2021-01-22-OutlookNIFTY:

The Nifty opened at the record level above 14700 at 14730.95 with a gap up of 86 points. The index rallied further and recorded its intraday high at 14753.55. The index traded sideways and narrowly in the first half and managed to hold onto the gains. A sharp decline in the second half of more than 200 points from the intraday high to intraday lows erased all the gains and the index finally closed at 14590.35 down by 54.35 points. All the sectoral indices have closed with losses led by the Media and Realty sectors. We have taken a long trade around 14587 with a tight stop of 14550 and a target of around 14780. A sharp decline in the second half hit the stop loss level at 14550 and our long trade closes there with a loss of just 37 points.

Yesterday we had mentioned that a likely resistance is visible around 14700-14750 zones. The index made its intraday high around 14750 and then fell down from that point. On the lower side. A strong support is visible around 14200.We now have a trading range that is 500 points large. Within this range, we feel that trades should continue with buy on dips until we see some reversal signal. That comes when prices close below 14200 support. Volatility was very high & we may see some choppy price action.

BANK NIFTY:

Bank Nifty opened at 32732.80 with a gap up of 236 points. The index initially went further upside and recorded its intraday high at 32842.30. Around 2:00 PM prices have begun to falling down and recorded its intraday low at 31985.55. The index finally closed at 32186.90. PSU Banks have seen a sharp decline and closed lower by 3.27% while Private Banks also closed lower by 1%. Within the index, in terms of points, ICICI Bank contributed highest while HDFC Bank the lowest. We were long in the index from 32500 with a stop at 32100 and a target around 33500. A sharp decline in the second half hit our stop. A gap up opening did not sustain and index erases all the gains and closed lower. Range of 31700-32700 remained intact.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
NATIONAL ALUM 47.80 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 46 and for the target 51.
ASIANPAINTS 2716.35 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 2695 and for the target 2780

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
BALKRISHNAN 1700 CE BUY 38 CMP 28 60 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
VOLTAS.21.01 Jan 962.95 5.3 18.41 2643000 SRF.21.01 Jan 5710 -3.07 26.84 429500
BERGEPAINT.21.01 Jan 812 1.84 14.74 2629000 INDUS TOWERS LIMITED.21. 248.7 -2.36 16.52 11474400
BAJFINANCE.21.01 Jan 5138.05 2.93 12.42 6122750 MGL.21.01 Jan 1046.85 -3.76 13.38 1916400
APOLLOTYRE.21.01 Jan 219.75 8.38 11.97 15435000 HDFCAMC.21.01 Jan 3107.4 -3.37 13.12 408600
HAVELLS.21.01 Jan 1133.15 10.66 11.08 5012000 AMBUJACEM.21.01 Jan 255 -2.95 12.65 17931000
                                                                        Short Covering Long Unwinding
Stocks Price Price% OI% OI Stocks Price Price % OI % OI
NAUKRI.21.01 Jan 5258 1.54 -7.39 874500 FINNIFTYW.21.01 Jan 15540.55 -0.87 -75.2 9760
INDIGO.21.01 Jan 1678.1 0.33 -2.23 2983000 GRASIM.21.01 Jan 1026 -1.1 -27.33 12816450
ICICIBANK.21.01 Jan 553.95 0.29 -1.67 82766750 MANAPPURAM.21.01 Jan 165.35 -2.07 -11.19 14664000
MCDOWELL-N.21.01 Jan 634.65 2 -1.51 10387500 CHOLAFIN.21.01 Jan 436.75 -4.76 -6.01 4572500
UPL.21.01 Jan 587.75 1.71 -1.07 14731600 PNB.21.01 Jan 35.95 -3.23 -5.65 147248000

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Aarti Industries Ltd. 1183.9 -2.31 542336 260871 71.96 Nifty Auto 10367.75 -0.01 83037
Power Grid Corporation o 195.15 -0.51 7036376 7879787 66.21 Nifty Energy 17564.15 -0.18 83037
Container Corp Of India 428.25 -1.95 1176261 1645680 60.77 Nifty Fmcg 34494.4 -0.32 83037
Hdfc Ltd. 2663 -0.94 3200138 3256961 56.44 Nifty 50 14590.35 -0.37 83037
Lalpathlab 2296.8 0.03 314096 49381 55.38 Nifty it 26450.15 -0.64 83037
Sbi Life Insurance Compa 878.3 -2.06 1913821 606255 52.85 Nifty Bank 32186.9 -1.1 83037
Hindustan Unilever Ltd 2367.65 0.5 1521133 725664 52.56 Nifty Pharma 12697.15 -1.43 83037
Larsen & Toubro Limited 1371.3 -0.82 2985423 2065384 52.18 Nifty Media 1718.45 -2.04 83037
Kotak Mahindra Bank Limi 1857.8 -1.37 5668862 1586357 52.16 Nifty Metal 3362.15 -2.18 83037
Petronet Lng Limited 245.85 -1.46 4224234 1316792 51.49 Nifty Realty 329.75 -2.56 83037

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR:  FX Reserves, USD on 22nd January, 2021 •USD : Existing Home Sales (Dec) on 22nd January, 2021

•USD : Crude Oil Inventories on 22nd January, 2021

NEWS UPDATES

•Bandhan Bank showed the scars of a change in state rules and a challenging pandemic. Repayments from small borrowers floundered and stress on the balance sheet surged Bandhan Bank’s provisions trebled from the year ago period because the lender had to set aside ₹1000 crore specifically for pandemic-related stress in the December quarter. Additional stress on both asset quality and loan growth emanated from Assam where the government passed a new bill.

•The Competition Commission of India (CCI) has approved e-commerce marketplace Flipkart’s proposed acquisition of 7.8 per cent equity stake in Aditya Birla Fashion and Retail. Aditya Birla Fashion had approved the issuance of equity shares on a preferential basis to Flipkart for Rs 1,500 crore. In addition to approval of shareholders by way of postal ballot received on November 22, 2020), the issue was subject to regulatory approvals and completion of customary closing conditions under the investment agreement.

•Asian Paints on Thursday reported a 62.28% jump in its consolidated profit to ₹1,265.35 crore for the third quarter ended December 31, 2020. The company had posted a profit of ₹779.71 crore during the same period of previous fiscal.

•Two-wheeler major Bajaj Auto on Thursday reported 23% rise in standalone net profit at ₹1,556 crore for the quarter ending 31 December, 2020. It was ₹1,262 crore in the year-ago period. Revenue from operations increased 17% to ₹8,910 crore as compared to ₹7,640 crore in December 2019.

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

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BOARD MEETING

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
RELIANCE Quarterly Results 22-Jan-21 RELHOME Quarterly Results;General 22-Jan-21
3IINFOTECH General 22-Jan-21 REVATHI Voluntary Delisting of Shares 22-Jan-21
APOLLOHOSP General;Preferential Issue of shares 22-Jan-21 RKFORGE Quarterly Results 22-Jan-21
CENTURYTEX Quarterly Results 22-Jan-21 SBILIFE Quarterly Results 22-Jan-21
CROMPTON Quarterly Results 22-Jan-21 SIMPLEX Audited Results 22-Jan-21
GLAND Quarterly Results 22-Jan-21 SUMERUIND Quarterly Results 22-Jan-21
HDFCLIFE Quarterly Results 22-Jan-21 SWARAJENG Quarterly Results 22-Jan-21
INDIANB Quarterly Results;General 22-Jan-21 SYMPHONY Dividend;Interim Dividend;Results 22-Jan-21
JSWSTEEL Quarterly Results;General 22-Jan-21 VMART Quarterly Results 22-Jan-21
KRITIIND Quarterly Results;General 22-Jan-21 WENDT Interim Dividend;Quarterly Results 22-Jan-21
KRITINUT Quarterly Results;General 22-Jan-21 YESBANK Quarterly Results;General 22-Jan-21

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
CESC 22-Jan-21 Interim Dividend – Rs. – 45.0000 INDIGRID 27-Jan-21 Income Distribution (InvIT)
TOWERINFRA 22-Jan-21 Income Distribution (InvIT) SIEMENS 27-Jan-21 Final Dividend – Rs. – 7.0000
WIPRO 22-Jan-21 Interim Dividend – Rs. – 1.0000 GMM 28-Jan-21 Interim Dividend – Rs. – 1.0000
DCMSHRIRAM 27-Jan-21 Interim Dividend – Rs. – 5.5000 HAVELLS 28-Jan-21 Interim Dividend – Rs. – 3.0000
GAIL 27-Jan-21 Buy Back of Shares IEX 28-Jan-21 Interim Dividend
GAIL 27-Jan-21 Interim Dividend – Rs. – 2.5000 SHREERAMA 28-Jan-21 E.G.M.


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Elite Wealth Ltd. 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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