NIFTY:
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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