outlookNIFTY:

After five days of narrow range movement, the Nifty decided to finally begin a breakout and the breakout was on the upside. We had identified a resistance of 11200 in the Nifty. During the day the index crossed this resistance and then did not look back, touching a high of 11318 before closing significantly higher at 10300 up more than 150 points. Yesterdays trading was marked by two different segments in the day – first sideways and choppy movement in the initial hours and then once 11200 broke out, a significant rally of more than 120 points from the breakout level. We have been long in the Nifty at 11150, our stop was at 11050. Yesterday the market was choppy but never came close to out stop loss. Eventually there was a breakout above 11200. Should take profits and close this position today. The target for this pattern is 11350. We have already reached 11318. It may be possible that we will touch the target today or even exceed it. We have to wait and see since the rally was not reflected in the European markets and US Futures. We must therefore take our profits in this long position. A month ago, the Nifty was trading at 10100. If we were asked whether the Nifty would touch 11300 in just a month, we would have said it was very unlikely. Although, it does appear the market is over extended on the upside, any significant correction should come about sooner or later. But the market has to give some signs for when it comes. For now the only message is that the market is going up and we should follow that.

BANK NIFTY: 

Bank Nifty opened at 21940.15 with a gap up of 88 points. Prices first saw a sharp decline and then a steady rally for the most part of the day. The index closed at 22100 with a gain of more than 240 points. Private banks have performed well and closed higher by 1.26%. Within the index, in terms of points, Kotak Bank contributed highest while ICICI Bank contributed lowest. Private banks are outperforming the Index, investors should look for large Private banks stocks to buy.

Buy above 22250 or sell below 21650.

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TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
ICICIBANK 352.10 BUY The stock has had a moil correction touched a major support zone and revered its journey back up. The stock can be bought at CMP with a stop at 344.50 and for the target of 360-365.
ZEEL 144.40 SELL The stock has  broken down from a range. The stock can be sold below 141 with a stop at 144 and for the target of 134.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
ESCORTS 1160 CE BUY 15.40 CMP 12 22 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ACC.Jul 30 1400 2.46 35.54 2465500 NESTLEIND.Jul 30 17165.25 -1.08 30.03 636100
MARICO.Jul 30 360.8 2.81 34.39 11708000 TATAPOWER.Jul 30 49.2 -0.71 29.71 59994000
SBILIFE.Jul 30 884.15 1.71 33.34 6235500 VOLTAS.Jul 30 582.65 -1.24 26.96 3188000
TATAMOTORS.Jul 30 106.35 4.62 29.08 85517100 ICICIBANK.Jul 30 353.45 -1.6 26.26 90194500
MRF.Jul 30 62425.25 0.69 28.07 18890 TORNTPHARM.Jul 30 2298.35 -0.09 21.43 1686000
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
UJJIVAN.Jul 30 236.7 4.23 -26 2153800 GLENMARK.Jul 30 422.6 -0.8 -20.09 3705300
RAMCOCEM.Jul 30 713.15 4.02 -24.25 796450 TORNTPOWER.Jul 30 317.5 -0.02 -15.51 1356000
BANKBARODA.Jul 30 47 0.64 -20.36 26043200 ZEEL.Jul 30 145.2 -0.17 -12.24 18999000
CANBK.Jul 30 101.15 4.44 -18.47 7175000 NCC.Jul 30 29.8 0 -11.81 14427000
L&TFH.Jul 30 60.85 2.79 -18.07 16156800 BALKRISIND.Jul 30 1245.3 -0.48 -6.3 1928800

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Container Corp Of India 453 2.23 1341290 1054961 66.7 Nifty Auto 7416.9 3.21 80790
United Breweries Limited 970.05 -1.24 257409 349719 58.67 Nifty it 18042.75 2.36 80790
Hdfc Life Insurance Comp 640.5 1.11 4307409 1836929 54.93 Nifty Metal 2141.3 2.24 80790
Torrent Power Limited 317.05 -0.14 525146 318545 53.32 Nifty 50 11300.55 1.52 80790
Hdfc Bank Ltd. 1086.65 0.66 17798330 9728035 51.24 Nifty Bank 22105.2 1.17 80790
Exide Industries Ltd 154.1 0.39 2292344 1226885 50.4 Nifty Pharma 10128.05 0.66 80790
Nestleind 17095.4 -1.47 158968 51346 49.45 Nifty Energy 16001.95 0.62 80790
Tata Consumer Products l 413.05 1.13 3500424 1516369 48.4 Nifty Fmcg 30910.9 0.3 80790
Pidilite Industries Ltd 1353.8 -0.18 1289612 518343 46.66 Nifty Media 1329.25 -0.2 80790
Hdfc Ltd. 1897.35 2.52 4346193 1718505 46.14 India Vix 23.64 -5.51 80790

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR:  Bank Loan Growth on 31th  July, 2020

•INR:  Infrastructure Output (YoY) (Jun) on 31st  July, 2020

•USA: Crude Oil Inventories on  29th July, 2020

•USA: Pending Home Sales (MoM) (Jun) on 29th July, 2020

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NEWS UPDATES

•Prime Minister Modi is expected to hold a meeting with stakeholders from the financial sector in the next few days, a senior government official told Moneycontrol. Expectedly this week itself, in the next few days,” the official said. The meeting is expected to be attended by heads of public sector banks and non-banking financial companies (NBFCs).

•Mukesh Ambani’s Reliance Industries Ltd will pay between Rs 24,000 crore and Rs 27,000 crore ($3.2-$3.6 billion) to buy the Indian retail chains owned by Future Group, Mint newspaper reported on Tuesday, citing two sources familiar with details of the deal. Asia’s richest man, Ambani has been buoyed by investments close to $20 billion from backers including Google and Facebook in his oil-to-telecoms conglomerate, and is seeking to strengthen his hand in India’s huge retail sector.

•Leading private sector lender ICICI Bank has now become the second most widely tracked stock in the world after e-commerce giant Alibaba. As many as 59 analysts covered ICICI Bank, and all of them had ‘buy’ ratings on the lender. On the other hand, 64 experts tracked Alibaba and 63 had ‘buy’ ratings on the stock, while one had a ‘hold’ call, ETNOW reported.

•Chairman of Tata Sons, Tata Motors and Jaguar Land Rover plc on Tuesday announced Thierry Bolloré as the new Chief Executive Officer of Jaguar Land Rover, effective 10 September 2020. Bolloré succeeds Prof Sir Ralf Speth, who will take up the previously announced position of Non-Executive Vice Chairman of Jaguar Land Rover plc.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
AVTNPL Final Dividend;Quarterly Results 29-Jul-20 DRL Audited Results;Quarterly Results 29-Jul-20
BALPHARMA A.G.M.;Audited Results 29-Jul-20 DRREDDY Quarterly Results 29-Jul-20
BENARAS Quarterly Results 29-Jul-20 HERITGFOOD Quarterly Results 29-Jul-20
BETALA Quarterly Results 29-Jul-20 JKPAPER* Quarterly Results 29-Jul-20
BHARATAGRI Audited Results 29-Jul-20 JMTAUTOLTD Audited Results 29-Jul-20
BHARTIARTL Quarterly Results 29-Jul-20 MANAPPURAM Quarterly Results 29-Jul-20
CANBK General 29-Jul-20 MARUTI Quarterly Results 29-Jul-20
CEATLTD Quarterly Results 29-Jul-20 NAVINFLUOR Quarterly Results 29-Jul-20
CHAMBLFERT Quarterly Results 29-Jul-20 SIS Quarterly Results 29-Jul-20
COLPAL Quarterly Results 29-Jul-20 SNOWMAN Quarterly Results 29-Jul-20
DHARSUGAR Audited Results 29-Jul-20 TVSMOTOR Quarterly Results 29-Jul-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ALEMBICLTD 29-Jul-20 Final Dividend – Rs. – 0.60 BALAMINES 30-Jul-20 Final Dividend – Rs. – 0.60
BATAINDIA 29-Jul-20 Dividend – Rs. – 4.00 BOMBCYC 30-Jul-20 Final Dividend – Rs. – 5.00
GMBREW 29-Jul-20 Final Dividend – Rs. – 3.00 CENTENKA 30-Jul-20 Dividend – Rs. – 8.00
GPPL 29-Jul-20 Final Dividend – Rs. – 3.50 ESSELPRO 30-Jul-20 Final Dividend – Rs. – 2.05
MORGANITE 29-Jul-20 Final Dividend – Rs. – 16.00 GABRIEL 30-Jul-20 Final Dividend – Rs. – 0.85
NOVARTIND 29-Jul-20 Final Dividend – Rs. – 10.00 HEROMOTOCO 30-Jul-20 Final Dividend – Rs. – 25.00
ULTRACEMCO 29-Jul-20 Final Dividend – Rs. – 13.00 HINDUNILVR 30-Jul-20 Special Dividend – Rs. – 9.50

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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