outlookNIFTY:

The Nifty opened at 13758.60 with a big gap up of 124 points. Prices have initially gone down and recorded its intraday low at 13661.75 which was almost 100 points lower from the opening tick. However after the first 30 minutes of trading, prices started moving higher and never looked down. The index recorded its intraday high at 14336.35 with the help of a 650+ points rally. The index finally closed at 14281.20 with a gain of 646.60 points. Banks and Financials have led the bulls while Pharma sector has closed with a loss. Markets have welcomed the Union Budget 2021 as it was growth-oriented and it did not give any meaningful negative surprise to the market. The Nifty broke a six day losing streak to rise nearly 5% as traders and investors cheered Budget proposals made by Finance Minster. Except for Pharma all other sectoral indices have closed with gains. The SBI, Bajajfinsv, ICICI Bank and Indusind Bank have closed with a gain of more than 10%. The Nifty recovered from the losses that came in the last three trading days. The last few days were very volatile, and the intraday range was also very large. This is called a phase of expansion. After expansion comes contraction. We may see a process of consolidation ahead. Prices have resumed its uptrend and are now heading towards its lifetime high. Strong resistance is visible around 14600-14700 zones.

BANK NIFTY:

Bank Nifty opened at 30976.35 with a gap up of 364 points. The index recorded its intraday low at 30906.45 and traded sideways for the first one hour. Prices have begun a sharp upside move around 1:00 PM and continued for the rest of the day. The index finally closed at 33089.10 with a gain of 2657 points. PSU and Private Banks both have performed well and closed higher by 7.83% and 8.06% respectively. Within the index, in terms of points ICICI Bank contributed highest while IDFC First the lowest.

Bank Nifty ended with a gain of more than 8% due to the Union Budget. The government announced it was set an ARC to house stressed assets.

That apart, government would infuse Rs 20000 crore to Public Banks.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
TATASTEEL 636.10 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 626 and for the target 650.
KOTAKBANK 1801.5 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1780 and for the target 1840.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
DIVISLAB 3450 CE BUY 210 CMP 175 280 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
FINNIFTYW.21.02 Feb 15785 7.91 138.55 15840 IDFCFIRSTB.21.02 Feb 46.15 -1.49 18.83 172406000
INDUSINDBK.21.02 Feb 982.05 15.47 42.4 24186600 CIPLA.21.02 Feb 808 -2.79 15 20352800
SAIL.21.02 Feb 63.1 9.55 38.75 129865000 UPL.21.02 Feb 538.6 -4.44 12.33 16918200
ICICIPRULI.21.02 Feb 491 1.56 29.26 6268500 MCDOWELL-N.21.02 Feb 578 -0.46 11.21 11951250
PAGEIND.21.02 Feb 28198.2 3.29 26.08 77880 DRREDDY.21.02 Feb 4461.75 -3.45 11.09 3148500
                                                                        Short Covering Long Unwinding
Stocks Price Price% OI% OI Stocks Price Price % OI % OI
LALPATHLAB.21.02 Feb 2305.6 3 -7.69 144000
SHREECEM.21.02 Feb 24587.1 7.31 -3.24 149450
INDUS TOWERS LIMITED.21. 241.8 4.07 -2.85 9531200
MOTHERSUMI.21.02 Feb 153.85 5.56 -1.79 27958000
EXIDEIND.21.02 Feb 194.25 1.22 -1.54 12632400

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Icici Lombard General In 1365.35 3.79 1468725 977604 72.96 Nifty Bank 33089.05 8.26 83769
Hdfc Ltd. 2579.25 8.47 7106502 5178831 70.48 Nifty Realty 324.95 6.31 83769
Infosys Limited 1260.9 1.76 8880279 8230671 67.56 Nifty Metal 3227.25 4.87 83769
Tata Consultancy Serv Lt 3139.35 0.9 3985846 3601765 66.14 Nifty 50 14281.2 4.74 83769
Sbi Life Insurance Compa 874.5 1.16 3099408 1495995 65.43 Nifty Auto 10227.95 4.23 83769
Hdfc Asset Management Co 2955.9 2.76 449714 220578 63.73 Nifty Media 1706.6 3.42 83769
Kotak Mahindra Bank Limi 1801.5 5.17 4829210 3137454 61.03 Nifty Energy 16587.55 2.65 83769
Icici Prudential Life In 489.45 1.76 6411426 1699230 59.36 Nifty Fmcg 33689.65 1.72 83769
Power Grid Corporation o 188.9 2.41 5335449 4341824 57.54 Nifty it 24922.7 1.12 83769
Hdfc Life Insurance Comp 699.05 3.11 8383807 2617652 56.92 Nifty Pharma 12103.55 -0.55 83769

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR:  Nikkei Markit manufacturing PMI on 3rd February, 2021

INR:  Nikkei Services PMI on 3rd february, 2021

•USD : Crude Oil inventories on 3rd February, 2021

•USD : ISM non manufacturing PMI on 3rd February, 2021

NEWS UPDATES

 BUDGET  HIGHLIGHTS:

•Long, slow fiscal glide path: deficit to reduce from 9.5% in FY21 to 4.5% by FY26

•137% increase in health spend.

•Big infra push via 34.5% higher capital budget at Rs 5.54 lakh crore; infra monetisation via InVITs.

•Gross expenditure up 13% at Rs 35 lakh crore for FY21; same expenditure number for FY22.

•7 mega textile parks to be set up over three years; FDI in insurance raised from 49% to 74%.

• Divestment target at Rs 1.75 lakh crore: 2 PSU banks + one general insurance company + LIC IPO + Air India + BPCL + SPV for PSU land sale..

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

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BOARD MEETING

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
AJANTPHARM Quarterly Results 02-Feb-21 IONEXCHANG Quarterly Results 02-Feb-21
ALKYLAMINE Interim Dividend;Quarterly Results;Stock  Split 02-Feb-21 KDML General 02-Feb-21
BAJAJST Quarterly Results 02-Feb-21 KHOOBSURAT General 02-Feb-21
CERA Quarterly Results 02-Feb-21 MKTCREAT Quarterly Results 02-Feb-21
DHANUKA Quarterly Results 02-Feb-21 MTEDUCARE Quarterly Results;General 02-Feb-21
DIXON Quarterly Results;Stock  Split 02-Feb-21 NAGPI Quarterly Results;General 02-Feb-21
ESCORTS Quarterly Results;General 02-Feb-21 NEULANDLAB Quarterly Results 02-Feb-21
HDFC Quarterly Results 02-Feb-21 NOCIL Quarterly Results 02-Feb-21
KHAICHEM Quarterly Results 02-Feb-21 NOL General 02-Feb-21
TATACONSUM Quarterly Results 02-Feb-21 ORBTEXP Quarterly Results 02-Feb-21
TATAINVEST Quarterly Results 02-Feb-21 ORIENTABRA Quarterly Results 02-Feb-21
VMART General 02-Feb-21 ORIENTCQ Quarterly Results 02-Feb-21
WONDERLA Quarterly Results 02-Feb-21 PATINTLOG Right Issue of Equity Shares;General 02-Feb-21

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
Symphony Limited 01-Feb-21 Interim Dividend – Rs. – 1.0000 STEEL AUTHORITY OF INDIA LTD. 04-Feb-21 Interim Dividend – Rs. – 1.0000
KAJARIA CERAMICS LTD. 02-Feb-21 Interim Dividend – Rs. – 10.0000 TVS MOTOR COMPANY LTD. 04-Feb-21 Interim Dividend – Rs. – 2.1000
EMAMI LTD.-$ 04-Feb-21 Interim Dividend – Rs. – 4.0000 Indus Towers Ltd 08-Feb-21 Interim Dividend – Rs. – 17.8200
EXIDE INDUSTRIES LTD. 04-Feb-21 Interim Dividend – Rs. – 2.0000 Laurus Labs Ltd 08-Feb-21 Interim Dividend – Rs. – 0.4000
IIFL Finance Ltd 04-Feb-21 Interim Dividend – Rs. – 3.0000 LT FOODS LTD. 09-Feb-21 Interim Dividend – Rs. – 0.5000
JUBILANT LIFE SCIENCES LIMITED 04-Feb-21 Spin Off Dr. Lal PathLabs Ltd 09-Feb-21 Interim Dividend – Rs. – 6.0000

DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

Elite Wealth Ltd. does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Ltd. 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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