NIFTY:
The NIFTY opened above 9050 but immediately started a decline. The decline saw a low of 9004. From this low, the NIFTY began a rally, easily crossing our trigger of 9050. The Index remained above 9050, – sign of strength – giving us a buying opportunity with a stop under 8990. Till 12 PM, the NIFTY hovered around 9100 after which it took back off and went all the way up to 9334 before closing at 9315, almost at the top of the day’s range. BANK NIFTY was the outperformer.
The Big Picture
The long term trend remains down. Much as we would like, 9300 is not an uptrend, when compared to a level of 12400 just hundred days ago. A deeply oversold NIFTY did move out of the oversold zone today.
The short-term trend is up. Today’s price action confirms this up move. Traders will need to have proper tactics to enter and exit this up trend. Each trader is likely to have his own way of trading.
An initial target for this up move comes at 9393. Please remember that targets are guides for us. They are for our trade management.
Short-term trading
We have explained in the big picture that the short-term trend is up. We need to wait for specific patterns to go long in the market. For tomorrow, we expect choppy and uncertain price action with no clear pattern and setup.
TECHNICAL PICKS
| COMPANY . | CMP | B/S | RATIONALE |
| RELIANCE | 1445.55 | BUY | The intermediate and short-term trends are up in RELIANCE. Price was correcting and now finding strong support around 1430 level. We may see an upside move here. Should buy above 1455 with a stop loss of 1429 and a target of 1505. |
| HDFCLIFE | 498.95 | SELL | The immediate trend of the stock is weak . The stock can be sold at CMP with a stop loss of 510 and for the target of 480 |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| LT | 840 CE | BUY | 14.80 | CMP | 7 | 33 | OI Increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| WIPRO.May 28 | 201.55 | 6.64 | 54.3 | 20032000 | MARICO.May 28 | 320.3 | -0.11 | 54.66 | 10450700 | |
| TCS.May 28 | 2005.65 | 3.3 | 53.12 | 9319500 | SBILIFE.May 28 | 737 | -2.35 | 51.04 | 2563500 | |
| HCLTECH.May 28 | 528.6 | 0.75 | 49.07 | 21609000 | AMBUJACEM.May 28 | 186 | -1.12 | 48.33 | 15007500 | |
| HDFC.May 28 | 1573.4 | 4.88 | 47.53 | 14837250 | MARUTI.May 28 | 5219.3 | -0.57 | 46.66 | 2225900 | |
| HINDALCO.May 28 | 132.45 | 2.83 | 47.04 | 29473500 | LUPIN.May 28 | 890.05 | -1.38 | 42.18 | 7845600 | |
| Short Covering | Long unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| MINDTREE.May 28 | 886.35 | 0.47 | -27.27 | 352000 | TORNTPOWER.May 28 | 305.7 | -1.04 | -24.03 | 882000 | |
| PNB.May 28 | 27.5 | 2.8 | -26.98 | 15703600 | RAMCOCEM.May 28 | 608 | -0.15 | -19.2 | 225600 | |
| UJJIVAN.May 28 | 155.4 | 3.43 | -25.88 | 1757800 | NCC.May 28 | 21.2 | -0.93 | -15.08 | 9783000 | |
| CHOLAFIN.May 28 | 132.25 | 8.14 | -21.22 | 4510000 | NIITTECH.May 28 | 1478.7 | -0.57 | -9.16 | 267750 | |
| AMARAJABAT.May 28 | 607 | 0.37 | -21.2 | 484800 | SUNTV.May 28 | 389.7 | -0.92 | -7.57 | 1728000 | |
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Top Delivery Percentage
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Hindustan Unilever Ltd | 1998.1 | 1.03 | 4261646 | 3007459 | 64.97 | Nifty Bank | 18710.55 | 7.28 | 79113 | |
| TATA CONSUMER PRODUCTS | 368.55 | -0.91 | 3384200 | 4833747 | 62.54 | Nifty 50 | 9314.95 | 3.17 | 79113 | |
| SBI LIFE INSURANCE COMPA | 741.15 | -1.76 | 682804 | 680302 | 61.23 | Nifty IT | 13952.9 | 2.78 | 79113 | |
| Page Industries Limited | 18587.15 | -0.64 | 52413 | 43186 | 61.13 | Nifty Metal | 1801.25 | 2.56 | 79110 | |
| Power Grid Corporation o | 157.15 | -0.13 | 12743495 | 6151569 | 59.07 | Nifty Energy | 12715.95 | 1.57 | 79113 | |
| NESTLEIND | 16716.5 | 0.37 | 167533 | 107744 | 54.23 | Nifty Auto | 5896.95 | 0.73 | 79110 | |
| Colgate Palmolive (India | 1278.55 | 0.02 | 1423648 | 1196807 | 53.23 | Nifty FMCG | 28222.4 | 0.36 | 79113 | |
| HDFC LIFE INSURANCE COMP | 503.3 | -0.82 | 1859761 | 2230328 | 52.91 | Nifty Media | 1137.15 | -0.04 | 79110 | |
| HCL Technologies Ltd. | 530.95 | 1.33 | 4828848 | 2143830 | 52.86 | Nifty Pharma | 9463.7 | -0.21 | 79113 | |
| ICICI PRUDENTIAL LIFE IN | 353.9 | 1.89 | 4320826 | 2365935 | 52.55 | INDIA VIX | 31.27 | -0.63 | 79113 | |
Upcoming Economic Data
| Domestic International | |
| •INR: GDP Quarterly (YoY) (Q4) on 29th May, 2020
•INR: Infrastructure Output (YoY) (Apr) on 29th May, 2020 |
•USA: Crude Oil Inventories on 28th May, 2020
•USA: GDP (QoQ) (Q1) on 28th May, 2020 |
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News Updates
| •The Department of Telecommunications (DoT) on Wednesday extended the compliance deadline of telcos for meeting their minimum network rollout obligations (MRO) to September 30 amid continuing lockdowns, invoking the force majeure clause in operator licence rules, providing a temporary reprieve to Reliance Jio, Bharti Airtel and Vodafone Idea.
•State-owned power giant NTPC has decided to foray in electricity distribution business by evincing interest to buy 51 per stake in Anil Dhirubhai Ambani Group’s (ADAG) two utilities in Delhi. The ADAG has two discoms namely BSES Rajdhani Power Ltd (BRPL) and BSES Yamuna Power Ltd (BYPL). •Sun Pharmaceutical Industries Ltd.’s quarterly profit fell as a one-time litigation cost offset the sales benefit from new launches. Net profit fell 42% year-on-year to Rs 400 crore in the quarter ended March, according to an exchange filing. That compares with the Rs 1,002-crore consensus estimate of analysts tracked by Bloomberg. •Known for his unpredictability and his penchant for springing surprises, US president Donald Trump on Wednesday offered to “mediate” or “arbitrate” between India and China on recent border tensions among the two countries. Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name5 | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| ATFL | Audited Results;Final Dividend | 28-May-20 | LUPIN | Audited Results;Final Dividend | 28-May-20 |
| CEATLTD | Audited Results | 28-May-20 | MUTHTFN | Audited Results;General | 28-May-20 |
| DAAWAT | Audited Results | 28-May-20 | PRSMJOHNSN | Audited Results;General | 28-May-20 |
| FEDERALBNK | Audited Results;Quarterly Results | 28-May-20 | RADICO | Audited Results;Dividend | 28-May-20 |
| HEIDELBERG | Audited Results;Final Dividend | 28-May-20 | RAIN | Quarterly Results | 28-May-20 |
| HFIL | General | 28-May-20 | SUPRDOM | Audited Results;General | 28-May-20 |
| IIFL | Audited Results;General | 28-May-20 | TATASTLLP | Audited Results;Final Dividend;General | 28-May-20 |
| KANSAFB | Results;General;Reduction of Capital | 28-May-20 | TVSMOTOR | Audited Results | 28-May-20 |
Corporate Action
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| INFY | 29-May-20 | Final Dividend – Rs. – 9.50 | TANLA | 9-Jun-20 | Buy Back of Shares |
| COLPAL | 1-Jun-20 | Interim Dividend – Rs. – 16.00 | NESTLEIND | 11-Jun-20 | Final Dividend – Rs. – 61.00 |
| INDIGRID | 1-Jun-20 | Income Distribution (InvIT) | PAPERPROD | 11-Jun-20 | Final Dividend – Rs. – 3.00 |
| TCS | 3-Jun-20 | Final Dividend – Rs. – 6.00 | KANSAINER | 12-Jun-20 | Dividend – Rs. – 3.15 |
| DICIND | 4-Jun-20 | Final Dividend – Rs. – 4.50 | TATACOFFEE | 12-Jun-20 | Dividend – Rs. – 1.50 |
| KKCL | 4-Jun-20 | Interim Dividend – Rs. – 6.00 | AVANTEL | 17-Jun-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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