outlookNIFTY:

The Nifty opened at 14258.40 with a gap up of 121 points. The index initially moved down and recorded its intraday low at 14221.65. Prices then saw a sharp rally for 1 hour. From 10:30 AM to 2:30 PM, the index then traded sideways and narrow. Another sharp rally came in the last hour of trading and the index finally closed at 14347.25 up by 209.90 points. The rally was led by Auto and IT sector which closed up by more than 3%. Banks have underperformed while Metals were the only sector that closed with losses.Back to Back gaps in the Nifty hep prices to close at record levels. The index recorded its lifetime new high at 14367.30 and closed very near to this level.

Earning numbers have started with TCS posting its results on Friday. In this week besides earnings, global cues and updates on vaccine drive will also remain in focus.

We had mentioned that the Nifty has been trying very hard to cross a resistance of 14250 but had failed to do so. On Friday, the index opened above this resistance and remained higher for the whole day. The trend is very strong on the upside. We have mentioned two scenarios for fresh trade. Either on breakout above 14250 or a dip towards 13800 The index has broken above 14250 we will wait to get this confirmation on Monday and then plan further.

BANK NIFTY:

Bank Nifty opened at 32298.05 with a gap up of 328 points. Prices have seen an intraday decline for the whole day, filled the gap almost completely and finally closed at 32084. Private Banks have performed better and closed with gains while PSU Banks have underperformed and closed lower. Within the index, HDFC Bank contributed highest while Indusind Bank the lowest. We were long in the index from 31500 and we had decided to book this at the opened so we booked profit at 32200.

As  we had mentioned 32613 is a lifetime high which may act as a resistance. Look to buy on dips.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
TORNTPHARMA 2851.90 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 2815 and for the target 2920
DABUR 540.1 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 533 and for the target

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
SUNPHARMA 620 CE BUY 21.40 CMP 17 28 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
TORNTPOWER.21.01 Jan 336.85 0.87 48.66 5160000 CUMMINSIND.21.01 Jan 635.85 -1.16 31.6 2364000
COFORGE.21.01 Jan 2812 2.06 20.6 590625 M&MFIN.21.01 Jan 190.3 -2.81 19.86 16944000
HAVELLS.21.01 Jan 1009.65 3.77 17.39 3619000 LALPATHLAB.21.01 Jan 2409.55 -0.01 16.64 175250
BANDHANBNK.21.01 Jan 420.95 3.39 16.76 16255800 VEDL.21.01 Jan 179.4 -3.6 10.03 78523000
MINDTREE.21.01 Jan 1745 3.2 10.97 1739200 ITC.21.01 Jan 203.15 -0.42 8.76 1.06E+08
                                                                        Short Covering Long Unwinding
Stocks Price Price% OI% OI Stocks Price Price % OI % OI
BAJAJFINSV.21.01 Jan 9187 1.73 -7.78 804125 SAIL.21.01 Jan 76.8 -1.54 -3.03 90098000
IOC.21.01 Jan 96.15 1.32 -4 45227000 IDEA.21.01 Jan 11.8 -2.07 -2.4 8.52E+08
HDFCAMC.21.01 Jan 3133.95 1.87 -2.46 262000 INDIGO.21.01 Jan 1730 -1.38 -1.54 3011000
UPL.21.01 Jan 503.35 4.09 -2.15 18240300 TATASTEEL.21.01 Jan 713.9 -1.41 -0.46 39247900
DIVISLAB.21.01 Jan 3864 1.04 -1.98 2471600

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Lalpathlab 2406.85 0.48 320669 454226 71.16 Nifty it 26162.4 3.61 85179
Hindustan Unilever Ltd 2391.2 0.94 2797948 1383071 57.53 Nifty Auto 9741.25 3.3 85179
Icici Prudential Life In 525.9 3.18 3319428 720957 55.82 Nifty Media 1756.6 3.26 85179
Sbi Life Insurance Compa 935.5 2.34 4436263 608314 54.83 Nifty Pharma 13271.55 1.61 85179
Hdfc Ltd. 2657.5 -0.14 4497042 2215445 53.96 Nifty 50 14347.25 1.48 85179
Petronet Lng Limited 268.4 3.33 9051914 3444859 51.99 Nifty Realty 327.5 1.42 85179
Britannia Ind Ltd. 3575.25 0.63 961239 309280 49.76 Nifty Energy 17255.15 1.25 85179
Infosys Limited 1312.1 3.96 13186251 5389517 49.2 Nifty Fmcg 34276.75 0.72 85179
Godrej Cons Products Ltd 750.35 2.32 2097317 734508 48.81 Nifty Bank 32084.2 0.4 85179
Tata Consumer Products l 609.55 1.45 3458752 1061151 48.33 Nifty Metal 3529.2 -0.6 85179

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR:  CPI (YoY) (Dec) on 12th January, 2021

INR:  Industrial Production (YoY) (Nov) on 12th January, 2021

•USD : EIA Short-Term Energy Outlook on 12th January, 2021

•USD : API Weekly Crude Oil Stock on 13th January, 2021

NEWS UPDATES

•Mahindra & Mahindra (M&M) on Friday announced hike in prices of its range of personal and commercial vehicles by around 1.9 per cent with immediate effect. Mahindra & Mahindra will raise the prices of range of personal and commercial vehicles by Rs 4,500 – Rs 40,000, depending on the model and variant.

•Sales of electric two-wheelers (e-2W) in India remains tepid despite government’s subsidy and near-term outlook largely remains unchanged, according to ratings agency Icra. Under the three year tenure of FAME-II scheme — FY20-FY22– e-2W sales have been only 2 per cent of the targeted 10 lakh unit sales as on September 30, 2020 halfway mark, Icra NSE  said in a statement.

•IndiGo NSE will resume direct flights between Kolkata and Shillong from February 1 with the Meghalaya government reopening the state for tourists after remaining closed for almost 10 months due to COVID-19, Airports Authority of India (AAI) said on Friday. The northeastern state was connected with Delhi last month by direct flight services of regional airline flybig.

•The market capitalisation of BSE-listed companies zoomed to a fresh lifetime high of over Rs 195.21 lakh crore in morning trade on Friday as markets returned to winning ways after two days of decline.

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

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BOARD MEETING

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
BHEEMACEM Audited Results;General 11-Jan-21 PRISMX General 11-Jan-21
DOLAT Quarterly Results 11-Jan-21 RJSHAH Quarterly Results 11-Jan-21
FORCEMOT General 11-Jan-21 TERRASCOPE General 11-Jan-21
GNA Quarterly Results 11-Jan-21 VENMAX Quarterly Results 11-Jan-21
HALDYNGL General 11-Jan-21 ZICOM Audited Results;Quarterly Results 11-Jan-21
JINDALSAW General 11-Jan-21 ATVPR Quarterly Results 12-Jan-21
MANRAJH General 11-Jan-21 COASTCORP ESOP;Preferential Issue; Results 12-Jan-21
MNIL General 11-Jan-21 CSL Quarterly Results 12-Jan-21
NETLINK Quarterly Results 11-Jan-21 FILATEX Quarterly Results 12-Jan-21
NIDHGRN Quarterly Results 11-Jan-21 HATHWAYB Quarterly Results 12-Jan-21
ONGC General 11-Jan-21 INDBANK Quarterly Results;General 12-Jan-21

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
REFEX 11-Jan-21 Interim Dividend – Rs. – 1.0000 REFEX 11-Jan-21 Interim Dividend – Rs. – 1.0000
ORTINLAABS 12-Jan-21 Spin Off ORTINLAABS 12-Jan-21 Spin Off
ORTINLAABS 12-Jan-21 Reduction of Capital ORTINLAABS 12-Jan-21 Reduction of Capital
COCHINSHIP 13-Jan-21 Interim Dividend – Rs. – 9.0000 COCHINSHIP 13-Jan-21 Interim Dividend – Rs. – 9.0000
INDTONER 14-Jan-21 Buy Back of Shares INDTONER 14-Jan-21 Buy Back of Shares


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

Elite Wealth Ltd. 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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