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 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.
|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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|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|
|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|
|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|
|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
|•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
Open Your Demat Account to Invest in Upcoming IPO’s
|•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
|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|
|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|
|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|
|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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