outlookNIFTY:

The Nifty opened with a gap up of about 90 points then moved inside a narrow trading range for the best part of the day. It is only after 2:30 PM that a new uptrend started and the Nifty crossed 10700 to close at the top of the day at 10740. The index was up almost 120 points. As we just mentioned for the best part of the day the Nifty was inside a narrow trading range. There were repeated moves towards 10700 on the upside and repeated moves towards 10600 on the downside. Nifty continues to be inside the trading range we identified  with 10563 as support and 10800 acting as a resistance. A new trade will be visible once Nifty crosses either one of the thresholds.

Infosys gave stunning results for its quarter one that ended on June 30. In spite of the pandemic, the company actually made more money over last year in terms of the rupee currency. Even in US Dollar terms there was a marginal gain in profits as well as in sales. We now believe that Infosys becomes a buy on every dip share, as is TCS and Reliance Industries.

BANK NIFTY:

Bank Nifty opened at 21453.25 with a gap up of 40 points. The index first saw a sharp decline and then traded sideways and finally a sharp intraday rally in the last hour of trading. Private banks have performed well today and closed higher by 1.22%. Within the index, in terms of points, Kotak Bank contributed highest while ICICI Banks contributed lowest. Bank Nifty traded very volatile. Prices first moved to the support of 21000 and then saw a sharp intraday rally to close near the highs. A short term resistance is visible around 21900. Traders should look for a buying opportunity if this resistance breaks on the upside for a target of 22500.

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TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
BHEL 36.90 BUY The stock has corrected and now may start an upmove. The stock can be bought at CMP with a stop loss at 36 and for the target of  38.70
WIPRO 261.90 SELL The stock has made a sharp rally and we can expect a small correction. Look to sell below 255 with a stop at 259 and for the target of 242.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
DABUR 490 CE BUY 12.75 CMP 11.40 16 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
BRITANNIA.Jul 30 3867.95 3.48 22.12 2027000 APOLLOTYRE.Jul 30 109.8 -2.05 14.7 10650000
MFSL.Jul 30 579.35 7.94 17.44 1706900 INFRATEL.Jul 30 189.95 -7.11 14.26 14288400
UJJIVAN.Jul 30 251.4 3.18 17.29 3388000 APOLLOHOSP.Jul 30 1438.45 -1.64 11.71 940000
NIFTY.Jul 30 10697.9 0.66 16.57 11173350 TECHM.Jul 30 593 -3.12 9.77 15427200
JINDALSTEL.Jul 30 177.4 6.39 14.62 19090000 HINDALCO.Jul 30 165.35 -0.03 9.04 37698100
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
LUPIN.Jul 30 882 2.56 -6.57 8504250 L&TFH.Jul 30 60.75 -0.08 -11.21 32544800
TATACHEM.Jul 30 297.9 0.44 -6.15 3568000 IDEA.Jul 30 7.85 -9.25 -8.73 310240000
CHOLAFIN.Jul 30 210.4 5.23 -5.64 6402500 RELIANCE.Jul 30 1844.2 -0.25 -3.98 38776425
SAIL.Jul 30 34.5 3.45 -3.67 37905000 EQUITAS.Jul 30 55.4 -0.45 -2.76 10161200
MINDTREE.Jul 30 1005 2.16 -3.66 1643200 SUNTV.Jul 30 379.55 -0.28 -1.61 5599500

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Divi S Laboratories Limi 2204.5 -0.93 833702 826509 66.95 Nifty it 16926.05 2.83 88125
Petronet Lng Limited 255.55 -0.23 4540497 2459748 58.68 Nifty Pharma 10382.3 1.68 88125
Nestleind 17495.65 3.47 296541 71340 56.39 Nifty Auto 7015.9 1.22 88125
Exide Industries Ltd 155.35 0.06 1229659 1580625 54.2 Nifty Bank 21597.15 1.2 88125
Godrej Cons Products Ltd 694.35 -0.03 666601 790620 52.72 Nifty 50 10739.95 1.15 88125
Hindustan Unilever Ltd 2287.85 0.56 2495150 1266135 51.17 Nifty Metal 2070.65 0.72 88125
Itc Ltd. 193.85 -2.44 22144753 12145697 51.08 Nifty Energy 14339.9 0.26 88125
Sbi Life Insurance Compa 865.2 1.09 630572 382501 49.49 Nifty Fmcg 31182.35 0.13 88125
Adaniports 311.2 -1.25 3122868 1925337 49.3 Nifty Media 1321.35 -1.65 88125
Pidilite Industries Ltd 1382.1 0.89 729965 230847 47.94 India Vix 25.36 -3.53 88125

UPCOMING ECONOMIC DATA

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

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

•USA: Building Permits (Jun) on 17th July, 2020

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NEWS UPDATES

•Talks about selling a 20% stake in Reliance Industries Ltd’s oil-to-chemical business to Saudi Aramco have stalled over the valuation, four sources familiar with the matter said, as the energy market has been hit by COVID-19. Aramco wants India’s Reliance to review its price for the oil-to-chemical business as the global valuation of oil assets has tumbled due to falling demand for crude, one source said. A second source said Aramco wanted to “revisit” the valuation.

•Bajaj Consumer Care on Thursday reported 4.35 per cent decline in its consolidated profit at Rs. 54.23 crore for the quarter ended June 30, 2020, on the account of disruptions caused by COVID-19 pandemic. Bajaj Consumer Care’s total income in the quarter under review stood at Rs.208.14 crore, down 15.63 per cent, against Rs.246.70 crore reported in the same period last year

•The government is considering a proposal by the Ministry of New and Renewable Energy (MNRE) to impose 20 per cent basic customs duty on solar modules to provide an edge to domestic manufacturers and discourage imports, particularly from China, Minister of State for Finance Anurag Thakur said on Thursday. While the government has taken a number of steps to increase capacities in the renewable energy sector in the last few years, it is now time to cut down reliance on imports of solar equipment and components, especially from China.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
AMAL General;Quarterly Results 17-Jul-20 COFFEEDAY Quarterly Results 17-Jul-20
ARCHIES Audited Results;Quarterly Results 17-Jul-20 CYBERSC Audited Results 17-Jul-20
ASHOKRE Audited Results 17-Jul-20 GFIL Audited Results;General 17-Jul-20
BALKRISHNA Audited Results 17-Jul-20 GITARENEW Audited Results 17-Jul-20
BANCOINDIA A.G.M.;General;Quarterly Results 17-Jul-20 GNA Quarterly Results 17-Jul-20
BINANIIND Quarterly Results 17-Jul-20 GRANULES Interim Dividend;Quarterly Results 17-Jul-20
BRITANNIA Quarterly Results 17-Jul-20 HATHWAY Quarterly Results 17-Jul-20
CANFINHOME General 17-Jul-20 HCKKVENTURE Audited Results 17-Jul-20
CDG Audited Results 17-Jul-20 HCLTECH Interim Dividend;Quarterly Results 17-Jul-20
CHENFERRO Audited Results 17-Jul-20 ICICIGI Quarterly Results 17-Jul-20
CMI Audited Results;Dividend;General 17-Jul-20 ICL Quarterly Results 17-Jul-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
GLAXO 17-Jul-20 Final Dividend – Rs. – 20.00 CHEMFABALKA 21-Jul-20 Final Dividend – Rs. – 1.2500
GLAXO 17-Jul-20 Special Dividend – Rs. – 20.00 HIL 21-Jul-20 Final Dividend – Rs. – 10.00
INDHOTEL 17-Jul-20 Final Dividend – Rs. – 0.50 VAIBHAVGBL 21-Jul-20 Final Dividend – Rs. – 7.00
SRIPIPES 17-Jul-20 Dividend – Rs. – 7.00 ASRL 22-Jul-20 Bonus issue 3:4
NEWGEN 20-Jul-20 Final Dividend – Rs. – 2.00 BASF 22-Jul-20 Dividend – Rs. – 3.00
ORIENTHOT 20-Jul-20 Final Dividend – Rs. – 0.20 GODREJAGRO 22-Jul-20 Final Dividend – Rs. – 5.50
VSTIND 20-Jul-20 Final Dividend – Rs. – 103.00 ICIL 22-Jul-20 Final Dividend – Rs. – 0.60

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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