outlookNIFTY:

The market continued its story of moving inside a narrow range, with a significant amount of volatility within the day.  The index opened with a gap down, made a feeble attempt to recover and actually cross 9100 just when the RBI rate cut was announced. When the RBI Governor remarks started the market quickly started falling and went to a low of 8968, a decline of more than 180 points from the highs it had just made.

After the initial decline the market remained choppy and below 9000. In the last hour of trade the index had a reasonable rally and touched 9050 again. The NIFTY finally ended the day at 9039, down 67 points or 0.74%.

Has the NIFTY broken below its 9050 support?

On Thursday we suggested going short in the NIFTY if it broke below 9050 support and going long above 9150. the NIFTY actually stayed below 9050 for most of the day. Traders who have been short on Friday should look for a target of 8900. They must keep a tight stop at 9100.

Virus update

Bloomberg has news headling which says: Oxford, AstraZeneca begin advanced trials of Covid-19 vaccine. The trial will Consist of as many as 10,000 human volunteers. The news item says that Astra plans to make

As many as 30 million doses available in Britain as early as september.

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
       ACC 1227.10 BUY The intermediate and short-term trends are up in ACC. Prices are trading near its resistance after a sharp rally. We may see a breakout here. Should buy above 1235  with a stop loss of 1205 and a target of 1295.
      JSWSTEEL 166.15 SELL The immediate trend of the stock is weak . Prices are now trading near its support around 163. we may see a breakdown here. Should look for a selling opportunity below 162 with a stop just above 167and a target around 152.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
AXISBANK 340 PE BUY 11.55 CMP 7.70 23 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
M&M.May 28 426.55 4.62 25.47 17636000 ICICIPRULI.May 28 346.35 -4.42 37.54 10012500
TCS.May 28 2014.85 1.59 24.52 15733500 BANKNIFTY.May 28 17286.1 -2.03 32.55 1827100
NIITTECH.May 28 1500.25 4.18 22.4 471375 MRF.May 28 57469 -0.01 30.19 19490
ASIANPAINT.May 28 1597 1.86 18.83 6070200 DABUR.May 28 431 -1.71 23.29 14327500
TECHM.May 28 529 2.03 18.41 17562000 HDFCBANK.May 28 841 -1.63 21.18 40596500
                                                                        Short Covering                                                                              Long unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
GRASIM.May 28 530.2 1.02 -20.46 12972750 ADANIENT.May 28 137.35 -0.83 -28.8 12748000
JUSTDIAL.May 28 351.85 0.6 -2.21 1489600 UBL.May 28 912 -1.39 -5.66 968800
JINDALSTEL.May 28 98.35 0.36 -2.12 14285000 GMRINFRA.May 28 17.1 -1.72 -4.87 37800000
BEL.May 28 63 0.16 -2.12 24390000 NCC.May 28 21 -3.23 -3.74 18081000
SRF.May 28 3378 0.19 -1.47 551500 L&TFH.May 28 51.45 -2.56 -3.68 25821600

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
TATA CONSUMER PRODUCTS 362.45 0.6 3958853 2501155 64.41 Nifty IT 13842.65 1.43 85029
Power Grid Corporation o 155.85 -1.92 14108025 6156600 63.72 Nifty Media 1140.15 1.15 85029
ICICI PRUDENTIAL LIFE IN 345.05 -4.75 4146071 2860405 63.56 Nifty Pharma 9600.65 0.84 85032
MAHANAGAR GAS LIMITED 894.6 -1.36 445497 439508 62.01 Nifty Auto 5767 0.3 85029
Petronet LNG Limited 231.2 -1.51 2129759 1207384 59.01 Nifty FMCG 27786.1 -0.36 85029
HDFC LIFE INSURANCE COMP 494.75 0.19 4602359 2426138 57.54 Nifty 50 9039.25 -0.74 85029
HCL Technologies Ltd. 530.4 -0.83 6410485 2581112 57.06 Nifty Realty 163.55 -1.18 85032
Hindustan Unilever Ltd 1987.9 0.86 5340153 2402967 56.38 INDIA VIX 32.38 -1.83 85029
TATA CONSULTANCY SERV LT 2020.35 1.46 3663422 1818084 53.46 Nifty Metal 1710.45 -1.86 85029
HDFC Ltd. 1516.15 -5.08 12034389 3668591 51.99 Nifty Bank 17278.9 -2.57 85029

Upcoming Economic Data

   Domestic                                                                                                                                                  International
•INR: GDP Quarterly (YoY) (Q4) on 29th May, 2020

•INR: Infrastructure Output (YoY) (Apr) on 29th May, 2020

•USA: New Home Sales (Apr) on 26th May, 2020

•USA: GDP (QoQ) (Q1) on 28th May, 2020

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News Updates

•Kotak Mahindra Bank on Monday said that it has got consent of its shareholders by way of postal ballot in electronic form for raising of capital through issuance of 6.5 crore equity shares of Rs 5 each. The bank, however, had not given a time frame for completing this capital raising plan.

•HDFC Ltd. posted a net profit of Rs.2,233 crore for the quarter ended March 31, down from Rs 2,862 crore in the corresponding quarter of the previous year. The board of HDFC also approved a dividend of Rs. 21 per share. HDFC said dividend income received during the quarter wasRs.2 crore compared with Rs.537 crore in the same quarter last year while profit on sale of investment for the quarter stood at Rs.2 crore as compared with Rs.321 crore in same quarter of the previous year.

•Bharti Telecom, parent company of Bharti Airtel, is planning to raise $1 billion by selling shares in the mobile phone operator through a block deal on Tuesday at Rs 558 a unit,.

•ITC is going to acquire spices maker Sunrise Foods Private Limited, the company said in a statement to stock exchanges on Sunday. The company on May 23 entered into a Share Purchase Agreement to acquire 100% of the equity share capital of Sunrise Foods Private Limited, which has operated primarily in the spice business under the trademark “Sunrise”, the Kolkata-based company said. The size of the deal was not revealed.

Source: Economic Times,  Moneycontrol  ,Business Today,Livemint, Business Standard, Bloomberg Quint

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
8KMILES Quarterly Results 26-May-20 FSL Audited Results 26-May-20
ASPL Bonus issue;Increase in Authorised Capital 26-May-20 GULPOLY Audited Results 26-May-20
AUTOAXLES Final Dividend;Quarterly Results 26-May-20 JPPOWER Audited Results 26-May-20
BLUEDART Audited Results;Dividend 26-May-20 KKCL Final Dividend;Interim Dividend 26-May-20
COROMANDEL Audited Results;Final Dividend 26-May-20 MFSL Audited Results 26-May-20
CRSTCHM General 26-May-20 NEWGEN Audited Results;Final Dividend 26-May-20
DEEPAKNI Audited Results 26-May-20 PRAJIND Audited Results 26-May-20
EUROTEXIND General;Voluntary Delisting of Shares 26-May-20 TORNTPHARM Audited Results 26-May-20

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
INFY 29-May-20 Final Dividend – Rs. – 9.50 PAPERPROD 11-Jun-20 Final Dividend – Rs. – 3.00
COLPAL 1-Jun-20 Interim Dividend – Rs. – 16.00 KANSAINER 12-Jun-20 Dividend – Rs. – 3.15
INDIGRID 1-Jun-20 Income Distribution (InvIT) AVANTEL 17-Jun-20 Final Dividend – Rs. – 2.00
TCS 3-Jun-20 Final Dividend – Rs. – 6.00 TATACONSUM 18-Jun-20 Final Dividend – Rs. – 2.70
DICIND 4-Jun-20 Final Dividend – Rs. – 4.50 TATACHEM 22-Jun-20 Final Dividend – Rs. – 11.00
NESTLEIND 11-Jun-20 Final Dividend – Rs. – 61.00 SANOFI 29-Jun-20 Special Dividend – Rs. – 243.00

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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