NIFTY:
The Nifty opened with losses, and then continued its move lower and found support around 9700. From this support level the index had a decent rally of almost hundred points, when finally it closed at 9800+. Yesterdays market action was mainly an identification of support around 9700. We had a wide range bar on Friday. On Friday, the Nifty had a daily range of almost 450 points. After such a wide range, it was only expected that markets would move in a narrow boundary. We had identified a very large trading range of 9488 to 10175. This trading range remains valid and chances are the market will stay inside the range for a while.
After the major move on Friday, we expect the markets to consolidate in a narrow trading range. Based on today, we can say the long term trend is looking up in the market, although some sort of consolidation or dips are possible. The intermediate trend continues to remain up.
We now have a smaller trading range in which support comes at 9676 and resistance at 9959. A move towards the support is a buying opportunity and a move towards the resistance is a short sell. This means, we are trying to buy on dip and sell the rally.
BANK NIFTY:
Bank Nifty opened at 20457.15 with a gap down of 148 points. The index continued moving lower and recorded its intraday low at 19740. Prices then traded sideways for the rest of the day and finally closed at 19924.20 with a loss of 681 points. PSU Banks had outperformed yesterday and closed higher by 1.44%. Within the index, Bank of Baroda contributed highest while HDFC Bank lowest. A gap down and then further decline forced index to close below 20000. Also a narrow trading range of 20300-21600 has broken now. Now we can see the next major support is 17500 and we may see a move towards it.
Traders should look to short as far as prices are below 21500.
TECHNICAL PICKS
| COMPANY . | CMP | B/S | RATIONALE |
| APOLLOHOSP | 1410.70 | BUY | Intermediate and short trends are up. The stock has given a breakout on the intraday and daily charts with increase in volumes. Traders should buy between 1403-1408 with a stop below 1385 and target of 1450. |
| GAIL | 99.65 | BUY | The stock has given the breakout with volume on the intraday as well as on the daily chart. The stock can be bought at CMP with a stop loss of 97 and for the target of 105.50. |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| BAJFINANCE | 2350 PE | BUY | 129 | 120 | 100 | 170 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| RELIANCE.Jun 25 | 1614.75 | 1.62 | 12.32 | 28336055 | CUMMINSIND.Jun 25 | 392.5 | -0.04 | 23.37 | 1349100 | |
| M&M.Jun 25 | 511 | 0.42 | 8.79 | 18176000 | PAGEIND.Jun 25 | 17702 | -4.31 | 16.21 | 132300 | |
| APOLLOHOSP.Jun 25 | 1411.85 | 0.78 | 7.85 | 948000 | CADILAHC.Jun 25 | 371.15 | -0.87 | 15.61 | 8408400 | |
| BANKBARODA.Jun 25 | 45.9 | 0.77 | 7.34 | 48076200 | NIFTYIT.Jun 25 | 14350 | -0.35 | 13.64 | 1250 | |
| CENTURYTEX.Jun 25 | 300.4 | 0.2 | 6.93 | 2664600 | KOTAKBANK.Jun 25 | 1253.6 | -2.17 | 13.61 | 11500400 | |
| Short Covering | Long unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| TATAPOWER.Jun 25 | 42.5 | 1.67 | -3.32 | 52209000 | NCC.Jun 25 | 29 | -5.38 | -16.08 | 21420000 | |
| APOLLOTYRE.Jun 25 | 106.8 | 0.23 | -0.62 | 9108000 | IDEA.Jun 25 | 10.05 | -1.47 | -11.17 | 2.67E+08 | |
| BHEL.Jun 25 | 29.25 | -6.7 | -8.66 | 47257600 | ||||||
| MFSL.Jun 25 | 477 | -2.53 | -6.57 | 2089100 | ||||||
| EQUITAS.Jun 25 | 48.6 | -1.02 | -3.8 | 11172000 | ||||||
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Top Delivery Percentage
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Hdfc Life Insurance C 22 | 499.9 | -0.48 | 3620145 | 5750099 | 70.86 | India Vix | 32.58 | 5.7 | 86259 | |
| Hcl Technologies Ltd. 16 | 578.95 | 1.44 | 3787100 | 4578547 | 69.12 | Nifty Media | 1298.8 | 0.87 | 86256 | |
| Tata Consumer Product 21 | 370 | -0.27 | 2293579 | 1771349 | 55.7 | Nifty Pharma | 9989.05 | 0.06 | 86259 | |
| Godrej Cons Products 16 | 608.75 | 0.32 | 1878477 | 1110943 | 53.29 | Nifty it | 14396.7 | -0.04 | 86259 | |
| Infosys Limited 16% | 687.55 | -0.65 | 7857344 | 5002018 | 51.06 | Nifty Fmcg | 28701.8 | -1.52 | 86259 | |
| Pidilite Industries L 16 | 1431.95 | 0.13 | 714226 | 389830 | 42.65 | Nifty 50 | 9813.7 | -1.6 | 86259 | |
| Divi S Laboratories L 14 | 2335.05 | -2.51 | 1261594 | 246572 | 41.84 | Nifty Auto | 6443 | -1.77 | 86256 | |
| Tata Consultancy Serv 15 | 2029.9 | -0.47 | 2399028 | 1139648 | 40.09 | Nifty Metal | 1928.55 | -1.91 | 86256 | |
| Tech Mahindra Limited 17 | 548.8 | -1.06 | 3944764 | 1424633 | 39.53 | Nifty Realty | 198.5 | -3.01 | 86259 | |
| Balkrishna Ind. Ltd 21% | 1140 | -0.78 | 710361 | 290773 | 38.62 | Nifty Bank | 19912.9 | -3.59 | 86259 | |
Upcoming Economic Data
| Domestic International | |
| •INR: Bank Loan Growth on 19th June, 2020
•INR: FX Reserves, USD on 19th June, 2020 |
•USA: Retail Sales (MoM) (May) on 16th June, 2020
•USA: Industrial Production (YoY) (May) on 16th June, 2020 |
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News Updates
| •Drug major Sun Pharmaceutical Industries on Monday said that one of its wholly-owned subsidiaries and Hikma Pharmaceuticals PLC (Hikma) have entered into an exclusive licensing and distribution agreement for plaque psoriasis medicine, Ilumya, for the Middle East and North Africa (MENA) region. Sun Pharma, however, did not disclose the financial details of the agreement. ILUMYA (tildrakizumab) is an US Food and Drug Administration (FDA) approved monoclonal antibody used for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy.
•Tata Power Company’s renewable energy arm Tata Power Renewable Energy has received an order from Gujarat Urja Vikas Nigam to develop a 120 megawatt solar project in Gujarat, the Tata group utility said on Monday. With this project, Tata Power’s total renewable capacity stands at 3,457 mw. The project is scheduled to be commissioned in 18 months. •Lakshmi Vilas Bank Ltd (LVB) on Monday said it has received non-binding letter of intent (LoI) from Pramod Bhasin-promoted Clix Capital Services Pvt Ltd and Clix Finance India Pvt Ltd to pick up stake in the private lender. In a notice to the stock exchanges, the southern India-based lender said the proposed acquisition of stake is subject to due-diligence and regulatory approvals. Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name5 | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| ANNAINFRA | Audited Results | 16-Jun-20 | HBSTOCK | Audited Results | 16-Jun-20 |
| ASHIANA | Audited Results;Final Dividend | 16-Jun-20 | HINDPETRO | Audited Results;Final Dividend | 16-Jun-20 |
| ASIACAP | Increase in Authorised Capital | 16-Jun-20 | HITECHCORP | Audited Results | 16-Jun-20 |
| BEPL | A.G.M.;Audited Results;Final Dividend | 16-Jun-20 | INRADIA | Audited Results | 16-Jun-20 |
| BLISSGVS | Audited Results;Dividend | 16-Jun-20 | IPCALAB | Audited Results | 16-Jun-20 |
| BRAHMINFRA | General | 16-Jun-20 | MAHABANK | Audited Results | 16-Jun-20 |
| CHEMCRUX | Final Dividend;Half Yearly Results | 16-Jun-20 | NAVINFLUOR | Audited Results;Final Dividend | 16-Jun-20 |
| DECNGOLD | Right Issue of Equity Shares;General | 16-Jun-20 | NIBL | A.G.M.;Audited Results | 16-Jun-20 |
| GLOBUSSPR | Audited Results;Dividend | 16-Jun-20 | NMDC | Audited Results | 16-Jun-20 |
| GOKUL | Buy Back of Shares;Quarterly Results | 16-Jun-20 | RATNAMANI | Audited Results | 16-Jun-20 |
Corporate Action
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| REFEX | 16-Jun-20 | Right Issue of Equity Shares | SCHAEFFLER | 19-Jun-20 | Final Dividend – Rs. – 35.00 |
| AVANTEL | 17-Jun-20 | Final Dividend – Rs. – 2.00 | SHREDIGCEM | 22-Jun-20 | Dividend – Rs. – 1.50 |
| RALLIS | 17-Jun-20 | Final Dividend – Rs. – 2.50 | TATACHEM | 22-Jun-20 | Final Dividend – Rs. – 11.00 |
| SINCLAIR | 17-Jun-20 | Stock Split From Rs.10/- to Rs.2/- | BAYERCROP | 23-Jun-20 | Interim Dividend – Rs. – 90.00 |
| TATACONSUM | 18-Jun-20 | Final Dividend – Rs. – 2.70 | SANOFI | 29-Jun-20 | Final Dividend – Rs. – 106.00 |
| HINDUNILVR | 19-Jun-20 | Final Dividend – Rs. – 14.00 | SANOFI | 29-Jun-20 | Special Dividend – Rs. – 243.00 |
| MOTOGENFIN | 19-Jun-20 | Stock Split From Rs.10/- to Rs.5/- | LAURUSLABS | 1-Jul-20 | Final Dividend – Rs. – 1.00 |
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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