outlookNIFTY:

After three days of back-to-back gains, the Nifty was likely to be choppy and volatile. This is exactly what happened from the morning till 1.30 PM. The index was repeatedly below yesterdays close, moving up and down almost randomly. Around 1.30 PM, the Nifty began a rally, entered in to positive territory and added 90 points to close at 9580.

Long – term trend remains down. A relief rally now underway. The rally should continue. The stop for this rally is 9130. the intermediate trend, which is also the trend useful for the traders, is up. When the intermediate trend is up, traders should be looking to buy on dips as well as appropriate breakout.  The intermediate trend is now mature, having started from almost 8800 and reaching 9600 in just a few days. The trend would change if the NIFTY were to close below 9485.

The NIFTY is a buying opportunity above 9569. stops for this trade should be at 9485.

When the trend is up, short selling should be avoided as much as possible. This is the message of the market.

BANK NIFTY:

Bank Nifty opened at 18962 with a gap down of 194 points. Prices have rallied intraday and closed higher at 19212.45 with a minor gain of 58 points. Private and PSU Banks have performed same today and closed higher. Within the index, in terms of points, SBI contributed highest while Axis Bank contributed lowest.

The Index is trading vey narrow from last two days and moving sideways. This suggests a sharp move may come in next week. We should look for a trading opportunity in the direction of breakout from the range inside 18700-19500.

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
       HINDUNILVR 2057.35 BUY The intermediate and short-term trends are up in HINDUNILVR. The price has seen an intraday rally and now trading at the verge of breakout.Should look for a buying opportunity  above2045 with a stop loss of 2010 and a target around 2115
      LICHSGFIN 239.55 SELL The immediate trend of the stock is weak . The stock has seen a sharp decline and then started a process of consolidation. Should look for a selling opportunity below 236 with a stop just above 243 and a target near 222.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
ESCORTS 900 CE BUY 37.55 CMP 29.50 50 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
NMDC.Jun 25 80.85 2.86 9642 29226000 BOSCHLTD.Jun 25 9698.2 40390 -1.82 161960
SBILIFE.Jun 25 766.35 2.36 9208.93 3909750 POWERGRID.Jun 25 157.05 10031.82 -0.13 35664000
PEL.Jun 25 959.3 0.01 8930.86 4520670 ADANIPORTS.Jun 25 323.6 7135.23 -2.62 34910000
GRASIM.Jun 25 583.75 1.46 8456.25 19508250 AXISBANK.Jun 25 382.75 5514.95 -2.4 62191200
PETRONET.Jun 25 248.9 4.78 8066 12249000 SHREECEM.Jun 25 20723.7 5428.3 -0.53 146500
                                                                        Short Covering                                                                              Long unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
SBI LIFE INSURANCE COMPA 768.65 2.75 7090368 790562 69.7 Nifty Realty 180.1 4.28 2147483500
Power Grid Corporation o 157.55 0.19 35912738 9823447 67.7 Nifty Pharma 9768.6 3.21 85831683
Hindustan Unilever Ltd 2057.35 2.36 8779010 3443119 62.59 Nifty FMCG 29296.95 2.97 3364365
TATA CONSUMER PRODUCTS 366.9 -1.15 63552596 1994902 58.83 Nifty Metal 1879.85 1.92 445717782
Page Industries Limited 18866.4 2.5 128831 14947 51.48 Nifty Auto 6218.8 1.74 134746646
HDFC LIFE INSURANCE COMP 523.2 1.24 27247264 1687189 50.42 Nifty 50 9580.3 0.95 87242742
Kotak Mahindra Bank Limi 1224 -0.44 5497352 5392668 50.35 INDIA VIX 30.22 0.67 275238781
MARICO LIMITED 343.8 4.13 6669558 1764898 47.46 Nifty Bank 19297.25 0.66 43308735
Godrej Cons Products Ltd 633.8 4.86 6532211 897255 46.1 Nifty Media 1177.85 -0.04 706132011
NESTLEIND 17540.8 3.25 244466 79921 45.34 Nifty IT 14010.5 -0.13 3663448

Upcoming Economic Data

   Domestic                                                                                                                                                  International
•INR: Nikkei Markit Manufacturing PMI (May) on 1st  June, 2020

•INR: Nikkei Services PMI (May) on 3rd June, 2020

•USA: ISM Manufacturing PMI (May) on 1st June, 2020

•USA: Services PMI (May) on  3rd June, 2020

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News Updates

•The family of Yes Bank Ltd.’s late co-founder Ashok Kapur has given up its status as one of the promoters of the bank, putting an end to a turbulent history between the two. Kapur’s wife Madhu Kapur, their children, Shagun Gogia Kapur and Gaurav Ashok Kapur, and Mags Finvest Pvt Ltd (collectively known as Madhu Kapur and group) have agreed to be reclassified as public shareholders of the bank.

•The Banks Board Bureau (BBB) on Saturday recommended names of Ashwini Bhatia, M V Rao and P P Sengupta for the post of managing director of three state-owned lenders — State Bank of India, Central Bank of India and Indian Overseas Bank, respectively. Bhatia is currently serving as deputy managing director (DMD) at SBI, while Rao is executive director with Canara Bank.

•With mass migration of labourers becoming a cause of concern, engineering firm KEC International has decided to adopt mechanisation and automation to compensate for the shortage of workers. The COVID-19 pandemic and the subsequent lockdown prompted millions of jobless migrant workers to flee cities and return to their home towns.

•Listing of Life Insurance Corporation (LIC) and sale of government’s stake in IDBI Bank may be delayed due to weak market situation amid ongoing coronavirus crisis.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
ACEWIN Half Yearly Results;Audited Results 1-Jun-20 NKIND Audited Results 1-Jun-20
BIRLACABLE Audited Results 1-Jun-20 ORIENTELEC Audited Results;Final Dividend 1-Jun-20
CIFL Audited Results;Final Dividend;General 1-Jun-20 ROCKONENT General 1-Jun-20
FAZE3AUTO Audited Results 1-Jun-20 RSYSTEMINT A.G.M.;General 1-Jun-20
HINDCOPPER General 1-Jun-20 SRIPIPES Dividend;Quarterly Results;Audited Results 1-Jun-20
IDINFO General 1-Jun-20 TRANOCE General 1-Jun-20
KAVITIND General 1-Jun-20 ULTRAMAR Audited Results 1-Jun-20
M&MFIN General 1-Jun-20 UNIVCABLES Audited Results;Final Dividend 1-Jun-20
MAGNAELQ Audited Results 1-Jun-20 VGUARD Audited Results;Final Dividend 1-Jun-20
MAXINDIA Amalgamation;General 1-Jun-20 VIAANINDUS Preferential Issue of shares;General 1-Jun-20
MEHSECU General 1-Jun-20 VINDHYATEL Dividend;Audited Results 1-Jun-20

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
COLPAL 1-Jun-20 Interim Dividend – Rs. – 16.00 ESABINDIA 11-Jun-20 Interim Dividend – Rs. – 70.00
INDIGRID 1-Jun-20 Income Distribution (InvIT) NESTLEIND 11-Jun-20 Final Dividend – Rs. – 61.00
TCS 3-Jun-20 Final Dividend – Rs. – 6.00 PAPERPROD 11-Jun-20 Final Dividend – Rs. – 3.00
DICIND 4-Jun-20 Final Dividend – Rs. – 4.50 KANSAINER 12-Jun-20 Dividend – Rs. – 3.15
KKCL 4-Jun-20 Interim Dividend – Rs. – 6.00 TATACOFFEE 12-Jun-20 Dividend – Rs. – 1.50
TANLA 9-Jun-20 Buy Back of Shares AVANTEL 17-Jun-20 Final Dividend – Rs. – 2.00

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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