NIFTY:

The Nifty opened with a gap up of 70 points at 11231.20. Prices did not hold these higher levels and started a down move. A sharp decline of almost 130 points within the first 30 minutes of trading took price all the way to 11100. Prices then moved higher and registered a rally of almost 100 point towards 11190. Around 1:00 PM prices saw another sharp decline of almost 140 points and recorded its intraday low at 11056.55. However in the last 30 minutes of trading prices again saw a rally of almost 100 points and closed at 11132.60 down by about 30 points. PSU Banks and Auto have led the decline and both indices closed lower by more than 1%. Nifty has seen a sharp rally of more than 600 points in the last five trading days from a low at 10595 to yesterdays high at 11238.10.  After a sharp move prices trend to trade choppy and sideways. A trading range has started to develop in Nifty with support coming in at 10930 and resistance at 11170. The consolidation may get confirmed in a day or two.

Intraday traders should buy above 11220 or sell below 11020.

BANK NIFTY: 

Bank Nifty opened at 23159 with a gap up of 360 points. The index did not sustain higher levels and saw a sharp fall of more than 500 points in the first half an hour of trading. The index traded very volatile and finally closed at 22882.60 with a gain of 89 points. Private banks have performed well today and closed higher by 0.66%. Within the index, in terms of points, Axis Bank contributed highest while HDFC Bank contributed lowest. Bank Nifty opened with a gap up but did not sustain the highs. Prices have seen sharp intraday moves in both side and eventually closed without much of a gain. The index gave a breakout from its range daybefore and we said we should wait for a follow through to confirm this breakout. Another higher close may be able to confirm this breakout.

Buy on a breakout above 23100 or sell below 22600.

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TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
CHOLAFIN 220.90 BUY The stock has been consolidating in a range and has now given a breakout upwards. The stock can be bought at CMP with a stop loss at 216 and for the target of  227.
TCS 2190.95 SELL The stock has  broken down from a range. The stock can be sold below 2187 with a stop at 2200 and for the target of 2140.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
BRITANNIA 3800 CE BUY 96.75 CMP 80 135 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
M&MFIN.Jul 30 148 13.87 48.05 18797100 CANBK.Jul 30 102.3 -2.53 13.44 10595000
CHOLAFIN.Jul 30 222.8 5.69 22.89 7637500 KOTAKBANK.Jul 30 1336.35 -1.92 12.87 9873200
BANKNIFTY.Jul 30 22835 0.08 18.78 1838525 EICHERMOT.Jul 30 19854.05 -1.48 11.35 300545
BALKRISIND.Jul 30 1260.9 0.62 16.76 2140000 BAJAJ-AUTO.Jul 30 2981.05 -1.16 10.71 1746250
MUTHOOTFIN.Jul 30 1315.65 6.65 15.49 3807000 WIPRO.Jul 30 266.5 -2.04 8.4 28960000
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
UJJIVAN.Jul 30 253.45 1.36 -8.86 2807200 JINDALSTEL.Jul 30 173.95 -3.04 -11.23 18175000
ESCORTS.Jul 30 1210.05 3.29 -6.66 3005200 APOLLOHOSP.Jul 30 1486.7 -0.67 -4.95 864500
BHARATFORG.Jul 30 387.85 0.7 -5.37 5577000 MARUTI.Jul 30 6016.25 -2.02 -3.57 2525500
ADANIENT.Jul 30 168.5 0.96 -3.31 10988000 GLENMARK.Jul 30 415.15 -0.73 -2.99 5446400
UBL.Jul 30 991.95 0.64 -2.9 961800 BHEL.Jul 30 37.95 -0.39 -2.58 46746000

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Petronet Lng Limited 254.7 -2.84 6263705 1900695 63.47 India Vix 24.89 1.86 83316
Hdfc Bank Ltd. 1126.35 -1.07 12359024 14743934 62.06 Nifty Energy 15565.4 0.7 83316
Tata Consumer Products l 407 -0.6 2620408 1653944 60.09 Nifty Media 1367.3 0.51 83316
Nestleind 17151.85 -0.72 156478 117327 55.56 Nifty Bank 22882.6 0.44 83316
Itc Ltd. 196.55 2.24 32572721 14488157 51.72 Nifty Pharma 10175.2 0.21 83316
Ultratech Cement Limited 3862.65 -0.02 433237 305888 49.8 Nifty Metal 2113.95 -0.22 83316
Glenmark Pharma Ltd 413.7 -0.11 1787801 1425919 49.66 Nifty 50 11132.6 -0.27 83316
Godrej Cons Products Ltd 693.2 1.9 1727347 613031 46.18 Nifty Fmcg 31051.6 -0.73 83316
Ntpc Limited 90.35 2.26 31321868 9290660 46.17 Nifty it 17076.05 -1.14 83316
Dabur India Ltd. 481.05 -2.16 3073110 1504381 45.2 Nifty Auto 7203.95 -1.26 83316

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR:  FX Reserves, USD on 24th  July, 2020

•INR:  Infrastructure Output (YoY) (Jun) on 31st  July, 2020

•USA: New Home Sales (Jun) on 24th July, 2020

•USA: Core Durable Goods Orders (MoM) (Jun) on  27th July, 2020

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NEWS UPDATES

•Alembic Pharmaceuticals on Wednesday reported more than two-fold jump in consolidated net profit to Rs 301.46 crore for the quarter ended on June 30, 2020, mainly on account of robust sales in international markets. The company had posted a net profit of Rs 123.72 crore for the corresponding period of the previous fiscal, Alembic Pharmaceuticals said in a filing to BSE. Consolidated revenue from operations of the company stood at Rs 1,341.32 crore for the period under consideration.

•Jindal Steel & Power Limited (JSPL) on Wednesday reported a consolidated profit at Rs 267.58 crore in April-June quarter of FY21 as against a loss of Rs 87.4 crore in the corresponding period of last year. The consolidated revenue decreased 6.7 per cent to Rs 9,279 crore compared to Rs 9,946 crore in Q1FY20, JSPL said in an exchange filing. The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) saw a 9.6 per cent jump at Rs 2,384 crore from Rs 2,174 crore. The margin stood at 25.7 per cent in the given period.

•Punit Goenka has resigned as non-executive, non-independent director of Zee Media Corporation Ltd, the company said on Wednesday. The company cited ‘preoccupation’ as the reason for his resignation. Zee Media is a network of news channels owned by Subhash Chandra’s Essel Group. It comprises 10 news channels across six languages besides digital properties like DNA and Zee News.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
AUBANK Quarterly Results 23-Jul-20 PNBHOUSING Quarterly Results 23-Jul-20
BIOCON General;Quarterly Results 23-Jul-20 PRADIP Audited Results 23-Jul-20
CANFINHOME General 23-Jul-20 PRATIK Quarterly Results 23-Jul-20
CORALAB General 23-Jul-20 PROAIMENT Audited Results;General 23-Jul-20
DISHTV Audited Results 23-Jul-20 RADICO Quarterly Results 23-Jul-20
GMBREW Quarterly Results 23-Jul-20 REPCOHOME Audited Results;Final Dividend 23-Jul-20
HDFCAMC Quarterly Results 23-Jul-20 SPECIALITY Audited Results 23-Jul-20
MAHABANK Quarterly Results 23-Jul-20 UCOBANK General 23-Jul-20
MPHASIS Audited Results 23-Jul-20 UNITDCR Audited Results;General 23-Jul-20
NEXTMEDIA Quarterly Results 23-Jul-20 XTGLOBAL General;Quarterly Results 23-Jul-20
PIONDIST Quarterly Results 23-Jul-20 ZENSARTECH A.G.M.;Quarterly Results 23-Jul-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
AKCAPIT 23-Jul-20 Final Dividend – Rs. – 1.00 SOBHA 23-Jul-20 Dividend – Rs. – 7.00
ASIANPAINT 23-Jul-20 Final Dividend – Rs. – 1.50 SUPER 23-Jul-20 Final Dividend – Rs. – 2.50
CGCL 23-Jul-20 Dividend – Rs. – 0.20 TECHM 23-Jul-20 Final Dividend – Rs. – 5.00
GDL 23-Jul-20 Right Issue of Equity Shares TIMKEN 23-Jul-20 Final Dividend – Rs. – 50.00
HCLTECH 23-Jul-20 Interim Dividend – Rs. – 2.00 PAUSHAKLTD 24-Jul-20 Final Dividend – Rs. – 6.00
MAHLOG 23-Jul-20 Final Dividend – Rs. – 1.50 POLYCHEM 24-Jul-20 Dividend – Rs. – 12.50
ORIENTCEM 23-Jul-20 Final Dividend – Rs. – 0.7500 STAR 24-Jul-20 Final Dividend – Rs. – 2.00

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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