outlookNIFTY:

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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