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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