outlook

NIFTY:

The NIFTY opened with a reasonable gap up, together with most Asian markets and in line with the big gains noticed by S&P 500 on Friday. The gap was built upon, with the index moving all the way to 9450, in the first two hours of trading. This was a intraday breakout above 9400. The move above 9400 assistance, met with almost immediate selling and the NIFTY started to slide, which eventually saw it lose almost 200 points intraday. The index closed at the low of the day, around 9240

The NIFTY has seen significant resistance around the 9400 zone. On Friday, as well as today, the NIFTY faced selling at higher levels, giving up all the gains it had picked up because of a gap.

The index is inside a trading range, which means, the market can move in any one direction up or down. Failure of the NIFTY to cross 9400 repeatedly is not bullish. We should be ready to buy put option if the NIFTY were to go below 9150.

TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
      GLENMARK 335.20 BUY The intermediate and short-term trends are sideways in GLENMARK. Prices are now consolidating inside a range and trading at support.  Should buy above 338 with a stop loss of 332 and a target around 350.
      L&TFH 57.20 SELL The immediate trend of the stock is weak .  The stock can be sold below 56 with a stop loss of  57.50 and for the target of  53.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
ICICIBANK 320 PE BUY 19 CMP 13 30 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
IDEA.May 28 4.6 9.52 27.65 5.65E+08 MFSL.May 28 441.5 -2.15 29.64 1842100
GODREJPROP.May 28 620.5 0.56 26.42 158600 HINDUNILVR.May 28 2026 -1.92 27.06 28915200
CHOLAFIN.May 28 153.6 6.59 23.91 8342500 SBILIFE.May 28 750 -1.25 19.02 1464000
BHARATFORG.May 28 287.45 3.21 18.53 6012500 SIEMENS.May 28 1032.65 -0.9 12.65 1778150
BALKRISIND.May 28 923.4 4.15 16.45 724800 ICICIBANK.May 28 322 -4.89 12.2 92743750
                                                                        Short Covering                                                                              Long unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
TATACHEM.May 28 288 1.48 -4.9 1538100 KOTAKBANK.May 28 1184.4 -2.45 -1.01 8285200
TATASTEEL.May 28 276.5 1.56 -3.94 15420000 INDUSINDBK.May 28 435.9 -1.01 -1.01 16586000
SUNTV.May 28 391.9 3.39 -3.17 3999600 DRREDDY.May 28 3862 -2.99 -0.92 2694250
BHEL.May 28 22.5 1.81 -3.11 58042400 PFC.May 28 83.7 -0.65 -0.74 35600400
SAIL.May 28 27.75 1.09 -2.75 34445800 BERGEPAINT.May 28 453.5 -0.24 -0.59 4637600

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Power Grid Corporation o 158.8 -0.13 5317551 11631531 66.92 Nifty Auto 5679.7 4.26 83082
GMR Infrastructure Limit 17.9 1.42 10854546 10096280 59.53 Nifty Media 1134.95 2.7 83082
Godrej Cons Products Ltd 516.8 3.45 2283976 1501552 53.72 Nifty IT 13593.55 1.42 83079
Hindustan Unilever Ltd 2048 -1.98 11158836 8328465 51.73 Nifty Metal 1697.9 1.27 83082
BHARAT ELECTRONICS LTD 60.15 0.75 14510665 6776750 51.27 Nifty Energy 12920.15 0.18 83079
Infosys Limited 682.9 1.29 7370192 4255606 50.66 Nifty 50 9239.2 -0.13 83079
ITC Ltd. 158.45 0.13 18095693 12774458 50.48 Nifty FMCG 26667.8 -0.34 83079
TATA CONSUMER PRODUCTS 355 1.79 4792046 1622667 49.96 Nifty Pharma 9307.3 -0.39 83079
REC LIMITED 89.15 1.83 6265514 2820814 49.57 INDIA VIX 38.04 -0.97 83079
NTPC Limited 86.65 -0.4 12243824 13854470 49.17 Nifty Bank 18950.5 -2.08 83079

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

•ICICI Bank has slashed the fixed deposit (FD) rates by up to 50 basis points effective May 11. The customers will now get 5.25 per cent interest on deposits up to one year, while those above one year will earn 5.7 per cent to 5.75 per cent, ICICI Bank said on its website. It comes as the banks are flush with liquidity on account of low credit growth.

•Bajaj Auto on Monday said it has commenced reopening of dealerships and service centres in various parts of the country following relaxation in guidelines by the government for the third phase of lockdown till May 17. The reopening began on May 4 with the dealerships taking permission from respective local authorities.

•The challenging situation due to coronavirus pandemic will further push credit card transactions, a senior SBI Card official has said. He also said that now people will spend more to upgrade their homes as staying indoors is becoming inevitable. Assuming that the lockdown is removed in some places on May 17.

•New York-based private equity firm General Atlantic could end up investing around Rs.10,000 crore for a 2% stake in Jio Platforms Ltd, a wholly-owned subsidiary of Reliance Industries Ltd (RIL). It will be one of the largest investments by General Atlantic across emerging markets. The deal may happen at a marginal premium of around 10% to the recently fetched valuations of Jio.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
ACC Interim Dividend 12-May-20 MADHUVEER General 12-May-20
AMBUJACEM Interim Dividend 12-May-20 NESTLEIND Quarterly Results 12-May-20
BANDHANBNK Audited Results 12-May-20 NIYOGIN General;Audited Results 12-May-20
BLUESTARCO Audited Results 12-May-20 SHIVACEM Audited Results 12-May-20
HAVELLS Audited Results 12-May-20 STRTECH* Final Dividend;Audited Results 12-May-20
INDIAMART Audited Results 12-May-20 SYNGENE Audited Results 12-May-20
JYOTIN General 12-May-20 ABB Quarterly Results 13-May-20
KORE General 12-May-20 GODREJCP Final Dividend;Interim Dividend;Results 13-May-20

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
RELIANCE 13-May-20 Right Issue of Equity Shares SBICARD 15-May-20 Interim Dividend – Rs. – 1.00
NIITTECH 14-May-20 Interim Dividend – Rs. – 11.00 OFSS 19-May-20 Interim Dividend – Rs. – 180.00
JMFINANCIL 15-May-20 Dividend – Rs. – 0.2000 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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