outlookNIFTY:

The Nifty opened higher with a gap up of almost 96 points in the morning. Prices have seen multiple ups and downs on Friday and finally the Nifty closed higher by 59 points at 11371. We would consider Fridays price action to be a nothing day for intraday traders. We expect a bigger move in coming weeks. Friday was the beginning of  a new weekly option series. The market opened with a reasonable gap up, and then moved sideways for the rest of the day. The Nifty is now in a clear and visible trading range, with a breakout or break down from this range likely to offer a new trade. Buy above 11432 or sell below 11259.

While the Nifty opening with a gap up and the gap being sustained, the long term trend has not been disturbed in any way. The long term trend remains up. Long term momentum remains in the strong area. The intermediate trend is also up. Intermediate momentum which was giving signs of moving sideways or even moving down has now turned up and reached the strong area. Besides on the chart patterns the market has probably begun a process of consolidation. So far, there are no signs of a decline or a downtrend.

BANK NIFTY:

Bank Nifty opened at 22190.70 with a gap up of 210 points. The index first moved higher for the first 30 minutes of trading and then spent the rest of the day trading sideways and narrow. The index closed at 22299 with a gain of more than 300 points. PSU and Private Banks both have performed same and closed higher by more than 1%. Within the index, in terms of points, HDFC Bank contributed highest while Kotak Bank the lowest. Bank Nifty opened with a gap up and closed higher. A trading range of 21400-22400 remained intact. Intraday range are narrowing day by day suggests a breakout is imminent sooner rather than later in either direction. Intraday traders should look to buy on dips and sell on rallies.

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TECHNICAL PICKS

COMPANY  . B/S RATIONALE
AXISBANK 440.45 BUY The stock has corrected, reached a good support level and we may see an up move from here. The stock can be bought at CMP with a stop at 435 and for the target of 450.
PIDILITE 1456.50 BUY The stock has given a breakout from a range. The stock can be bought at CMP with a stop at 1440 and for the target of  1490

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
BPCL 410 CE BUY 10.85 CMP 5 20 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
BHEL.Aug 27 40.8 5.97 25.86 62853000 MOTHERSUMI.Aug 27 118.15 -1.38 11.86 22386000
GMRINFRA.Aug 27 24.4 9.42 18.88 87570000 L&TFH.Aug 27 68.2 -1.23 11.53 28022800
ICICIPRULI.Aug 27 450 2.15 15.58 7468500 HAVELLS.Aug 27 633.05 -1.09 11.31 5720000
ASIANPAINT.Aug 27 1959 4.49 14.61 5224200 AMARAJABAT.Aug 27 735.45 -0.84 10.09 1342000
NTPC.Aug 27 106.3 5.04 14.57 58578900 INFY.Aug 27 953.15 -0.46 9.08 43234800
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
EQUITAS.Aug 27 56.8 0.18 -12.41 13140400 LICHSGFIN.Aug 27 277.4 -0.56 -22.17 8388000
IDFCFIRSTB.Aug 27 30.95 0 -4.02 91162000 UJJIVAN.Aug 27 253.05 -0.8 -19.54 1685200
BANKBARODA.Aug 27 48.55 1.68 -3.81 43271400 TORNTPOWER.Aug 27 356.05 -1.4 -11.04 2466000
NESTLEIND.Aug 27 16591.8 2.01 -3.43 374050 NATIONALUM.Aug 27 37.9 -3.44 -7.77 37927000
TORNTPHARM.Aug 27 2829 0.25 -3.32 1498500 COFORGE LIMITED.Aug 27 1985.35 -0.77 -6.88 350250

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Icici Prudential Life In 447.5 1.91 1828074 1386826 62.78 Nifty Bank 22299.6 1.36 80154
Petronet Lng Limited 249.15 -0.36 4980780 4687037 58.42 Nifty Energy 16085.35 0.78 80154
Sbi Life Insurance Compa 861.25 0.98 3651529 367937 55.74 Nifty Pharma 11614.9 0.64 80154
Hindustan Unilever Ltd 2202.05 0.75 1374412 957658 54.14 Nifty 50 11371.6 0.53 80154
United Spirits Limited 584.35 0.17 2012045 1207855 53.92 Nifty Fmcg 31604.4 0.52 80154
Nestleind 16561.95 2.16 144151 51980 52.99 Nifty Auto 7934.7 0.29 80154
Kotak Mahindra Bank Limi 1339.4 0.08 2485266 1347951 47.44 Nifty it 18065.3 -0.34 80154
Icici Bank Ltd. 371.15 0.92 34111143 32200236 47.04 Nifty Metal 2523.6 -0.6 80154
Vodafone Idea Limited 6 8.5 0 1.02E+08 71477204 46.84 Nifty Media 1575.9 -1.42 80154
Marico Limited 376.2 0.8 1479968 572071 46.1 India Vix 14.88 -27.81 80154

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR: Bank Loan Growth on 28th  August, 2020

•INR: FX Reserves (USD) on 28th  August, 2020

•USA: New Home Sales (Jul) on 25th August, 2020

•USA: Crude Oil Inventories on 26th August, 2020

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NEWS UPDATES

•Punjab National Bank (PNB) reported a standalone net profit of Rs 308 crore for the quarter ended June even as provisions for bad loans doubled. PNB had posted a net profit of Rs 1,018.63 crore during the corresponding April-June period of 2019-20. On the assets front, the lender’s gross non-performing assets (NPAs) fell to 14.11 per cent of gross advances at the end of June 2020, as against 16.49 per cent at the end of June 2019. Net NPAs declined to 5.39 per cent as against 7.17 per cent earlier.

•ICICI Lombard General Insurance Co. Ltd. will acquire Bharti AXA General Insurance Co. Ltd.’s non-life insurance operations in a share swap deal. Shareholders of Bharti AXA will receive two shares of ICICI Lombard for every 115 shares of Bharti AXA, as per the share exchange ratio recommended by independent valuers. The companies, however, did not disclose the deal value. Bharti Enterprises currently owns 51% stake in Bharti AXA General Insurance, while French insurer AXA has 49%.

•The Appointments Committee of the Cabinet has apprived the appointment of Ashwani Bhatia as the new Managing Director of State Bank of India. He currently is the Deputy Managing Director of the state-run lender. Bhatia will succeed PK Gupta who superannuated on March 31. He will remain in office till the date of his superannuation, May 31, 2022, or further orders, whichever is earlier, the government said in a statement on Friday. Necessary communication in this regard has been sent to the Department of Financial Services.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
ARIHANT Voluntary Delisting of Shares 24-Aug-20 NORRIS Quarterly Results 24-Aug-20
ARROWGREEN Quarterly Results;A.G.M. 24-Aug-20 ONWARDTEC General 24-Aug-20
ASIAPAK General;Quarterly Results 24-Aug-20 PARABDRUGS Audited Results 24-Aug-20
AUTOIND General;Preferential Issue of shares 24-Aug-20 RESPONSINF General;A.G.M. 24-Aug-20
COSMOFE Audited Results;Quarterly Results 24-Aug-20 RISHIROOP Quarterly Results 24-Aug-20
DESHRAK General;A.G.M. 24-Aug-20 RODIUM General 24-Aug-20
HITECHCORP Audited Results 24-Aug-20 SAKTHIFIN General 24-Aug-20
INDRAMEDCO Quarterly Results 24-Aug-20 SANGUI General;Quarterly Results;A.G.M. 24-Aug-20
INGERRAND Quarterly Results 24-Aug-20 SCOOTER Quarterly Results 24-Aug-20
IRB Quarterly Results 24-Aug-20 SUZLON General;Quarterly Results 24-Aug-20
LICHSGFIN General;Quarterly Results;A.G.M. 24-Aug-20 TITANBIO General;A.G.M. 24-Aug-20
LPDC Quarterly Results 24-Aug-20 TITANSEC General;A.G.M. 24-Aug-20
NOCIL Quarterly Results 24-Aug-20 TYCHE General 24-Aug-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
DOLLAR 24-Aug-20 Dividend – Rs. – 1.70 BRITANNIA 26-Aug-20 Interim Dividend – Rs. – 83.00
EICHERMOT 24-Aug-20 Stock  Split From Rs.10/- to Rs.1/- GRASIM 26-Aug-20 Final Dividend – Rs. – 4.00
IRBINVIT 24-Aug-20 Income Distribution (InvIT) IIFLWAM 26-Aug-20 Interim Dividend – Rs. – 40.00
SHIL 24-Aug-20 Dividend – Rs. – 0.1500 KANPRPLA 26-Aug-20 Final Dividend – Rs. – 0.60
BANARISUG 25-Aug-20 Dividend – Rs. – 10.00 ADSL 27-Aug-20 Final Dividend – Rs. – 0.50
POLYPLEX* 25-Aug-20 Interim Dividend – Rs. – 32.00 ALFREDHE 27-Aug-20 Dividend – Rs. – 2.50
POLYPLEX* 25-Aug-20 Dividend – Rs. – 6.00 ALFREDHE 27-Aug-20 Special Dividend – Rs. – 1.00
BIMETAL 26-Aug-20 Dividend – Rs. – 7.00 ASALCBR 27-Aug-20 Final Dividend – Rs. – 1.00

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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