2020-11-12-OutlookNIFTY:

The Nifty continued opening with a gap up of 49 points at 12680.60. The index quickly added another 90 points to its opening price within the first 30 minutes of trading and recorded its intraday high at 12769.75. After that prices have seen a sharp decline of almost 200 points and made its intraday low at 12571.10. However prices have recovered almost all the losses and finally closed at 12749.15 with a gain of 118.05 points. The Metals and Pharma sectors have led the gains and closed higher by more than 3%.

The market recorded another lifetime new highs with a wide range, closing at the highs of the day.

The long term trend remains up. This is natural because the Nifty itself is recording lifetime new highs. Momentum moves up and is now in the strong area. This is the place where momentum could turn on the downside. We will watch the price action for the next two days.

We should not question the validity of the lifetime new highs. We just try to be long on the breakouts, consolidations or dips.

BANK NIFTY:

Bank Nifty opened at 28713.15 with a gap up of 110 points. Prices first rallied and recorded its intraday high at 29030.90. Prices have then seen a sharp fall of about 800 points and recorded its intraday low at 28211.10. Another rally in the second half towards the end of the day’s trading session helped the index close at 28845 with a gain of 250 points.

Private banks have performed well and closed higher by 0.45% while PSU Banks have closed lower by 0.47%. Within the index, in terms of points, Axis Ban contributed highest while Indusind Bank the lowest.

The index breaks above 29000 and closes very near to this level. Trend is very strong on the upside and there is no doubt about that. But we should watch the momentum here which is now giving us a sign of slowing down. This could result in a process of consolidation.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
LUPIN 911.10 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 890 and for the target 945.
MGL 878 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP  with a stop at 860 and for the target 905.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
CADILAHC 415 CE BUY 16 CMP 13 23 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
HINDALCO.Nov 26 207.5 7.65 21.4 35711500 BATAINDIA.Nov 26 1330.8 -2.81 28.29 1301850
SAIL.Nov 26 40 4.85 20.91 54815000 NMDC.Nov 26 90.75 -3.56 26.81 34036000
MFSL.Nov 26 615.7 0.07 18.42 2649400 BHARATFORG.Nov 26 500 -4.08 25.67 7270500
NTPC.Nov 26 92.5 1.76 18.21 52878900 PAGEIND.Nov 26 21899.95 -0.96 20.11 123300
BAJFINANCE.Nov 26 4241 1.18 17.16 6403750 ICICIGI.Nov 26 1270 -0.18 19.26 178925
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
BIOCON.Nov 26 418.15 2.94 -4.82 11074500 RBLBANK.Nov 26 205.8 -2.14 -3.86 21179600
IBULHSGFIN.Nov 26 159.75 0.82 -4.73 17121300 HAVELLS.Nov 26 818 -2.71 -1.33 4984000
APOLLOHOSP.Nov 26 2183.3 6.91 -4.56 2545000 APOLLOTYRE.Nov 26 162 -1.43 -0.35 8480000
DIVISLAB.Nov 26 3356.2 2.37 -3.35 2814200 CHOLAFIN.Nov 26 305.3 -2.34 -0.33 5337500
BOSCHLTD.Nov 26 12326.3 2.21 -3.16 177600 GMRINFRA.Nov 26 24.55 -1.01 -0.07 64912500

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Icici Lombard General In 1265.35 -0.31 1351245 626123 76.78 Nifty Pharma 11570.35 3.59 82584
Hdfc Life Insurance Comp 623.45 2.26 6526986 2796982 58.25 Nifty Metal 2645.05 3.46 82584
Icici Prudential Life In 428.55 1.68 3399125 1905630 56.63 Nifty it 21330.5 1.68 82584
Hdfc Ltd. 2324.3 2.3 7235313 4697875 55.19 Nifty Auto 8255.2 1.57 82584
Colgate Palmolive (india 1499.35 2.17 717070 561186 53.94 Nifty Fmcg 30845.6 1.15 82584
Nestleind 16697.6 0.56 248311 154849 53.46 Nifty 50 12749.15 0.93 82584
Hindustan Unilever Ltd 2131.15 -0.26 2759942 1312727 53.11 Nifty Bank 28845 0.84 82584
Petronet Lng Limited 240.95 0.77 3639712 1565695 52.07 Nifty Realty 236.85 0.77 82584
Sbi Life Insurance Compa 839.55 1.22 1822930 767984 51.52 Nifty Energy 15773.55 0.39 82584
Maruti Suzuki India Ltd 6857.35 0.94 1481918 862220 50.86 Nifty Media 1484.55 -0.27 82584

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR:  CPI (YoY) (Oct) on 12th November, 2020

INR:  Industrial Production (YoY) (Sep ) on 12th November, 202

•USD:  Crude Oil Inventories on 12th November, 2020

•USD: Initial Jobless Claims on 12th November, 2020

NEWS UPDATES

•Coal India Limited on Wednesday reported 16% decline in consolidated net profit for the quarter ending 30 September, 2020 at Rs.2,952 crore. It was Rs.3,523 crore in the year-ago period. The company’s board approved payment of interim dividend for the financial year 2020-21 at Rs.7.50 per share. The date of payment of interim dividend is ‘on and from 27th November, 2020

•Abbott India on Wednesday reported a 1.34% increase in net profit at Rs.180.73 crore for the second quarter ended September 30. The company had posted a net profit of Rs.178.33 crore in July-September quarter of previous fiscal. Revenue from operations remained flat at Rs.1,054.85 crore during the quarter.

•Amazon.com Inc has asked India’s market regulator to investigate Future Retail Ltd for insider trading, a letter seen by Reuters showed, as it seeks to prevent its business partner from becoming part of rival Reliance’s empire.

•India approved an incentive program worth Rs 1.46 trillion ($20 billion) to attract companies to set up manufacturing in the South Asian nation, Finance Minister Nirmala Sitharaman said.The government will offer production-linked incentives to 10 sectors including automobile, solar panel and specialty-steel makers over a five-year period, she said after a meeting of a ministerial panel on Wednesday. Textile units, food processing plants and specialized pharmaceutical product makers are also eligible for the incentives.

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

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BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
ADVENZYMES Quarterly Results 12-Nov-20 IRCTC Quarterly Results 12-Nov-20
ALCHEM Quarterly Results 12-Nov-20 JINDALPOLY Quarterly Results 12-Nov-20
ANDHRACEMT Quarterly Results 12-Nov-20 JUBLFOOD Quarterly Results 12-Nov-20
AVANTI Quarterly Results 12-Nov-20 KOHINOOR Quarterly Results 12-Nov-20
BAJAJHIND Quarterly Results 12-Nov-20 KOVAI Quarterly Results 12-Nov-20
BPLPHARMA Quarterly Results 12-Nov-20 KWALITY Quarterly Results 12-Nov-20
CAMLINFINE Quarterly Results 12-Nov-20 LAOPALA Quarterly Results 12-Nov-20
CORALAB Quarterly Results 12-Nov-20 MGL Quarterly Results 12-Nov-20
DCMSRMIND Quarterly Results 12-Nov-20 NATCOPHARM Interim Dividend; Results 12-Nov-20
EICHERMOT Quarterly Results 12-Nov-20 NDTV Quarterly Results 12-Nov-20
GRASIM Quarterly Results 12-Nov-20 NESCO Quarterly Results 12-Nov-20
IFL Half Yearly Results 12-Nov-20 PAGEIND Quarterly Results 12-Nov-20
INFIBEAM Quarterly Results 12-Nov-20 PARLEIND Quarterly Results 12-Nov-20
IRB Quarterly Results 12-Nov-20 ZUARIGLOB Quarterly Results 12-Nov-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
AJANTPHARM 12-Nov-20 Buy Back of Shares MJCO 12-Nov-20 Buy Back of Shares
AJANTPHARM 12-Nov-20 Interim Dividend – Rs. – 9.50 NACLIND 12-Nov-20 Interim Dividend – Rs. – 0.10
ASTRAL 12-Nov-20 Interim Dividend – Rs. – 1.00 NTPC 12-Nov-20 Buy Back of Shares
BALKRISIND 12-Nov-20 Interim Dividend – Rs. – 4.00 PREMCO 12-Nov-20 Interim Dividend – Rs. – 2.00
BSOFT 12-Nov-20 Interim Dividend – Rs. – 1.00 SUNDRMFAST 12-Nov-20 Interim Dividend – Rs. – 1.30
CHAMBLFERT 12-Nov-20 Interim Dividend – Rs. – 3.00 THYROCARE 12-Nov-20 Interim Dividend – Rs. – 10.00
EMAMILTD 12-Nov-20 Interim Dividend – Rs. – 4.00 IPCALAB 13-Nov-20 Interim Dividend – Rs. – 8.00
GEOJITFSL 12-Nov-20 Interim Dividend – Rs. – 1.50 PGHH 13-Nov-20 Final Dividend – Rs. – 105.00
KANSAINER 12-Nov-20 Interim Dividend – Rs. – 1.2500 PRINCEPIPE 13-Nov-20 Interim Dividend – Rs. – 1.50

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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