outlookNIFTY:

After daybefore’s sharp decline, cheerful American markets suggested that the Nifty may open higher. The Nifty opened almost with a 100 point gap up at 10700, and then quickly rushed to 10800. This is the point at which significant resistance has come in multiple times earlier. The same happened this time also. The Nifty could not hold 10800, started a sharp decline that actually saw a low of 10577, before the Nifty recovered a little and closed around 10618. Yesterdays price action was not bullish. Traders who went long in the morning may have ended up with no gains because of the sharp and sudden decline. Perhaps some traders would have taken profits at 10800 because that was a strong resistance level. Yesterday we had identified a trading range in the Nifty with support at 10562 and resistance at 10800. The intermediate trend is up but for the first time in many weeks, prices have closed below the intermediate moving average. Momentum on the intermediate time is now  at a point where it is considered oversold. This may suggest an intraday or a two day rally soon.

Traders should look to buy above 10805 or sell below 10563.

It is also possible to take a long trade intraday if the Nifty were to get up again. Please note long trades should have profit booking at 10800.

BANK NIFTY:

Bank Nifty opened at 21634.25 with a gap up of 214 points. The index continued moving higher after the open and made its intraday high around 21935.50 and then starting sliding down. A sharp decline took the index towards 21230 and then prices have closed without much change. PSU Banks have underperformed today and closed lower by 1.37%. Within the index, in terms of points, Axis Bank contributed highest while HDFC Banks the lowest. Prices have traded very volatile today; having seen multiple swings. Prices are trading near the support of 21000. Index can be shorted below 21000.

Intraday traders should look to buy on dips and sell on rally.

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TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
BERGER PAINT 510.40 BUY The stock has been consolidating in  a narrow range and given an upwards breakout. The stock can be bought at CMP with a stop loss at 504 and for the target of  520
AMARARAJA 680.60 SELL Intermediate and short term trends are down in this stock. The stock has given a breakdown from a large range. The stock can be sold below 678 with  a stop at 686 for the target of 655.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
INFY 830 CE BUY 31.60 32 28 38.50 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
WIPRO.Jul 30 263.9 16.9 39.43 40352000 L&TFH.Jul 30 60.95 -5.36 33.04 40881600
NIITTECH.Jul 30 1699.7 10 34.18 593250 MFSL.Jul 30 536.2 -3.39 15.75 1662700
GLENMARK.Jul 30 419.1 2.01 26.56 5929400 TORNTPOWER.Jul 30 321.15 -1.55 14.97 1728000
UPL.Jul 30 440.7 0.41 11.32 11246300 MRF.Jul 30 64010.5 -0.88 13.59 15550
INFY.Jul 30 837 6.49 10.33 56236800 BHEL.Jul 30 37.1 -4.75 13.36 46494000
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
MINDTREE.Jul 30 980.1 0.36 -11.24 1775200 CANBK.Jul 30 100.2 -0.69 -5.56 12150000
ESCORTS.Jul 30 1110.75 1.94 -2.74 2572900 IDEA.Jul 30 8.75 -6.91 -5.22 340760000
MOTHERSUMI.Jul 30 94.15 0.11 -1.38 26915000 SUNTV.Jul 30 378.85 -3.48 -4.87 5740500
CONCOR.Jul 30 431.55 1.88 -1.32 5248554 BAJAJFINSV.Jul 30 6220 -0.73 -1.9 753750
JUBLFOOD.Jul 30 1730 4.31 -1.13 2060500 EQUITAS.Jul 30 56 -1.75 -1.56 10571600

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hindustan Unilever Ltd 2275.15 1.81 2474553 1452633 60.44 Nifty it 16459.85 5.24 76812
Page Industries Limited 19495.8 -0.03 32026 23178 60.42 Nifty Fmcg 31140.45 0.67 76812
Tata Consumer Products l 413.05 -1.5 2076567 1912972 59.18 Nifty Pharma 10210.75 0.55 76812
Bharti Infratel Limited 203.95 -2.32 5783336 7416419 54.27 Nifty Auto 6931.05 0.22 76812
Petronet Lng Limited 256.15 -3.7 4191505 1731358 54.23 Nifty Metal 2055.75 0.16 76812
Container Corp Of India 430.95 1.81 2609852 640842 49.97 Nifty 50 10618.2 0.1 76812
Godrej Cons Products Ltd 694.55 -0.01 1499710 326119 49.16 Nifty Bank 21340.75 -0.24 76812
Godrejprop 854.9 -4.46 304727 203605 48 India Vix 26.29 -1.31 76812
Ultratech Cement Limited 3820.65 1.32 274207 163775 46.56 Nifty Media 1343.45 -1.69 76812
Power Grid Corporation o 163.55 0.12 8472074 4186225 45.69 Nifty Realty 195.6 -2.05 76812

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR:  FX Reserves, USD on 17th July, 2020

•INR:  Bank Loan Growth on 17th July, 2020

•USA: Initial Jobless Claims on  16th July, 2020

•USA: Philadelphia Fed Manufacturing Index (Jul) on 16th July, 2020

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NEWS UPDATES

•Google will invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms, announced Reliance Industries chairman, Mukesh Ambani at the 43rd Annual General Meeting of RIL shareholders. Jio Platforms will be positioned for 5G solutions to other telecom operators by next year. Google and Jio will partner to develop Android based smart phone Operating System. New product called Jio Glass launched for conducting virtual reality meetings

•Mukesh Ambani on Wednesday said his group’s planned stake sale in oil-to-chemical business to Saudi Aramco for an asking of USD 15 billion has not progressed as per original timelines due to COVID-19. Reliance will be spinning off the oil-to-chemical (O2C) business into a separate subsidiary “to facilitate multiple partnership opportunities,” he said.

•The ongoing Corona pandemic has hit the Rs 440 crore cost cutting plan of textile firm, Arvind Ltd, as the company expects a sharp fall in the demand for its products and sagging sales in the first quarter of the current fiscal, say bankers. Both Lalbhai group companies, Arvind and Arvind Fashions Ltd, however, are taking several steps including asset sale to cut costs and reduce debt in the current financial year.

•Bandhan Bank on Wednesday reported a 31.6-percent on-year decline in net profit to Rs 550 crore during the April-June quarter. The lender’s bottomline in the corresponding period a year ago was Rs 804 crore.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
BAJAJCON Quarterly Results 16-Jul-20 L&TFH Quarterly Results 16-Jul-20
BHARATWIRE Audited Results 16-Jul-20 LESHAIND Preferential Issue of shares 16-Jul-20
BIRLAMONEY Quarterly Results 16-Jul-20 LTTS Quarterly Results 16-Jul-20
CCLINTER Audited Results 16-Jul-20 MODINATUR Audited Results 16-Jul-20
CYIENT Quarterly Results 16-Jul-20 NATHUEC Audited Results 16-Jul-20
ECSTSTL Quarterly Results 16-Jul-20 NETLINK Quarterly Results 16-Jul-20
GEMSPIN Audited Results;General 16-Jul-20 ONWARDTEC Quarterly Results 16-Jul-20
HKG Stock  Split 16-Jul-20 OZONEWORLD Quarterly Results 16-Jul-20
INDOKEM Audited Results 16-Jul-20 PARMSILK Audited Results 16-Jul-20
KATRSPG Audited Results 16-Jul-20 PURSHOTTAM Quarterly Results 16-Jul-20
KAVITIND Audited Results 16-Jul-20 REFNOL Audited Results;General 16-Jul-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ABB 16-Jul-20 Dividend – Rs. – 4.80 LAXMIMACH 16-Jul-20 Dividend – Rs. – 10.00
ASTEC 16-Jul-20 Final Dividend – Rs. – 1.50 M&M 16-Jul-20 Dividend – Rs. – 2.3500
BBTC 16-Jul-20 Dividend – Rs. – 1.20 PEL 16-Jul-20 Final Dividend – Rs. – 14.00
CLNINDIA 16-Jul-20 Special Dividend – Rs. – 140.00 TASTYBIT 16-Jul-20 Final Dividend – Rs. – 2.00
COROMANDEL 16-Jul-20 Final Dividend – Rs. – 12.00 TCS 16-Jul-20 Interim Dividend – Rs. – 5.00
GRINDWELL 16-Jul-20 Dividend – Rs. – 7.50 GLAXO 17-Jul-20 Final Dividend – Rs. – 20.00
IRB 16-Jul-20 Final Dividend – Rs. – 5.00 GLAXO 17-Jul-20 Special Dividend – Rs. – 20.00

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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