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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