji patterns in three days would be. Since the Doji represents uncertainty, we can simply say that the markets are now going into a process of consolidation, with a sense of caution about the next direction. Yesterday we have seen some recovery after the Nifty fell below 13450. For today, traders can look to buy on a dip towards 13400 with a stop at 13300 and for the target of 13550.

BANK NIFTY:

Bank Nifty opened at 30545.35 with a gap down of 150 points. The index continued its weak momentum and moved down further to its intraday low at 30202. However, prices have seen a sharp rally in the last hour of trading, erased its intraday losses and finally closed near its opening price.

PSU Banks have underperformed and closed lower by 1.54% while Private Banks also closed lower by 0.64%. Within the index, in terms of points Kotak Bank contributed highest while HDFC Bank contributed lowest. We were long in the index from 29900 and suggested to close at the opening, the index opened at 30545 and we closed the trade with a gain of 645 points. It is possible that a process of consolidation may begin here.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
ITC 212.70 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at  207 and for the target 220.
TATA CONSUMER 579.90 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 570 and for the target 590.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
HINDUNILVR 2340 CE BUY 61 CMP 45 85 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ICICIPRULI.20.12 Dec 498.75 1.98 18.31 6513000 CANBK.20.12 Dec 118.7 -1.58 72.89 49480000
GODREJCP.20.12 Dec 733.85 3.51 16.9 6157000 CUMMINSIND.20.12 Dec 579.15 -2.17 54.93 2169600
BRITANNIA.20.12 Dec 3761.65 3.1 13.3 2215400 UPL.20.12 Dec 439.5 -11.04 40.09 29997500
ITC.20.12 Dec 214.4 3.88 9.6 95510400 MFSL.20.12 Dec 638 -0.16 23.34 6553300
PIDILITIND.20.12 Dec 1663 2.08 9.27 3331000 LICHSGFIN.20.12 Dec 347.2 -2.85 11.48 12212000
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
CADILAHC.20.12 Dec 471.45 0.31 -2.94 6402000 BHEL.20.12 Dec 35.95 -2.04 -6.25 97356000
DABUR.20.12 Dec 517.7 2.51 -2.83 16022500 NIFTY.20.12 Dec 13521 -0.34 -5.5 11780925
HDFCLIFE.20.12 Dec 662.45 1.25 -0.91 16659500 PNB.20.12 Dec 37.15 -4.01 -4.71 107954000
HAVELLS.20.12 Dec 830 0.3 -0.89 3909000 BANKNIFTY.20.12 Dec 30602.3 -0.52 -3.39 1672050
ADANIPORTS.20.12 Dec 473.85 1.6 -0.28 51802500 PVR.20.12 Dec 1481.1 -0.77 -2.42 1429791

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Godrej Cons Products Ltd 728.55 3.35 4702971 1295802 71.65 Nifty Fmcg 34054.8 2.81 85059
Max Financial Services l 638.55 0.46 2232621 707878 61.84 Nifty Realty 290.25 0.43 85059
Balkrishna Ind. Ltd 1658.2 -0.59 1261160 392816 61.44 Nifty Metal 3113.05 0.23 85059
Power Grid Corporation o 192.75 0.03 7657247 6359809 60.46 Nifty Pharma 12440.6 -0.03 85059
Britannia Ind Ltd. 3739.75 3.11 1443681 259921 59.8 Nifty it 22755.75 -0.21 85059
Hdfc Life Insurance Comp 659.45 1.05 5582666 2690203 59.61 Nifty 50 13478.3 -0.38 85059
Bandhan Bank Limited 414.9 3.74 14568462 9327414 59.39 Nifty Bank 30510.35 -0.65 85059
Mahindra & Mahindra Fina 170.05 -3.41 10406197 6726788 59.19 Nifty Energy 16931.6 -0.91 85059
Ambuja Cements Ltd 248.3 -1.8 11038230 7497697 56.84 Nifty Auto 9200.85 -0.99 85059
Icici Lombard General In 1449.75 -0.25 575732 698705 55.73 Nifty Media 1646.2 -1.62 85059

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR: CPI  Y-o-Y on 11th December, 2020

INR: Cumulative Industrial production(oct) on 11th December, 2020

•USD: PPI (MOM) (NOV) on 11th December ,2020

•USD:  MIchigan consumer sentiment 11th December, 2020

NEWS UPDATES

•Mrs. Bectors Food Specialities Ltd. will sell shares at Rs 286-288 apiece in the the biscuit and bread maker’s three-day initial public offering that opens on Dec. 15. The IPO comprises sale of shares worth Rs 500 crore by Linus Pvt. Ltd., Mabel Pvt. Ltd., GW Crown Pte. Ltd. and GW confectionary Pte. Ltd., and fresh issue worth Rs 40.5 crore. ICICI Securities Ltd., SBI Capital Markets Ltd. and IIFL Securities Ltd. are the book running lead managers to the issue. Mrs. Bectors plans to use the proceeds of fresh issue to expand its biscuit factory at Rajpura, Punjab, Anoop Bector, managing director at the company, told BloombergQuint in an interview.

•Cement Stocks Fall As CCI Probes Alleged Anti-Competitive Behaviour.The Competition Commission of India has initiated an investigation against ACC Ltd. and Ambuja Cements Ltd., the two companies said in their exchange filings. Both the Holcim group subsidiaries.The investigation comes after Roads and Highways Minister Nitin Gadkari hinted at possible “cartelisation” and “black marketing technique” in the cement industry in September.

•Shares of Indian Railways Catering and Tourism Corp. fell the most on record in Thursday’s trading session. The company’s non-retail Offer for Sale received demand for 198% of the total number of shares on offer. The bids were received at Rs 1,391.42 per share, higher than the floor price of Rs 1,367 per share, according to Bloomberg data. The OFS for retail investors will open for subscription.

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

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BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
CENTRALBK General 11-Dec-20 AANCHALISP Quarterly Results 14-Dec-20
HATSUN Bonus issue 11-Dec-20 ABHICAP General 14-Dec-20
TELESYS Preferential Issue of shares 11-Dec-20 INDSUCR Quarterly Results 14-Dec-20
AMITINT General 12-Dec-20 ISMTLTD Quarterly Results 14-Dec-20
ANJANI General 12-Dec-20 SHIVACEM Increase in Authorised Capital;Preferential Issue of shares 14-Dec-20
JINAAM General 12-Dec-20 OSWALOR General 15-Dec-20
MIDINFRA Quarterly Results 12-Dec-20 SMGOLD General 15-Dec-20
POWERGRID Interim Dividend 12-Dec-20 SUPRAP General 15-Dec-20
REVATHI General;Scheme of Arrangement 12-Dec-20 ZODJRDMKJ General 18-Dec-20
SAYAJIHOTL Quarterly Results 12-Dec-20 BOMBPOT A.G.M.;General 29-Dec-20
SBTL General;Reduction of Capital 12-Dec-20 GLITTEKG A.G.M.;General 29-Dec-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
Manas Properties Ltd 11-Dec-20 E.G.M. RESPONSIVE INDUSTRIES LTD. 16-Dec-20 Final Dividend – Rs. – 0.0700
SWASTIK SAFE DEPOSIT & INVESTMENTS LTD. 11-Dec-20 Dividend – Rs. – 1.0000 SHRISTI INFRASTRUCTURE DEVELOPMENT CORPORATION LTD. 16-Dec-20 Dividend – Rs. – 0.2500
GOODYEAR INDIA LTD. 14-Dec-20 Interim Dividend – Rs. – 80.0000 Trescon Ltd 16-Dec-20 Dividend – Rs. – 0.0500
APL APOLLO TUBES LTD. 15-Dec-20 Stock  Split From Rs.10/- to Rs.2/- East West Holdings Ltd 17-Dec-20 Dividend – Rs. – 0.0500
NICCO PARKS & RESORTS LTD.-$ 16-Dec-20 Annual Book Closure Hindustan Aeronautics Ltd 17-Dec-20 Interim Dividend – Rs. – 15.0000

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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