outlookNIFTY:

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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