outlookNIFTY:

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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