outlookNIFTY:

The Nifty opened at 11335 in the morning just slightly higher and then moved up and then moved sideways and then moved down and finally closed at 11300. After sideways movement in the morning, around 11:20 AM, the Nifty fell 85 points and made a low at 11270 and then moved sideways throughout the day. A trading range in the Nifty is now setting up with support around 11230 and resistance at 11370. This is the set up for the next trade. Buy above 11370 with a stop under 11300 or go Short below 11230 with a stop above 11300. While the Nifty remains inside this trading range, only small intraday trades are available.

The long term trend is up. Long term momentum is also in the strong zone. However because we have a clear and visible trading range, it is the break of this range that will determine the next move. Intermediate trend remains up. Intermediate momentum is strong suggesting that markets may find it easier to move up. The Nifty is not giving us any inkling of what it wants to do. We need to wait patiently for the trading range to break out in one direction or the other.

BANK NIFTY:

Bank Nifty opened at 22395.20 with a gap up of 150 points. The index first traded sideways then saw a sharp decline and then again traded sideways. Prices have finally closed at 22196 without much change. PSU Banks have under performed and closed lower by 1.01%. Within the index, in terms of points ICICI Bank contributed highest while HDFC Bank contributed lowest.

We were expecting a sharp move in the index. That move did not come yesterday, moreover the index continued trading narrow.

If prices break below 21700 then we should go short with a stop at 22200 and target of 20700.

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TECHNICAL PICKS

COMPANY  . B/S RATIONALE
CHOLAFIN 225.15 BUY The stock has been trading in a range and has now given a  breakout upwards. The stock can be bought between 222.50-223.50 with a stop at 218 and for the target of  235.
BERGER PAINT  550.85 BUY The stock has been trading in a range and has now reached the lower end of the range, taken support and started moving up. The stock can be bought at CMP with a stop at 543 and for the target of  565.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
BAJAJ AUTO 3000 CE BUY 93 CMP 83 120 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ASHOKLEY.Aug 27 61.85 14.43 43.81 66231000 BHARTIARTL.Aug 27 538.55 -1.89 15 94169625
SRTRANSFIN.Aug 27 707.95 5.95 30.31 3879939 GAIL.Aug 27 97.35 -1.07 11.11 29902200
CHOLAFIN.Aug 27 226.65 8.34 30.07 6552500 TATASTEEL.Aug 27 415 -0.36 8.61 17115600
INDIGO.Aug 27 1160.1 11.59 23.07 4017500 BANDHANBNK.Aug 27 292.35 -2.21 7.37 29278800
VOLTAS.Aug 27 620.8 2.17 22.73 3704000 TORNTPHARM.Aug 27 2812 -0.64 6.7 1664500
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
TITAN.Aug 27 1098.45 3.69 -3.77 7659000 IBULHSGFIN.Aug 27 213 -2.41 -8.31 14427400
SUNTV.Aug 27 406.6 0.88 -2.84 5548500 AUROPHARMA.Aug 27 884.6 -5.72 -6.44 15211300
CANBK.Aug 27 102.2 1.49 -2.31 10790000 SAIL.Aug 27 38.8 -0.13 -5.18 54568000
MCDOWELL-N.Aug 27 593.45 1.36 -2.12 16018750 BANKNIFTY.Aug 27 22214 -0.46 -4.87 1512250
CENTURYTEX.Aug 27 312.5 0.45 -1.61 2745400 GLENMARK.Aug 27 465.2 -0.85 -4.29 7031100

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Icici Prudential Life In 470.7 -1.41 1788405 1918881 75.22 Nifty Media 1418.15 1.38 79881
Sbi Life Insurance Compa 861.5 0.54 666359 630629 59.05 Nifty Auto 7879.75 1.22 79881
Power Grid Corporation o 178.75 0.39 5985571 6379472 58.35 Nifty Metal 2380.65 1.1 79881
Larsen & Toubro Limited 990.7 4.31 8816753 2004866 54.58 Nifty it 18107.2 0.23 79881
Hdfc Ltd. 1804.85 -0.52 3769538 1935742 53.68 Nifty Fmcg 31668.15 0.1 79881
Kotak Mahindra Bank Limi 1336.25 0.09 3331333 1895187 49.35 Nifty Energy 15540.55 -0.05 79881
Godrej Cons Products Ltd 709.2 2.79 3535866 268308 48.96 Nifty 50 11300.45 -0.07 79881
Nestleind 16474.2 -0.4 66303 39922 48.59 Nifty Bank 22196.35 -0.3 79881
Container Corp Of India 377.1 3.97 7011850 3356600 48.46 Nifty Pharma 11477.95 -0.97 79881
Britannia Ind Ltd. 3808.25 -0.04 513264 294488 47.54 India Vix 20.57 -1.31 79881

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR: Trade Balance on 14th August, 2020

•INR: WPI Inflation (YoY) (Jul) on 14th August, 2020

•USA: Industrial Production (MoM) (Jul) on 14th August, 2020

•USA: Core Retail Sales (MoM) (Jul) on 14th August, 2020

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NEWS UPDATES

•Maruti Suzuki India Ltd (MSIL) on Thursday said its entry level small car Alto has crossed the cumulative sales milestone of 40 lakh units. Launched in September 2000, Alto has been the best most selling car for 16 consecutive years in India, the company said in a statement “Alto is the preferred choice of Indian car buyers with 76 per cent of Alto customers choosing it as their first car,” it added.

•Aditya Birla Fashion and Retail on Thursday reported a net loss of Rs.410 crore in the first quarter of the current financial year against a profit of Rs.22 crore in the year-ago period. The revenue was down by over 84% at Rs. 323 crore in Q1 FY21 against Rs.2,065 crore in Q1 FY20.

•Zydus Cadila has launched the cheapest Remdesivir injection for COVID-19 treatment in India so far, triggering a price war with other companies licensed by Gilead to sell it in India and other geographies. Priced at Rs 2,800 for a 100 mg lyophilized injection, its brand ‘Remdac’ will be the most economical Remdesivir brand in India.

•Gail (India) on Thursday reported a 56.43 per cent year-on-year fall in net profit at Rs 654.33 crore for the quarter ended June 30. The figure stood at Rs 1,503.67 crore in the corresponding quarter last year. Consolidated revenue of the company declined 34 per cent YoY to Rs 12,180.62 crore. The performance of the company was impacted due to nationwide lockdown, GAIL (India) said in a release.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
ADFFOODS Quarterly Results 14-Aug-20 LAOPALA Quarterly Results 14-Aug-20
ALKYLAMINE Quarterly Results 14-Aug-20 MRF Quarterly Results 14-Aug-20
BERGEPAINT Quarterly Results 14-Aug-20 NCLIND Quarterly Results 14-Aug-20
BODALCHEM Quarterly Results 14-Aug-20 NESCO Quarterly Results 14-Aug-20
EMKAY Quarterly Results 14-Aug-20 NIRLON Quarterly Results 14-Aug-20
FINCABLES Quarterly Results 14-Aug-20 NTPC Quarterly Results 14-Aug-20
FORTIS Quarterly Results 14-Aug-20 PAPERPROD Quarterly Results;Audited Results 14-Aug-20
GLENMARK Quarterly Results 14-Aug-20 RAMCOCEM Quarterly Results 14-Aug-20
GREENPLY Quarterly Results;ESOP 14-Aug-20 SUNDARAM Quarterly Results;General 14-Aug-20
HINDALCO Quarterly Results 14-Aug-20 SUNTV Quarterly Results 14-Aug-20
HINDCOMPOS Quarterly Results 14-Aug-20 UBL Quarterly Results 14-Aug-20
INDIANB Quarterly Results 14-Aug-20 UTTAMSUGAR Quarterly Results;General 14-Aug-20
INSECTICID Quarterly Results 14-Aug-20 VOLTAS Quarterly Results 14-Aug-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ASMTEC 14-Aug-20 Interim Dividend – Rs. – 2.00 NATPEROX 17-Aug-20 Dividend – Rs. – 12.50
CENTURYTEX 14-Aug-20 Dividend – Rs. – 3.00 CANFINHOME 18-Aug-20 Dividend – Rs. – 2.00
HAWKINCOOK 14-Aug-20 Interim Dividend – Rs. – 80.00 EQUITAS 18-Aug-20 Interim Dividend – Rs. – 1.00
MINDAIND 14-Aug-20 Right Issue of Equity Shares IGPL 18-Aug-20 Final Dividend – Rs. – 2.00
VBL 14-Aug-20 Interim Dividend – Rs. – 2.50 PRESSMN 18-Aug-20 Final Dividend – Rs. – 1.00
BIRLACORPN 17-Aug-20 Dividend – Rs. – 7.50 UBL 18-Aug-20 Final Dividend – Rs. – 2.50
CLNINDIA 17-Aug-20 Final Dividend – Rs. – 11.00 ADCINDIA 19-Aug-20 Dividend – Rs. – 2.00
CUMMINSIND 17-Aug-20 Final Dividend – Rs. – 7.00 BDH 19-Aug-20 Final Dividend – Rs. – 2.50

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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