NIFTY:
The NIFTY fell on Wednesday, with weak American markets overnight setting up the scenario for a decline. By falling almost 4%, the NIFTY has given up all the gains it accrued on Tuesday. This is not such a terrible thing. We feel that we are now inside a trading range, which means that markets will move up and down inside the range. We saw an up move earlier and now we are seeing the down move.
The NIFTY now seems to be in a trading range and the zone for this range have been a little redefined. We feel that resistance comes at 8700 instead of 8900 mentioned earlier. Support continues to come at 7500. a minor support comes at 8200, which is the point at which the decline stopped on Wednesday .
BANKS FALL
Bank’s bore the brunt of Wednesday’s decline, together with IT stocks. Given the conditions in America, IT stocks had become a point of selling. Many indian banks are of the best quality, but perhaps, nervousness in the market does not look at quality. However most best quality banks are also fairly expensive. They have become more reasonable after the decline, but still remain relatively higher priced.
TECHNICAL PICKS
| COMPANY | CMP | B/S | RATIONALE |
| ACC | 963.45 | BUY | Intermediate trend is sideways while short term trend is up here. The price has seen a sharp decline and then find support around 920 levels. Should look for a buying opportunity at CMP with a stop loss of 945 and for the TGT of 997. |
| SRF | 2654.95 | SELL | The immediate trend of the stock is weak . The stock can be sold at CMP with a stop loss of 2702 and for the target of 2480. |
DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| TCS | 1700 PE | BUY | 116.15 | CMP | 95 | 150-170 | OI Increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| BALKRISIND.Apr 30 | 797.85 | 0.46 | 15.71 | 612800 | JINDALSTEL.Apr 30 | 70.8 | -14.54 | 81.1 | 12650000 | |
| YESBANK.Apr 30 | 21.15 | 1.2 | 8.03 | 55079200 | BOSCHLTD.Apr 30 | 9274.7 | -1.67 | 23.15 | 108320 | |
| BIOCON.Apr 30 | 278.9 | 2.56 | 6.8 | 7010400 | NIFTYIT.Apr 30 | 12072 | -5.97 | 18.75 | 1900 | |
| AMBUJACEM.Apr 30 | 155.5 | 1.17 | 6.79 | 18115000 | CUMMINSIND.Apr 30 | 310 | -5.63 | 18.47 | 779400 | |
| AMARAJABAT.Apr 30 | 479.5 | 0.31 | 4.76 | 950400 | RBLBANK.Apr 30 | 131.45 | -2.3 | 14.62 | 10582500 | |
| Short Covering | Long unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| CENTURYTEX.Apr 30 | 298.45 | 0.34 | -5.04 | 1910400 | MRF.Apr 30 | 55015.2 | -4.59 | -23.28 | 12060 | |
| UJJIVAN.Apr 30 | 148.85 | 0.71 | -3.86 | 1523200 | SRTRANSFIN.Apr 30 | 613.3 | -6.62 | -17.79 | 1882800 | |
| TATACHEM.Apr 30 | 224.95 | 0.4 | -3.54 | 810000 | BRITANNIA.Apr 30 | 2558.4 | -4.85 | -16.64 | 1015600 | |
| IBULHSGFIN.Apr 30 | 99.65 | 2.73 | -1.18 | 8218800 | ESCORTS.Apr 30 | 594.55 | -10.09 | -13.84 | 1794100 | |
| FEDERALBNK.Apr 30 | 41.35 | 0.36 | -0.35 | 34055000 | GLENMARK.Apr 30 | 204.45 | -0.63 | -6.68 | 2424800 | |
Top Delivery Percentage
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Info Edge (India) Limite | 2013.95 | -1.04 | 335312 | 693922 | 83.35 | Nifty Auto | 4657.55 | -1.56 | 67708123 | |
| Larsen & Toubro Limited | 774.35 | -4.22 | 4104461 | 5662636 | 70.38 | Nifty Metal | 1553.55 | -2.04 | 203598554 | |
| Petronet LNG Limited | 200 | 0.15 | 2516783 | 3284698 | 68.81 | Nifty Pharma | 7026.7 | -2.09 | 44779688 | |
| HCL Technologies Ltd. | 413.55 | -5.24 | 8136746 | 4308600 | 67.51 | Nifty Energy | 10771.9 | -3.17 | 2911008 | |
| GODREJPROP | 596.4 | -1.14 | 412778 | 228196 | 66.71 | Nifty FMCG | 26358.8 | -3.52 | 875295 | |
| Siemens Ltd | 1085.2 | -2.53 | 283429 | 560303 | 65.5 | Nifty Media | 1001.25 | -3.72 | 311317146 | |
| NTPC Limited | 81 | -3.8 | 14355481 | 18425175 | 65.12 | Nifty 50 | 8253.8 | -4 | 37850030 | |
| Power Grid Corporation o | 154.6 | -2.83 | 7977443 | 8826845 | 63.18 | Nifty Bank | 18208.35 | -4.89 | 17066752 | |
| Godrej Cons Products Ltd | 548.75 | 5.36 | 2976902 | 1425214 | 62.81 | Nifty IT | 12045.85 | -5.62 | 2129749 | |
| TATA CONSUMER PRODUCTS | 280 | -5.04 | 5532600 | 2039399 | 62.37 | INDIA VIX | 60.05 | -6.77 | 51212496 | |
Upcoming Economic Data
| Domestic International | |
| •INR: Nikkei Markit Manufacturing PMI (Mar) on 2nd April ,2020
•INR: FX Reserves, USD on 3rd April, 2020 |
•USA: Initial Jobless Claims on 2nd April, 2020
•USA: Nonfarm Payrolls (Mar) on 3rd April, 2020 |
News Updates
| •Hindustan Unilever Ltd (HUL) on Wednesday completed merger with GlaxoSmithKline Consumer Healthcare (GSKCH). The merger of GSK CH India with HUL will be on a basis of an exchange ratio of 4.39 HUL shares for each GSK CH India share, implying a total equity value of Rs 31,700 crore for 100 per cent of GSK CH India. “In addition, the board of HUL also approved acquiring the popular health drink brand Horlicks for India from GSK for a consideration of Euro 375.6 million (Rs 3,045 crore).
•The government’s goods and services tax collections fell below the Rs 1-lakh-crore mark after four months. GST collections for February, collected in March, was Rs 97,597 crore against Rs 105,366 crore in January, according to a statement by the Ministry of Finance. That’s a decline of 7.37 percent over January and 8.42 percent over the year-ago period. •Sales of tractor maker Escorts Ltd. fell 54.3 percent year-on-year to 5,228 units in March. That coompares with the 11,905 tractors that the company sold a year ago. Domestic tractor sales stood at 5,228 in March 2020 against 11,431 a year ago, while exports fell to 216 from 474 last year. •Tata Steel has cut down production across all its major operations in Inda and Europe amid the COVID -19 outbreak. In India, this includes its integrated steel plants at Jamshedpur and Kalinganagar and the Tata Steel Bhushan unit in Angul. Source: Economic Times, Moneycontrol ,Business Today, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name5 | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| INDAGIV | General | 2-Apr-20 | HDFCBANK | Final Dividend;Audited Results | 18-Apr-20 |
| RELIANCE | General | 2-Apr-20 | PERSISTENT | Final Dividend;Audited Results | 25-Apr-20 |
| DHANVARSHA | General | 3-Apr-20 | TRIPR | General | 25-Apr-20 |
| APLAB | General | 8-Apr-20 | UGROCAP | Audited Results | 30-Apr-20 |
| FRANKLININD | General;Scheme of Arrangement | 15-Apr-20 | DHINDIA | General | 2-May-20 |
| KANSAFB | Reduction of Capital;General | 15-Apr-20 | PRSMJOHNSN | Audited Results | 12-May-20 |
| QUANTBUILD | General | 15-Apr-20 | DRREDDY | Final Dividend;Audited Results | 13-May-20 |
| RTEXPO | General | 17-Apr-20 | KENNAMET | Quarterly Results | 13-May-20 |
Corporate Action
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| AMBUJACEM | 3-Apr-20 | Final Dividend – Rs. – 1.50 | TAHL | 23-Apr-20 | Bonus issue 1:4 |
| IRCON | 3-Apr-20 | Stock Split From Rs.10/- to Rs.2/- | MADHAVIPL | 27-Apr-20 | Stock Split From Rs.10/- to Rs.1/- |
| SADHNANIQ | 3-Apr-20 | Stock Split From Rs.5/- to Rs.1/- | ABB | 5-May-20 | Dividend – Rs. – 4.80 |
| CORALFINAC | 16-Apr-20 | Buy Back of Shares | NESTLEIND | 14-May-20 | Final Dividend – Rs. – 61.00 |
| VESUVIUS | 22-Apr-20 | Final Dividend – Rs. – 8.74 | DICIND | 10-Jun-20 | Final Dividend – Rs. – 4.50 |
| KSB | 23-Apr-20 | Dividend – Rs. – 8.00 |
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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