outlook-2020-05-11

NIFTY:

The NIFTY opened with a large resounding up gap, moving all the way to 9360 from previous close of 9200. The gap unfortunately did not hold. After the first hour the NIFTY started downward drift, and eventually closed with a gain of 50 points at 9250.

The NIFTY BANK was an underperformer, closing lower than yesterday, down by almost 0.7%, about 130 points. There is not much to talk about Friday’s market action. The price action was not choppy; it was a mild downtrend throughout the day after the first hour.

we have been talking about the NIFTY being in a trading range with support at 8900 and resistance at 9400. On Friday also, the resistance at 9400 held strongly with the NIFTY retreating after coming to these levels. As price action develops, support and resistance levels will also change. This has happened with the NIFTY too. Support for the NIFTY has now risen from 8900 to 9100. This means that we will assume that support has broken, if the NIFTY trades below 9100. A new trading zone for the NIFTY is now: support at 9100, and resistance, at 9400.

VIEW:

Look to sell short below 9100 OR buy above 9400.

TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
      BATAINDIA 1293.10 BUY The intermediate and short-term trends are sideways in BATAINDIA. Prices are now consolidating inside a range and trading at support.  Should buy above 1295 with a stop loss of 1274 and a target around 1335.
      DLF 130.15 SELL The immediate trend of the stock is weak .  The stock can be sold  at CMP with a stop loss of  136.30 and for the target of  118.

 

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
AXISBANK 380 PE BUY 27.20 CMP 22.30 40 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI   Stocks Price Price% OI % OI
SBILIFE.May 28 759.5 3.06 25.77 1230000 TORNTPOWER.May 28 302.4 -6.55 21.9 2037000
ZEEL.May 28 151.2 2.61 16.89 19614600 SUNTV.May 28 379.05 -0.8 13.79 4130400
HINDUNILVR.May 28 2065.65 4.31 14.29 22756800 M&MFIN.May 28 165.4 -3.1 6.87 13510400
NESTLEIND.May 28 17740.95 3.32 11.85 301100 BANKNIFTY.May 28 19284.65 -1.13 6.74 1397020
TORNTPHARM.May 28 2437.95 3.53 8.36 940000 BEL.May 28 59.9 -4.62 6.72 23238000
                                                                        Short Covering                                                                              Long unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
NIFTYIT.May 28 13444 0.78 -13.16 1650 BHEL.May 28 22.1 -4.54 -7.2 59904000
GMRINFRA.May 28 17.45 1.75 -12.77 43335000 ESCORTS.May 28 740.4 -0.8 -6.99 1727000
APOLLOTYRE.May 28 89.8 0.34 -8.97 5085000 BALKRISIND.May 28 886.6 -0.23 -5.93 622400
RELIANCE.May 28 1556.7 3.12 -8.1 32971500 ASIANPAINT.May 28 1580.2 -1.11 -5 5107800
NCC.May 28 23.5 0.43 -6.82 13905000 M&M.May 28 385.45 -3.61 -4.8 12961000

 

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hindustan Unilever Ltd 2089.45 4.89 16100488 1.4E+08 75.37   Nifty Pharma 9343.35 2.13 50730128
TATA CONSUMER PRODUCTS 348.75 2.18 3247803 2132217 59.14 Nifty FMCG 26759.8 1.92 2092018
GMR Infrastructure Limit 17.65 2.32 16959738 7075888 58.3 Nifty IT 13403.6 0.83 1738150
Page Industries Limited 16982.9 -0.21 24428 13576 57.07 Nifty Media 1105.1 0.66 423462918
Power Grid Corporation o 159 -1.7 17380561 2634565 54.71 Nifty 50 9251.5 0.57 50846666
SBI LIFE INSURANCE COMPA 760.05 3.39 2349887 705775 52.45   Nifty Realty 169.55 -0.64 2147483500
TECH MAHINDRA LIMITED 536.2 3.84 6016245 3498356 51.45   Nifty Bank 19352.9 -0.71 24130074
NTPC Limited 87 -3.81 28175317 3992664 47.25   Nifty Metal 1676.55 -1.12 277610673
Godrej Cons Products Ltd 499.55 2.72 2795019 1030578 45.52   Nifty Auto 5447.75 -1.29 85569652
Petronet LNG Limited 224.65 -1.38 5027978 1058342 44.82   INDIA VIX 38.41 -3.81 120930677

 

Upcoming Economic Data

   Domestic                                                                                                                                                  International
•INR:  Industrial Production (YoY) (Mar) on 12th May, 2020

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

•USA: Core CPI (MoM) (Apr) on 12th May, 2020

•USA: PPI (MoM) (Apr) on 13th May, 2020

 

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News Updates

•Finance Minister Nirmala Sitharaman will hold on Monday a review meeting with chief executive officers of public sector banks to discuss several issues, including credit offtake, as part of efforts to prop up the Indian economy hit by the coronavirus crisis.

•Reliance Industries Limited (RIL) has fixed May 14 as the record date for determining equity shareholders eligible to apply for the forthcoming rights issue. The opening and closing dates of the rights issue will be informed separately, RIL also said in an exchange filing.

•ICICI Bank on Saturday posted a 26.03 per cent year-on-year (YoY) rise in standalone profit at Rs 1,221.36 crore for the quarter ended March 31. Asset quality of the company improved with percentage of gross non-performing assets at 5.53 per cent as on March 31 against 6.70 per cent in the same period last year.

•State-owned NFL achieved 71 per cent growth in sales of fertilisers in April 2020 at 3.62 lakh tonnes on rising demand for nutrients from farmers despite the nationwide lockdown. National Fertilisers Ltd (NFL) had sold 2.12 lakh tonnes of fertilisers in the same month last year. “NFL has started the financial year 2020-21 with a bang by recording 71 per cent growth in fertilizer sales in the month of April compared to the same period last year,” the company said in a statement.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
ADFFOODS Audited Results;Final Dividend 11-May-20 PARTIND General 11-May-20
ARTSONEN Audited Results;Quarterly Results 11-May-20 PEL Audited Results;Final Dividend 11-May-20
DHARAMSI Audited Results 11-May-20 RLF General 11-May-20
GODREJAGRO Audited Results;Final Dividend 11-May-20 SAINTGOBAIN Audited Results 11-May-20
GODREJPROP Audited Results;General 11-May-20 SHUKRAPHAR General 11-May-20
INDITALIA General 11-May-20 SONATSOFTW Audited Results 11-May-20
MOTILALOFS* Audited Results;Quarterly Results 11-May-20 SUBEX Audited Results 11-May-20
ORIENTABRA Audited Results;Dividend;General 11-May-20 UNTTEMI General 11-May-20

 

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
NIITTECH 14-May-20 Interim Dividend – Rs. – 11.00 SBICARD 15-May-20 Interim Dividend – Rs. – 1.00
JMFINANCIL 15-May-20 Dividend – Rs. – 0.20 DICIND 10-Jun-20 Final Dividend – Rs. – 4.50

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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