NIFTY:
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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