outlookNIFTY:

The Nifty opened with a large upward gap of almost 130 points around 11777. Index did not sustain the higher levels, and began falling almost immediately after the first 30 minutes of trading. Yesterday was a trend day on the downside, with the Nifty staying below the low and high of the first 15 minutes and there was a one directional move – down. The Nifty closed lower by 260 points. All sectors except IT have seen a decline and closed lower by more than 2%.

We closed our long trade with a profit. On Friday we went long at 11625. For Monday, we suggested a profit target of 11725. The Nifty opened higher above 11770, well above our target. The Nifty then began a decline all the way down to 11300.

The ferocity of the decline does suggest that this is more than an ordinary bull market dip. It could be a deeper correction, with resumption of the up move soon enough. It could also be the signal that the up move that started at 7500 came to an end today. If this is so, what we are looking at is the beginning of a new down move. We are unable to say if this is a dip or the beginning of a new downtrend. We have to consider the action of the Global markets in addition to the new setups created in our markets.

BANK NIFTY:

Bank Nifty opened at 25038.80 with a gap up of 461 points. Within the first 5 minutes of trading the index moved higher and made its intraday high at 25232.60. After that prices have seen a sharp decline of more than 1800 points. PSU and Private banks both indices have seen a decline and closed lower by 4.77% & 3.33% respectively. Within the index, in terms of points, HDFC Bank contributed highest while ICICI Bank the lowest. On Friday, Bank Nifty traded in a large range and closed at the top.

Index has seen back to back two large range days. One was upside and another was downside. After such a sharp move, prices get choppy and narrow.

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TECHNICAL PICKS

COMPANY  . B/S RATIONALE
RELIANCE IND 2080.75 BUY The stock has reached a good support level and is showing signs of reversal. The stock can be bought at CMP with a stop at 2060 and for the target of 2130.
HDFCBANK 1115.85 SELL The stock has seen a sharp rally and then a process of consolidation. Prices are on the verge of a breakdown. Traders can look to sell below 1100 with a stop above 1115 and for the target of 1065.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
BHARTI AIRTEL 510 CE BUY 28.25 CMP 23 38 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
GODREJPROP.Sep 24 910 0.61 14.4 924300 BHARTIARTL.Sep 24 516.7 -1.43 47.85 154099452
ONGC.Sep 24 82.1 1.8 9.39 53276300 ESCORTS.Sep 24 1090.95 -4.54 27.01 2844600
TCS.Sep 24 2255 0.19 2.55 10589400 BOSCHLTD.Sep 24 12900 -8.3 26.53 129000
INDIGO.Sep 24 1194.65 0.51 2.44 2514500 ASHOKLEY.Sep 24 68.4 -3.53 25.11 26946000
BAJAJ-AUTO.Sep 24 2976.9 -1.56 24.99 2154250
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
IDEA.Sep 24 10.2 0 -9.19 453880000
BANKBARODA.Sep 24 48.55 -6.36 -8.44 63968200
BHARATFORG.Sep 24 492.15 -2.57 -8.41 4572000
CANBK.Sep 24 106.65 -7.46 -7.44 12565000
APOLLOHOSP.Sep 24 1625 -2.41 -5.27 979500

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Colgate Palmolive (india 1363.25 -1.94 1002242 532001 70.82 India Vix 22.84 24.47 85092
Infosys Limited 928.6 -0.71 12808369 4654594 61.29 Nifty it 17928.85 -1.07 85092
Sbi Life Insurance Compa 827.75 -2.79 2086202 987146 60.18 Nifty Fmcg 30595.15 -2.11 85092
Tata Consumer Products l 532.35 -2.69 5543930 1581227 58.72 Nifty 50 11387.5 -2.23 85092
Itc Ltd. 191.1 -2.28 96998374 19959485 57.61 Nifty Energy 15605.25 -2.29 85092
Hindustan Unilever Ltd 2117.35 -1.61 3534525 1113809 57.42 Nifty Bank 23754.35 -3.14 85092
Hdfc Life Insurance Comp 574.8 -2.47 3755093 2002308 55.03 Nifty Auto 7840.35 -3.35 85092
Petronet Lng Limited 240.35 -3.57 7776818 2172440 54.64 Nifty Metal 2420.6 -3.96 85092
Godrej Cons Products Ltd 651.3 -2.93 1601098 510102 53.15 Nifty Pharma 11079.8 -4.67 85092
Marico Limited 368.9 -1.44 4323447 1314325 52.05 Nifty Media 1572.5 -5.85 85092

UPCOMING ECONOMIC DATA

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

•IN R: Nikkei Services PMI (Aug) on 3rd  September, 2020

•USA: Manufacturing PMI (Aug) on 1st September, 2020

•USA: ISM Manufacturing PMI (Aug) on 1st September, 2020

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NEWS UPDATES

•SRF on Monday said its board has approved plans to raise up to Rs 1,000 crore through a combination of issuance of equity shares and non convertible debentures (NCDs). In a regulatory filing, SRF Ltd said its board has approved raising of funds “for an aggregate amount not exceeding Rs 750 crore through issue of equity shares by way of qualified institutions placement, in accordance with the relevant provisions of applicable law and subject to approval of the company’s shareholders and receipt of applicable regulatory approvals”.

•Reliance Jio on Monday announced tariff plans for its JioFiber internet broadband service. The Mukesh Ambani-owned company said it was offering its fibre-to-the-home (FTTH) broadband service free of cost for a 30-day trial. Called ‘NAYE INDIA KA NAYA JOSH’, the broadband plans start at Rs 399 for a month with unlimited data and symmetric internet speed. Moreover, JioFiber has partnered with several over-the-top platforms and it is offering free subscription for up to 12 such OTT apps.

•India’s federal fiscal deficit in the four months to end July stood at Rs. 8.21 trillion ($111.7 billion), or 103.1% of the budgeted target for the current fiscal year, government data showed on Monday. Net tax receipts were Rs 2.03 trillion, while total expenditure was Rs. 10.5 trillion, the data showed, indicating the government had stepped up its spending to combat the impact of the coronavirus.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
COSCO General 1-Sep-20 PVVINFRA A.G.M.;General;Quarterly Results 1-Sep-20
DECIPHER A.G.M.;Quarterly Results 1-Sep-20 SHALPAINTS Quarterly Results 1-Sep-20
EVANS General 1-Sep-20 SHBCLQ A.G.M.;General;Quarterly Results 1-Sep-20
FIEMIND Quarterly Results 1-Sep-20 SPECFOOD Quarterly Results 1-Sep-20
GIRDSGA General 1-Sep-20 SRIVAJRA Quarterly Results 1-Sep-20
GUJAPOLLO A.G.M.;General 1-Sep-20 STDSHOE Quarterly Results 1-Sep-20
HBEL A.G.M.;Final Dividend 1-Sep-20 STRATMONT A.G.M.;General 1-Sep-20
KCL Quarterly Results 1-Sep-20 SUPREME Quarterly Results 1-Sep-20
KEL General;Quarterly Results 1-Sep-20 TANLA A.G.M.;Interim Dividend 1-Sep-20
KOVAI Quarterly Results 1-Sep-20 TIRSARJ General;Quarterly Results 1-Sep-20
MAXHEALTH General 1-Sep-20 TRANSASIA A.G.M.;General 1-Sep-20
ONGC General;Quarterly Results 1-Sep-20 TRCFIN Quarterly Results 1-Sep-20
PREMCAP Quarterly Results 1-Sep-20 WWALUM A.G.M.;General 1-Sep-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ASTRAMICRO 1-Sep-20 Final Dividend – Rs. – 1.20 SWELECTES 1-Sep-20 Final Dividend – Rs. – 0.75
EVERESTO 1-Sep-20 Final Dividend – Rs. – 1.00 ACRYSIL 2-Sep-20 Final Dividend – Rs. – 1.20
JAYBARMARU 1-Sep-20 Dividend – Rs. – 1.25 DOLAT 2-Sep-20 Interim Dividend – Rs. – 0.15
KAKATCEM 1-Sep-20 Final Dividend – Rs. – 3.00 GEPIL 2-Sep-20 Dividend – Rs. – 2.00
MITSU 1-Sep-20 Dividend – Rs. – 0.20 POWERGRID 2-Sep-20 Final Dividend – Rs. – 4.04
NIITLTD 1-Sep-20 Final Dividend – Rs. – 2.00 RUBFILA 2-Sep-20 Dividend – Rs. – 1.20
SAGCEM 1-Sep-20 Dividend – Rs. – 2.50 SUMICHEM 2-Sep-20 Final Dividend – Rs. – 0.55
SGRL 1-Sep-20 Final Dividend – Rs. – 1.50 TNPETRO 2-Sep-20 Final Dividend – Rs. – 1.50

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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