outlookNIFTY:

The Nifty opened at 12813.40 with a gap up of 42 points. Prices have rallied further after the open and then went into a range bound period. The range broken on the downside and the index moved down at 12730.25. Prices did not last long there and started a sharp upside move. The index moved up by 160 points and then again traded range bound in the last hour of trading. Prices have finally closed at 12859.05 up by 87.35 points. Media and Pharma closed lower while all the other sectoral indices closed with gains led by IT, Financials and FMCG.

The market was actually very choppy, although significantly high close does not give the full story of the intraday choppiness. The Nifty opened lower, then moved up, then moved down, then moved up again. The final up move of the index gained significantly. At some point during the day, the Nifty was down a hundred points; therefore the gains in context to the decline was an up move of 185 points. The Bank Nifty remained the outperformer once again.

The market is in a strong uptrend. The choppy market behaviour over the last two days suggests that markets may be entering a period of consolidation and volatility.

BANK NIFTY:

Bank Nifty opened at 28935.75 with a gap up of 98 points. The index first moved down and recorded its intraday low at 28580.90. Prices have then seen a sharp upside move of more than 800 points and finally closed at 29236. PSU and Private banks both have performed also same and closed higher by 1.03% and 0.84% respectively. Within the index, in terms of points, HDFC Bank contributed highest while Axis Bank contributed lowest.

We have been discussing that a process of consolidation is likely to begin here. Likely level of consolidation now visible is 27900 as a support and 29700 as a resistance.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
BHARTI AIRTEL 483.70 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 475 and for the target 495.
MUTHOOTH FIN 1183.85 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1160 and for the target 1220.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
COFORGE 2350 CE BUY 65 CMP 53 85 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
BAJAJFINSV.Nov 26 8539 8.9 33.5 1098000 M&MFIN.Nov 26 154.75 -0.74 16.4 25254852
ICICIGI.Nov 26 1363.25 5.3 25.79 472600 INDIGO.Nov 26 1670 -0.57 14.05 3007000
PETRONET.Nov 26 251.25 1.84 21.94 14271000 TATAPOWER.Nov 26 58.15 -1.86 13.45 103086000
INFRATEL.Nov 26 218.95 17.34 18.2 15290800 ICICIBANK.Nov 26 478.35 -0.3 13.29 128034500
GAIL.Nov 26 97.6 3.83 16.45 25516300 AXISBANK.Nov 26 606.25 -1.08 9.16 59443200
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
GRASIM.Nov 26 860 2.48 -16.72 16528100 ADANIPORTS.Nov 26 376.75 -1.49 -17.44 40487500
IDEA.Nov 26 9.9 7.03 -11.31 313320000 PNB.Nov 26 29.7 -1.16 -5.82 52136000
BANKNIFTY.Nov 26 29155 0.84 -7.47 1592075 BANKBARODA.Nov 26 47.7 -0.52 -5.02 50553000
TATASTEEL.Nov 26 533.4 1.97 -6.23 31536700 BATAINDIA.Nov 26 1480 -1.08 -4.97 966900
NTPC.Nov 26 91.85 2 -3.91 40361700 L&TFH.Nov 26 71.3 -0.56 -4.78 31980400

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hdfc Ltd. 2334.8 0.44 5321688 4960266 71.51 Nifty it 21409.25 1.4 82113
Kotak Mahindra Bank Limi 1889.4 3.45 9116266 5376812 61.68 Nifty Fmcg 31454.35 1.19 82113
Asian Paints Limited 2166.55 0.22 2196113 1628169 60.99 Nifty Bank 29236 1.15 82113
Icici Lombard General In 1356.3 4.62 1084021 534114 59.14 Nifty Metal 2774.75 0.8 82113
Hindustan Unilever Ltd 2120.25 -0.49 2827038 1586112 58.64 Nifty 50 12859.05 0.68 82113
Petronet Lng Limited 258.95 2.01 6876873 3640509 57.7 Nifty Auto 8684.75 0.65 82113
Torrent Power Limited 307.3 0.85 1017286 1223937 57.4 Nifty Realty 251.3 0.52 82113
Hdfc Life Insurance Comp 663.9 2.76 3045488 2306306 54.75 Nifty Energy 15959.75 0.05 82113
Infosys Limited 1103.35 0.6 8063554 5447953 53.98 Nifty Pharma 11526.75 -0.34 82113
Nmdc Limited 93.45 -2.86 10482940 8106759 52.53 Nifty Media 1465.05 -0.92 82113

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR:  FX Reserves, USD on 27th November, 2020 •USD: Manufacturing PMI (Nov) on 23rd November, 2020

•USD: GDP (QoQ) (Q3) on 25th November, 2020

NEWS UPDATES

• In a huge setback for e-commerce giant Amazon, Competition Commission of India (CCI) on Friday approved the much-anticipated Future Group-Reliance Retail deal. “Commission approves acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited,” CCI said in a tweet. Mukesh Ambani-led Reliance Industries Ltd in August acquired the businesses of Kishore Biyani’s Future Group for ₹24,713 crore to add to its fast expanding retail business.

•Rashtriya Chemicals and Fertilizers Ltd (RCF) has recorded its highest ever daily sale of industrial products of Rs 5.44 crore on November 18, the government said on Friday. S C Mudgerikar, CMD of RCF, said the RCF apart from manufacturing chemical fertilisers and industrial products is actively engaged in promoting the use of organic fertilisers and non-chemical bio fertilisers.

•Heavy commercial vehicles-maker Ashok Leyland  on Friday said it has incorporated a wholly owned subsidiary ‘Vishwa Buses and Coaches Ltd’ (VBCL) with a paid-up share capital of Rs 60 crore. In a BSE filing, the Hinduja Group company said VBCL is a 100 per cent subsidiary and the initial capital of Rs 60 crore was fully infused by the company at par of Rs 10 each per share.

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

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BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
AFEL Preferential Issue of shares;General 23-Nov-20 WISEC Quarterly Results 23-Nov-20
AGIIL Preferential Issue of shares 23-Nov-20 AMS General 24-Nov-20
AIIL Right Issue of Equity Shares 23-Nov-20 CORNE Quarterly Results;General 24-Nov-20
ANSINDUS A.G.M.;General 23-Nov-20 INDINFR General 24-Nov-20
PARMCOS-B A.G.M.;General 23-Nov-20 LOYAL A.G.M.;General 24-Nov-20
PROSEED A.G.M.;General 23-Nov-20 PPL Preferential Issue of shares 24-Nov-20
RAYALEMA Preferential Issue of shares;A.G.M. 23-Nov-20 SONALAD In. in Authorised Capital;A.G.M.;General 24-Nov-20
ROLLT Quarterly Results 23-Nov-20 SREEL Buy Back of Shares 24-Nov-20
SHARIKA A.G.M.;General 23-Nov-20 AIHL General 25-Nov-20
SKL Half Yearly Results 23-Nov-20 BINANIIND Audited Results 25-Nov-20
UDAYJEW General 23-Nov-20 COFFEEDAY Audited Results;Quarterly Results 25-Nov-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
AUROPHARMA 23-Nov-20 Interim Dividend – Rs. – 1.2500 SAHYADRI 24-Nov-20 Interim Dividend – Rs. – 1.50
PETRONET 23-Nov-20 Interim Dividend – Rs. – 8.00 TECHNOE 24-Nov-20 Interim Dividend – Rs. – 3.00
PRECWIRE 23-Nov-20 Interim Dividend – Rs. – 1.00 TOWERINFRA 24-Nov-20 Income Distribution (InvIT)
TIDEWATER 23-Nov-20 Interim Dividend – Rs. – 100.00 VALIANTORG 24-Nov-20 Interim Dividend – Rs. – 5.00
GPPL 24-Nov-20 Interim Dividend – Rs. – 2.10 GOCLCORP 25-Nov-20 Interim Dividend – Rs. – 4.00
INDAG 24-Nov-20 Interim Dividend – Rs. – 0.90 ORIENTABRA 25-Nov-20 Dividend – Rs. – 0.1500
MAYURUNIQ 24-Nov-20 Buy Back of Shares SALORAINTL 25-Nov-20 E.G.M.
NATCOPHARM 24-Nov-20 Interim Dividend – Rs. – 3.00 STDSHOE 25-Nov-20 E.G.M.
PRICOLLTD 24-Nov-20 Right Issue of Equity Shares NBCC 26-Nov-20 Final Dividend – Rs. – 0.1350

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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