outlookNIFTY:

The market fell today with a big bang. The NIFTY was due to open lower, thanks to a sharp decline in the US markets overnight. The index opened almost 150 points lower at 9213. There was an attempt to make a small rally in the early hours, but it failed. From 11 AM onwards, the NIFTY was in a clear downside trend. Sometimes there was a pause and sometimes there was decline. At the end of the day, the index closed at the lows of the day at 9142, down 240 points, 2.57%.

Is there a trading range break down?

We are observing a trading range between 9150 and 9400, which has now lasted for many weeks. There have been multiple false breakouts and false breakdowns from this range.

Today, the NIFTY fell below the range support level 9150, and closed marginally lower. As we have seen before, these breaks did not get follow through, and the index went back into the range. We therefore should look for follow through on the downside tomorrow. If the index continues it’s down movement, then we expect that the range breakdown has actually come about.  If the NIFTY again retreats back into the range, we are where we started from- inside range.

Take a short trade if NIFTY stays below 9150 else avoid trading the index.

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
      DABUR 458.60 BUY The intermediate and short-term trends are sideways in DABUR. Prices are consolidating inside a range and have seen a breakout today and closed above this range.  Should buy above 461 with a stop loss of 455 and a target of 473.
      CUMMINSIND 347.25 SELL The immediate trend of the stock is weak .  The stock can be sold below 346 with a stop loss of  351  and for the target of  336.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
LICHSGFIN 260 PE BUY 18.10 CMP 13.50 29 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
INFRATEL.May 28 205.15 4.78 32.53 10618000 TORNTPOWER.May 28 304 -0.02 33.07 2547000
BALKRISIND.May 28 956.75 2.4 20.44 796800 SRTRANSFIN.May 28 647 -3.68 24.96 3694200
TATACONSUM.May 28 361.9 1.81 17.76 10435500 CUMMINSIND.May 28 347 -4.47 24.62 1394100
HINDUNILVR.May 28 2010 0.54 17.09 22560600 ESCORTS.May 28 797 -0.54 21.46 2752200
GLENMARK.May 28 346.25 2.74 16.97 4013800 NIFTY.May 28 9152 -2.57 17.21 8745075
                                                                        Short Covering                                                                              Long unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
BHEL.May 28 27.2 1.68 -13.75 63304800 NIFTYIT.May 28 13258 -3.42 -6.98 2000
NATIONALUM.May 28 28.5 0.71 -3.34 23037300 JINDALSTEL.May 28 93.9 -4.04 -5.62 15695000
APOLLOHOSP.May 28 1294.35 0.61 -1.82 1079500 NIITTECH.May 28 1351 -4.29 -5.51 489000
JUSTDIAL.May 28 353.25 0.2 -1.05 1839600 BANKBARODA.May 28 43.3 -2.37 -4.3 43248600
PAGEIND.May 28 17564.85 0.31 -1 126175 PNB.May 28 29.35 -4.71 -2.4 45243300

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Page Industries Limited 17612.9 0.66 20717 39487 66.94 Nifty FMCG 26933.65 0.7 88824
GMR Infrastructure Limit 18.1 0 6980247 7472711 58.66 Nifty Pharma 9172.2 0.27 88824
Power Grid Corporation o 160.8 -3.51 14880667 8823750 57.72 Nifty MNC 12041.9 0.21 88824
Hindustan Unilever Ltd 2006.05 0.52 8510097 4593115 54.47 Nifty Auto 5804.05 -0.69 88824
TATA CONSUMER PRODUCTS 362.8 1.81 5120949 4543437 53.22 Nifty Media 1158.4 -1.08 88824
MARICO LIMITED 318.25 3.66 5750740 1469769 51.57 INDIA VIX 38.18 -1.69 88821
NTPC Limited 89.35 -3.98 39117004 9441836 49.59 Nifty 50 9142.75 -2.57 88821
Petronet LNG Limited 231.45 -0.26 1511471 597449 49.55 Nifty Metal 1715.05 -2.59 88824
COALINDIA 128.65 -1.49 5663229 5376356 48.28 Nifty Bank 19068.5 -2.88 88824
HDFC LIFE INSURANCE COMP 495 -4.21 4151393 1756936 48.11 Nifty IT 13293.75 -3.51 88824

Upcoming Economic Data

   Domestic                                                                                                                                                  International
•INR:  FX Reserves, USD on 15th May, 2020

•INR:  Trade Balance on 15th May, 2020

•USA: Industrial Production (YoY) (Apr) on 15th May, 2020

•USA: Retail Sales (MoM) (Apr) on 15th May, 2020

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News Updates

•Maruti Suzuki India Ltd., the nation’s biggest carmaker, is likely to emerge from the coronavirus crisis stronger as the economic crunch will lead to buyers favoring cheaper hatchbacks and shifting to personal cars from shared transportation, analysts said. “The near-term outlook remains weak amid Covid, but demand shift toward small cars and preference for personal mobility provide silver linings,” Jefferies analyst Nitij Mangal wrote in a note.

•Two health advocacy groups have written to the Indian government asking it to rescind patents given to Gilead Sciences for the drug remdesivir so it can be distributed more fairly to coronavirus patients around the world, particularly in poorer nations.

•Finance Minister Nirmala Sitharaman announced a Rs 2 lakh crore concessional credit boost for farmers under the Kisan Credit Card scheme. This is aimed at providing farmers access to institutional credit at concessional rates. Around 2.5 crore farmers are expected to benefit from this move, the finance minister said.

•A special credit facility of Rs 5,000 crore for street vendors will be launched by the government within a month, Finance Minister Nirmala Sitharaman said during her media briefing on May 14. This scheme, she said, will facilitate easy access to credit for street vendors who have been largely affected by the nationwide lockdown.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
AARTIDRUGS Audited Results 15-May-20 M&MFIN Audited Results;Dividend 15-May-20
BMAL General 15-May-20 MSL General 15-May-20
CIPLA Audited Results;General 15-May-20 NAM-INDIA Audited Results;Final Dividend 15-May-20
CROMPTON Audited Results;Dividend 15-May-20 PAPERPROD Quarterly Results 15-May-20
IIFLSEC Audited Results;General 15-May-20 TASTYBIT Audited Results;Final Dividend 15-May-20
KEL General 15-May-20 TATACHEM Audited Results;Final Dividend 15-May-20
L&TFH Audited Results 15-May-20 FCONSUMER Rights Issue 16-May-20
LTTS Audited Results;Final Dividend 15-May-20 INDOCITY Audited Results 16-May-20

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
JMFINANCIL 15-May-20 Dividend – Rs. – 0.20 HINDZINC 19-May-20 Interim Dividend – Rs. – 16.50
SBICARD 15-May-20 Interim Dividend – Rs. – 1.00 OFSS 19-May-20 Interim Dividend – Rs. – 180.00
VOLTAMP 18-May-20 Dividend – Rs. – 25.00 INDIGRID 1-Jun-20 Income Distribution (InvIT)
ACC 19-May-20 Interim Dividend – Rs. – 14.00 DICIND 10-Jun-20 Final Dividend – Rs. – 4.50
AMBUJACEM 19-May-20 Interim Dividend – Rs. – 1.50 KANSAINER 12-Jun-20 Dividend – Rs. – 3.15

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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