OUTLOOK-2020-09-16NIFTY:

The Nifty opened higher with a gap up of almost 47 points at 11487.20. Prices settled and then saw a decline of almost 60 points and recorded its intraday low at 11442.25. Prices have seen a bounce back from that low and quickly recovered all its morning losses. Prices then traded sideways till the afternoon. Around 1:00 PM the index again moved up and then continued that rally towards the end of the session. Finally, the Nifty closed higher by 81.75 points at 11521.80.

Banks and Pharma both sectors have performed well.

A narrow trading range is now visible in the Nifty 30 minute chart with support at 11435 and resistance around 11565. This 130 points of trading range should resolve one way or another. We should go with the flow.

The trade is to buy above 11565 or sell short below 11435. We should place a tight stop of 60 points for this trade with a target of 130 points.

BANK NIFTY:

Bank Nifty opened at 22202.80 with a gap up of 111 points. The index traded sideways and narrow for most of the day but seen a sharp rally in the last hour of trading. Prices have finally closed with a gain of about 450 points. Private Banks have outperformed and closed higher by 1.85%. Within the index, in terms of points, ICICI Bank contributed highest while PNB the lowest. It was an uptrend day in the index, where prices opened neared the lows and closed near the highs of the day.

Trend continues to stay sideways with support a 21500 and strong resistance around 23000. Within these boundaries prices have built a narrow range of 22000-22800. A breakout from this range can give a fresh move either side.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
IGL 417.60 BUY The stock has given a breakout from a range. The stock can be bought above 419 with a stop just below 412 and for the target of 433.
TATA CONSUMER 543.75 SELL The stock  has been trading sideways and now has formed a bearish pattern. We may see a breakdown. The stock can be sold below 542 with a  stop at 549 and for the target of 528.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
INDUSIND BANK 620 CE BUY 39.10 CMP 35 50 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
CUMMINSIND.Sep 24 485.5 2.58 26.33 2245200 TITAN.Sep 24 1174.3 -1.14 14.15 6194250
SIEMENS.Sep 24 1243.2 0.64 26.18 2033350 WIPRO.Sep 24 306.6 -0.24 12.44 31190400
TORNTPHARM.Sep 24 2867.2 2.41 12.29 973000 PVR.Sep 24 1263.5 -2.77 12.35 1713877
TATACHEM.Sep 24 307.5 0.85 9.41 8252000 SAIL.Sep 24 39.4 -0.76 9.41 48830000
IDEA.Sep 24 11.8 2.16 8.77 354200000 HCLTECH.Sep 24 793 -0.29 8.98 16931600
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
APOLLOHOSP.Sep 24 1661.85 2.09 -8.03 1116500 ESCORTS.Sep 24 1234.8 -1.26 -6.96 2719200
IDFCFIRSTB.Sep 24 32.3 4.53 -7.82 127490000 MFSL.Sep 24 618.25 -0.63 -4.32 1901900
BAJFINANCE.Sep 24 3518.1 2.1 -5.95 4918750 TECHM.Sep 24 790.5 -0.51 -3.94 10462800
CADILAHC.Sep 24 375.8 1.83 -5.73 9369800 IOC.Sep 24 82.7 -0.3 -0.94 57427500
M&MFIN.Sep 24 138.65 3.62 -2.75 15343020 COFORGE LIMITED.Sep 24 2149 -0.57 -0.92 562875

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hindustan Unilever Ltd 2124.45 0.04 1224059 1265188 60.33 Nifty Pharma 11450.5 1.93 77163
Colgate Palmolive (india 1420.15 0.25 291168 411939 54.53 Nifty Bank 22465.65 1.65 77163
Larsen & Toubro Limited 909.95 0.87 4488940 2645571 52.84 Nifty 50 11521.8 0.71 77163
Hdfc Ltd. 1758.75 1.19 3159537 2125122 52.32 Nifty it 19627.3 0.63 77163
Petronet Lng Limited 240.5 1.61 2666364 2175818 52.12 Nifty Energy 15898.6 0.44 77163
Havells India Limited 671.05 0.3 2016966 1678834 51.74 Nifty Auto 8033.5 -0.02 77163
Nestleind 16040.95 -0.26 94985 49462 48.06 Nifty Metal 2385.55 -0.06 77163
Mindtree Limited 1251.7 2.46 1766241 1849212 46.76 Nifty Fmcg 30712.2 -0.16 77163
Itc Ltd. 181.8 -0.85 30772104 14423622 46.54 Nifty Media 1651.8 -0.42 77163
Kotak Mahindra Bank Limi 1323.95 1.48 5029913 1804957 46.39 India Vix 20.6 -2.78 77163

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR: FX Reserves, USD on 18th  September, 2020 •USA: Fed Interest Rate Decision on 16th September, 2020

•USA: Crude Oil Inventories on 16th September, 2020

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NEWS UPDATES

•Minda Industries on Tuesday said it has raised over Rs 242 crore by way of a rights issue to existing investors. On June 29, the board of directors of Minda Industries approved issuance of equity shares by way of a rights issue to eligible equity shareholders of the company for an aggregate amount not exceeding Rs 250 crore.

•Private sector general insurer ICICI Lombard General Insurance Company Ltd on Monday said it has entered into a bancassurance tie-up with Yes Bank for selling its insurance products. “The partnership will provide the bank’s diverse customer base access to the insurer’s portfolio and make insurance more accessible to its customers across India,” ICICI Lombard General Insurance Company said.

•Multiplex operator PVR Cinemas suffered a consolidated loss after tax of Rs 226 crore in the first quarter (April to June) of the current financial year as compared to a profit of Rs 18 crore during the corresponding period of last year. The revenues in Q1 FY21 totalled Rs 55 crore as compared to Rs 887 crore in Q1 FY20 due to the outbreak of COVID-19 and consequent lockdown.

•Computer Age Management Services (CAMS), the largest registrar and transfer agent of mutual funds, will open its initial public offering on September 21, according to the RHP. The anchor investors’ book will open for a day on September 18. The offer for sale indicated that the NSE Investments is going to offload its entire stake in CAMS via IPO.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
GGL Bonus issue 16-Sep-20 MHEL General 19-Sep-20
INDRANIB General 16-Sep-20 SHREMETAL General 19-Sep-20
NIYOGIN Employees Stock Option Plan 16-Sep-20 CHADPAP Audited Results 21-Sep-20
PURVA General 16-Sep-20 MOHOTAIND Quarterly Results 21-Sep-20
BFUTILITIE Audited Results 17-Sep-20 NOVAPUB General 22-Sep-20
KILPEST Amalgamation 17-Sep-20 PRABHAT Audited Results 22-Sep-20
KUMAKAIND Bonus issue 17-Sep-20 AIML Audited Results 23-Sep-20
MAGNAELQ Buy Back of Shares 18-Sep-20 RUBFILA Preferential Issue of shares 24-Sep-20
OLYOI Quarterly Results 18-Sep-20 BETALA A.G.M.;General 29-Sep-20
RITES Buy Back of Shares 18-Sep-20 DDIL A.G.M.;General 29-Sep-20
TERAI Audited Results 18-Sep-20 MAHESH Quarterly Results 30-Sep-20
TOYAMIND General 18-Sep-20 UDL Audited Results;Quarterly Results 30-Sep-20
MERMETL Right Issue of Equity Shares;General 19-Sep-20 UNIPLY Audited Results;Quarterly Results 30-Sep-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
BHARATRAS 16-Sep-20 Final Dividend – Rs. – 1.50 ITL 16-Sep-20 Dividend – Rs. – 0.50
DEEPAKFERT 16-Sep-20 Dividend – Rs. – 3.00 KEERTHI 16-Sep-20 Dividend – Rs. – 0.90
DEEPAKFERT 16-Sep-20 Right Issue of Equity Shares KPRMILL 16-Sep-20 Final Dividend – Rs. – 0.7500
DVL 16-Sep-20 Dividend – Rs. – 0.50 LUXIND 16-Sep-20 Final Dividend – Rs. – 2.50
ECLERX 16-Sep-20 Final Dividend – Rs. – 1.00 MALLCOM 16-Sep-20 Dividend – Rs. – 2.00
FLEXFO 16-Sep-20 Dividend – Rs. – 0.7500 MAZDALTD 16-Sep-20 Final Dividend – Rs. – 2.50
HBLPOWER 16-Sep-20 Final Dividend – Rs. – 0.10 MGL 16-Sep-20 Final Dividend – Rs. – 10.50
ICRA 16-Sep-20 Dividend – Rs. – 27.00 MGL 16-Sep-20 Special Dividend – Rs. – 15.00

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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