NIFTY:
The Nifty yesterday again opened with a gap up of more than 100 points at 11126.10. Prices have seen a rally in the afternoon but traded choppy and sideways for the rest of the time. The market action during the day was choppy but with a bullish bias as the index closed near its intraday high at 11162.25 up 140 points. The Nifty’s range the daybefore was of 85 points and yesterday prices have moved even narrower within just 68 points. This led to the day being the narrowest range in seven days. As we mentioned yesterday that, ‘a move above 11040 will almost certainly suggest that the index is willing to go to 11150’. Yesterday the Nifty made its intraday high at 11179.55. We had started a long position in Nifty above 10800 and mentioned we should close this trade yesterday morning, the Nifty settled at 11130; resulting in a gain of 330 points.
If Nifty were to go below 11113, yesterdays low, perhaps this could be the first sign of a small decline. A move above yesterdays high of 11180 will suggest that the index is willing to go higher.
BANK NIFTY:
Bank Nifty opened at 22639.85 with a gap up of 358 points. The index traded choppy and narrow for the whole day but closed near the top of the day with a gain of about 500 points. Private and PSU banks both have performed well and closed higher by almost 2%. Within the index, in terms of points ICICI Bank contributed highest while Indusind Bank contributed the lowest. Bank Nifty opened with a big gap up and sustained these gains. A trading range of 21000-22500 has broken on the upside. We should wait for a follow through to confirm this breakout.
Intraday traders should buy on a breakout above 22900 or on a dip towards 22600.
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TECHNICAL PICKS
| COMPANY . | CMP | B/S | RATIONALE |
| BEL | 99.25 | BUY | The stock has been consolidating in a range and has now given a breakout upwards. The stock can be bought above 100 with a stop loss at 98.90 and for the target of 102.30 |
| AMARARAJ | 704.25 | SELL | The stock has broken down from a range. The stock can be sold at CMP with a stop at 710 and for the target of 693. |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| JINDALSTEEL | 175 CE | BUY | 10.95 | 11.10 | 10.40 | 13.10 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| BPCL.Jul 30 | 463.05 | 5.74 | 22.57 | 23335200 | BAJFINANCE.Jul 30 | 3277 | -4.82 | 24.99 | 8036000 | |
| RAMCOCEM.Jul 30 | 676.75 | 0.75 | 20.82 | 1460300 | AMARAJABAT.Jul 30 | 702.55 | -0.45 | 12.81 | 1709000 | |
| ESCORTS.Jul 30 | 1169 | 3.93 | 14.37 | 3283500 | IGL.Jul 30 | 406.65 | -2.97 | 12.49 | 10923000 | |
| JINDALSTEL.Jul 30 | 179.8 | 0.87 | 13.84 | 20610000 | ZEEL.Jul 30 | 154.15 | -0.55 | 10.59 | 25443000 | |
| NTPC.Jul 30 | 88.85 | 1.54 | 10 | 76465500 | M&M.Jul 30 | 590.5 | -0.42 | 10.48 | 17614800 | |
| Short Covering | Long Unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| ADANIENT.Jul 30 | 167 | 3.47 | -7.49 | 11956000 | M&MFIN.Jul 30 | 214.5 | -3.29 | -10.03 | 13939800 | |
| CANBK.Jul 30 | 105 | 1.35 | -5.81 | 9645000 | BHEL.Jul 30 | 38 | -0.13 | -4.26 | 48195000 | |
| CONCOR.Jul 30 | 457.5 | 2.45 | -5.39 | 6280134 | L&TFH.Jul 30 | 62.65 | -0.63 | -3.3 | 28675600 | |
| EXIDEIND.Jul 30 | 160.85 | 1.51 | -2.79 | 9640800 | GLENMARK.Jul 30 | 414.8 | -1.36 | -2.59 | 5881100 | |
| MANAPPURAM.Jul 30 | 167.05 | 0.63 | -2.5 | 18492000 | NATIONALUM.Jul 30 | 33.7 | -0.59 | -2.52 | 36805000 | |
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TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Nestleind | 17275.6 | 0.17 | 211186 | 109238 | 55.57 | Nifty Energy | 15457.35 | 3.49 | 83562 | |
| United Breweries Limited | 984.5 | -0.06 | 276347 | 178315 | 53.95 | Nifty Bank | 22782 | 2.06 | 83562 | |
| Torrent Pharma Ltd. | 2361.85 | -0.45 | 355296 | 213222 | 50.48 | Nifty Auto | 7295.75 | 1.67 | 83562 | |
| Itc Ltd. | 192.25 | -0.23 | 28010738 | 9421381 | 49.8 | Nifty 50 | 11162.25 | 1.27 | 83562 | |
| Indraprastha Gas Limited | 404.75 | -3.08 | 5976797 | 2220058 | 47.62 | Nifty Media | 1360.3 | 1.22 | 83562 | |
| Mahanagar Gas Limited | 1001.65 | -0.5 | 739511 | 333392 | 47.27 | Nifty Metal | 2118.6 | 0.6 | 83562 | |
| Asian Paints Limited | 1724.25 | -1.56 | 2088527 | 869268 | 47.02 | Nifty it | 17273.2 | 0.09 | 83562 | |
| Info Edge (india) Limite | 3206.2 | -1.51 | 338625 | 374262 | 46.98 | Nifty Fmcg | 31280.25 | -0.81 | 83562 | |
| Petronet Lng Limited | 262.15 | -1.52 | 2994450 | 751753 | 46.61 | India Vix | 24.43 | -1.14 | 83562 | |
| Hindustan Unilever Ltd | 2318 | -0.56 | 3037830 | 1275884 | 45.3 | Nifty Pharma | 10153.8 | -1.46 | 83562 | |
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
| •In a strong worded reaction to the Drugs Controller General of India (DCGI)’s move to pull up drug major Glenmark on charges of alleged overpricing, false and misleading claims related to its COVID-19 drug Favipiravir. In a letter to DCGI V.G. Somani, Glenmark said compared to other therapies approved for emergency use in COVID-19 in India, FabiFlu is much more economical and an effective treatment option.
•Bajaj Finance Ltd.’s profit fell in the quarter ended June as the non-bank lender accelerated provisions to combat the disruptions stemming from the Covid-19 pandemic. Net profit declined 19% year-on-year to Rs 962 crore in the April-June period, according to an exchange filing. That compares with the Rs 901-crore consensus estimate of analysts tracked by Bloomberg. •Economic activity continues to remain weak and will lead to a 6.1% contraction in India’s GDP in the current fiscal, a foreign brokerage said on Tuesday. The Reserve Bank is likely to pause at the upcoming policy review in August and cut rates by 25 basis points each in the October and December reviews, Japanese brokerage Nomura said in a report. •Bharti Airtel has renewed its agreement with Swedish telecom gear maker Ericsson to manage pan-India network operations, the companies said in a joint statement. Under the agreement, Ericsson will also manage Airtel’s network operations centre and field maintenance activities across India. •Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name5 | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| APLLTD | General;Quarterly Results | 22-Jul-20 | LT | Quarterly Results | 22-Jul-20 |
| ASTEC | Quarterly Results | 22-Jul-20 | MTNL | Audited Results | 22-Jul-20 |
| BAJAJ-AUTO | Quarterly Results | 22-Jul-20 | NETTLINX | Audited Results;General | 22-Jul-20 |
| BAJAJHLDNG | Quarterly Results | 22-Jul-20 | NETWORK18 | Quarterly Results | 22-Jul-20 |
| BALAJITELE | Audited Results | 22-Jul-20 | NEWGEN | Quarterly Results | 22-Jul-20 |
| BLUECHIP | Audited Results | 22-Jul-20 | RALLIS | Quarterly Results | 22-Jul-20 |
| DHANUKA | General;Quarterly Results | 22-Jul-20 | TTKHEALTH | Audited Results;Final Dividend | 22-Jul-20 |
| EVERESTIND | Quarterly Results | 22-Jul-20 | TV18BRDCST | Quarterly Results | 22-Jul-20 |
| GAJANANSEC | Audited Results | 22-Jul-20 | WANBURY | Audited Results;Quarterly Results | 22-Jul-20 |
| HEIDELBERG | Quarterly Results | 22-Jul-20 | WINROC | Audited Results | 22-Jul-20 |
| ISEC | Quarterly Results | 22-Jul-20 | ZSARACOM | Audited Results | 22-Jul-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| ASRL | 22-Jul-20 | Bonus issue 3:4 | AKCAPIT | 23-Jul-20 | Final Dividend – Rs. – 1.00 |
| BASF | 22-Jul-20 | Dividend – Rs. – 3.00 | ASIANPAINT | 23-Jul-20 | Final Dividend – Rs. – 1.50 |
| GODREJAGRO | 22-Jul-20 | Final Dividend – Rs. – 5.50 | CGCL | 23-Jul-20 | Dividend – Rs. – 0.20 |
| ICIL | 22-Jul-20 | Final Dividend – Rs. – 0.60 | GDL | 23-Jul-20 | Right Issue of Equity Shares |
| M&MFIN | 22-Jul-20 | Right Issue of Equity Shares | HCLTECH | 23-Jul-20 | Interim Dividend – Rs. – 2.00 |
| TCPLPACK | 22-Jul-20 | Dividend – Rs. – 4.00 | MAHLOG | 23-Jul-20 | Final Dividend – Rs. – 1.50 |
| WHEELS | 22-Jul-20 | Final Dividend – Rs. – 2.6500 | ORIENTCEM | 23-Jul-20 | Final Dividend – Rs. – 0.7500 |
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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