outlookNIFTY:

The Nifty opened with a gap up of 70 points around 11250 but prices did not hold these higher levels and started a down move. A sharp decline of almost 100 points came within the first 30 minutes of trading and then prices moved sideways inside a narrow range for the whole day. However in the last 30 minutes of trading prices again saw a rally of almost 50 points and finally the index closed at 11247. Media and Metal have outperformed and closed higher by more than 2% whereas PSU Banks and Pharma was an underperformer. The Nifty is now moving into a zone of consolidation with support coming around 11100 and resistance at 11375.

It is too early to say that the market is topping out. All we have seen in one sharp down day. The first signs that a deeper correction is coming  will emerge if the Nifty were to go below 11100.

Long term trend continues to be up. Long term momentum remains in the strong position suggesting that the current up move is intact.

A short trade which should be probably a positional trade will come if the Nifty goes below 11100.  A long positional trade emerges if the Nifty goes above 11375.

BANK NIFTY:

Bank Nifty opened at 21906.95 with a gap up of 211 points. Prices did not sustain the higher levels and started a decline from its opening price. Prices then traded sideways for most part of the day. Private Banks have performed well and closed higher while PSU Banks have underperformed. Within the index, in terms of points Kotak Bank contributed the highest while SBI the lowest. On Friday, we have seen a sharp decline and intraday range was very large. Prices did not follow that decline yesterday and closed with minor gains. A strong support is visible around 21000 and resistance around 22500. A break from these levels may give a big move.

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TECHNICAL PICKS

COMPANY  . B/S RATIONALE
BAJAJ FINANCE 3384.80 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 between 3365-3370 with a stop at  3330 and for the target of  3410-3460.
DIVISLAB 3129.55 BUY The stock has given a breakout from a range. The stock can be bought above 3138 with a stop at 3090 and for the target of 3220.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
HDFCBANK 1030 CE BUY 26.85 CMP 20 40 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ESCORTS.Aug 27 1163.4 5.62 24.06 2728000 RAMCOCEM.Aug 27 667.6 -1.24 13.43 1988150
SUNTV.Aug 27 425.95 6.3 24.05 6732000 MRF.Aug 27 60270 -2.3 12.22 38750
GODREJPROP.Aug 27 876.5 1.61 14.07 432250 MGL.Aug 27 961.1 -1.23 11.01 1209600
NTPC.Aug 27 95.4 7.61 13.52 59599200 IBULHSGFIN.Aug 27 204.1 -0.29 7.59 14185600
SIEMENS.Aug 27 1233.65 1.59 13.32 2223100 BERGEPAINT.Aug 27 543.05 -1.5 6.78 4039200
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
BAJFINANCE.Aug 27 3404.9 2.29 -3.2 5466500 SRTRANSFIN.Aug 27 682.85 -0.67 -3.04 3512422
KOTAKBANK.Aug 27 1330.15 1.84 -3.15 8399600 MANAPPURAM.Aug 27 154.4 -0.39 -1.8 22248000
GAIL.Aug 27 98.2 2.24 -2.97 26669200 BHEL.Aug 27 37.15 -0.93 -1.15 55776000
GLENMARK.Aug 27 481.15 0.77 -2.54 6009900 AUROPHARMA.Aug 27 858 -2.65 -1.09 13817700
LICHSGFIN.Aug 27 267.2 1.33 -2.53 9568000 MFSL.Aug 27 523.45 -0.21 -0.88 2329600

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hdfc Ltd. 1800.55 0.49 4076960 3852136 62.77 Nifty Media 1440.45 2.9 96006
Torrent Power Limited 351.55 2.54 2959037 519040 52.17 Nifty Auto 7865.55 2.45 96006
Power Grid Corporation o 178.65 1.85 9769553 4902535 50.88 Nifty Metal 2464.25 2.43 96006
Hindustan Unilever Ltd 2196.05 1.02 1559579 668066 49.79 Nifty Energy 15588.45 1.26 96006
Dabur India Ltd. 495.55 -0.31 2880081 2326058 49.46 Nifty it 18223.6 1.11 96006
Sbi Life Insurance Compa 842.35 0.36 1435985 900272 47.44 Nifty Fmcg 31545.15 0.98 96006
Kotak Mahindra Bank Limi 1327.55 1.54 2831340 1556543 46.72 Nifty 50 11247.1 0.61 96006
Nestleind 16422.9 0.42 62584 27415 46.13 Nifty Bank 21700.85 0.1 96006
Colgate Palmolive (india 1421.25 0.72 512659 307292 46.11 Nifty Pharma 11595.35 -0.39 96006
Tata Consultancy Serv Lt 2253.4 0.5 2625670 1016058 44.75 India Vix 21.31 -1.67 96006

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

•US-based Rosen Law Firm on Monday said it plans to investigate potential securities claims against HDFC Bank following allegations of sharing “materially misleading business information” with investors. HDFC Bank said it was not aware of any lawsuit and prima facie it looked “frivolous as we believe we have been transparent in our disclosures”. “Rosen law firm is preparing a securities lawsuit on behalf of HDFC Bank shareholders,” the global investor right law firm said in a statement on its website.

•Reliance Jio Infocomm (Jio) has informed the Supreme Court that it is not liable for Reliance Communications’ (Rcom) adjusted gross revenue (AGR) dues. The largest telco has said that AGR dues arise out of revenue from customers and sharing spectrum does not make the telco liable for the contested statutory dues.

•Fortis Healthcare has said that the company board has given approval to change the name of the firm and its subsidiaries to ‘Parkway’ – a brand that Malaysian health care major IHH owns. SRL, the diagnostic arm of the hospital chain, will also look for a new brand name and logo.

•Oil slipped further below $45 a barrel on Friday, giving up this week’s gains, under pressure from doubts about demand recovery due to the novel coronavirus pandemic and rising supply. Two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand forecasts this week. OPEC and its allies are increasing output this month.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
CHEMOPH General;Quarterly Results 18-Aug-20 OSEASPR Quarterly Results 18-Aug-20
DYNAVSN Quarterly Results 18-Aug-20 PML Quarterly Results 18-Aug-20
EASTBUILD A.G.M.;Quarterly Results 18-Aug-20 PRIMESECU Quarterly Results 18-Aug-20
EUROASIA Audited Results;Quarterly Results 18-Aug-20 SPMLINFRA Audited Results;Quarterly Results 18-Aug-20
EUROMULTI Quarterly Results 18-Aug-20 SUJALA General 18-Aug-20
GREYCELLS General;Quarterly Results 18-Aug-20 SUMERUIND A.G.M.;General 18-Aug-20
GTLINFRA Quarterly Results 18-Aug-20 SUNILAGR Quarterly Results 18-Aug-20
HAL Audited Results 18-Aug-20 UFLEX Quarterly Results 18-Aug-20
ICIL Quarterly Results 18-Aug-20 UNIABEXAL Quarterly Results 18-Aug-20
KNRCON Quarterly Results 18-Aug-20 USGTECH A.G.M.;General;Quarterly Results 18-Aug-20
NETLINK General 18-Aug-20 VASCONEQ General;Quarterly Results 18-Aug-20
NOL A.G.M.;Quarterly Results 18-Aug-20 VIRPOLY Quarterly Results 18-Aug-20
OMNITEX A.G.M.;General;Quarterly Results 18-Aug-20 ZEEL Quarterly Results 18-Aug-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
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
UBL 18-Aug-20 Final Dividend – Rs. – 2.50 LUMAXTECH 19-Aug-20 Final Dividend – Rs. – 1.00
ADCINDIA 19-Aug-20 Dividend – Rs. – 2.00 ORIENTPPR 19-Aug-20 Dividend – Rs. – 0.50
BDH 19-Aug-20 Final Dividend – Rs. – 2.50 RITES 19-Aug-20 Final Dividend – Rs. – 6.00
COCKERILL 19-Aug-20 Final Dividend – Rs. – 5.00 SINCLAIR 19-Aug-20 Final Dividend – Rs. – 0.80

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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