outlookNIFTY:

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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