NIFTY:
The Nifty opened higher with a gap up of almost 40 points and then moved up and then down to the low at 11589. From the lows, the Nifty began a sharp up move of almost 97 points in an hour. After that the index went through intraday corrections and then continued its up move and Finally closed higher by 90 points at 11647. Banking sectors have outperformed and closed higher by more than 4%. On Friday morning we suggested that traders should buy above 11625. The Nifty opened just mildly below this level and then moved across this number enabling us to buy the index. We recommend that the stop for this trade should be at 11625 enabling us to breakout even incase the markets have a slight reversal. The target for this is 11725.
Market momentum continues to remain strongly in favour of the bulls. There are no technical signs which suggest that the market is facing resistance.
The rupee has moved up significantly against the US dollar. From a low of 75.50, the rupee is now trading at 73.50 in just a matter of weeks. This should be a matter of concern. Appreciation in the rupee penalizes exporters and gives incentives to importers.
BANK NIFTY:
Bank Nifty opened at 22635.30 without any gap. The index moved higher from its open. That upside movement continued throughout the whole day with minor corrections. The index finally closed at 24523.80 with a gain of more than 900 points. PSU and Private banks both have performed well today and closed higher by more than 4%. Within the index, in terms of points, Axis Bank contributed highest followed by ICICI Bank. Bank Nifty continued its upside move for the fifth day. The rally on Friday was sharp. The index outperformed the whole market.
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TECHNICAL PICKS
| COMPANY . | B/S | RATIONALE | |
| BAJAJ FINANCE | 3670.35 | BUY | The stock has given a breakout from a range. The stock can be bought above 3680 with a stop just below 3630 and for the target of 3780. |
| BRITANNIA | 3818.65 | SELL | The stock has seen a sharp rally and then a process of consolidation. Prices are on the verge of a breakdown. Traders can look to sell below 3805 with a stop above 3835 and for the target of 3745. |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| ICICI BANK | 410 CE | BUY | 16.50 | CMP | 11.50 | 25 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| IDEA.20.09 Sep | 10.2 | 14.61 | 684.62 | 499800000 | POWERGRID.20.09 Sep | 179.3 | -3.39 | 580.86 | 10104000 | |
| NMDC.20.09 Sep | 107.65 | 12.19 | 2052.94 | 29426400 | JSWSTEEL.20.09 Sep | 282.25 | -2.57 | 3202.03 | 48232800 | |
| INDUSINDBK.20.09 Sep | 669.55 | 10.51 | 3062.57 | 31701600 | ASHOKLEY.20.09 Sep | 70.9 | -2.34 | 96.15 | 21537000 | |
| CANBK.20.09 Sep | 115.25 | 9.29 | 610.73 | 13575000 | HEROMOTOCO.20.09 Sep | 3076 | -2.28 | 630.58 | 1935300 | |
| FEDERALBNK.20.09 Sep | 60.8 | 8.67 | 157.35 | 105153500 | TVSMOTOR.20.09 Sep | 448.7 | -2.17 | 894.05 | 5149200 | |
| Short Covering | Long Unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
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TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Vedanta Limited | 128.85 | 0.78 | 26542894 | 13587156 | 66.16 | Nifty Bank | 24523.8 | 3.91 | 29981165 | |
| Container Corp Of India | 409.1 | 3.44 | 5527749 | 2308731 | 59.57 | Nifty Media | 1670.25 | 1.8 | 437126163 | |
| Petronet Lng Limited | 249.25 | 2.42 | 3975650 | 2172440 | 57.77 | Nifty 50 | 11647.6 | 0.76 | 62617979 | |
| Tata Consumer Products l | 547.05 | 0.44 | 2692947 | 1581227 | 56.88 | Nifty Pharma | 11622.9 | 0.3 | 62594464 | |
| Itc Ltd. | 195.55 | 0.67 | 34645794 | 19959485 | 53.14 | Nifty it | 18122 | 0.11 | 1474133 | |
| Nestleind | 16101.25 | -0.08 | 148489 | 70091 | 53.02 | Nifty Energy | 15970.75 | -0.16 | 2469759 | |
| Hindustan Unilever Ltd | 2151.95 | -0.89 | 1939848 | 1113809 | 51.31 | Nifty Fmcg | 31253.45 | -0.19 | 844649 | |
| United Spirits Limited | 585.15 | 2.64 | 4361073 | 1573887 | 49.13 | Nifty Metal | 2520.35 | -0.42 | 287368761 | |
| Ambuja Cements Ltd | 222.45 | 0.5 | 4114190 | 1820121 | 48.35 | Nifty Auto | 8111.85 | -0.87 | 89324250 | |
| Hdfc Life Insurance Comp | 589.35 | -1.12 | 3638732 | 2002308 | 47.31 | India Vix | 18.35 | -2.91 | 391624661 | |
UPCOMING ECONOMIC DATA
| Domestic International | |
| •INR: GDP Quarterly (YoY) (Q1) on 31st August, 2020
•IN R: Infrastructure Output (YoY) (Jul)) on 31st August, 2020 |
•USA: Manufacturing PMI (Aug) on 1st September, 2020
•USA: ISM Manufacturing PMI (Aug) on 1st September, 2020 |
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NEWS UPDATES
| •ITC on Friday said it is considering merger of its three wholly-owned subsidiaries – Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah – with itself. A board meeting of the company has been convened for this on September 4, 2020, ITC informed in a regulatory filing.
•Future Enterprises Ltd has rescheduled its board meeting to September 7. The company’s board members were earlier scheduled to meet on Friday to approve its annual accounts for the fiscal year ending March 2020. FEL, which is set to ink a deal with Mukesh Ambani-led Reliance Industries Ltd (RIL) to sell its retail business, was expected to give its final nod for the same at its board meeting on August 28. Meanwhile, the board meeting is being deferred due to the non-completion of the financial results’ audit process. •The Banks Board Bureau (BBB) on August 28 recommended Dinesh Kumar Khara for the vacancy of Chairman of the State Bank of India (SBI). This means current SBI chief Rajnish Kumar, whose three-year term is set to end on October 7, is not likely to get an extension. He took charge as SBI Chairman in October, 2017. •The investor consortium of Abu Dhabi Investment Authority (ADIA), Canada’s Public Sector Pension (PSP) Investments and India’s National Investment & Infrastructure Fund (NIIF) has put key lenders and vice-chairman of GVK Group on notice. The investors sent a legal notice on August 27 through their lawyer, AZB & Partners, stating that the sale of Mumbai International Airport (MIAL) to the Adani Group will be a “breach” of GVK’s contract with them. Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| 8KMILES | Quarterly Results | 31-Aug-20 | JKCEMENT | Quarterly Results | 31-Aug-20 |
| AUROLAB | Quarterly Results;A.G.M.;General | 31-Aug-20 | KPIGLOBAL | General;A.G.M. | 31-Aug-20 |
| BDL | Quarterly Results | 31-Aug-20 | MOREPENLAB | Quarterly Results | 31-Aug-20 |
| BHARTIA | Quarterly Results | 31-Aug-20 | NHPC | Quarterly Results | 31-Aug-20 |
| BPL | A.G.M.;Quarterly Results;General | 31-Aug-20 | ORIENTTR | Pref. Issues; Consolidation of Shares | 31-Aug-20 |
| DYNAMATECH | Quarterly Results | 31-Aug-20 | PANCHSHEEL | Quarterly Results;A.G.M.;General | 31-Aug-20 |
| GNFC | Quarterly Results | 31-Aug-20 | PANORAMA | General;A.G.M. | 31-Aug-20 |
| GOKUL | Quarterly Results | 31-Aug-20 | RCIIND | Audited Results | 31-Aug-20 |
| INDOSOLAR | Quarterly Results | 31-Aug-20 | RENUKA | Quarterly Results | 31-Aug-20 |
| JAICORPLTD | Quarterly Results | 31-Aug-20 | SRF | General | 31-Aug-20 |
| JAINCO | Quarterly Results;General | 31-Aug-20 | TIIL | Quarterly Results | 31-Aug-20 |
| JAYIND | Quarterly Results;A.G.M.;General | 31-Aug-20 | VIRTUALG | A.G.M.;Quarterly Results | 31-Aug-20 |
| JINDALPOLY | Quarterly Results | 31-Aug-20 | VLSFINANCE | Quarterly Results | 31-Aug-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| CARERATING | 31-Aug-20 | Final Dividend – Rs. – 2.50 | JAYBARMARU | 1-Sep-20 | Dividend – Rs. – 1.2500 |
| MORGANITE | 31-Aug-20 | Stock Split From Rs.10/- to Rs.5/- | KAKATCEM | 1-Sep-20 | Final Dividend – Rs. – 3.00 |
| PAISALO | 31-Aug-20 | Final Dividend – Rs. – 1.00 | MITSU | 1-Sep-20 | Dividend – Rs. – 0.20 |
| PANAMAPET | 31-Aug-20 | Final Dividend – Rs. – 1.20 | NIITLTD | 1-Sep-20 | Final Dividend – Rs. – 2.00 |
| SMLT | 31-Aug-20 | Final Dividend – Rs. – 0.50 | SAGCEM | 1-Sep-20 | Dividend – Rs. – 2.50 |
| VINYLINDIA | 31-Aug-20 | Dividend – Rs. – 2.40 | SGRL | 1-Sep-20 | Final Dividend – Rs. – 1.50 |
| ASTRAMICRO | 1-Sep-20 | Final Dividend – Rs. – 1.20 | SWELECTES | 1-Sep-20 | Final Dividend – Rs. – 0.7500 |
| EVERESTO | 1-Sep-20 | Final Dividend – Rs. – 1.00 | ACRYSIL | 2-Sep-20 | Final Dividend – Rs. – 1.20 |
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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