Outlook-2020-09-18

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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