outlook

NIFTY:

The Nifty opened higher from Thursdays close. It was a tale of two halves. In the first half the index continued trading narrow but in the second half prices have seen a sharp intraday fall of more than 200 points. Prices have seen a mild recovery in the last hour of trading and finally closed at 11178.40 down by 122 points. The Bank Nifty underperformed and closed lower by more than 2.40%, whereas Pharma and Metal outperformed on Friday. We gave a set up explaining that the market is in a narrow range and we should be buyers above 11380 and sellers below 11240. The Nifty fell dramatically after reaching its resistance of 11380 breaking all minor supports and making a low of 11111.45. Any short positions taken should be held with a stop at 11300. The market does appear to be ready to begin some kind of correction or consolidation. We have to patiently wait for the index to show its path.

BANK NIFTY:

Bank Nifty opened at 22333.40 with a gap up of 108 points. Prices did not sustain the higher levels and started decline from its opening price. That decline continued for the whole day and the index closed at 21679 with a loss of 530 points. Private and PSU banks both have contributed in the decline and closed lower by more than 2%. Within the index in terms of points, HDFC Bank contributed highest on downside followed by Axis Bank.

We were expecting a sharp move in the index. That move came on Friday on downside and index has seen an intraday decline of more than 800 points. A strong support is visible around 21000 in the index. It is possible that we may see a move towards this support.

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TECHNICAL PICKS

COMPANY  . B/S RATIONALE
FEDERAL BANK 52.60 BUY The stock has been trading in a range and has now reached the lower end of the range, taken support and started moving up. The stock can be bought at CMP with a stop at 52 and for the target of  54.50.
IOC 84.80 SELL The stock has broken down from a range.  The stock can be sold between 85-85.20 with a stop loss at 86.50 and for the target of 83.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
HINDUNILVR 2160 CE BUY 55.70 CMP 43 80 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
CADILAHC.Aug 27 397.15 2.66 10.48 9559000 EICHERMOT.Aug 27 20196.9 -6.91 23.68 308035
LUPIN.Aug 27 1021.2 9.6 5.75 8128550 MRF.Aug 27 61685.85 -3.91 10.82 34530
TATASTEEL.Aug 27 420 1.52 4.65 17056100 POWERGRID.Aug 27 174.4 -2.24 7.62 13616000
DRREDDY.Aug 27 4537.7 0.3 3.75 3303500 UJJIVAN.Aug 27 237.5 -0.02 7.15 2802800
JSWSTEEL.Aug 27 265.45 2.43 3.69 48335400 UBL.Aug 27 964.4 -2.36 5.79 1623300
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
ASHOKLEY.Aug 27 61.95 1.14 -18.66 48897000 RAMCOCEM.Aug 27 676 -4.34 -21.72 1752700
CONCOR.Aug 27 379.35 0.3 -12.99 6112893 BALKRISIND.Aug 27 1312.35 -5.39 -17.68 1866400
GLENMARK.Aug 27 477.45 2.63 -11.58 6166300 BEL.Aug 27 112.85 -1.4 -14.9 21667600
MUTHOOTFIN.Aug 27 1211.4 2.7 -9.1 4262250 BHEL.Aug 27 37.5 -4.09 -14.81 56427000
SHREECEM.Aug 27 21517.45 0.78 -9.04 136300 INDIGO.Aug 27 1131.75 -2.46 -13.67 2782500

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Icici Prudential Life In 458.95 -2.5 1793998 1144898 64.02 India Vix 21.67 5.35 299986509
Nestleind 16354.7 -0.73 59434 39924 60.21 Nifty Pharma 11640.4 1.42 55917341
Hdfc Ltd. 1791.7 -0.73 6136766 2218181 58.84 Nifty Metal 2405.8 1.06 270067589
Hindustan Unilever Ltd 2173.9 -1.13 1341691 827804 56.96 Nifty it 18022.65 -0.47 1212581
Hdfc Life Insurance Comp 587.75 -2 3151499 1160200 53.6 Nifty Energy 15394.95 -0.94 3248711
Power Grid Corporation o 175.4 -1.87 9636131 3078646 51.43 Nifty 50 11178.4 -1.08 57820892
Sbi Life Insurance Compa 839.3 -2.58 1897747 332305 49.87 Nifty Media 1399.85 -1.29 459739432
Pidilite Industries Ltd 1371.6 -0.62 1173257 405127 49.33 Nifty Fmcg 31237.95 -1.36 772677
Hdfc Bank Ltd. 1034.45 -2.32 10462350 4863570 48.9 Nifty Bank 21679.4 -2.33 29608012
Marico Limited 366.3 0.05 2196454 1251920 48.61 Nifty Auto 7677.65 -2.56 83690310

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR: FX Reserves (USD) on 21st  August, 2020 •USA: Building Permits (Jul) on 18th August, 2020

•USA: Crude Oil Inventories on 19th August, 2020

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NEWS UPDATES

•Glenmark Pharmaceuticals posted an over two-fold increase in consolidated net profit at Rs 254.04 crore for the quarter ended June. The company had reported a net profit of Rs 109.28 crore for the April-June period of 2019-20. Consolidated revenue stood at Rs 2,344.78 crore, as compared to Rs 2,322.87 crore in the year-ago period.

•Hindalco Industries on Friday posted a consolidated loss of Rs 709 crore for the quarter ended June 2020. The company had posted a profit after tax (PAT) of 1,063 crore in the April-June quarter a year ago. It said that .The Aditya Birla Group firm in a statement said that “on account of certain special items, including charitable contributions towards Covid relief, ex-gratia paid to employees for their contribution during Covid, and Aleris acquisition costs, the reported PAT was impacted”.

•A new twist emerged during the adjusted gross revenue case hearing at the Supreme Court on Friday, with the court inquiring if companies that are using the spectrum of insolvent telecom companies can be asked to pay AGR dues. The bench asked whether Reliance Jio Infocomm Ltd.—which has a spectrum sharing contract with the insolvent company since 2016—can be asked to pay RComm’s AGR dues.

•India’s trade balance turned to a deficit in July after a rare surplus reported in June, as imports of gold and other commodities started to pick-up. The trade deficit for July stood at $4.83 billion in July 2020, compared to a trade surplus of $0.79 billion in June.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
BHARAT A.G.M.;Quarterly Results 17-Aug-20 OPTIFIN Quarterly Results 17-Aug-20
BRITANNIA Bonus issue;Interim Dividend 17-Aug-20 ORIENTPPR General;Quarterly Results 17-Aug-20
CANFINHOME Quarterly Results 17-Aug-20 PETRONET Quarterly Results 17-Aug-20
HINDMOTORS Quarterly Results 17-Aug-20 PRANAVSP Quarterly Results 17-Aug-20
HIRECT Quarterly Results 17-Aug-20 SAINIK A.G.M.;General;Quarterly Results 17-Aug-20
HLEGLAS Quarterly Results 17-Aug-20 SHIVAMILLS Quarterly Results 17-Aug-20
INDIANCARD Increase in Auth. Cap.;Pref.Issue 17-Aug-20 SICAL Audited Results 17-Aug-20
INDOCITY General 17-Aug-20 SPSINT Quarterly Results 17-Aug-20
INOVSYNTH Quarterly Results 17-Aug-20 SRECR Quarterly Results 17-Aug-20
KALYANIFRG Dividend;Final Dividend;General 17-Aug-20 SUVENPHAR Bonus issue;ESOP; Results 17-Aug-20
KRANTI Increase in Authorised Capital 17-Aug-20 SWADPOL Quarterly Results 17-Aug-20
LUXIND Quarterly Results 17-Aug-20 VIRGOGLOB Quarterly Results;Reduction of Capital 17-Aug-20
MAXIMUS Quarterly Results 17-Aug-20 ZPPOLYSA Quarterly Results 17-Aug-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
BIRLACORPN 17-Aug-20 Dividend – Rs. – 7.50 UBL 18-Aug-20 Final Dividend – Rs. – 2.50
CLNINDIA 17-Aug-20 Final Dividend – Rs. – 11.00 ADCINDIA 19-Aug-20 Dividend – Rs. – 2.00
CUMMINSIND 17-Aug-20 Final Dividend – Rs. – 7.00 BDH 19-Aug-20 Final Dividend – Rs. – 2.50
NATPEROX 17-Aug-20 Dividend – Rs. – 12.50 COCKERILL 19-Aug-20 Final Dividend – Rs. – 5.00
CANFINHOME 18-Aug-20 Dividend – Rs. – 2.00 EVERESTIND 19-Aug-20 Final Dividend – Rs. – 1.00
EQUITAS 18-Aug-20 Interim Dividend – Rs. – 1.00 GMM 19-Aug-20 Final Dividend – Rs. – 2.00
IGPL 18-Aug-20 Final Dividend – Rs. – 2.00 GTPL 19-Aug-20 Final Dividend – Rs. – 3.00
PRESSMN 18-Aug-20 Final Dividend – Rs. – 1.00 HERITGFOOD 19-Aug-20 Dividend – Rs. – 2.50

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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