outlookNIFTY:

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:

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.

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
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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DERIVATIVE PICKS

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
CENTURYTEX.Jun 25 324.95 1.93 5.76 2545200
                                                                        Short Covering
Sector Price Price% OI% OI Sector 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
Sectors Price Change % Quantity
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

   Domestic                                                                                                                                                  International
•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

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NEWS UPDATES

•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

BOARD MEETINGS

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

CORPORATE ACTION

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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