NIFTY:
The Nifty opened at 13473.50 without much of a gap. Prices have continued its strong momentum from daybefore and started moving higher from its opening tick. Minor dips in between have been bought quickly and prices have rallied 187 points from its intraday low at 13432.20 to its intraday high at 13619.45. The index closed at 13601.10 near its intraday high. All the sectoral indices have seen a rally and closed higher led by IT, Pharma and Financials.
We had suggested taking a long trade above 13500. The index opened below 13500 and within the first 15 minutes the index rallied above 13500 which executed our long trade. The trade is now in a gain of about 100 points as the Nifty closed near 13600. We should now tighten our stop loss at 13490 and then wait for prices to touch either the stop or target of 13700.
Nifty has recorded its lifetime high around 13770. This level may act as a resistance. Also the index made a swing low around 13130, this level may act as a support. We may see a large trading range within these boundaries.
BANK NIFTY:
Bank Nifty opened at 29560.75 with a gap down of 73 points. The index continued its upside move started day before and finally closed near its intraday high 29883. PSU Banks have performed better compared to Private Banks and closed higher by 2.06%. Within the index, in terms of points, SBI contributed highest while PNB the lowest.
We had suggested taking a long trade if the index breaks above 29800. Prices have touched that level during the day so we went long around 29800. We have mentioned a support zone around 29000-29200. The index holds this support and remained higher. It was a trend day on the upside although the intraday movement was very narrow.
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TECHNICAL PICKS
| COMPANY | CMP | B/S | RATIONALE |
| DABUR | 510.15 | BUY | The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 500 and for the target 523. |
| IDEA | 10.55 | BUY | The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 10 and for the target 12.20. |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| BIOCON | 480 CE | BUY | 13.4 | CMP | 10 | 19 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| WIPRO.20.12 Dec | 385.95 | 5.54 | 42.84 | 38006400 | ICICIGI.20.12 Dec | 1461.05 | -0.31 | 13.46 | 648550 | |
| PFC.20.12 Dec | 113.8 | 2.02 | 33.61 | 40864200 | IGL.20.12 Dec | 489.5 | -0.71 | 12.43 | 6457000 | |
| M&MFIN.20.12 Dec | 174.95 | 5.61 | 21.71 | 10562748 | EICHERMOT.20.12 Dec | 2449.4 | -0.05 | 11.91 | 2396800 | |
| NMDC.20.12 Dec | 111.9 | 0.22 | 18.67 | 42196600 | HINDPETRO.20.12 Dec | 210.85 | -0.26 | 8.28 | 27777600 | |
| INDUS TOWERS LIMITED.20. | 237.4 | 1.6 | 18.41 | 9993200 | DIVISLAB.20.12 Dec | 3700 | -0.92 | 7.87 | 2858800 | |
| Short Covering | Long Unwinding | |||||||||
| Stocks | Price | Price% | OI% | OI | Stocks | Price | Price % | OI % | OI | |
| GRASIM.20.12 Dec | 900 | 1.24 | -32.28 | 11487400 | PNB.20.12 Dec | 31.8 | -1.24 | -3.34 | 156996000 | |
| TATASTEEL.20.12 Dec | 622.7 | 3.16 | -12.46 | 31813800 | ||||||
| JSWSTEEL.20.12 Dec | 368 | 1.71 | -12.14 | 29143800 | ||||||
| INDIGO.20.12 Dec | 1655 | 5.5 | -4.82 | 2438000 | ||||||
| BATAINDIA.20.12 Dec | 1588.5 | 4.04 | -4.74 | 1093950 | ||||||
TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Sbi Life Insurance Compa | 854.95 | 0.12 | 1535665 | 1483486 | 65.55 | Nifty Realty | 300.55 | 3.94 | 83628 | |
| Power Finance Corporatio | 113.55 | 2.21 | 6476618 | 11187561 | 65.45 | Nifty Media | 1650.75 | 3.27 | 83628 | |
| Icici Lombard General In | 1458.2 | 0.03 | 595095 | 407575 | 65.42 | Nifty it | 24167.75 | 2.36 | 83628 | |
| Godrej Cons Products Ltd | 712.8 | 0.03 | 1737539 | 1839731 | 64.5 | Nifty Fmcg | 33966 | 1.91 | 83628 | |
| Icici Prudential Life In | 484.75 | 0.47 | 1561748 | 1126690 | 51.6 | Nifty Metal | 3134.1 | 1.77 | 83628 | |
| Kotak Mahindra Bank Limi | 1920.75 | 0.94 | 2340819 | 2590093 | 51.05 | Nifty Pharma | 12753.25 | 1.61 | 83628 | |
| Colgate Palmolive (india | 1567.35 | 1.33 | 492967 | 296326 | 50.01 | Nifty Auto | 8935.95 | 1.33 | 83628 | |
| Power Grid Corporation o | 189.95 | -0.18 | 5532804 | 6624758 | 49.21 | Nifty 50 | 13601.1 | 1 | 83628 | |
| Hdfc Ltd. | 2403.05 | -0.02 | 2605828 | 2351068 | 48.66 | Nifty Bank | 29883.3 | 0.87 | 83628 | |
| Britannia Ind Ltd. | 3625.35 | -0.14 | 451656 | 321846 | 48.61 | Nifty Energy | 16628.2 | 0.36 | 83628 | |
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UPCOMING ECONOMIC DATA
| Domestic International | |
| INR: FX Reserves, USD on 25th December, 2020 | •USD: U.S. Core Durable Goods Orders on 24th December, 2020 |
NEWS UPDATES
| •Engineering and construction major Larsen & Toubro (L&T) on Wednesday said its construction arm has won large contracts in Madhya Pradesh. The company, however, did not specify the exact amount of the contract. As per its specifications, a large contract varies between ₹2,500 crore to ₹5,000 crore.
•With inelastic demand for drugs and resumption of production to the near pre-Covid levels by Q3 FY2021, revenue growth for IPM is expected to be 7-9 per cent in FY2021 despite muted growth in Q1 FY2021, ratings agency ICRA said in a report. The revenue growth in FY2022 is expected to be slightly better at 8-11 per cent, though lower incidences of acute diseases, lesser OPDs and elective surgeries may continue to have some bearing on growth and will depend upon the course of the pandemic. •The Union Cabinet on Wednesday approved revision in guidelines for providing direct to home (DTH) services in the country under which licenses would be issued for 20 years, Union minister Prakash Javadekar said. He said the change in guidelines would also allow 100 per cent FDI in the DTH sector. Changes have been approved for 100 per cent foreign direct investment in the sector. Till now, the FDI was limited to 49 per cent, Javadekar told a media briefing. •Tube Investments of India has received Rs 350 crore from various investors including Azim Premji Trust, SBI Focused Equity Fund and SBI Magnum mid-cap fund, which have participated in the company’s preferential issue. •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 |
| ABANSENT | Interim Dividend | 24-Dec-20 | AEL | General | 26-Dec-20 |
| ALEXANDER | Audited Results;A.G.M.;General | 24-Dec-20 | BFUTILITIE | Quarterly Results | 26-Dec-20 |
| BNRSEC | General | 24-Dec-20 | JTLINFRA | Issue Of Warrants;General | 26-Dec-20 |
| DHANVARSHA | General | 24-Dec-20 | RAJOIL | General | 26-Dec-20 |
| DHRUV | General | 24-Dec-20 | SIROHIA | General | 26-Dec-20 |
| IFLPROMOT | Audited Results | 24-Dec-20 | SUPREMEINF | Audited Results;Quarterly Results | 26-Dec-20 |
| MOTILALOFS | Scheme of Arrangement;General | 24-Dec-20 | TVOLCON | General | 26-Dec-20 |
| NIITLTD | Buy Back of Shares | 24-Dec-20 | OLYMTFI | General | 27-Dec-20 |
| RAMASIGNS | General | 24-Dec-20 | CELLA | General | 28-Dec-20 |
| SBTL | Audited Results;A.G.M.;General | 24-Dec-20 | PRIMEFRESH | General | 28-Dec-20 |
| JFL | Half Yearly Results;General | 25-Dec-20 | TRADWIN | Audited Results;Quarterly Results | 28-Dec-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| GUJRAFIA | 24-Dec-20 | E.G.M. | ANISHAIMPEX | 04-Jan-21 | E.G.M. |
| VALIANTORG | 24-Dec-20 | Bonus issue 1:1 | GDL | 05-Jan-21 | Interim Dividend |
| ENGINERSIN | 31-Dec-20 | Buy Back of Shares | STEELXIND | 07-Jan-21 | E.G.M. |
| INDPRUD | 31-Dec-20 | Buy Back of Shares | LPNAVAL | 08-Jan-21 | E.G.M. |
| HAZOOR | 01-Jan-21 | Consolidation of Shares | HCLTECH | 21-Jan-21 | Interim Dividend |
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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