outlookNIFTY:

The Nifty opened at 13002.60 with a gap up of 76 points. The index made its intraday low within the first five minutes of trading and rallied almost 50 points. The index then saw a sharp fall of almost equal points. Around 11:30 AM, the index again started moving higher and that move continued till the end of the day’s trading session. Prices have rallied almost 80 points and finally closed at 13055.15 up by 128.70 points. All the sectoral indices have contributed to the upside and closed with gains. Banks have outperformed the whole market.

It was a trend day on the upside where open was near the intraday lows and close was near the intraday highs. The index traded in a narrow range of almost 100 points when compared to the last few sessions, but the direction was without any doubt up. Nifty touched another milestone as it crossed 13000 for the first time and also closed above this level.

We had yesterday mentioned a trading range of 12750-13000. Prices opened above this range and remained higher for the whole day. Pattern target for this breakout comes at 13250.

We should look to buy the index above 13100 with a stop below 13000 and for the target of 13250.

BANK NIFTY:

Bank Nifty opened at 29265.60 with a gap up of 234 points. The index first rallied and then traded sideways. Prices again moved up in the second half and finally closed at 29737 with a gain of 771 points. Private Banks have outperformed and closed higher by 2.33% while PSU Banks have closed higher by 1.11%. Within the index, in terms of points, HDFC Bank contributed highest followed by Axis Bank.

A trading range with support at 27000 and resistance at 29700 has broken on the upside; another close above 29700 will be able to confirm this breakout.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
TATA POWER 59.95 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 58.30 and for the target 63
SUNPHARMA 520.15 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 504 and for the target 520.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
LICHSGFIN 320 CE BUY 7.40 CMP 5 11 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
TATAPOWER.Nov 26 60.15 2.04 33.22 86791500 ICICIPRULI.Nov 26 450.4 -0.85 27.12 7965000
ICICIGI.Nov 26 1370.55 1.3 28.49 484925 MARICO.Nov 26 377.85 -0.01 26.96 8788000
HINDALCO.Nov 26 225.7 3.39 27.92 27485600 NAUKRI.Nov 26 4039.25 -0.3 23.11 650000
ICICIBANK.Nov 26 480.5 2.38 21.16 80199625 GODREJCP.Nov 26 708.9 -0.09 22.86 4096000
MARUTI.Nov 26 7154.95 2.46 20.83 2457800 PIDILITIND.Nov 26 1584.85 -0.01 22.73 2929000
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
GODREJPROP.Nov 26 1123.95 3.14 -27.19 814450 GRASIM.Nov 26 855.35 0 -32.8 5282950
COFORGE.Nov 26 2425 0.09 -24.01 351375 SUNTV.Nov 26 426.3 -0.94 -23.56 2604000
CANBK.Nov 26 93.75 0.59 -23.68 10170000 MGL.Nov 26 943.9 -0.06 -17.99 716400
PNB.Nov 26 30.5 1.16 -16.05 38724000 NMDC.Nov 26 93.6 -0.21 -17.37 17714800
GLENMARK.Nov 26 482.5 0.68 -15.12 3797300 ACC.Nov 26 1694.3 -1.68 -15.05

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Sbi Life Insurance Compa 838.95 0.88 874577 1128960 67.64 Nifty Bank 29737.25 2.46 80850
Kotak Mahindra Bank Limi 1924.9 1.43 8949886 6731789 64.46 Nifty Realty 258.3 1.79 80850
Asian Paints Limited 2207.9 0.99 2954306 2465120 61.59 Nifty Auto 8887.95 1.71 80850
Icici Lombard General In 1372.25 1.43 879626 342986 60.37 Nifty Pharma 11880.8 1.22 80850
Ultratech Cement Limited 4873.2 -0.33 372131 239315 54.56 Nifty Metal 2839.15 1.09 80850
Hindustan Unilever Ltd 2157.35 1.31 1989749 1763722 54.36 Nifty 50 13055.15 1 80850
Power Grid Corporation o 194.5 -0.13 8611074 6048216 51.42 Nifty Fmcg 31832.2 0.84 80850
Nestleind 17677.6 -0.61 214497 103387 51.02 Nifty Energy 16460.55 0.34 80850
Hdfc Ltd. 2217.7 -1.47 4945274 3547873 50.72 Nifty it 22064.3 0.26 80850
Pidilite Industries Ltd 1586.4 0.08 1169594 506713 50.63 Nifty Media 1478 0.05 80850

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR:  FX Reserves, USD on 27th November, 2020

INR: GDP Growth Rate Q3 YoY on 30th November, 2020

•USD: Core Durable Goods Orders (MoM) (Oct) on 25th November, 2020

•USD: GDP (QoQ) (Q3) on 25th November, 2020

NEWS UPDATES

•The dream run of the domestic equities reached a new pinnacle on Tuesday when the Nifty50 index surpassed the 13,000-mark for the first time ever. The S&P BSE Sensex, meanwhile, kissed the 44,500-mark in intra-day deals. A cocktail of better-than-expected earnings, improved Goods and Services Tax (GST) collection, better macro-data, and progress in Covid-19 vaccine development has pushed the markets to their peaks.

•India’s two-wheeler exports will see sustained growth in the second half of next fiscal after witnessing temporary hurdles in the first half this year due to COVID-19 and weakened crude oil prices, hurting the economies of key exporting destinations, according to ratings agency Ind-Ra. Exports momentum is expected to continue in the remaining part of FY21 and FY22.

•Reliance Industries Ltd said that subsidiary Jio Platforms has received Rs 33,737 crore from Google for a 7.73% stake, the US internet giant’s biggest-ever investment in an Indian company.

•India can’t risk the greater concentration of economic and political power that may come along with the entry of large corporate houses into banking, said former RBI Governor Raghuram Rajan. Rajan’s comments come in response to a recommendation from an RBI internal working group to permit corporate houses to vie for banking licences.

•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
AIHL General 25-Nov-20 MTEDUCARE A.G.M.;General;Quarterly Results 25-Nov-20
BINANIIND Audited Results 25-Nov-20 SIEMENS Audited Results;Final Dividend 25-Nov-20
COFFEEDAY Audited Results;Quarterly Results 25-Nov-20 SPANDANA General 25-Nov-20
CONTCHM A.G.M.;General 25-Nov-20 UNIONBANK General 25-Nov-20
DHFL Quarterly Results 25-Nov-20 VIKASPROP Quarterly Results 25-Nov-20
ELEFLOR General 25-Nov-20 VISHALBL A.G.M.;General 25-Nov-20
GOPALA Reduction of Capital 25-Nov-20 ACROW General 26-Nov-20
LEDOTEA Voluntary Delisting of Shares 25-Nov-20 BLCISER General 26-Nov-20
MAHIP Half Yearly Results 25-Nov-20 CNIRESLTD A.G.M. 26-Nov-20
MDRNSTL A.G.M.;General 25-Nov-20 GLOBUSCOR A.G.M.;General;Quarterly Results 26-Nov-20
MNPLFIN A.G.M.;General 25-Nov-20 IDBI General 26-Nov-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
GOCLCORP 25-Nov-20 Interim Dividend – Rs. – 4.00 INDINFR 01-Dec-20 Income Distribution (InvIT)
ORIENTABRA 25-Nov-20 Dividend – Rs. – 0.1500 JUMPNET 01-Dec-20 Dividend – Rs. – 0.20
SALORAINTL 25-Nov-20 E.G.M. NATIONALUM 01-Dec-20 Interim Dividend – Rs. – 0.50
STDSHOE 25-Nov-20 E.G.M. SAKUMA 01-Dec-20 Final Dividend – Rs. – 0.10
NBCC 26-Nov-20 Final Dividend – Rs. – 0.1350 SHISHIND 01-Dec-20 Bonus issue 6:5
TCS 26-Nov-20 Buy Back of Shares VLSFINANCE 02-Dec-20 Dividend – Rs. – 1.50
63MOONS 01-Dec-20 Dividend – Rs. – 2.00 DEEP 03-Dec-20 E.G.M.
BAJAJHCARE 01-Dec-20 Interim Dividend – Rs. – 1.2500 GENCON 03-Dec-20 Final Dividend – Rs. – 0.0500
BAJAJHCARE 01-Dec-20 Special Dividend – Rs. – 0.50 GICHSGFIN 03-Dec-20 Final Dividend – Rs. – 2.00

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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