outlookNIFTY:

The US markets which were trading at new highs daybefore suddenly turned weak and closed with a loss of almost 1%. This decline affected all Asian markets that opened yesterday. The Nifty also opened lower and from the morning itself began a slide that took down all the way to 10600. The index closed at 10607 down almost 195 points. Today was a trend on the downside and there was one directional move. The Nifty has broken a significant support at 10719 which was identified yesterday. Support now exists at 10562, below which the market may be willing to go down all the to 10321. We had explained that a short sell is possible if the Nifty broke this level and we had given a target of 10562, the Nifty made a low of almost 10562. Given yesterdays sharp decline, we should wait before taking a long position. It is possible that markets may be getting ready for a deeper correction.

For today the trade is to go short below 10562 for the target of 10321.

BANK NIFTY:

Bank Nifty opened at 21877.60 with a gap down of 236 points. The index started a down move just after the open and saw a downside move of almost 700 points. Price then traded sideways for the rest of the day and finally closed at 21392 with a loss of 697 points. PSU and Private banks both have performed almost same today and closed lower by more than 3%. Within the index, in terms of points, Axis Bank contributed lowest followed by HDFC Bank. Decline continued in Bank Nifty and the index closed lower for the third consecutive day. Prices are trading near the support levels of a trading range inside 21000-22500. Trend is now sideways and it will be on downside if prices closed below 21000. A trading opportunity will come depending on how prices are moving around 21000 support.

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TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
TORNTPHARMA 2421.30 BUY The stock has been consolidating in  a narrow range and given an upwards breakout. The stock can be bought between 2410-2415 with a stop loss at 2395 and for the target of  2450
ZEEL 166.30 SELL Intermediate and short term trends are down in this stock. The stock has given a breakdown from a large range. The stock can be sold below 164  with  a stop at 167.50 for the target of 157.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
BERGEPAINT 500 CE BUY 19.30 CMP 17.50 24 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
BIOCON.Jul 30 438.35 5.46 7.22 15916000 RBLBANK.Jul 30 164.55 -7.74 28.11 26254800
SUNTV.Jul 30 392.95 0.24 6.78 6051000 RAMCOCEM.Jul 30 652.05 -2.04 27.02 1390600
MGL.Jul 30 987.05 1.67 5.66 1310400 MINDTREE.Jul 30 972 -4.05 20.2 2052000
APOLLOHOSP.Jul 30 1443 0.49 4.47 922500 CANBK.Jul 30 100.85 -2.47 17.99 13870000
AUROPHARMA.Jul 30 813.15 0.07 2.9 13217100 ZEEL.Jul 30 165.65 -4.72 16.14 21306000
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
JUSTDIAL.Jul 30 373.65 0.63 -3.98 1282400 ESCORTS.Jul 30 1090 -3.74 -15.58 2695000
TATACHEM.Jul 30 306.95 2.47 -2.6 3902000 IBULHSGFIN.Jul 30 221.6 -7.28 -8.26 10983300
JUBLFOOD.Jul 30 1658.9 1.04 -1.07 2166500 SAIL.Jul 30 34.55 -3.63 -6.45 42731000
TORNTPHARM.Jul 30 2436.8 3 -0.17 1444000 MFSL.Jul 30 551.4 -1.98 -6.4 1444300
BAJFINANCE.Jul 30 3193.95 -1.36 -4.43 6581000

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Godrej Cons Products Ltd 694.6 -0.07 663400 885904 59.61 India Vix 26.64 5.5 96054
Hindustan Unilever Ltd 2234.75 -1.35 2403257 2463365 54.06 Nifty Pharma 10155.05 0.48 96054
Petronet Lng Limited 266 0.24 3192812 1178276 49.83 Nifty Media 1366.55 -0.72 96054
Ultratech Cement Limited 3770.9 -0.45 351720 135239 44.64 Nifty Fmcg 30932.85 -0.9 96054
Tata Consumer Products l 419.35 -1.2 3232206 1134142 44.43 Nifty it 15640.55 -1.13 96054
Hdfc Bank Ltd. 1058.85 -1.98 13306511 6602916 44.13 Nifty Realty 199.7 -1.53 96054
Balkrishna Ind. Ltd 1251.75 -2.01 638868 443238 43.71 Nifty 50 10607.35 -1.81 96054
Cadila Healthcare Ltd. 353.8 -1.2 2596036 813342 43.52 Nifty Auto 6916 -2.38 96054
Icici Bank Ltd. 345.55 -2.28 34033233 13678602 42.24 Nifty Metal 2052.45 -2.5 96054
Dr. Reddys Lab Ltd 3983.15 2.14 1208945 225803 42.15 Nifty Bank 21392.2 -3.16 96054

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR:  Trade Balance on 15th July, 2020

•INR:  Bank Loan Growth on 17th July, 2020

•USA: Industrial Production (YoY) (Jun) on  15th July, 2020

•USA: Crude Oil Inventories on 15th July, 2020

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NEWS UPDATES

•Google is reportedly in advanced talks to invest $4 billion in Jio Platforms, the digital services arm of Reliance Industries Limited (RIL). The fresh funding bid comes just two days after billionaire Mukesh Ambani-led Jio Platforms raised Rs 730 crore in a investment round by Qualcomm Ventures, the investment arm of Qualcomm Incorporated.

•State Bank of India (SBI) will institute work-from-anywhere infrastructure and expects to save Rs 1,000 crore from this measure, Chairman Rajnish Kumar said. Speaking to shareholders at the bank’s 65th annual general meeting on Tuesday, he said the focus going forward will be on cost reduction, rationalization and reskilling of workforce, improving staff productivity and redeployment of workforce from admin offices to sales roles.

•Mindtree, now a Larsen & Toubro group company, on Tuesday reported a significant jump of 129.8 per cent in its consolidated net profit at Rs 213 crore for the first quarter ended June 30, 2020, despite the global headwinds due to COVID-19 pandemic. The profit was attributed to healthy order book of $391 million and EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortisation) of 18.2 per cent during April-June quarter of 2020

•With the automobile industry growing through the longest sales slump, made worse by coronavirus pandemic, auto industry body SIAM President Rajan Wadhera on Tuesday said he does not see any case for investment in the auto sector at present.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
ABCGAS General;Quarterly Results 15-Jul-20 DJSSS Audited Results 15-Jul-20
ADVMULT General;Quarterly Results 15-Jul-20 EMERALD Audited Results 15-Jul-20
AMFL Audited Results 15-Jul-20 FEDERALBNK Quarterly Results 15-Jul-20
AMRAFIN Half Yearly Results 15-Jul-20 FILTRA Audited Results 15-Jul-20
ANDREWYU Audited Results;Final Dividend 15-Jul-20 GIRDSGA Audited Results 15-Jul-20
ARIHANTINS Audited Results 15-Jul-20 GOODLUCK Audited Results;Final Dividend 15-Jul-20
AVONMERC Quarterly Results 15-Jul-20 GTPL Quarterly Results 15-Jul-20
BANDHANBNK Quarterly Results 15-Jul-20 INDOCRED Audited Results 15-Jul-20
BARTRONICS Audited Results 15-Jul-20 INFY Audited Results 15-Jul-20
CATECH Audited Results 15-Jul-20 INVENTURE Audited Results;General 15-Jul-20
CROWNTOURS Audited Results 15-Jul-20 JAYSYN Audited Results;Dividend 15-Jul-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ACGL 15-Jul-20 Final Dividend – Rs. – 5.00 CLNINDIA 16-Jul-20 Special Dividend – Rs. – 140.00
PETRONET 15-Jul-20 Final Dividend – Rs. – 7.00 COROMANDEL 16-Jul-20 Final Dividend – Rs. – 12.00
SUYOG 15-Jul-20 Interim Dividend – Rs. – 0.50 GRINDWELL 16-Jul-20 Dividend – Rs. – 7.50
WENDT 15-Jul-20 Final Dividend – Rs. – 25.00 IRB 16-Jul-20 Final Dividend – Rs. – 5.00
ABB 16-Jul-20 Dividend – Rs. – 4.80 LAXMIMACH 16-Jul-20 Dividend – Rs. – 10.00
ASTEC 16-Jul-20 Final Dividend – Rs. – 1.50 M&M 16-Jul-20 Dividend – Rs. – 2.35
BBTC 16-Jul-20 Dividend – Rs. – 1.20 PEL 16-Jul-20 Final Dividend – Rs. – 14.00

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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