The Nifty opened higher with another gap up and quickly made a high of 10,386. This is the location where a previous high was made a few days ago. This location was likely to provide resistance. The index did face resistance, leading the Nifty to fall more than 100 points to 10,227. A second up wave from 10,277 took the index all the way up to 10,393. Renewed selling came again at the 10,350+ levels and the Nifty fell another 110 points to 10,278. A last 30 minute rally saw the Nifty closed at 10311, up 66 points, .65%. The Nifty did gain points yesterday, but saw two different rounds of selling each with more than 100 points of decline. This does suggest the first sign of resistance coming in. For any previous long positions, we should stay in the position for the target of 10433 and move our stop up to 10250.
For today, a move above 10349 could open up the opportunity of a buying trade, with a tight stop of not more than 50 points. On the other hand, a move below 10277 gives us an opportunity for a trade on the short side.
Bank Nifty opened at 21491.55 with a gap up of 159 points. The index rallied further and made its intraday high above 22000. Prices have seen a decline in the last hour of trading and finally closed at 21742.30 with a gain of 410 points. PSU Banks have performed well today and closed higher by 3.89%. Within the index, in terms of points, Kotak Bank contributed highest while HDFC Bank the lowest. Bank Nifty continued its gain for the third consecutive day and closed above its resistance of 21600. We should wait for a follow through on upside to confirm this breakout.
Short term trend is up but the momentum may now be slowing suggesting a dip or consolidation. We should like to buy on dips and sell on rallies.
|IGL||447.90||BUY||The stock has been consolidating in a range near the support and has started an up move again. Traders should buy at 440 with a stop at 430 and target of 458.|
|VEDL||110.05||BUY||The short term trend is strong. The stock has given breakout on intraday as well as on daily chart. The stock can be bought at 108.40 with a stop loss of 107 and for the target of 113.50.|
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|STOCK OPTION||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|TATACONSUM||380 CE||BUY||5.40||CMP||4||8.05||OI increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|GRASIM.Jun 25||617.65||2.64||-50.21||7070250||MARICO.Jun 25||330.85||-0.42||-28.56||7446400|
|AXISBANK.Jun 25||429.55||2.95||-38.93||32580000||PIDILITIND.Jun 25||1393.65||-0.45||-25.89||2193000|
|FEDERALBNK.Jun 25||54.4||6.35||-38.7||38080000||RAMCOCEM.Jun 25||632||-1.5||-25.49||668800|
|PNB.Jun 25||36.1||4.18||-36.49||37026300||HDFC.Jun 25||1816.25||-1.11||-24.15||14330500|
|ICICIBANK.Jun 25||367.1||1.02||-36.29||57858625||M&M.Jun 25||499||-0.31||-21.78||9221000|
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TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Total Qty||Delivery||Del %||% Change|
|Mindtree Limited||909.05||-0.66||636613||2153481||73.73||Nifty Metal||2049.8||2.62||343526685|
|Tata Consumer Products l||381.1||1.01||2623145||3098711||72.93||Nifty Pharma||10218.35||2.16||68426497|
|Niit Technologies Limite||1336.55||0.44||353450||508940||67.32||Nifty Media||1417.05||2.13||494083854|
|Ambuja Cements Ltd||191.1||0.16||2478247||5164828||66.87||Nifty Bank||21708.35||1.74||32213587|
|Sbi Life Insurance Compa||777.95||0.27||1164278||1929679||66.26||India Vix||30.46||1.67||229934484|
|Tech Mahindra Limited||548.5||1.79||4352631||3680935||66.08||Nifty Auto||6729.1||1.43||104294853|
|Petronet Lng Limited||262.65||0.86||1216029||2790363||65.48||Nifty Realty||215.05||0.99||2147483500|
|Marico Limited||330.55||-0.41||1778475||1762872||64.97||Nifty 50||10311.2||0.65||67791478|
|Hdfc Life Insurance Comp||520.4||-0.13||2767223||2952294||64.6||Nifty Fmcg||28865.45||0.54||855026|
|Hcl Technologies Ltd.||569.6||0||2666303||3865331||62.52||Nifty it||14463.65||-0.25||1311932|
UPCOMING ECONOMIC DATA
|•INR: M3 Money Supply on 24th June, 2020
•INR: FX Reserves, USD on 26th June, 2020
|•USA: New Home Sales (May) on 23rd June, 2020
•USA: Manufacturing PMI (Jun) on 23rd June, 2020
|•Global ratings agency Fitch on Monday revised the outlook for Bharti Airtel’s Long-Term Foreign-Currency (FC) Issuer Default Rating (IDR) to negative from stable. Fitch retained the telco’s ratings at ‘BBB-‘. The agency has also affirmed Bharti’s senior unsecured rating and Bharti Airtel International (Netherlands) B.V.’s senior unsecured guaranteed bonds at ‘BBB-‘, and Network i2i Limited’s subordinated perpetual bond’s rating at ‘BB’.
•India is very likely to come out with another round of fiscal stimulus package, worth about 1 per cent of GDP in the coming months, Fitch Ratings said on Monday. Fitch, which last week lowered India’s sovereign rating outlook to negative from stable, said it has factored in the outgo for additional fiscal stimulus while deciding on the rating action.
•Aurobindo Pharma is expected to launch 50 to 60 new products during the current year, N Govindarajan, managing director of the city-based drug maker has said. “We are expecting to launch around 50 to 60 products this year including injectable. Out of the 50 to 60 products that we are talking about, 25 products have already been approved,” he said during the latest earnings call earlier this month.
•Mahindra & Mahindra (M&M) on Monday said it has introduced its new Sarpanch Plus range of tractors in Maharashtra, with the launch of the 575 Sarpanch Plus model priced at Rs 6.60 lakh (ex- showroom, Maharashtra).
Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint
|Company Name5||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|ALKYLAMINE||Audited Results;Dividend||23-Jun-20||FAIRCHEM||Audited Results;Dividend||23-Jun-20|
|ASIANPAINT||Audited Results;Final Dividend||23-Jun-20||FINOLEXIND||Audited Results||23-Jun-20|
|BALRAMCHIN||Buy Back of Shares;Final Dividend||23-Jun-20||GMBREW||Audited Results;Final Dividend||23-Jun-20|
|BANKBARODA||Audited Results||23-Jun-20||HATSUN||Audited Results||23-Jun-20|
|BERGEPAINT||Audited Results||23-Jun-20||HEXAWARE||Interim Dividend||23-Jun-20|
|BHAGCHEM||Audited Results||23-Jun-20||HONDAPOWER||Audited Results;Dividend||23-Jun-20|
|COCHINM||Audited Results;Quarterly Results||23-Jun-20||INDIANB||Audited Results||23-Jun-20|
|COMPUAGE||Audited Results;Dividend;General||23-Jun-20||MAGADHSUGAR||Audited Results;Final Dividend||23-Jun-20|
|COSMOFE||Audited Results||23-Jun-20||NLCINDIA||Audited Results;Final Dividend||23-Jun-20|
|DBCORP||Audited Results||23-Jun-20||PAGEIND||Audited Results||23-Jun-20|
|EIHAHOTELS||Audited Results||23-Jun-20||UNIONBANK||Audited Results||23-Jun-20|
|Company Name||Ex-Date||Purpose||Company Name||Ex-Date||Purpose|
|BAYERCROP||23-Jun-20||Interim Dividend – Rs. – 90.00||TAHL||2-Jul-20||Bonus issue 1:4|
|SANOFI||29-Jun-20||Final Dividend – Rs. – 106.00||JSWSTEEL||6-Jul-20||Final Dividend – Rs. – 2.00|
|SANOFI||29-Jun-20||Special Dividend – Rs. – 243.00||MINDTREE||6-Jul-20||Final Dividend – Rs. – 10.00|
|LAURUSLABS||1-Jul-20||Final Dividend – Rs. – 1.00||BOMDYEING||8-Jul-20||Dividend – Rs. – 0.20|
|SUNDARMFIN||2-Jul-20||Final Dividend – Rs. – 3.00||ADVENZYMES||9-Jul-20||Final Dividend – Rs. – 0.60|
|SWARAJENG||2-Jul-20||Dividend – Rs. – 25.00||HDFC||9-Jul-20||Dividend – Rs. – 21.00|
|SWARAJENG||2-Jul-20||Special Dividend – Rs. – 15.00||TATAELXSI||13-Jul-20||Final Dividend – Rs. – 16.50|
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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