NIFTY:
Markets went into a strong downside trending move today. For the first half of the day the Nifty was bound in a narrow and tight range. The very fact the Nifty was trading in a 50 point range, gave an indication that a big move was imminent. The direction of the move was likely to be on the downside, because premarket trading in the US index suggested that the index may start with a 1.5% down side move. Sure enough, the Nifty started falling and this decline continued throughout the day, finally closing at the loss of the day at 9909, down 2.05%, 207 points.
Yesterday, we gave a clear and concise Trade which said as below: “Buy above 10175 and sell below 10063.” The Nifty went below our selling level which started a short trade. The Nifty fell dramatically, closing almost 150 points down from our entry points. Short term resistance for the Nifty comes at 10046. A move out of this level will be the first sign that perhaps today’s dip was only a small correction in an ongoing up move. Major resistance levels for Nifty are 10136 and 10175.
We should short below 9884, with a stop of 80 points and target of 9715. Or we buy above 10046 with a stop of 80 points.
BANK NIFTY:
Bank Nifty opened at 21084.70 with a gap down of 156 points. The index has seen a sharp intraday fall today and closed lower at 20534.50 with a loss of 706 points. PSU Banks have underperformed today and closed lower by almost 4%. Within in the index in terms of points, IndusInd Bank contributed highest while HDFC Bank the lowest. The bank index was in a downtrend today. The index has seen a sharp fall today and trading near its support of 20300. The range of 20300-21600 remains intact.
We should sell below 20300 with a stop of 20600 for the target of 19800.
TECHNICAL PICKS
| COMPANY . | CMP | B/S | RATIONALE |
| MINDTREE | 918.70 | BUY | Intermediate and short term trends are up. The stock has seen a sharp rally and then started a process of consolidation. Prices are trading at the verge of breakout. Buy above 920 with a stop below 914 for the target of 936. |
| ADANIPORTS | 338.65 | SELL | The immediate trend of the stock is sideways. The stock can be sold below 337 with a stop loss at 345 and for the target of 324. |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| BAJFINSV | 5100 PE | BUY | 226.95 | CMP | 200 | 275 | OI Increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| SRTRANSFIN.Jun 25 | 638.8 | 0.55 | 29.79 | 3555000 | GAIL.Jun 25 | 96.35 | -2.03 | 34.54 | 32516064 | |
| CUMMINSIND.Jun 25 | 395.5 | 0.94 | 11.29 | 1446300 | CHOLAFIN.Jun 25 | 151.4 | -3.1 | 25.78 | 6270000 | |
| MINDTREE.Jun 25 | 913.95 | 0.81 | 9.46 | 1490400 | BATAINDIA.Jun 25 | 1337.15 | -4.08 | 23.29 | 1280950 | |
| CADILAHC.Jun 25 | 369.9 | 0.08 | 9.26 | 6908000 | EICHERMOT.Jun 25 | 16380 | -4.2 | 16.24 | 270060 | |
| ADANIENT.Jun 25 | 153.25 | 0.72 | 8.26 | 20612000 | SBIN.Jun 25 | 176.7 | -6.14 | 12.75 | 1.26E+08 | |
| Short Covering | Long unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| PVR.Jun 25 | 1015 | 2.97 | -7.92 | 1492000 | NIFTYIT.Jun 25 | 14560 | -1.6 | -20.59 | 1350 | |
| INDUSINDBK.Jun 25 | 520.9 | 3.65 | -1.88 | 26014800 | IBULHSGFIN.Jun 25 | 152 | -5.88 | -9.96 | 14102400 | |
| IGL.Jun 25 | 476 | 1.88 | -1.37 | 6613750 | BHEL.Jun 25 | 30 | -4.31 | -8.8 | 55920800 | |
| TORNTPOWER.Jun 25 | 325.5 | -1.45 | -8.28 | 1827000 | ||||||
| RBLBANK.Jun 25 | 158.1 | -3.83 | -7.02 | 18483000 | ||||||
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Top Delivery Percentage
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| HCL Technologies Ltd. | 578.05 | -0.11 | 4975680 | 3691681 | 56.87 | INDIA VIX | 29.66 | 0.75 | 81615 | |
| Pidilite Industries Ltd | 1417.3 | -2.57 | 623076 | 365494 | 51.29 | Nifty Media | 1298.8 | -1.34 | 81612 | |
| HDFC LIFE INSURANCE COMP | 501.65 | -0.01 | 2483043 | 1717602 | 51.13 | Nifty FMCG | 29092.45 | -1.39 | 81615 | |
| Petronet LNG Limited | 255.15 | 0.83 | 4703115 | 1109024 | 48.53 | Nifty IT | 14619.45 | -1.5 | 81615 | |
| Apollo Hospitals Ltd | 1347.55 | -0.6 | 677212 | 339316 | 47.77 | Nifty Auto | 6373.6 | -1.98 | 81612 | |
| Infosys Limited | 703.95 | -1.66 | 8825914 | 3458171 | 47.61 | Nifty Realty | 202.3 | -2.08 | 81615 | |
| UPL LIMITED | 417.45 | -1.78 | 3873618 | 2056007 | 47.44 | Nifty 50 | 9902 | -2.12 | 81615 | |
| SBI LIFE INSURANCE COMPA | 740.9 | -0.11 | 1314358 | 1077296 | 47.19 | Nifty Pharma | 9933.4 | -2.13 | 81615 | |
| Larsen & Toubro Limited | 930.45 | -1.7 | 3603243 | 2408016 | 46.52 | Nifty Bank | 20525.15 | -2.72 | 81615 | |
| INDIGO | 1005.65 | -2.89 | 3364779 | 2766701 | 45.85 | Nifty Metal | 1954.85 | -2.78 | 81612 | |
Upcoming Economic Data
| Domestic International | |
| •INR: Industrial Production (YoY) (Apr) on 12th June, 2020
•INR: CPI (YoY) (May) on 12th June, 2020 |
•USA: Core Retail Sales (MoM) (May) on 16th June, 2020 |
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News Updates
| •Reserve Bank of India governor Shaktikanta Das on Thursday met the heads of credit rating agencies to take stock of the macroeconomic environment and outlook on various sectors. The Reserve Bank said Das met managing directors and chief executive officers (CEOs) of credit rating agencies through a video conference. The meeting was attended by deputy governors as well as other senior officers of the central bank.
•Reliance Industries Limited (RIL) Chairman Mukesh Ambani received 5,52,000 shares of his company in the recently concluded rights issue, the company said in a regulatory filing on Thursday. His total shareholding in the conglomerate now stands at 80,52,020 lakh shares. His wife Nita Ambani, daughter Isha Ambani, sons Akash Ambani and Anant Ambani, all got 5,52,021 shares each. Kokila Dhirubhai Ambani also got 10,79,174 shares in the rights issue •Debt-laden Vodafone Idea on Thursday submitted before Supreme Court that its adjusted gross revenue (AGR) dues are huge and it would not be able to file the affidavit in 3-4 days. Indian telecom operators, including Vodafone Idea, Bharti Airtel and others, have been asked to submit an undertaking before the apex court in five days regarding the roadmap for clearing the dues. •Tata Steel has designed and developed quarantine and isolation cabins that can be used to treat Covid patients, as part of Tata Group’s efforts to fight the pandemic. Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name5 | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| ACRYSIL | Audited Results;Final Dividend | 12-Jun-20 | GIPCL | Audited Results;Final Dividend | 12-Jun-20 |
| ALKALI | Audited Results | 12-Jun-20 | GOODYEAR | Audited Results;Final Dividend | 12-Jun-20 |
| ATISHAY | Audited Results;General | 12-Jun-20 | GREYCELLS | General | 12-Jun-20 |
| AYMSYNTEX | Audited Results | 12-Jun-20 | HEXAWARE | Voluntary Delisting of Shares | 12-Jun-20 |
| BAYERCROP | Interim Dividend | 12-Jun-20 | HINDALCO | Final Dividend;Quarterly Results | 12-Jun-20 |
| CASTROLIND | General;Quarterly Results | 12-Jun-20 | IOLCP | Audited Results | 12-Jun-20 |
| ECS | Audited Results | 12-Jun-20 | KANSAFB | General | 12-Jun-20 |
| EICHERMOT | Audited Results;Stock Split | 12-Jun-20 | M&M | A.G.M.;Audited Results;Dividend;General | 12-Jun-20 |
| FORTISMLR | Audited Results;Quarterly Results | 12-Jun-20 | MANGCHEFER | Audited Results;Dividend | 12-Jun-20 |
| GEOJITFSL | Audited Results;General | 12-Jun-20 | MEHAI | General | 12-Jun-20 |
Corporate Action
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| KANSAINER | 12-Jun-20 | Dividend – Rs. – 3.1500 | RALLIS | 17-Jun-20 | Final Dividend – Rs. – 2.50 |
| MAXINDIA | 12-Jun-20 | Amalgamation | SINCLAIR | 17-Jun-20 | Stock Split From Rs.10/- to Rs.2/- |
| MAXINDIA | 12-Jun-20 | Spin Off | TATACONSUM | 18-Jun-20 | Final Dividend – Rs. – 2.70 |
| TATACOFFEE | 12-Jun-20 | Dividend – Rs. – 1.50 | HINDUNILVR | 19-Jun-20 | Final Dividend – Rs. – 14.00 |
| REFEX | 16-Jun-20 | Right Issue of Equity Shares | MOTOGENFIN | 19-Jun-20 | Stock Split From Rs.10/- to Rs.5/- |
| AVANTEL | 17-Jun-20 | Final Dividend – Rs. – 2.00 | SCHAEFFLER | 19-Jun-20 | Final Dividend – Rs. – 35.00 |
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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