outlookNIFTY:

The market action on Friday was remarkable. The index opened almost 400 points down, and then spent the whole day recovering these opening  losses, finally closing the day with gains. This means there was an intraday recovery of more than 400 points. For the last few days we have been referring to a large trading range in Nifty which supported 9488. This is what the market action was telling us. The Nifty almost went to the support level and then recovered. For this large trading range, the support has been tested; it is reasonable to expect that the resistance level of 10175 may also come under a test soon.

The long term trend remains down. Despite Fridays remarkable rally, the market suggests it is willing to go into a process of consolidation or correction. The medium trend remains up. The markets were looking for a correction and this correction has already come about when the Nifty fell from 10400 to 9500 in the last few days.

The trade will be to buy on dips and consolidations, for the initial target for 10175

BANK NIFTY:

Bank Nifty opened at 19529.30 with a gap down of 1005 points. The index has seen a sharp intraday rally today, recovered all its loss from a gap down and finally closed at 20605.05 with a gain of 71 points. PSU and Private banks both have performed same today and closed higher. Within the index, in terms of points, HDFC Bank contributed highest while Kotak Bank the lowest. A big gap down and then an equal intraday rally today suggests buyers have an upper hand in this market. The index today closed inside it trading range after recovering of more than 1000 points intraday.

Buy on a dip with a stop of 300 points and a target of 500 points.

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
GLENMARK 403.85 BUY Intermediate and short trends are sideways in Glenmark. The stock has seen a sharp rally and then started consolidation. Prices are on the verge of a breakout. Traders should buy above 407 with a stop below 400 and target of 421.
INFOEDGE 2820.50 BUY The stock has given the breakout with volume  on the intraday as well as on the daily chart. The stock can be bought at between 2772-2780 with a stop loss of  2735 and for the target of  2880.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
HINDUNILVR 2100 CE BUY 48.05 CMP 40 65 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
IDEA.20.06 Jun 10.2 8.51 55.17 3E+08 MINDTREE.20.06 Jun 905.45 -0.72 8.47 1321600
SBILIFE.20.06 Jun 750.85 1.72 26.7 6085500 PAGEIND.20.06 Jun 18500.1 -1.17 7.23 113850
HDFCLIFE.20.06 Jun 502.85 0.08 19.61 18728100 UPL.20.06 Jun 412.55 -1.21 7.2 8104500
CHOLAFIN.20.06 Jun 160.45 6.36 18.35 7302500 ZEEL.20.06 Jun 168.95 -4.11 6.39 27557000
NCC.20.06 Jun 30.65 4.07 18.31 25524000 BHARATFORG.20.06 Jun 348.55 -0.73 6.06 6464900
                                                                        Short Covering                                                                              Long unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
ESCORTS.20.06 Jun 982.25 6.85 -20.44 2371600 NIFTYIT.20.06 Jun 14400 -1.1 -8.33 1100
JINDALSTEL.20.06 Jun 144.95 1.05 -8.71 14625000 KOTAKBANK.20.06 Jun 1281.45 -1.45 -5.52 10122400
GODREJPROP.20.06 Jun 836.7 2.98 -8.23 384150 TATAMOTORS.20.06 Jun 105.35 -0.66 -3.16 76200300
LICHSGFIN.20.06 Jun 281.15 3.73 -7.89 7683000 CUMMINSIND.20.06 Jun 392.65 -0.61 -1.22 1093500
MGL.20.06 Jun 1072.55 3.66 -7.4 1141800 IOC.20.06 Jun 88.35 -0.17 -1.1 45076000

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hcl Technologies Ltd. 17 570.75 -1.26 6624056 3461257 69.56 India Vix 30.82 1.96E+08 3.91
Petronet Lng Limited 17% 260.1 1.94 7255495 2786613 59.25 Nifty Auto 6559.4 94380132 2.92
Godrejprop 23% 835.85 2.17 349798 317951 56.82 Nifty Realty 204.65 2.15E+09 1.16
Hindustan Unilever Lt 15 2107.25 0.02 2338562 1337901 52.12 Nifty Energy 13855.75 3183041 0.8
Godrej Cons Products  16 606.8 -1.11 2084545 1006962 49.99 Nifty 50 9972.9 61600635 0.72
Ambuja Cements Ltd 17% 193.7 2.22 5199081 1589407 46.78 Nifty Bank 20654.55 29814049 0.63
Larsen & Toubro Limit 17 926.4 -0.44 5411426 1677350 46.55 Nifty Metal 1966.1 3.13E+08 0.58
Icici Prudential Life 28 400.95 1.42 2240478 1171568 45.24 Nifty Pharma 9982.8 61340898 0.5
Infosys Limited 17% 692.05 -1.69 9796064 3918922 44.4 Nifty Fmcg 29145.6 1059858 0.18
Oil & Natural Gas Cor 22 83.9 -3.45 20601082 6085352 42.62 Nifty it 14402.75 1502343 -1.48

Upcoming Economic Data

   Domestic                                                                                                                                                  International
•INR: WPI Inflation (YoY) (May) on 12th June, 2020

•INR: Trade Balance on 15th June, 2020

•USA: Retail Sales (MoM) (May) on 16th June, 2020

•USA: Industrial Production (YoY) (May)  on 16th June, 2020

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News Updates

•Gilead Sciences Inc has said it has signed licensing pacts with four more firms, including three from India and one from Egypt, for manufacturing and sale of its antiviral drug remdesivir, the first treatment to show improvement in Covid-19 trials. Dr Reddy’s Laboratories Ltd, Biocon arm Syngene International Ltd, Zydus Cadila Ltd, and Egypt-based Eva Pharma Pvt Ltd are the companies Gilead has entered into non-exclusive voluntary licensing agreements with.

•State Bank of India has filed an application in the National Company Law Tribunal to recover more than Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law. Anil Ambani had given personal guarantee to the loans given to Reliance Communications and Reliance Infratel.

•Royal Enfield maker Eicher Motors on June 12 reported a 44.1 percent year-on-year decline in its Q4FY20 consolidated profit due to nationwide lockdown in second half of March and overall slowdown in auto business. Profit declined to Rs 304.3 crore during the quarter, compared to Rs 544.8 crore in same period last year.

•BHEL on Saturday reported a consolidated net loss of Rs 1,532.18 crore for the March quarter compared with a profit of Rs 680.77 crore in the corresponding quarter of last year. Analysts were largely expecting an up to 65 per cent drop in profit. Ebitda loss for the quarter came in at Rs 560 crore compared with a profit of Rs 925 crore in the year-ago quarter. Deferred tax expenses for the quarter stood at Rs 822 crore against Rs 14 crore in the year-ago quarter.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
ACE Audited Results;General 15-Jun-20 LIKHAMI Audited Results 15-Jun-20
ASHIKACR Audited Results;Final Dividend 15-Jun-20 LUDLOWJUT Audited Results;Dividend 15-Jun-20
ASHOKA Audited Results 15-Jun-20 NATHBIOGEN A.G.M.;Audited Results 15-Jun-20
BOMBWIR Audited Results 15-Jun-20 PFIZER Audited Results;Final Dividend 15-Jun-20
CANFINHOME A.G.M.;Audited Results;Dividend 15-Jun-20 PRSNTIN Audited Results;Quarterly Results 15-Jun-20
CCL Audited Results 15-Jun-20 RAMKY Audited Results;General 15-Jun-20
CHMBBRW Audited Results;Quarterly Results 15-Jun-20 REVATHI Audited Results 15-Jun-20
HINFLUR Audited Results 15-Jun-20 SRTRANSFIN General 15-Jun-20
INTELLECT Audited Results 15-Jun-20 TATAMOTORS Audited Results 15-Jun-20
JKTYRE Audited Results;Final Dividend 15-Jun-20 TNPETRO Audited Results;Final Dividend 15-Jun-20

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
REFEX 16-Jun-20 Right Issue of Equity Shares MOTOGENFIN 19-Jun-20 Stock  Split From Rs.10/- to Rs.5/-
AVANTEL 17-Jun-20 Final Dividend – Rs. – 2.00 SCHAEFFLER 19-Jun-20 Final Dividend – Rs. – 35.00
RALLIS 17-Jun-20 Final Dividend – Rs. – 2.50 SHREDIGCEM 22-Jun-20 Dividend – Rs. – 1.50
SINCLAIR 17-Jun-20 Stock  Split From Rs.10/- to Rs.2/- TATACHEM 22-Jun-20 Final Dividend – Rs. – 11.00
TATACONSUM 18-Jun-20 Final Dividend – Rs. – 2.70 SANOFI 29-Jun-20 Final Dividend – Rs. – 106.00
HINDUNILVR 19-Jun-20 Final Dividend – Rs. – 14.00 SANOFI 29-Jun-20 Special Dividend – Rs. – 243.00

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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