NIFTY:
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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