outlookNIFTY:

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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