outlookNIFTY:

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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