NIFTY:
The Nifty opened at 11464.30 with a gap up of 77 points in the morning and then moved up and then moved down at the lows of the day at 11367 and then a brief sideways movement. After that the market began to continue moving up and made its high at 11553. After that, around 1:15 the Nifty fell almost 153 points in the next one hour and then the market began a handsome rally of almost 96 points. Finally, the Nifty closed at 11470 higher by 83 points. The Metal sector outperformed and closed higher by more than 3% whereas the Pharma sector closed higher by more than 2%.
Yesterday the Nifty had as many as three rounds of significant up swings and declines, two of the declines reaching 120 and 150 points respectively.
A Doji pattern was formed yesterday. This is a pattern where the open and close are roughly the same. The Doji reflects confusion and indecision. This confusion is reasonable after a big move.
Yesterdays high was 11553. If the Nifty were to cross this level, this could perhaps be a message that the market is willing to forget Monday’s decline and move ahead in the Bull Run. The other side is the low that was made. A move below 11366 would suggest the markets are looking to move lower.
The trade is buy above 11552 with a tight stop of 50 points and sell below 11366 with a stop of 70 points.
If the Nifty holds the low of 11325 then the message will be that markets see this decline as only a small dip in the ongoing bull trend.
BANK NIFTY:
Bank Nifty opened at 23893.80 with a gap up of 225 points. PSU and Private banks have seen a decline and closed with minor loss. Within the index, Kotak Bank contributed highest while Axis Bank the lowest. It was a choppy day in the index where prices have opened with a gap up and then closed near its opening price after moving up’s and down for the whole day. We have been expecting this kind of movement due to two large range days on Friday and then Monday.
Intraday traders should look to buy on dips and sell on rallies
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TECHNICAL PICKS
| COMPANY | CMP | B/S | RATIONALE |
| AUROPHARMA | 816.95 | BUY | The stock after a sharp correction has found support and reversed. The stock can be bought at CMP with a stop at 800 and for the target of 850. |
| ACC | 1338.65 | BUY | The stock has achieved its downside target and now has started moving up. The stock can be bought at CMP with a stop at 1325 and for the target of 1370. |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| HINDUNILVR | 2160 CE | BUY | 65.95 | CMP | 57 | 80 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| ASHOKLEY.Sep 24 | 69.5 | 1.91 | 20.29 | 31752000 | MGL.Sep 24 | 894 | -3.98 | 44.27 | 2190000 | |
| MFSL.Sep 24 | 606 | 2.76 | 17.12 | 1956500 | ITC.Sep 24 | 191.6 | -0.05 | 19.89 | 122601600 | |
| JINDALSTEL.Sep 24 | 219 | 6.49 | 16.95 | 24845000 | VOLTAS.Sep 24 | 636.55 | -0.18 | 18.97 | 2101000 | |
| HINDALCO.Sep 24 | 195.2 | 5.37 | 9.7 | 23482300 | APOLLOTYRE.Sep 24 | 123.35 | -0.36 | 18.63 | 16075000 | |
| MUTHOOTFIN.Sep 24 | 1168.5 | 1.49 | 9.3 | 2573250 | BOSCHLTD.Sep 24 | 12550 | -2.63 | 17.85 | 129050 | |
| Short Covering | Long Unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| TORNTPOWER.Sep 24 | 341.4 | 2.14 | -7.37 | 2073000 | IDEA.Sep 24 | 8.7 | -14.71 | -5.43 | 427000000 | |
| RAMCOCEM.Sep 24 | 698.75 | 1.93 | -5.36 | 1096500 | L&TFH.Sep 24 | 66.7 | -0.74 | -1.15 | 30885600 | |
| BAJFINANCE.Sep 24 | 3644.55 | 4.35 | -4.65 | 5038000 | TECHM.Sep 24 | 734.9 | -1.25 | -0.69 | 9988800 | |
| BAJAJFINSV.Sep 24 | 6386.6 | 2.86 | -4.45 | 733250 | ||||||
| MANAPPURAM.Sep 24 | 154.8 | 4.1 | -3.88 | 18006000 | ||||||
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TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Bharti Airtel Limited | 546.25 | 6.46 | 74337280 | 1.23E+08 | 65.78 | Nifty Metal | 2496.75 | 3.15 | 82569 | |
| Tata Consumer Products l | 548.5 | 3.03 | 3854981 | 3436392 | 61.98 | Nifty Pharma | 11339.5 | 2.34 | 82569 | |
| Itc Ltd. | 190.2 | -0.47 | 39779316 | 59695707 | 61.54 | Nifty Media | 1594.15 | 1.38 | 82569 | |
| Sbi Life Insurance Compa | 835.9 | 0.98 | 1148611 | 1160290 | 55.62 | Nifty Fmcg | 30988.15 | 1.28 | 82569 | |
| Bajaj Auto Limited | 2958.4 | -0.29 | 755670 | 1535081 | 55.08 | Nifty 50 | 11470.25 | 0.73 | 82569 | |
| Infosys Limited | 914.15 | -1.56 | 6907783 | 6793301 | 53.04 | Nifty Auto | 7885.95 | 0.58 | 82569 | |
| Nestleind | 16196.9 | 1.55 | 176947 | 112447 | 50.81 | Nifty Energy | 15673.05 | 0.43 | 82569 | |
| Tata Consultancy Serv Lt | 2246.35 | -0.48 | 3610908 | 2955109 | 49.1 | Nifty Bank | 23812 | 0.24 | 82569 | |
| Petronet Lng Limited | 243.9 | 1.48 | 3809286 | 3809287 | 48.98 | Nifty it | 17814.05 | -0.64 | 82569 | |
| Bosch Limited | 12392.55 | -3.29 | 94365 | 64253 | 48.03 | India Vix | 21.8 | -4.55 | 82569 | |
UPCOMING ECONOMIC DATA
| Domestic International | |
| •INR: Nikkei Services PMI (Aug) on 3rd September, 2020
•IN R: Bank Loan Growth on 4th September, 2020 |
•USA: Crude Oil Inventories on 2nd September, 2020
•USA: ISM Non-Manufacturing PMI (Aug) on 3rd September, 2020 |
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NEWS UPDATES
| •According to SBICap Securities, debt-laden Vodafone Idea, which owes more than Rs 50,000 crore in AGR related dues, will have to pay annual AGR installments at Rs 7,853 crore for ten years. Given the fragile financial health of Vodafone Idea, it is going to be difficult for the operator to make 10 per cent upfront payment or annual installments over 10 years.
•Ashok Leyland has reported a 52 per cent drop in M&HCV sales during the month of August to 2,222 units as compared to 4,584 units a year ago. M&HCV trucks sales dropped by 36 per cent to 2,132 units from 3,335 units, while bus sales dropped by 93 per cent to 90 units from 1,249 units, a year ago. LCV sales dropped by three per cent to 3,602 units from 3,711 units. •Eicher Motors Ltd on Tuesday said its motorcycle arm Royal Enfield reported a 5% decline in total sales to 50,144 units in August. Royal Enfield had sold 52,904 units in the same month last year. Sales of models with engine capacity up to 350cc were at 46,357 units last month as against 44,694 units in August 2019, a rise of 4%. •Mahindra & Mahindra Ltd (M&M) on Tuesday reported 65% year-on-year (y-o-y) rise in total tractor wholesales at 24,458 units in August, clocking its highest ever sales on the back of robust demand in the domestic market. The company had sold 14,817 tractors in the same month last year. Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| CFL | Quarterly Results | 2-Sep-20 | MOLDTKPAC | A.G.M.;General | 2-Sep-20 |
| CGPOWER | Preferential Issue of shares | 2-Sep-20 | PRAGBOS | General;Audited Results | 2-Sep-20 |
| COALINDIA | Quarterly Results | 2-Sep-20 | RADHIKAJWE | A.G.M.;General | 2-Sep-20 |
| DISHTV | Quarterly Results | 2-Sep-20 | RAMGOPOLY | Quarterly Results;General | 2-Sep-20 |
| ICLORGANIC | General | 2-Sep-20 | RELSIND | General;A.G.M. | 2-Sep-20 |
| ICSL | General | 2-Sep-20 | TGBHOTELS | Quarterly Results;General | 2-Sep-20 |
| INFIBEAM | Quarterly Results | 2-Sep-20 | TILAK | General;A.G.M. | 2-Sep-20 |
| IPCALAB | General;Preferential Issue of shares | 2-Sep-20 | TOYAMIND | General | 2-Sep-20 |
| JINDALPHOT | Quarterly Results | 2-Sep-20 | TRANSFRE | Audited Results | 2-Sep-20 |
| JPOLYINVST | Quarterly Results | 2-Sep-20 | ULTRACAB | Quarterly Results;A.G.M. | 2-Sep-20 |
| JUBLFOOD | Quarterly Results | 2-Sep-20 | UNIAUTO | General | 2-Sep-20 |
| KCLINFRA | A.G.M.;General | 2-Sep-20 | URJAGLOBA | A.G.M.;General | 2-Sep-20 |
| MOLDTEK | General;A.G.M. | 2-Sep-20 | VRL | Quarterly Results | 2-Sep-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| ACRYSIL | 2-Sep-20 | Final Dividend – Rs. – 1.20 | CENTUM | 3-Sep-20 | Final Dividend – Rs. – 2.50 |
| DOLAT | 2-Sep-20 | Interim Dividend – Rs. – 0.15 | CREST | 3-Sep-20 | Final Dividend – Rs. – 0.50 |
| GEPIL | 2-Sep-20 | Dividend – Rs. – 2.00 | EMMBI | 3-Sep-20 | Final Dividend – Rs. – 0.40 |
| POWERGRID | 2-Sep-20 | Final Dividend – Rs. – 4.04 | GOLKUNDIA | 3-Sep-20 | Final Dividend – Rs. – 1.00 |
| RUBFILA | 2-Sep-20 | Dividend – Rs. – 1.20 | GRSE | 3-Sep-20 | Final Dividend – Rs. – 1.40 |
| SUMICHEM | 2-Sep-20 | Final Dividend – Rs. – 0.55 | HINDALCO | 3-Sep-20 | Final Dividend – Rs. – 1.00 |
| TNPETRO | 2-Sep-20 | Final Dividend – Rs. – 1.50 | HKG | 3-Sep-20 | Stock Split From Rs.10/- to Rs.2/- |
| TVTODAY | 2-Sep-20 | Dividend – Rs. – 2.25 | MANALIPETC | 3-Sep-20 | Dividend – Rs. – 0.75 |
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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