NIFTY:
The Nifty opened higher with a gap up of almost 40 points in the morning. This gap was sustained and after a brief sideways move, the index continued its up move, and making a new high of the day at 11497. The trend was mainly up throughout the day, till the last hour when prices have gone through a minor intraday correction. Finally the Nifty closed higher by 94 points. Private Banks and financials have outperformed and closed higher by more than 2%.
On Friday, we suggested a trade from a trading range breakout. The trade was to buy above 11432 or sell short below 11259. Yesterday the index opened with a gap up just below 11430 and crossed the entry level for the long side, so our trade was executed at 11432. We were expecting a sharp move as the last few days were very narrow. The Nifty has seen a rally and closed near the day’s high but the movement was not very sharp. The pattern gives us a target of 11605.
BANK NIFTY:
Bank Nifty opened at 22436.85 with a gap up of 119 points. The index continued its strong uptrend momentum for the whole day and finally closed at 22833 with a gain of 500 points. Private Banks have performed well and closed higher by more than 2%. Within the index, in terms of points, HDFC Bank contributed highest while PNB contributed lowest. Back to back gains in the index helped prices to close near its strong resistance 23000. A trading range inside 21400-22400 has broken on the upside decisively and index closed well above this range. The index outperformed the whole markets. After such a big range day prices tend to trade choppy and narrow. We do not have any adequate trading setups as of now. We should wait for prices to give us any sign of next likely direction.
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TECHNICAL PICKS
| COMPANY . | B/S | RATIONALE | |
| SBILIFE | 860.85 | 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 850 and for the target of 880. |
| INDUSIND BANK | 529.15 | BUY | The stock has given a breakout from a range. The stock can be bought at CMP with a stop at 520 and for the target of 550 |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| INFY | 940 CE | BUY | 16.30 | CMP | 10 | 30 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| EICHERMOT.Aug 27 | 2184.9 | 0.36 | 1092.25 | 2908500 | TATAPOWER.Aug 27 | 61.05 | -1.61 | 39.13 | 101763000 | |
| VOLTAS.Aug 27 | 664.4 | 0.73 | 34.14 | 3206000 | APOLLOTYRE.Aug 27 | 127.9 | -2.63 | 37.86 | 20920000 | |
| IDEA.Aug 27 | 9.2 | 7.6 | 28.57 | 402640000 | PFC.Aug 27 | 98.55 | -2.52 | 28.7 | 56891200 | |
| HAVELLS.Aug 27 | 640.6 | 1.04 | 27.7 | 5191000 | DABUR.Aug 27 | 492.45 | -0.11 | 23.95 | 12128750 | |
| EXIDEIND.Aug 27 | 173 | 1.35 | 26.21 | 13190400 | TECHM.Aug 27 | 726.05 | -0.82 | 22.96 | 10820400 | |
| Short Covering | Long Unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| AMARAJABAT.Aug 27 | 748 | 1.89 | -14.4 | 1076000 | EQUITAS.Aug 27 | 55.8 | -1.06 | -9.66 | 11590000 | |
| BHEL.Aug 27 | 41.05 | 0.49 | -9.24 | 45591000 | UJJIVAN.Aug 27 | 250.05 | -0.83 | -7.1 | 1526800 | |
| MUTHOOTFIN.Aug 27 | 1213.9 | 2.76 | -3.29 | 3000750 | RECLTD.Aug 27 | 111.35 | -1.46 | -7.01 | 17358000 | |
| ADANIENT.Aug 27 | 246.65 | 6.31 | -1.6 | 10116000 | RBLBANK.Aug 27 | 185.15 | -0.16 | -5.45 | 15558400 | |
| BHARATFORG.Aug 27 | 500.3 | 1.9 | -1.49 | 5638500 | PNB.Aug 27 | 35.25 | -1.4 | -4.62 | 57862000 | |
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TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Infosys Limited | 947.4 | -0.15 | 5798579 | 3987201 | 61.21 | Nifty Bank | 22833 | 2.39 | 84159 | |
| Info Edge (india) Limite | 3238.8 | -0.02 | 368765 | 219221 | 57.16 | Nifty 50 | 11466.45 | 0.83 | 84159 | |
| Vedanta Limited | 128.8 | -1.45 | 20943394 | 7509236 | 56.54 | Nifty Media | 1586.4 | 0.67 | 84159 | |
| Hcl Technologies Ltd. | 705.7 | -0.03 | 4066936 | 2147805 | 51.57 | Nifty Auto | 7948.4 | 0.17 | 84159 | |
| Dabur India Ltd. | 490.5 | -0.29 | 2692624 | 976021 | 51.06 | Nifty Fmcg | 31642 | 0.12 | 84159 | |
| Bharat Forge Ltd | 499.4 | 1.96 | 4639009 | 1378438 | 50.99 | Nifty Metal | 2526.1 | 0.1 | 84159 | |
| Hindustan Unilever Ltd | 2194.4 | -0.35 | 1665474 | 697581 | 50.75 | Nifty Energy | 16071 | -0.09 | 84159 | |
| Kotak Mahindra Bank Limi | 1387.25 | 3.57 | 6029279 | 1241620 | 49.96 | Nifty it | 18010.95 | -0.3 | 84159 | |
| Colgate Palmolive (india | 1419 | 0.59 | 366480 | 331256 | 49 | Nifty Pharma | 11572.25 | -0.37 | 84159 | |
| Petronet Lng Limited | 247.95 | -0.48 | 2950003 | 2422310 | 48.63 | India Vix | 19.23 | -3.56 | 84159 | |
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
| •Future Retail has managed to avert a default by paying Rs 100 crore of interest on its foreign bonds on Monday. The interest was paid on the last date of the 30-day grace period granted by the bondholders of the $500 million senior secured notes. Future Retail stock was trading 8 per cent down at Rs 113 a share on Monday. The funds for paying interest to the foreign bondholders were raised from banks which are negotiating a sale of Future’s business to Reliance Industries.
•The Supreme Court on Monday observed that the government should move to cancel license or spectrum if the adjusted gross revenue (AGR) dues pending against telcos are being wiped out. The apex court said that it will ask for cancelation of spectrum allocation if the telecom operators are unwilling to pay the dues. •Vivek Chaand Sehgal has a track record of achieving the seemingly impossible. His company, a sprawling parts supplier to the world’s biggest carmakers, has exceeded its five-year target every time bar one in the past quarter century. His latest goal is equally daunting — Motherson Sumi Systems Ltd. is targeting to triple annual sales to $36 billion by 2025. Sehgal, 63, plans to achieve that by doing what he does best. •Steady replacement demand, improvement in telecom segment, and market share gains are positive signs for Amara Raja Batteries. Expansion into new segments could add to incremental revenues over the next few quarters. The near-term trigger for the stock, however, has been the June quarter (Q1) results. Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| ANJANI | A.G.M.;General;Quarterly Results | 25-Aug-20 | PARENTLD | A.G.M.;General;Quarterly Results | 25-Aug-20 |
| ATULAUTO | Quarterly Results | 25-Aug-20 | PGHH | Audited Results;Final Dividend | 25-Aug-20 |
| AVTIL | Quarterly Results | 25-Aug-20 | RPEL | Quarterly Results | 25-Aug-20 |
| BCLENTERPR | Quarterly Results | 25-Aug-20 | RUCHIRA | Quarterly Results | 25-Aug-20 |
| CANFINHOME | Quarterly Results | 25-Aug-20 | SAWABUSI | General | 25-Aug-20 |
| CAPFIN | General | 25-Aug-20 | SPARCSYS | General | 25-Aug-20 |
| GOODLUCK | Quarterly Results | 25-Aug-20 | SURBHIN | Quarterly Results | 25-Aug-20 |
| IPOWER | A.G.M.;General | 25-Aug-20 | TFL | General;Quarterly Results | 25-Aug-20 |
| IRCON | Quarterly Results | 25-Aug-20 | TROMBOEXT | A.G.M.;General;Quarterly Results | 25-Aug-20 |
| KAJARIR | A.G.M.;General | 25-Aug-20 | UTTAMVALUE | A.G.M.;General | 25-Aug-20 |
| NATPEROX | Quarterly Results | 25-Aug-20 | VENLONENT | A.G.M.;General | 25-Aug-20 |
| NATURAL | A.G.M.;General;Quarterly Results | 25-Aug-20 | VICTORYPP | General;Quarterly Results | 25-Aug-20 |
| OMKAR | General;Quarterly Results | 25-Aug-20 | WABAG | Preferential Issue of shares | 25-Aug-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| 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 |
| BRITANNIA | 26-Aug-20 | Interim Dividend – Rs. – 83.00 | BOMOXY-B1 | 27-Aug-20 | Final Dividend – Rs. – 10.00 |
| GRASIM | 26-Aug-20 | Final Dividend – Rs. – 4.00 | DIAMINESQ | 27-Aug-20 | Final Dividend – Rs. – 4.00 |
| IIFLWAM | 26-Aug-20 | Interim Dividend – Rs. – 40.00 | DUTRON | 27-Aug-20 | Final Dividend – Rs. – 1.20 |
| KANPRPLA | 26-Aug-20 | Final Dividend – Rs. – 0.60 | ECOPLAST | 27-Aug-20 | Final Dividend – Rs. – 1.50 |
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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