NIFTY:
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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