NIFTY:
The Nifty opened at 13547.20 with a minor gap down of just 11 points. Prices have initially moved down 100 points and recorded its intraday low at 13447.05. Around 11:00 AM, the index started gaining and rallied 140 points and made its intraday high at 13589.65. The index finally closed at 13567.85 near day befores closing price with a marginal gain. The Media, Metal and Financial Sectors have outperformed and closed higher while FMCG and Pharma sectors have closed with losses.
On Monday, we suggested buying a sharp correction that may occur intraday. We also identified a likely level around 13500 where we can go long, the Nifty then further declined made a low around 13450 for a few minutes and then had a handsome rally.
The Nifty is trading very narrow and choppy for the last few trading days. A narrow trading range is now visible with support around 13400 and resistance at 13600. Traders can look to buy above 13600 with a stop at 13550 and for the target of 13750.
BANK NIFTY:
Bank Nifty opened at 30804.50 with a gap up of 63 points. The index first moved down and made its intraday low at 30345.75 and then started moving upside. The index recovered from all its intraday losses and finally closed at 30691.
PSU Banks have underperformed and closed lower by 1.46% while Private Banks closed lower by just 0.03%. Within the index, in terms of points HDFC Bank contributed highest while ICICI Bank the lowest.
We should trade on a breakout from a range of 30200 on the downside and 30900 on the upside.
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TECHNICAL PICKS
| COMPANY | CMP | B/S | RATIONALE |
| ADANIENT | 465.25 | BUY | The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 461 and for the target 476. |
| CHOLAFIN | 378.45 | BUY | The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 374 and for the target 388 |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| L&TFH | 94 CE | BUY | 4.80 | CMP | 3.9 | 6.2 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| GMRINFRA.20.12 Dec | 28.75 | 5.31 | 15.08 | 69030000 | POWERGRID.20.12 Dec | 189.05 | -0.66 | 15.03 | 22468000 | |
| NTPC.20.12 Dec | 105.95 | 1 | 12.25 | 65230800 | IGL.20.12 Dec | 485.5 | -2.48 | 12.44 | 6600000 | |
| LICHSGFIN.20.12 Dec | 372.8 | 2.64 | 11.16 | 9384000 | CADILAHC.20.12 Dec | 467.8 | -0.64 | 11.99 | 7029000 | |
| BAJAJFINSV.20.12 Dec | 9340.5 | 4.05 | 10.55 | 965125 | GAIL.20.12 Dec | 126 | -0.08 | 11.1 | 23997400 | |
| ZEEL.20.12 Dec | 231.5 | 6.85 | 9.93 | 36507000 | SIEMENS.20.12 Dec | 1545 | -0.4 | 10.92 | 1676400 | |
| Short Covering | Long Unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| CANBK.20.12 Dec | 121.65 | 2.92 | -14.14 | 40665000 | BANKNIFTY.20.12 Dec | 30692.05 | -0.31 | -7.68 | 1480525 | |
| GODREJPROP.20.12 Dec | 1293.8 | 0.41 | -4.26 | 1269450 | BHEL.20.12 Dec | 36.5 | -1.62 | -2.53 | 94479000 | |
| L&TFH.20.12 Dec | 94.5 | 4.48 | -3.86 | 25717600 | GLENMARK.20.12 Dec | 517.2 | -2.07 | -1.69 | 6774650 | |
| HCLTECH.20.12 Dec | 886.4 | 1.09 | -2.48 | 19686800 | ONGC.20.12 Dec | 100.6 | -1.08 | -0.82 | 42989100 | |
| VOLTAS.20.12 Dec | 832 | 2.45 | -2.26 | 2465000 | IDEA.20.12 Dec | 9.9 | -2.46 | -0.62 | 668080000 | |
TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Icici Lombard General In | 1455.7 | -2.29 | 1270972 | 758601 | 69.81 | Nifty Media | 1722.15 | 1.79 | 94551 | |
| Sbi Life Insurance Compa | 856.2 | 0.71 | 2044843 | 790494 | 66.6 | Nifty Metal | 3214.15 | 0.77 | 94551 | |
| Tata Consultancy Serv Lt | 2761.55 | -1.29 | 2365509 | 1487586 | 59.89 | Nifty Auto | 9149.75 | 0.62 | 94551 | |
| Hdfc Ltd. | 2350.35 | 2.07 | 5056502 | 1884770 | 59.64 | Nifty 50 | 13567.85 | 0.07 | 94551 | |
| Container Corp Of India | 412.9 | 2.2 | 3714347 | 1504181 | 57.17 | Nifty it | 22715.1 | -0.14 | 94551 | |
| Hdfc Life Insurance Comp | 651.45 | -0.66 | 4819043 | 1516435 | 56.24 | Nifty Bank | 30691.05 | -0.18 | 94551 | |
| Ultratech Cement Limited | 5156.85 | 1.64 | 1629308 | 516455 | 56.15 | Nifty Pharma | 12432.6 | -0.22 | 94551 | |
| Godrej Cons Products Ltd | 722.8 | -0.06 | 1192361 | 521496 | 55.53 | Nifty Realty | 289 | -0.31 | 94551 | |
| Wipro Ltd | 352.7 | 0.96 | 7231781 | 6170558 | 53.65 | Nifty Energy | 17281.35 | -0.4 | 94551 | |
| Pidilite Industries Ltd | 1620.45 | -0.42 | 422836 | 200440 | 53.61 | Nifty Fmcg | 33967.9 | -1.29 | 94551 | |
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UPCOMING ECONOMIC DATA
| Domestic International | |
| INR: Deposit Growth on 18th December, 2020
INR: FX Reserves, USD on 18th December, 2020 |
•USD: Crude Oil Inventories on 16th December, 2020
•USD: API Weekly Crude Oil Stock on 16th December, 2020 |
NEWS UPDATES
| •The initial public offering of bakery products maker Mrs Bectors Food Specialties had been subscribed 3.5 times in the afternoon of December 15, the first day of bidding. The public issue received bids for 4.6 crore equity shares against an offer size of 1.32 crore equity shares, excluding the anchor book portion, the data available on the exchanges showed.
•S&P Global Ratings on Tuesday raised India’s growth projection for the current fiscal to (-) 7.7% from (-) 9% estimated earlier on rising demand and falling COVID infection rates. •Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday said its joint venture firm Adani International Container Terminal Pvt Ltd will raise USD 300 million (over Rs 2,200 crore) to retire some of its debt. “Adani International Container Terminal Pvt Ltd (AICTPL), a 50:50 joint venture (JV) of Adani Ports and Special Economic Zone Ltd and Terminal Investment Limited Holding S.A., priced an offering of USD 300 million 3.00 per cent senior secured notes due 2031. •SsangYong Motor Company (SYMC) – the South Korean subsidiary of Mahindra & Mahindra (M&M) – has missed repayment of loans amounting to Rs 408 crore (Korean Won 60 billion) to JP Morgan Chase, BNP Paribas and Bank of America (BoA) which was due and payable on Dec 14, 2020. 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 |
| ENKEIWHEL | General | 16-Dec-20 | JIYAECO | Quarterly Results | 18-Dec-20 |
| FEL | Quarterly Results | 16-Dec-20 | LPNAVAL | General | 18-Dec-20 |
| FELDVR | Quarterly Results | 16-Dec-20 | SAKUMA | General | 18-Dec-20 |
| PGEL | General | 16-Dec-20 | ZEELEARN | Quarterly Results | 18-Dec-20 |
| REMISIN | Voluntary Delisting of Shares | 16-Dec-20 | ZODJRDMKJ | General | 18-Dec-20 |
| ANISHAIMPEX | General | 17-Dec-20 | EUROTEXIND | General | 19-Dec-20 |
| DESHRAK | General | 17-Dec-20 | CHEMCON | General | 21-Dec-20 |
| PTIL | Audited Results;Quarterly Results | 17-Dec-20 | RAJPALAYAM | Right Issue of Equity Shares | 21-Dec-20 |
| SBTL | Audited Results;A.G.M.;General | 17-Dec-20 | RAMASIGNS | General | 24-Dec-20 |
| VSL | General | 17-Dec-20 | BOMBPOT | A.G.M.;General | 29-Dec-20 |
| BITL | General | 18-Dec-20 | GLITTEKG | A.G.M.;General | 29-Dec-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| NICCOPAR | 16-Dec-20 | Annual Book Closure | ASHOKALC | 18-Dec-20 | Dividend – Rs. – 0.50 |
| RESPONIND | 16-Dec-20 | Final Dividend – Rs. – 0.0700 | BCG | 18-Dec-20 | Final Dividend – Rs. – 0.0500 |
| SHRISTI | 16-Dec-20 | Dividend – Rs. – 0.2500 | ENERGYDEV | 18-Dec-20 | Dividend – Rs. – 0.50 |
| TRESCON | 16-Dec-20 | Dividend | JAICORPLTD | 18-Dec-20 | Dividend – Rs. – 0.50 |
| VISHAL | 16-Dec-20 | Bonus issue 1:2 | VRL | 18-Dec-20 | Dividend – Rs. – 1.50 |
| AARNAV | 17-Dec-20 | Dividend – Rs. – 0.50 | NIKHILAD | 21-Dec-20 | Final Dividend – Rs. – 1.00 |
| EASTWEST | 17-Dec-20 | Dividend – Rs. – 0.0500 | ANANTRAJ | 22-Dec-20 | Dividend – Rs. – 0.0800 |
| HAL | 17-Dec-20 | Interim Dividend – Rs. – 15.00 | BAMBINO | 22-Dec-20 | Dividend – Rs. – 1.60 |
| POWERGRID | 17-Dec-20 | Interim Dividend – Rs. – 5.00 | GMDCLTD | 22-Dec-20 | Dividend – Rs. – 2.00 |
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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