NIFTY:
The Nifty opened with a gap down of 65 points at 11539.40. The index rallied more than 50 points from its opening tick, made an attempt to fill the gap, and almost filled it as prices have recorded its intraday high at 11587.20. However, prices did not sustain long and moved down almost 80 points. All this happened in the first half. In the second half, prices traded sideways and finally closed at 11519.25 down by 85.30 points. Pharma, Media and IT outshines and closed with gains. Daybefore we went long at 11565. Given the slightly volatile nature of the market, we put our stop at 11550. We were stopped out of our position with a loss of 15 points.
The long term trend is up. But it is now showing the first signs of flattening out, which means that markets could be turning sideways.
A clear visible trading range is not developing in the Nifty. Resistance comes in at 11612 and support at 11490. We now have a trade based on this trading range. Buy above 11612 or sell below 11490. Your initial stop for the buy trade is 11561 and for the sell trade is 11540.
BANK NIFTY:
Bank Nifty opened at 22352 with a gap down of 193 points. The index first moved higher and recorded its intraday high at 22504.45. After that the index traded sideways and also saw some down moves and finally closed at 22327 with a loss of more than 220 points. PSU and Private banks both have performed same and closed lower by more than 1%. Within the index, in terms of points, ICICI Bank contributed the highest on the downside followed by Kotak Bank. It was another choppy day in the index where prices have closed near its open after moving both sides. The index traded very narrow with a range of just 237 points.
Intraday traders can look to buy above 22550 or sell short below 22250. Use the opposite levels as your stop loss.
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TECHNICAL PICKS
| COMPANY | CMP | B/S | RATIONALE |
| LICHSGFIN | 306.25 | BUY | The stock has given a breakout from a range. The stock can be bought at CMP with a stop at 303 and for the target of 310-312. |
| ASIANPAINTS | 2007.95 | BUY | The stock has given a breakout from a range. The stock can be bought at CMP with a stop at 1990 and for the target of 2050-2070 |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| BEL | 102 CE | BUY | 3.60 | CMP | 2.50 | 5 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| CHOLAFIN.Sep 24 | 237.95 | 0.04 | 21.75 | 6732500 | SIEMENS.Sep 24 | 1254.25 | -0.23 | 12.37 | 2068000 | |
| HAVELLS.Sep 24 | 683.8 | 0.95 | 12.15 | 5845000 | BAJAJFINSV.Sep 24 | 6027.5 | -2.31 | 12.11 | 843375 | |
| DRREDDY.Sep 24 | 4828.95 | 4.1 | 11.34 | 3244750 | RAMCOCEM.Sep 24 | 754.4 | -1.53 | 11.26 | 1335350 | |
| ZEEL.Sep 24 | 221.55 | 2.21 | 10.44 | 29769000 | TCS.Sep 24 | 2476 | -1.41 | 8.5 | 11037900 | |
| APOLLOTYRE.Sep 24 | 133.7 | 3.64 | 9.43 | 8585000 | EICHERMOT.Sep 24 | 2156.35 | -0.73 | 7.42 | 2406600 | |
| Short Covering | Long Unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| CUMMINSIND.Sep 24 | 486.1 | 0.42 | -3.93 | 2052000 | PNB.Sep 24 | 33.35 | -1.04 | -6.38 | 41468000 | |
| TORNTPOWER.Sep 24 | 331.35 | 0.81 | -3.84 | 2253000 | NATIONALUM.Sep 24 | 34.5 | -0.58 | -3.65 | 36312000 | |
| MGL.Sep 24 | 913.5 | 0.05 | -2.12 | 1688400 | GODREJPROP.Sep 24 | 904.5 | -0.34 | -3.25 | 697450 | |
| MINDTREE.Sep 24 | 1274.2 | 0.86 | -1.9 | 2147200 | IDFCFIRSTB.Sep 24 | 32 | -0.47 | -2.89 | 104044000 | |
| BIOCON.Sep 24 | 443.9 | 1.08 | -1.36 | 13144500 | M&M.Sep 24 | 637.25 | -0.72 | -2.76 | 14595000 | |
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TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Container Corp Of India | 388.85 | 0.43 | 2620890 | 1037463 | 67.13 | India Vix | 20.1 | 2.24 | 81678 | |
| Power Grid Corporation o | 168.3 | -2.12 | 6056023 | 4686529 | 63.11 | Nifty Pharma | 11735.95 | 0.41 | 81678 | |
| Petronet Lng Limited | 233.85 | -1.62 | 4896685 | 1657011 | 59.82 | Nifty Media | 1629.7 | 0.26 | 81678 | |
| Hindustan Unilever Ltd | 2128.2 | -0.71 | 1741644 | 1176177 | 56.33 | Nifty it | 19817.7 | 0.24 | 81678 | |
| Itc Ltd. | 178.6 | -1.13 | 33936149 | 28397844 | 56.07 | Nifty Auto | 8128.65 | -0.34 | 81678 | |
| Nestleind | 16121.35 | -0.47 | 100681 | 66443 | 53.47 | Nifty Fmcg | 30651.75 | -0.6 | 81678 | |
| Hdfc Life Insurance Comp | 591.85 | -1.13 | 1532457 | 1101018 | 50.86 | Nifty 50 | 11516.1 | -0.76 | 81678 | |
| Vedanta Limited | 134.3 | 0 | 6774794 | 10236783 | 50.1 | Nifty Energy | 15688.45 | -0.89 | 81678 | |
| Power Finance Corporatio | 94.7 | -0.05 | 6483475 | 3480088 | 47.26 | Nifty Bank | 22320.35 | -1.12 | 81678 | |
| The Ramco Cements | 750.5 | -2.3 | 723396 | 1326331 | 47.16 | Nifty Metal | 2363.3 | -1.38 | 81678 | |
UPCOMING ECONOMIC DATA
| Domestic International | |
| •INR: FX Reserves, USD on 18th September, 2020 | •USA: Existing Home Sales (Aug) on 22nd September, 2020 |
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NEWS UPDATES
| •Metallurgical and Material Handling Business of L&T Construction has secured an order from Northern Coalfields Ltd, a subsidiary of Coal India Ltd (CIL), for a coal processing and load out package to be installed at the Dudhichua Mines located in Uttar Pradesh. Coal India envisions production to touch 1 billion tonne by 2023-24 to meet the country’s demand for coal.
•Ashok Leyland has received a large order from a logistics start-up company, Procure Box to supply 1,400 intermediate commercial vehicles [ICVs] for its fuel distribution business across 750 districts, in the country. ALL will supply its product Ecomet and the order will be executed in the next 5-6 months. •The Supreme Court on Thursday dismissed State Bank of India’s (SBI’s) plea seeking the vacation of a stay granted by the Delhi High Court on bankruptcy proceedings against Reliance Communications (RCom) Chairman Anil Ambani. Ambani had earlier objected to the SBI invoking personal guarantees under the Corporate Debtors Regulations, 2019. •Indian carmakers should reduce royalty payments to foreign partners to bring down costs instead of seeking tax cuts, a finance ministry official said on Thursday, days after reports that Toyota would halt expansion in the country due to high taxes. Maruti Suzuki paid 38.2 billion Indian rupees ($518.5 million) in royalties to its Japanese parent Suzuki Motor in the fiscal year ending March 31, 2020, amounting to 5% of its revenue, according to its annual report. Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| BRAHMINFRA | Quarterly Results | 18-Sep-20 | MERMETL | Right Issue of Equity Shares;General | 19-Sep-20 |
| HRYNSHP | Quarterly Results | 18-Sep-20 | MHEL | General | 19-Sep-20 |
| MAGNAELQ | Buy Back of Shares | 18-Sep-20 | SHAKTIPR | General;Quarterly Results | 19-Sep-20 |
| OLYOI | Quarterly Results | 18-Sep-20 | SHREMETAL | General | 19-Sep-20 |
| RITES | Buy Back of Shares | 18-Sep-20 | SONAL | A.G.M.;General | 19-Sep-20 |
| TERAI | Audited Results | 18-Sep-20 | BLUBLND-B | Audited Results | 21-Sep-20 |
| TOYAMIND | General | 18-Sep-20 | CHADPAP | Audited Results | 21-Sep-20 |
| VBCFERROQ | Quarterly Results | 18-Sep-20 | HSIL | Buy Back of Shares | 21-Sep-20 |
| ENVAIREL | Quarterly Results | 19-Sep-20 | MOHOTAIND | Quarterly Results | 21-Sep-20 |
| IFSL | Voluntary Delisting of Shares | 19-Sep-20 | ARTEMISELC | Audited Results;Quarterly Results | 22-Sep-20 |
| JINDHOT | Issue Of Warrants | 19-Sep-20 | HARISH | Quarterly Results | 22-Sep-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| AMARJOTHI | 18-Sep-20 | Dividend – Rs. – 2.00 | BLUECHIPT | 18-Sep-20 | Dividend – Rs. – 1.80 |
| ANUHPHR | 18-Sep-20 | Bonus issue 1:1 | COMSYN | 18-Sep-20 | Final Dividend – Rs. – 1.50 |
| BDL | 18-Sep-20 | Final Dividend – Rs. – 2.5500 | CSLFINANCE | 18-Sep-20 | Dividend – Rs. – 2.50 |
| BEEKAY | 18-Sep-20 | Final Dividend – Rs. – 1.00 | DBL | 18-Sep-20 | Final Dividend – Rs. – 1.00 |
| BESTAGRO | 18-Sep-20 | Final Dividend – Rs. – 0.10 | DHPIND | 18-Sep-20 | Final Dividend – Rs. – 2.50 |
| BHANDHOS | 18-Sep-20 | Final Dividend – Rs. – 0.0100 | DOLFIN | 18-Sep-20 | Final Dividend – Rs. – 1.00 |
| BHARAT | 18-Sep-20 | Final Dividend – Rs. – 0.60 | GLOBUSSPR | 18-Sep-20 | Dividend – Rs. – 1.00 |
| BLACKROSE | 18-Sep-20 | Dividend – Rs. – 0.3500 | HIMATSEIDE | 18-Sep-20 | Final Dividend – Rs. – 0.50 |
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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