outlookNIFTY:

The Nifty opened with a large gap up. The gap up was not sustained and this indication came quickly when the nifty started going below the low of the first 15 minutes. The height of the first 15 minutes was never crossed through out the day. This was a classic opening range breakout trade on the downside. A big decline in the Nifty saw the index fall from an intraday high of 13145 to an intraday low of 12834. This was a loss of 300 points intraday and more than 200 points from daybefores close.

Yesterday we had suggested taking a buy above the high of the first 15 minutes, if there was a gap up. This high should have been above 13100 also. While the market did trade above 13100, it never crossed the high of the first 15 minutes.

Nifty made a large, wide range bar closing at the lows of the day. We need to find out if the markets are willing to get support at current levels. This will take some time.

The long term trend continues to remain up. This should not come as a surprise in spite of the decline. The markets are still around its lifetime. A likely explanation is the fact that markets get nervous around good numbers. We may see a consolidation around 13000.

BANK NIFTY:

Bank Nifty opened at 30021.90 with a gap up of 218.35 points. The index first rallied and then started moving downside. Prices moved down after one hour of market opening and finally closed at 29196 with a loss of 605 points. Private and PSU Banks did not perform well and only four banks closed in the green. Within the index, in terms of points, Bank of Baroda contributed highest followed by RBL Bank.

Index has come back inside its trading range of 27900 and 29700. The breakout has failed as the markets were not able to sustain over it. However trend remains strong.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
ICICIGI 1382.85 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1365 and for the target 1400.
L&TFH 74.35 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 73 and for the target 77.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
CANBK 95 CE BUY 1.85 CMP 1.30 2.90 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
HDFCLIFE.Nov 26 666.9 0.25 35.72 8096000 BAJAJ-AUTO.Nov 26 3061.45 -1.02 41.95 1142000
SBILIFE.Nov 26 848.9 1.04 20.55 4029750 ICICIBANK.Nov 26 472.3 -1.5 38.48 45347500
BHARATFORG.Nov 26 499.35 0.84 13.27 2868000 TECHM.Nov 26 859.4 -2.03 36.26 7904400
SRTRANSFIN.Nov 26 1048.15 3 12.24 2116391 MARICO.Nov 26 367.65 -2.69 34.27 6324000
BANDHANBNK.Nov 26 366.1 1.81 9.51 7542000 HDFC.Nov 26 2186.5 -1.71 33.66 14642400
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
PNB.Nov 26 31.25 2.46 -28 17640000 AMARAJABAT.Nov 26 872 -0.84 -42.61 528000
IBULHSGFIN.Nov 26 185.3 2.26 -27.5 10267200 POWERGRID.Nov 26 194.65 -0.03 -30.82 6124000
TATACHEM.Nov 26 370.45 0.68 -24.27 1404000 NMDC.Nov 26 93.2 -0.37 -30.17 9956200
COALINDIA.Nov 26 124.1 0.36 -17.2 13801000 RBLBANK.Nov 26 226.05 -0.46 -26.45 6455800
CANBK.Nov 26 96.35 3.1 -16.74 5995000 IDEA.Nov 26 9.75 -5.34 -25.76 1.1E+08

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Icici Lombard General In 1382.85 0.77 838234 666270 75.74 Nifty Media 1472.5 -0.37 76164
Britannia Ind Ltd. 3555.8 -0.18 385590 445811 59.21 Nifty Energy 16388 -0.44 76164
Nmdc Limited 93.1 -0.21 9628712 9240165 57.67 Nifty Metal 2816.55 -0.8 76164
Colgate Palmolive (india 1501.3 -3.51 881887 799863 56.82 Nifty Fmcg 31441.7 -1.23 76164
Petronet Lng Limited 257 -0.52 3426942 3951167 56.71 Nifty 50 12858.4 -1.51 76164
Kotak Mahindra Bank Limi 1862.45 -3.24 6837169 4950629 55.31 Nifty it 21705.9 -1.62 76164
Hdfc Bank Ltd. 1402.8 -2.46 12076300 10998578 54.78 Nifty Auto 8738.45 -1.68 76164
Hdfc Ltd. 2191.35 -1.19 6150483 2659204 53.77 Nifty Bank 29196.4 -1.82 76164
Sbi Life Insurance Compa 849.05 1.2 2407121 453490 51.85 Nifty Pharma 11635.2 -2.07 76164
Nestleind 17520.2 -0.89 106508 110883 51.69 Nifty Realty 252.5 -2.25 76164

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

•USD: New Home Sales on 25th November, 2020

NEWS UPDATES

•Indian shares slipped from record highs today as investors booked profits. Nifty 50 index, which had hit a record high of 13,145 in early trade, fell 1.5% to settle at 12,858. The Sensex tumbled nearly 700 points to 43,828, wiping out over ₹2.2 lakh crore of investors’ wealth. Ashis Biswas, head of technical research, CapitalVia Global Research, attributed the sharp selloff in Indian markets to profit-taking after the recent run-up.

•The government on Wednesday approved the merger of Lakshmi Vilas Bank (LVB) with the Indian subsidiary of Singapore’s DBS, said a senior minister on Wednesday, adding that the blame for the lender’s collapse has to be fixed. The Reserve Bank of India (RBI) took over LVB on November 15 due to a “serious deterioration” in its finances and temporarily capped withdrawals from the Chennai-based lender, which has been scouting for a partner since last year amid mounting bad loan and governance issues.

•Alembic Pharmaceuticals on Wednesday said its joint venture Aleor Dermaceuticals has received tentative nod from the US health regulator for generic Testosterone Gel used for treating testosterone deficiency.

•Larsen & Toubro (L&T) on Wednesday said it has secured a large contract to construct the country’s longest road bridge across river Brahmaputra connecting Dhubri in Assam to Phulbari in Meghalaya. The contract was bagged by the company’s subsidiary L&T Construction. As per the company, a large contract is worth Rs 2,500-5,000 crore.

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
ACROW General 26-Nov-20 TIINDIA Preferential Issue of shares 26-Nov-20
BLCISER General 26-Nov-20 TRELCHE-B General 26-Nov-20
CNIRESLTD A.G.M. 26-Nov-20 UNISH General 26-Nov-20
GLOBUSCOR A.G.M.;General;Quarterly Results 26-Nov-20 VIVIDM General 26-Nov-20
IDBI General 26-Nov-20 WARNER General 26-Nov-20
JMGCORP Preferential Issue of shares 26-Nov-20 ABCGAS Quarterly Results 27-Nov-20
MACH A.G.M.;General 26-Nov-20 ASIANVE General 27-Nov-20
MISQUITA A.G.M.;General 26-Nov-20 ASRL General 27-Nov-20
REMISIN Voluntary Delisting of Shares 26-Nov-20 BIRLACAP Quarterly Results 27-Nov-20
RIGASUG A.G.M.;General 26-Nov-20 GARFIBRES Buy Back of Shares 27-Nov-20
SINDHUTRAD Quarterly Results 26-Nov-20 HTMEDIA Quarterly Results 27-Nov-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
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
INDINFR 01-Dec-20 Income Distribution (InvIT) GIPCL 03-Dec-20 Final Dividend – Rs. – 2.90
JUMPNET 01-Dec-20 Dividend – Rs. – 0.20 JBMA 03-Dec-20 Final Dividend – Rs. – 1.7500
NATIONALUM 01-Dec-20 Interim Dividend – Rs. – 0.50 KANCHI 03-Dec-20 Buy Back of Shares
SAKUMA 01-Dec-20 Final Dividend – Rs. – 0.10 OAL 03-Dec-20 Interim Dividend – Rs. – 2.50

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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