outlookNIFTY:

The Nifty opened with a gap up and then moved sideways maintaining the benefits of the gap. Towards the last hour of the day, the index started a handsome rally which led it to gain more than 100 points in half and hour and closed above 10900. The market on Friday was completely one sided, all the way up. On Friday, we mentioned that we should go long on Nifty if it crosses 10800; the Nifty moved above 10800 and traders that are long now should move their stops to 10800 and for the target of 11050.

The long term trend continues to be up. Momentum is at maximum strength which suggests strong upward movement. The intermediate trend continues to be up. This is the trend that traders should be following.

Intraday traders should look to buy on dips.

BANK NIFTY: 

Bank Nifty opened at 21608.5 with a gap up of 66 points. The index traded sideways after opening higher. A sharp rally came in the last hour of trading which helps index to close near the day high with a gain of about 500 points. PSU and Private banks both have performed well and closed higher by more than 1.50%. Within the index, in terms of points, HDFC Bank contributed the highest while Axis Bank the lowest. Private banks are outperforming the index.

Bank Nifty continued its momentum. A broader range for the index is between 21000-22500. Prices have been trading inside these 1500 points of a range for the past month. Earlier an attempt to break this range did not last long. Since the range is large enough, intraday traders should look to buy above 22200 or buy on a dip towards 21800.

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TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
SBILIFE 875.20 BUY The stock has been consolidating in a narrow range for a few days and has now given a breakout upwards. The stock can be bought at CMP with a stop loss at 863 and for the target of  900.
MOTHERSON SUMI 93.35 SELL The stock has  broken down from a range. The stock can be sold below 92.60 with a stop at 93.10 and for the target of 91.20.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
MGL 980 CE BUY 44.65 CMP 42 50 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
CONCOR.Jul 30 450.55 4.43 32.87 7102272 TORNTPHARM.Jul 30 2403.35 -0.44 17.76 1631500
VOLTAS.Jul 30 578.7 5.12 20.21 3604000 PVR.Jul 30 1025.5 -0.52 5.54 1456653
SAIL.Jul 30 35.55 3.49 16.52 43016000 MANAPPURAM.Jul 30 161.1 -0.25 3.81 18324000
BHEL.Jul 30 38.5 3.91 16.08 53046000 EQUITAS.Jul 30 55.3 -0.09 3.62 10237200
ACC.Jul 30 1320.75 1.2 13.02 2287500 BRITANNIA.Jul 30 3793.45 -1.92 2.76 2071800
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
MUTHOOTFIN.Jul 30 1203.15 5.95 -13.89 3792750 GODREJPROP.Jul 30 884.15 -0.34 -11.92 345800
CIPLA.Jul 30 689.1 2.05 -9.78 12216100 INFY.Jul 30 904.8 -0.36 -4.62 48426000
HINDPETRO.Jul 30 224.25 6.86 -9.28 23630400 HINDALCO.Jul 30 162.9 -1.93 -3.43 34094700
MINDTREE.Jul 30 1018.35 1.33 -9.07 1420000 BHARATFORG.Jul 30 378.4 -0.53 -3.32 6118500
EXIDEIND.Jul 30 159.95 2.8 -8.77 9961200 TCS.Jul 30 2209.1 -1.14 -2.84 8943600

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Container Corp Of India 448.65 4.36 5519237 1061649 63.69 Nifty Energy 14942.25 4.2 5597247
Divi S Laboratories Limi 2263.4 2.67 1233698 503658 60.41 Nifty Auto 7137.3 1.73 82429433
Colgate Palmolive (india 1426 2.07 638924 741625 57.1 Nifty Bank 21966.8 1.71 26786497
Tata Consumer Products l 423 3.1 2740799 1129391 55.72 Nifty Metal 2103 1.56 278570192
Nestleind 17229.95 -1.52 125138 161713 54.53 Nifty 50 10901.7 1.51 53960390
Hindustan Unilever Ltd 2334.55 2.04 3088773 1318813 52.86 Nifty Media 1336.6 1.15 439662253
Adaniports 313 0.58 3264266 1543513 49.43 Nifty Pharma 10472.15 0.87 56091913
Bharat Electronics Ltd 98 3.76 10158409 5966883 48.45 Nifty Fmcg 31439.3 0.82 1256880
Godrej Cons Products Ltd 700.55 0.89 803306 321527 48.23 Nifty it 16821.35 -0.62 3937233
Hdfc Ltd. 1805.85 1.01 4240987 1932130 45.68 India Vix 24.16 -4.73 236607713

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR:  Infrastructure Output (YoY) (Jun) on 31st  July, 2020 •USA: Existing Home Sales (Jun) on 22nd July, 2020

•USA: Crude Oil Inventories on  22nd July, 2020

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NEWS UPDATES

•Net profit of ICICI Lombard  General Insurance  for the quarter ended June rose 28.5 per cent to Rs 398 crore from a year ago. The gross direct premium income (GDPI) of the company stood at Rs 3,302 crore in the June quarter, down 5.3 per cent from Rs 3,487 crore a year ago. Excluding the crop segment, GDPI of the company decreased by 6.2 per cent to Rs 3,274 crore in the quarter ended June, in line with the degrowth across industry, mainly hit by the Covid-19 pandemic.

•Reliance Industries (RIL, is plowing billions into Indian debt funds after receiving cash from stake sales and a rights issue, according to people with knowledge of the matter. The monies have been deployed into ultra-short and money-market funds, and others focused on debt with an average of three-to-five year maturities, according to fund managers who asked not to be identified in discussing investment details.

•State-owned Life Insurance Corporation (LIC) is expecting to post steady growth in new business premium (NBP) by the end of the December quarter (Q3FY21). The first quarter of FY21 was a rough one for life insures because NBP contracted 18.64 per cent to Rs 49,335 crore against Rs 60,637 crore in Q1FY20 due the lockdown.

•HDFC Bank on Saturday posted a 19.58 per cent year-on-year rise in net profit at Rs 6,658.62 crore for the quarter ended June 30. Net interest income of the lender grew 17.80 per cent YoY to Rs 15,665.40 crore in Q1FY21. Asset quality of the lender deteriorated marginally as Gross NPA stood at 1.36 per cent in Q1FY21 against 1.26 per cent in Q4FY20.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
ACC Quarterly Results 20-Jul-20 LPDC Audited Results;Dividend 20-Jul-20
BOMDYEING Quarterly Results 20-Jul-20 LUHARUKA Audited Results 20-Jul-20
COMFINCAP Audited Results 20-Jul-20 MAHSCOOTER Quarterly Results 20-Jul-20
DEN Quarterly Results 20-Jul-20 MHEL Audited Results;Half Yearly Results 20-Jul-20
DHAMPURE Audited Results 20-Jul-20 MODISNME Audited Results 20-Jul-20
HINFLUR General 20-Jul-20 NRBBEARING Quarterly Results 20-Jul-20
IFINSEC Quarterly Results 20-Jul-20 PRISMFN Audited Results 20-Jul-20
JCTLTD Audited Results 20-Jul-20 SBICARD General;Quarterly Results 20-Jul-20
JIKIND General 20-Jul-20 SCBL Audited Results 20-Jul-20
LAFFANSQ Audited Results 20-Jul-20 STCINDIA Audited Results 20-Jul-20
LORDSCHLO Audited Results 20-Jul-20 SWARAJENG Quarterly Results 20-Jul-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
NEWGEN 20-Jul-20 Final Dividend – Rs. – 2.00 BASF 22-Jul-20 Dividend – Rs. – 3.00
ORIENTHOT 20-Jul-20 Final Dividend – Rs. – 0.20 GODREJAGRO 22-Jul-20 Final Dividend – Rs. – 5.50
VSTIND 20-Jul-20 Final Dividend – Rs. – 103.00 ICIL 22-Jul-20 Final Dividend – Rs. – 0.60
CHEMFABALKA 21-Jul-20 Final Dividend – Rs. – 1.25 TCPLPACK 22-Jul-20 Dividend – Rs. – 4.00
HIL 21-Jul-20 Final Dividend – Rs. – 10.00 WHEELS 22-Jul-20 Final Dividend – Rs. – 2.65
VAIBHAVGBL 21-Jul-20 Final Dividend – Rs. – 7.00 AKCAPIT 23-Jul-20 Final Dividend – Rs. – 1.00
ASRL 22-Jul-20 Bonus issue 3:4 ASIANPAINT 23-Jul-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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