2020-09-19-outlookNIFTY:

The Nifty opened at 11584.10 with a gap up of 68 points. The index traded narrow and choppy for almost the whole day. Prices have traded very narrowly inside a range of just 44 points till 2:20 PM. Then a sharp decline of more than 120 points within the 20 minutes of trading and prices have made its intraday low at 11466.10. Prices have seen some recovery in the last hour of trading and finally closed at 11504.95 down by just 11 points. The Pharma sector shines and closed higher by almost 5% followed by the Realty sector which was up by 1.91%.

We had identified a narrow range in the Nifty and suggested buying above 11612 and going short below 11490. After a fairly choppy market move in the morning, The Nifty fell and broke the support level of 11490, thus initiating a short position. Traders should now be short in the Nifty. The stop for this position continues to be at 11540. The target on the downside is 11370.

The Long term trend continues to be up although there are signs that the trend is now flattening out. Long term momentum is rising despite Friday’s decline. The intermediate trend also continues to be up. Intermediate momentum is in the strength area but has started falling. Perhaps early next week, we will know if these trends will persist or a decline may start.

BANK NIFTY:

Bank Nifty opened at 22429.35 with a gap up of 105 points. The index started falling just after the opening tick and continued for the whole day. Prices have seen a sharp decline of almost 500 points around 2:30 PM and finally closed at 22031 with a loss of about 300 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 highest while HDFC Bank the lowest. It was a downside trend day where prices have opened near its high and closed near its intraday lows. Prices have given a breakdown from its range of 22000-22800. Although saw slight covering and closed inside the range.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
AUROPHARMA 828.10 BUY The stock has given a breakout from a range. The stock can be bought at CMP with a stop at 810 and for the target of 845-860
BHARTI AIRTEL 494.55 BUY The stock has given a breakout from a range. The stock can be bought at CMP with a stop at 485 and for the target of 504-510

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
GRASIM 740 CE BUY 18.80 17 13.50 25 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
DRREDDY.Sep 24 5316.5 10.14 30.39 3568000 IGL.Sep 24 415.7 -0.69 30.69 7693125
APOLLOHOSP.Sep 24 1831.95 3.25 13.3 1196500 INDUSINDBK.Sep 24 617 -0.09 16.6 32611200
GODREJPROP.Sep 24 917.95 1.5 11.55 772200 CUMMINSIND.Sep 24 478.5 -1.76 14.36 2160000
CHOLAFIN.Sep 24 242.45 1.55 11.34 5795000 PETRONET.Sep 24 227.55 -3.11 11.15 11787000
M&M.Sep 24 654.3 2.71 10.33 15839600 COLPAL.Sep 24 1380.85 -1.54 10.93 2741900
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
GRASIM.Sep 24 744 2.34 -17.6 14254750 APOLLOTYRE.Sep 24 130.7 -2.43 -7.02 7155000
GMRINFRA.Sep 24 23.85 0.21 -7.47 62955000 SAIL.Sep 24 38 -0.91 -5.17 42503000
SUNPHARMA.Sep 24 524.1 2.08 -3.2 32446400 PNB.Sep 24 32.45 -2.7 -4.76 38136000
WIPRO.Sep 24 317.35 1.63 -2.65 21014400 L&TFH.Sep 24 63.8 -1.54 -4.32 28471600
SUNTV.Sep 24 485.1 2.28 -2.41 4975500 JUBLFOOD.Sep 24 2361.6 -1.94 -4.07 2120000

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Petronet Lng Limited 228.2 -2.42 3657906 3156291 64.46 Nifty Pharma 12320.9 4.98 83364
Hindustan Unilever Ltd 2098.7 -1.39 4475209 1115937 64.07 Nifty Energy 15777.1 0.57 83364
Container Corp Of India 389.3 0.12 2125693 1602456 61.14 Nifty Auto 8161.7 0.41 83364
Nestleind 16087.05 -0.21 197351 54914 54.54 Nifty Media 1631.6 0.12 83364
Hdfc Ltd. 1724 -1.17 5642506 1681077 52.67 Nifty it 19827.1 0.05 83364
Tata Consultancy Serv Lt 2449.9 -0.45 4183256 2534877 52.5 Nifty Metal 2362.2 -0.05 83364
Max Financial Services l 610.5 -1.75 858384 560280 52.04 Nifty 50 11504.95 -0.1 83364
Vedanta Limited 130.95 -2.49 16354338 3349871 49.45 India Vix 20.05 -0.27 83364
Bosch Limited 13070.6 0.83 89575 45278 46.89 Nifty Fmcg 30460.85 -0.62 83364
Sbi Life Insurance Compa 848.1 -0.94 1245818 282524 46.14 Nifty Bank 22031.05 -1.3 83364

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR: Bank Loan Growth on 25th  September, 2020

•INR: FX Reserves, USD  on 25th September, 2020

•USD: Existing Home Sales (Aug) on 22nd September, 2020

•USD:  Crude Oil Inventories on  23rd September, 2020

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NEWS UPDATES

•Promoter Epsilon Bidco, an affiliate of funds managed or advised by the US-based Blackstone Group, has offloaded 23 percent equity stake in Essel Propack via open market transaction on September 18. It sold 1.8 crore equity shares in the laminated and coex tubes manufacturer at Rs 256.44 and 5,45,80,090 shares at Rs 256.49 each.

•The board of directors at government-owned RITES Ltd has approved buy-back of 96.98 lakh equity shares with a face value of Rs 10 each at Rs 265 per share, translating into the total buyback amount not exceeding Rs 257 crore. The company was listed in July 2018. At present 72.02 per cent of its shares are held by the government and the balance are with public and financial institutions.

•India Ratings and Research on Friday said it had revised its outlook on the banking sector to negative for the second half of FY21 (H2FY21) from stable. The change was made in view of an expected spike in stressed assets, higher credit costs, weaker earnings on account of interest reversals and lower fee income, and muted growth prospects in the wake of the measures taken to contain the spread of Covid-19.

•Dewan Housing Finance (DHFL) has issued a demand notice for loan overdues of over Rs 112 crore from Pune-based Landscape Realty and its guarantors, which include entities and individuals linked to the 187-year-old PNG Jewellers, a popular chain of gold retailing shops.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
BLUBLND-B Audited Results 21-Sep-20 PRABHAT Audited Results 22-Sep-20
CHADPAP Audited Results 21-Sep-20 RPEL General 22-Sep-20
HSIL Buy Back of Shares 21-Sep-20 SANGHVIFOR Quarterly Results 22-Sep-20
MOHOTAIND Quarterly Results 21-Sep-20 SOBME General;Quarterly Results 22-Sep-20
MOLDTKPAC Right Issue of Equity Shares 21-Sep-20 SPANDANA General 22-Sep-20
SRD Bonus issue;In. in Authorised Cap. 21-Sep-20 AIML Audited Results 23-Sep-20
ARTEMISELC Audited Results;Quarterly Results 22-Sep-20 BCPL General 23-Sep-20
HARISH Quarterly Results 22-Sep-20 CREDITACC Audited Results;General 23-Sep-20
KAVITIND General 22-Sep-20 DHRUV A.G.M.;General 23-Sep-20
NOVAPUB General 22-Sep-20 KAARYAFSL General 23-Sep-20
OONE Quarterly Results 22-Sep-20 KONARKSY Quarterly Results 23-Sep-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
AINFRA 21-Sep-20 Final Dividend – Rs. – 0.10 CONCOR 21-Sep-20 Final Dividend – Rs. – 2.8500
AMBIKCO 21-Sep-20 Final Dividend – Rs. – 15.00 CYBERTECH 21-Sep-20 Final Dividend – Rs. – 1.00
BENARAS 21-Sep-20 Final Dividend – Rs. – 7.50 DIVSHKT 21-Sep-20 Final Dividend – Rs. – 1.50
BRPL 21-Sep-20 Final Dividend – Rs. – 1.00 ELCIDIN 21-Sep-20 Final Dividend – Rs. – 15.00
CAPPL 21-Sep-20 Final Dividend – Rs. – 0.40 FORCEMOT 21-Sep-20 Final Dividend – Rs. – 10.00
CHAMANSEQ 21-Sep-20 Final Dividend – Rs. – 0.50 FRONTSP 21-Sep-20 Final Dividend – Rs. – 1.10
CMI 21-Sep-20 Dividend – Rs. – 0.50 GOLDCORP 21-Sep-20 Final Dividend – Rs. – 0.50
COCHINSHIP 21-Sep-20 Dividend – Rs. – 15.00 GRMOVER 21-Sep-20 Dividend – Rs. – 5.00

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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