OUTLOOKNIFTY:

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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