outlookNIFTY:

The markets was ready to open with a larger gap, thanks to cheerful US and Asian markets. The NIFTY opened at 9726, made a very quick low at 9707, and then never looked back. In the First half of trading it reached a high of 9931, which means it gained almost 200 points intraday from the open. At 9900, significant resistance kicked in. The index lost 100 points to close at 9826, with significant gains over the previous day.

The long-term trend remains down. The short-term trend remains up. This is the trend that traders should be watching and reading with. But the first signs of exhaustion of this trend have started coming in. We would expect a process of consolidation or even a minor correction from the current levels. For tomorrow an intraday trade may be taken in the first half of trading. A move above 9845 is a buying opportunity with a stop under 9802. A move below 9802 can be considered for going short with a stop above 9845. Please be nimble if you take this intraday trade and take profits quickly.

BANK NIFTY:

BANK NIFTY opened at 19728.90 with a gap up of almost 516 points. Prices have rallied in the first half but saw a decline in second half and finally closed at 19959.90 with a gains of 662 points.

PSU BANKS have performed well today and closed higher by 7.57%. Within the index, in terms of points, HDFC BANK contributed highest while PNB contributed lowest.

The index may start a process of consolidation or may see a correction. Traders should consider taking intraday trades only.

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
       TECHM 543.55 BUY The intermediate and short-term trends are sideways in TECHM. Prices are now trading at the top of its trading range. We may see a breakout here. Should look for  buying  above 546 with a stop loss of 535 and a target around 565.
      INDIGO 953.55 SELL Intermediate and short-term trends are sideways in INDIGO. Prices are trading very narrow inside the consolidation. Traders should look for a selling opportunity below 948 with a stop just above 970 and a target near 907.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
TCS 2040 CE BUY 59.55 CMP 49 78 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
CANBK.Jun 25 92.25 10.81 23.31 10660000 INDIGO.Jun 25 949.85 -1.22 6.83 2931600
PNB.Jun 25 29.35 9.51 17.82 63885100 MINDTREE.Jun 25 890.55 -0.26 6.34 859200
NIFTYIT.Jun 25 14237 2.65 17.65 1000 HEROMOTOCO.Jun 25 2331 -0.22 3.32 2094600
AMARAJABAT.Jun 25 653.7 6.67 15.97 1824000 IGL.Jun 25 468.95 -0.22 3.04 6188875
RBLBANK.Jun 25 129.4 8.15 15.51 18354000 TATACONSUM.Jun 25 360 -0.73 3.01 10894500
                                                                        Short Covering                                                                              Long unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
MUTHOOTFIN.Jun 25 883.05 2.72 -12.82 1973250 SUNPHARMA.Jun 25 465.25 -1.24 -7.99 35183750
RAMCOCEM.Jun 25 616.45 2.43 -10.51 640000 DRREDDY.Jun 25 3957.75 -1.85 -3.89 2937750
L&TFH.Jun 25 57.35 5.81 -10.45 20440000 ULTRACEMCO.Jun 25 3823.25 -0.82 -3.06 2220600
HAVELLS.Jun 25 537.7 8.53 -9.6 5912000 LUPIN.Jun 25 850.1 -1.57 -2.14 8818600
JUSTDIAL.Jun 25 393.95 0.97 -9.57 1587600 ICICIPRULI.Jun 25 383.9 -1.12 -2.11 9064500

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Power Grid Corporation o 158.85 0.83 25489416 30230089 84.18 Nifty Metal 1952.5 3.86 325078903
SBI LIFE INSURANCE COMPA 774.8 0.8 1712849 5193220 73.24 Nifty Media 1219.35 3.52 519360184
Power Finance Corporatio 81.7 8.64 22903430 19062401 71.92 Nifty Bank 19959.9 3.43 31675984
ADANIPORTS 329.35 1.71 2865760 8624540 70.12 Nifty Auto 6419.5 3.23 98739423
Godrej Cons Products Ltd 633.3 -0.08 2040611 4290136 65.68 Nifty Realty 185.6 3.05 2147483500
Ashok Leyland Ltd. 46.4 9.31 85524724 1.05E+08 64.57 Nifty 50 9826.15 2.57 64361252
Infosys Limited 699.55 1.24 12276649 18169775 64.22 Nifty IT 14307.1 2.12 1921090
Ambuja Cements Ltd 188.95 -1.36 6737201 5462481 64.16 INDIA VIX 30.74 1.72 204241709
HDFC LIFE INSURANCE COMP 516.1 -1.36 3151566 17457167 64.07 Nifty FMCG 29571.3 0.94 1498269
TATA CONSULTANCY SERV LT 2045.25 3.7 3747850 4581484 63.3 Nifty Pharma 9802.1 0.34 64344802

Upcoming Economic Data

   Domestic                                                                                                                                                  International
•INR: Nikkei Services PMI (May) on 3rd June, 2020

•INR: Deposit Growth on 5th June, 2020

•USA: ISM Non-Manufacturing PMI (May) on 3rd June, 2020

•USA: Crude Oil Inventories on  3rd June, 2020

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News Updates

•Biotechnology major Biocon on Monday said the US patent authority has ruled in favour of its partner Mylan for four device patents of Sanofi’s Lantus SoloSTAR. The favourable ruling in inter-parts review proceedings by the Patent and Trademark Appeal Board (PTAB) would pave the way for launch of insulin product Glargine in the US.

•JK Tyre Ltd – one of the largest tyre manufacturers in India – on Monday announced its foray into the US by setting up wholly-owned subsidiary Western Tyres Inc. The new entity will be based out of Houston, Texas, the company said in a statement. The company has been planning to expand its operations in different markets to reduce its dependence on the domestic market.

•Most banks aren’t very forthcoming in extending the loan moratorium to non-banking finance companies (NBFCs) and microfinance institutions even after the Reserve Bank of India (RBI) extended the facility by another three months till August 31. Through informal communications, many banks have conveyed to NBFCs and micro lenders that they aren’t in favour of extending the moratorium, at least three NBFC industry officials told Moneycontrol.

•The Union cabinet on Monday approved Rs 50,000 crore equity infusion for MSMEs to boost their potential and enable them to get listed on stock exchanges.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
ASMTEC Audited Results;Final Dividend 2-Jun-20 MOTHERSUMI Audited Results 2-Jun-20
BRITANNIA Audited Results 2-Jun-20 SOLCT Quarterly Results 2-Jun-20
DCMFINSERV General 2-Jun-20 SPANDANA Audited Results;General 2-Jun-20
DHAMPURSUG Dividend;Audited Results;General 2-Jun-20 SPARC Audited Results 2-Jun-20
DOLAT Audited Results 2-Jun-20 TCI Audited Results;General 2-Jun-20
GRANULES Audited Results;Final Dividend 2-Jun-20 TTML Audited Results;General 2-Jun-20
ICLORGANIC General 2-Jun-20 VISHNU Dividend;Audited Results 2-Jun-20
IL&FSTRANS Audited Results 2-Jun-20 WWALUM General 2-Jun-20
INDIGO Audited Results 2-Jun-20 ZIMLAB Audited Results 2-Jun-20
MARKSANS Audited Results;Final Dividend 2-Jun-20 ZYDUSWELL Audited Results 2-Jun-20

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
TCS 3-Jun-20 Final Dividend – Rs. – 6.00 PAPERPROD 11-Jun-20 Final Dividend – Rs. – 3.00
DICIND 4-Jun-20 Final Dividend – Rs. – 4.50 KANSAINER 12-Jun-20 Dividend – Rs. – 3.15
KKCL 4-Jun-20 Interim Dividend – Rs. – 6.00 TATACOFFEE 12-Jun-20 Dividend – Rs. – 1.50
TANLA 9-Jun-20 Buy Back of Shares AVANTEL 17-Jun-20 Final Dividend – Rs. – 2.00
ESABINDIA 11-Jun-20 Interim Dividend – Rs. – 70.00 RALLIS 17-Jun-20 Final Dividend – Rs. – 2.50
NESTLEIND 11-Jun-20 Final Dividend – Rs. – 61.00 TATACONSUM 18-Jun-20 Final Dividend – Rs. – 2.70

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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