outlook

NIFTY:

The Nifty opened at 13512.30 with a gap up of 34 points. Prices have first moved up and recorded its intraday high at 13579.35. Prices then traded sideways and narrow till the afternoon. Around 1:00, the index started a down move and recorded its intraday low at 13402.85. However, prices have recovered from this down move in the last hour of trading and finally closed at 13513.85. The FMCG and Metal sectors have continued moving higher while Pharma and IT have underperformed.

We had given a trade to buy Nifty at a dip around 13400 with a stop at 13300 and for the of 13550. We have identified 13400 as a strong support. Markets fell from its high found support and then bounced back up. Assuming traders are long in the index at that level, shit the stop to 13400.

The long term trend is up as the markets are making new lifetime highs again and again. Long term momentum remains up and remains in the strength area. Intermediate momentum has slightly fallen suggesting that perhaps some kind of dip or consolidation  may take place.

BANK NIFTY:

Bank Nifty opened at 30555.30 with a gap up of 41 points. The index first moved up and recorded its intraday high at 30811.80 and then started a decline. The index moved down almost 500 points and finally closed at 30600.

PSU Banks have outperformed and closed higher by 1% while Private Banks also closed higher by 0.32%. Within the index, in terms of points, ICICI Bank contributed highest while Axis Bank the lowest.

Bank Nifty is finding strong resistance around 30800 in the last three trading days. This may be the upper level of a likely consolidation.

Support is visible first at 29800 and then around 28800.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
PNB 40.50 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at  39  and for the target 43.
TITAN 1442.40 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1420 and for the target 1480.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
INDUSIND BANK 920 CE BUY 50.85 CMP 43 65 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ONGC.20.12 Dec 97.25 5.59 18.4 48556200 TVSMOTOR.20.12 Dec 486 -2.72 14.53 5847800
NATIONALUM.20.12 Dec 42.85 1.9 13.26 48365000 ACC.20.12 Dec 1616.55 -1.54 11.93 3387500
GAIL.20.12 Dec 126.45 4.81 12.31 22319900 HEROMOTOCO.20.12 Dec 3168.35 -0.43 6.77 3633600
IDEA.20.12 Dec 10.2 3.03 9.67 673820000 CONCOR.20.12 Dec 401.95 -0.46 6.44 11413026
NMDC.20.12 Dec 111.4 2.77 8.97 33453100 PAGEIND.20.12 Dec 23668.65 -3.16 6.19 77670
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
ICICIPRULI.20.12 Dec 499.8 0.09 -14.03 4275000 INFRATEL.20.12 Dec 244.45 -0.49 -8.02 9951200
LICHSGFIN.20.12 Dec 352.7 1.57 -12.26 9650000 BOSCHLTD.20.12 Dec 13183.15 -0.59 -7.29 197650
PNB.20.12 Dec 39.2 2.48 -9.93 94948000 PVR.20.12 Dec 1466.7 -0.92 -6.6 1318273
HDFCLIFE.20.12 Dec 665.05 0.57 -9.43 14762000 AUROPHARMA.20.12 Dec 897.85 -0.32 -4.96 10145200
CUMMINSIND.20.12 Dec 583.35 0.73 -9.26 1776000 MFSL.20.12 Dec 634.3 -1.15 -4.92 6173700

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Sbi Life Insurance Compa 849.7 -0.74 1939950 1558024 67.66 Nifty Energy 17204.05 1.61 4201785
Icici Lombard General In 1466.55 1.16 697751 369739 64.22 Nifty Metal 3146.1 1.06 204157232
Icici Prudential Life In 498.65 0.42 2677102 2392444 59.91 Nifty Fmcg 34364.85 0.91 1190868
Infosys Limited 1163.2 -0.39 10574009 5527270 58.25 Nifty Realty 292.5 0.78 2147483500
Max Financial Services l 634.1 -0.7 1699797 1246600 55.84 Nifty Media 1658.7 0.76 386641383
Hdfc Ltd. 2295.9 0.3 4577813 1419898 55.79 Nifty Bank 30604.85 0.31 20983208
Hdfc Bank Ltd. 1382.8 -0.22 10678192 5410504 54.85 Nifty 50 13513.85 0.26 47525598
Petronet Lng Limited 261.6 2.63 4131904 2895588 52.38 Nifty Auto 9188.95 -0.13 69727372
Larsen & Toubro Limited 1194.3 0.33 6689415 2375196 48.26 Nifty it 22664 -0.4 1429917
Power Grid Corporation o 193.1 0.18 8367957 3678296 48.04 Nifty Pharma 12366 -0.6 51766754

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR: WPI inflation (YoY) (Nov) on 14th December,2020

INR: CPI (YoY) (Nov) on 14th December,2020

•USD: OPEC monthly report on 14th December, 2020

•USD:  Investing.com S&P 500 Index on 14th December,2020

NEWS UPDATES

•The proposed restructuring of the $8.5-billion TVS Group is said to be to pave way for a smooth transition of the business to the fourth generation, according to sources close to family members of the group. Family members of the group decided to go for restructuring by giving each family group complete ownership of businesses they manage and scrapping the holding company.

•Fitch Ratings has upgraded Indian Renewable Energy Development Agency Ltd’s (IREDA) long-term foreign and local-currency Issuer Default Ratings (IDRs) from ‘BB+’ to ‘BBB-‘ with the government consistently guaranteeing the high level of the entity’s debt. IREDA is the flagship government-related entity (GRE) under the administrative control of the Ministry of New and Renewable Energy (MNRE). The company provides financing for and encourages investments in the renewable energy sector in India.

•Mumbai-based Cipla on Friday said that the settlement of its patent litigation with a Bristol Myers Squibb (BMS) subsidiary on Revilimid or a drug for blood cancer.Calgene, a wholly-owned subsidiary of BMS, has agreed to provide Cipla with a license to Calgene’s patents required to manufacture and sell certain limited volumes of generic lenalidomide (a drug sold under the name Revilimid that treats myeloma, a cancer that forms in the blood plasma cell), in the US.

•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
AANCHALISP Quarterly Results 14-Dec-20 KARDA General 15-Dec-20
ABHICAP General 14-Dec-20 MJCO Interim Dividend 15-Dec-20
ADROITINFO General 14-Dec-20 MTEDUCARE General;Quarterly Results 15-Dec-20
INDSUCR Quarterly Results 14-Dec-20 NAVBLDR General 15-Dec-20
ISMTLTD Quarterly Results 14-Dec-20 OSWALOR General 15-Dec-20
QGO General 14-Dec-20 RISHILASE General 15-Dec-20
SHIVACEM Increase in Authorised Capital;Preferential Issue of shares 14-Dec-20 SMGOLD General 15-Dec-20
GOPALA General;Preferential Issue of shares 15-Dec-20 SPANDANA General 15-Dec-20
GRMOVER IssueOfWarrants;General;Preferential Issue of shares 15-Dec-20 SUPRAP General 15-Dec-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
GOODYEAR INDIA LTD. 14-Dec-20 Interim Dividend – Rs. – 80.0000 Trescon Ltd 16-Dec-20 Dividend
APL APOLLO TUBES LTD. 15-Dec-20 Stock  Split From Rs.10/- to Rs.2/- Vishal Fabrics Ltd 16-Dec-20 Bonus issue 1:2
NICCO PARKS & RESORTS LTD.-$ 16-Dec-20 Annual Book Closure Aarnav Fashions Ltd 17-Dec-20 Dividend – Rs. – 0.5000
RESPONSIVE INDUSTRIES LTD. 16-Dec-20 Final Dividend – Rs. – 0.0700 East West Holdings Ltd 17-Dec-20 Dividend – Rs. – 0.0500
SHRISTI INFRASTRUCTURE DEVELOPMENT CORPORATION LTD. 16-Dec-20 Dividend – Rs. – 0.2500 Hindustan Aeronautics Ltd 17-Dec-20 Interim Dividend – Rs. – 15.0000

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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