outlookNIFTY:

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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