outlookNIFTY:

The market did nothing today, which is surprising considering that today was a Thursday when the weekly options expire. The NIFTY opened almost at yesterday’s  close, and then moved in a very narrow range throughout the day. Intraday movement were magnified only because the range was narrow. At the end of the day the index closed with very minor gains at 9100. The important message for today’s market action was the narrowing of the daily range.

9150 as resistance

Readers will recall a trading range that had developed in the NIFTY over many days. The support for this range was 9150 and when the support was broken we triggered a short trade which had reached its target of 8900. what was support become resistance. This is a simple rule of charting.

9150 is now acting as resistance. If the NIFTY were to cross 9150 a buy is triggered with a stop under 9050.

Wait for the morning range. Tomorrow is the beginning of a new weekly option settlement; therefore early morning price movement are random and confusing.

Traders who wish to take the long trade must wait till the NIFTY is decisively above 9150 after the early morning movement. Shorting is also possible if the NIFTY go below 9050.The stop would be hundred points.

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
       EXIDEIND 155.05 BUY The intermediate and short-term trends are up in EXIDEIND. Prices are trading range bound and at the verge of breakout We may seen an upside move here. Should buy above 156  with a stop loss of 153 and a target of 162.
      BAJFINANCE 1990.20 SELL The immediate trend of the stock is weak . Prices are now trading near its support around 1980. we may see a breakdown here. Should look for a selling opportunity below 1975 with a stop just above 2050 and a target around 1840.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
JINDALSTEL 95 CE BUY 4.60 CMP 3 8 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ITC.May 28 188.75 7.46 37.72 49471200 COLPAL.May 28 1330 -1.75 38.16 1931300
BALKRISIND.May 28 972.45 0.87 21.34 896000 BANKNIFTY.May 28 17630 -1.16 16.32 1476560
HINDALCO.May 28 127.85 5.62 17.33 32081000 KOTAKBANK.May 28 1147.8 -1.39 11.6 8568400
NIFTYIT.May 28 13535 1.12 16 1450 HDFC.May 28 1586 -2.29 11.52 27249000
TORNTPHARM.May 28 2606.05 1.74 15.76 918000 IDFCFIRSTB.May 28 18.65 -2.36 11.16 1.3E+08
                                                                        Short Covering                                                                              Long unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
IDEA.May 28 5.65 0 -14.49 3.24E+08 JUSTDIAL.May 28 349.75 -0.88 -4.23 1552600
GODREJPROP.May 28 601.55 0.54 -9.52 247000 YESBANK.May 28 26.9 -1.47 -3.86 22580800
NIITTECH.May 28 1443 1.99 -4.9 392625 RAMCOCEM.May 28 560 -0.44 -3.61 512000
ACC.May 28 1179.2 0.9 -4.04 1500400 BATAINDIA.May 28 1300.05 -1.7 -3.11 1371150
TVSMOTOR.May 28 314.6 2.09 -3.77 4101300 TITAN.May 28 845.15 -0.54 -1.64 7168500

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
ICICI PRUDENTIAL LIFE IN 362.25 -0.49 4500253 2116099 64.96 Nifty Auto 5749.9 2.61 86328
Power Grid Corporation o 158.9 0.28 9661559 8476603 61.07 Nifty FMCG 27887.1 2.19 86328
Petronet LNG Limited 234.75 3.14 2046175 805610 53.76 Nifty Metal 1742.9 1.83 86328
Hindustan Unilever Ltd 1970.9 -1 4261738 1979287 50.4 Nifty Media 1127.15 1.76 86328
TATA CONSULTANCY SERV LT 1991.2 1.92 3400925 1398276 50.32 Nifty IT 13647.9 0.97 86328
TATA CONSUMER PRODUCTS 360.3 -0.12 3883273 1703889 48.83 Nifty Pharma 9520.55 0.67 86328
HDFC LIFE INSURANCE COMP 493.8 3.04 4216424 1465756 47.09 Nifty 50 9106.25 0.44 86328
Exide Industries Ltd 155.05 3.78 2545304 1310582 46.1 Nifty Realty 165.5 -0.15 86331
COALINDIA 124.5 1.01 6187533 3704760 45.81 Nifty Bank 17735.1 -0.59 86328
YES BANK LIMITED 26.9 -0.92 12109506 4536974 45.68 INDIA VIX 32.98 -7.89 86328

Upcoming Economic Data

   Domestic                                                                                                                                                  International
•INR:  Bank Loan Growth on 22nd May, 2020

•INR:  Deposit Growth  on 22nd May, 2020

•USA: New Home Sales (Apr)on 26th May, 2020

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News Updates

•Hindustan Zinc, a subsidiary of Vedanta Resources, on Thursday reported a 14 per cent decline in its net profit at Rs 6,805 crore for the full financial year ended March 31, 2020, impacted by decline in operating margin and higher depreciation and amortization expense. The revenue of the company dropped by 10.5 per cent to Rs 20,495 crore as compared to Rs 22,900 crore in FY19, due to decline in London Metal Exchange (LME) prices and lower volume, partly offset by higher silver prices and rupee depreciation.

•Finance Minister Nirmala Sitharaman will hold a review meeting with CEOs of public sector banks (PSBs) on Friday to discuss various issues, including loan disbursement, as part of efforts to revive the economy reeling under the COVID-19 impact, sources said.

•Bajaj Auto Ltd is all set to enter Thailand with its premium motorcycle brands, including KTM, Husqvarna, Dominar and Pulsar NS series, by July, a senior company executive told Mint on Thursday. The company plans to foray into the sports category with premium brands such as Dominar and the Pulsar NS range leading the charge, he added.

•Telecom operator Bharti Airtel has acquired a strategic stake in Voicezen an early stage startup focused on conversational artificial intelligence (AI) technologies. Gurgaon-based Voicezen has been working on developing advanced solutions that leverage machine learning, AI, speech to text, and voice technologies to offer real-time analytics.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
3IINFOTECH Audited Results 22-May-20 IDFCFIRSTB Audited Results;General 22-May-20
AGRITECH Audited Results 22-May-20 JSWSTEEL Final Dividend;Audited Results;General 22-May-20
APLLTD Audited Results;General 22-May-20 NGLFINE General 22-May-20
BASF Dividend;Audited Results 22-May-20 ORIENTCEM Final Dividend;Audited Results 22-May-20
BAYERCROP Final Dividend;Audited Results 22-May-20 SUPREMEIND Final Dividend;Audited Results 22-May-20
BOSCHLTD Final Dividend;Audited Results 22-May-20 TRENT Dividend;Audited Results 22-May-20
ESSELPRO Final Dividend;Audited Results 22-May-20 UPL Dividend;Audited Results 22-May-20
GODREJIND Audited Results 22-May-20 WABCOINDIA Audited Results 22-May-20

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
INFY 29-May-20 Final Dividend – Rs. – 9.50 PAPERPROD 11-Jun-20 Final Dividend – Rs. – 3.00
COLPAL 1-Jun-20 Interim Dividend -Rs.- 16.00 KANSAINER 12-Jun-20 Dividend – Rs. – 3.15
INDIGRID 1-Jun-20 Income Distribution (InvIT) AVANTEL 17-Jun-20 Final Dividend – Rs. – 2.00
TCS 3-Jun-20 Final Dividend – Rs. – 6.00 TATACONSUM 18-Jun-20 Final Dividend – Rs. – 2.70
DICIND 4-Jun-20 Final Dividend – Rs. – 4.50 SANOFI 29-Jun-20 Special Dividend – Rs. – 243.00
NESTLEIND 11-Jun-20 Final Dividend – Rs. – 61.00 SANOFI 29-Jun-20 Final Dividend – Rs. – 106.00

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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