2021-02-03-OutlookNIFTY:

The Nifty opened at 14481.10 with a big gap up of 200 points. Prices have recorded its intraday low at 14469.15 within the first minute of trading. The index then rallied till 10:00 AM of above 260 points and recorded its intraday high at 14731.70. Prices then continued moving within these levels for the rest of the day in a volatile manner and finally closed at 14647.85 up by 366.65 points. All the sectoral indices have closed with gains where Banks, Financials and Realty have led the bulls.

Budget euphoria takes Nifty above 14600 while Bank Nifty at lifetime new highs above 34500. Tata Motors has seen a sharp surge and closed with a gain of almost 17%.

In the last two days of trading, the Nifty has registered a gain of more than 1000 points and up by almost 7.50%. A big gap and then a sharp rally in the first hour of trading helped the index to close near the 14650 mark. Prices are now trading around this resistance mark. After a sharp move of more than 1000 points in just two days, it is very likely that prices may consolidate. If prices hold this resistance then we will wait for a dip to buy. But if breaks and close above this resistance then we may plan to enter into a long trade immediately. These are scenarios and once these are exercised we will go with the flow of the markets.

 

BANK NIFTY:

Bank Nifty opened at 33589.05 with a gap up of 320 points. The index recorded its intraday low at 33583.15 rallied more than 1000 points within the first 20 minutes of trading and recorded its intraday high at 34652.50. Prices have spent the rest of the day trading within these levels and moved very volatile. Private and PSU Banks both have performed well and closed higher by more than 3%. Within the index, in terms of points, HDFC Bank contributed highest followed by SBI. Budget rally continued for the second day and recorded lifetime new highs above 34650. Since last Friday, index has seen a gain of 4039 points. Markets may consolidate now.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
TATAPOWER 83.60 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 81.90 and for the target 86.
BIOCON 391.50 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 384 and for the target 400

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
DRREDDY 4500 CE BUY 221 CMP 185 275 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
DRREDDY.21.02 Feb 4523.7 1.52 20.89 3637750 HINDUNILVR.21.02 Feb 2239.5 -1.03 23.75 7584000
CUMMINSIND.21.02 Feb 749.5 3.12 19.04 1882800 HDFCLIFE.21.02 Feb 685 -2.56 21.7 9111300
ZEEL.21.02 Feb 246.35 7.91 18.88 29316000 CHOLAFIN.21.02 Feb 442 -0.56 15.38 5887500
L&TFH.21.02 Feb 94.55 3.16 17.93 25763588 ICICIPRULI.21.02 Feb 477.85 -2.77 14.29 6681000
ASHOKLEY.21.02 Feb 134.5 9.89 17.77 38889000 TATACONSUM.21.02 Feb 578.9 -1.49 12.83 16043400
                                                                        Short Covering Long Unwinding
Stocks Price Price% OI% OI Stocks Price Price % OI % OI
EXIDEIND.21.02 Feb 201.15 3.69 -5.81 10742400 SAIL.21.02 Feb 60.75 -3.72 -10.7 112537000
LALPATHLAB.21.02 Feb 2442.9 6.13 -4.84 113000 MFSL.21.02 Feb 702.95 -0.56 -0.1 5171400
KOTAKBANK.21.02 Feb 1870 3.51 -4.21 14212000
BPCL.21.02 Feb 403.4 3.05 -4.14 23322600
MANAPPURAM.21.02 Feb 169.75 2.91 -3.49 14280000

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Aarti Industries Ltd. 1181.55 1.48 305988 356351 65.6 Nifty Auto 10638.6 4.01 82845
Hindustan Unilever Ltd 2230.45 -0.81 4215607 1638783 60.3 Nifty Realty 337.25 3.79 82845
Petronet Lng Limited 246.45 2.41 4355693 2771846 53.33 Nifty Bank 34267.9 3.56 82845
Tata Consultancy Serv Lt 3203.45 2.04 2881837 2125201 53.32 Nifty Media 1762.5 3.28 82845
Hdfc Asset Management Co 2977.4 0.73 212746 232622 51.73 Nifty 50 14647.85 2.57 82845
Colgate Palmolive (india 1617.95 1.18 871671 398273 51.28 Nifty Energy 16950.5 2.19 82845
Infosys Limited 1271.25 0.82 6892490 4479182 50.44 Nifty Pharma 12361.55 2.13 82845
Britannia Ind Ltd. 3501.25 -0.55 869950 271815 49.94 Nifty it 25447.8 2.11 82845
Marico Limited 423.7 1.62 3204628 1461005 49.93 Nifty Metal 3289.1 1.92 82845
Reliance Industries Ltd 1925.8 1.61 19138414 7864911 49.86 Nifty Fmcg 33730.85 0.12 82845

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR:  Nikkei Services PMI (Jan) on 3rd February, 2021

INR:  Interest Rate Decision on 5th  February, 2021

•USD : ADP Nonfarm Employment Change (Jan) on 3rd February, 2021

•USD : ISM Non-Manufacturing PMI (Jan) on 3rd February, 2021

NEWS UPDATES

•Dixon Technologies Ltd. beat estimates and the company approved a stock split. Net profit more than doubled over a year earlier to Rs 61.6 crore, in the quarter ended December. That compares with the Bloomberg consensus estimate of Rs 45.5 crore. Revenue, too, more than doubled over a year earlier to Rs 2,182.7 crore–the estimate was Rs 1,544 crore. The company’s board approved to split one share with a face value of Rs 10 each into five shares of Rs 2 each.

•The Reserve Bank of India has appointed an external auditor to review HDFC Bank Ltd.’s IT system, a couple of months after the regulator penalised the private lender for repeated technical glitches in its internet banking services. “The RBI has appointed an external professional IT firm for carrying out a special audit of the entire IT infrastructure of the bank under the Section 30 (1-B) of the Banking Regulation Act, 1949, at the cost of the bank under the Section 30 (1-C) of the act,” HDFC Bank said in an exchange filing.

•Indian Oil Corp could create a subsidiary for its retail assets to help unlock value, the head of finance at India’s largest refiner said on Tuesday, a day after the government announced plans to monetise IOC’s pipeline assets.

•Escorts Limited on Tuesday reported highest ever standalone quarterly profit of ₹ 280.7 crore in quarter ended December 2020, up by 83.4% as against a profit of ₹ 153.1 crore in the corresponding period last year.

•Source: Economic Times,  Moneycontrol  ,Business Today, Livemint, Business Standard, Bloomberg Quint

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BOARD MEETING

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
ADANIENT Quarterly Results 03-Feb-21 JUBLFOOD Quarterly Results 03-Feb-21
ADANIGREEN Quarterly Results 03-Feb-21 KAMDHENU Quarterly Results 03-Feb-21
APOLLOTYRE Quarterly Results 03-Feb-21 KPRMILL Interim Dividend;Quarterly Results 03-Feb-21
ARVINDFASN Right Issue of Equity Shares; Results 03-Feb-21 LKPSEC Quarterly Results 03-Feb-21
ASTRAL Bonus issue;Quarterly Results 03-Feb-21 MINDACORP Interim Dividend;Quarterly Results 03-Feb-21
BAJAJCON Interim Dividend;Quarterly Results 03-Feb-21 NAHARPOLY Quarterly Results 03-Feb-21
BHARTIARTL General;Quarterly Results 03-Feb-21 NATPEROX Quarterly Results 03-Feb-21
COCHINM Quarterly Results 03-Feb-21 PGHH Interim Dividend;Quarterly Results 03-Feb-21
CONTAINER Audited Results;Quarterly Results 03-Feb-21 PRINCEPIPE Quarterly Results 03-Feb-21
DEEPAKFERT General;Quarterly Results 03-Feb-21 RAMCOCEM Quarterly Results 03-Feb-21
DELTA Quarterly Results 03-Feb-21 RAMCOSYS Quarterly Results 03-Feb-21
DICIND Audited Results;Final Dividend 03-Feb-21 SEQUENT Quarterly Results 03-Feb-21
HAWKINCOOK Quarterly Results 03-Feb-21 SIS General;Quarterly Results 03-Feb-21
HINDCOPPER Quarterly Results 03-Feb-21 SOLARA Quarterly Results 03-Feb-21
INDHOTEL Quarterly Results 03-Feb-21 UJJIVANSFB Quarterly Results 03-Feb-21
JMCPROJECT General;Quarterly Results 03-Feb-21 VGUARD Quarterly Results 03-Feb-21

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
BELLACASA 03-Feb-21 Interim Dividend – Rs. – 0.60 AKCAPIT 04-Feb-21 Interim Dividend – Rs. – 5.00
KKCL 03-Feb-21 Interim Dividend – Rs. – 8.00 EMAMILTD 04-Feb-21 Interim Dividend – Rs. – 4.00
KNRCON 03-Feb-21 Bonus issue 1:1 EXIDEIND 04-Feb-21 Interim Dividend – Rs. – 2.00
MENONBE 03-Feb-21 Interim Dividend – Rs. – 1.50 GPIL 04-Feb-21 Interim Dividend – Rs. – 5.00
SUJANAUNI 03-Feb-21 Resolution Plan -Suspension IIFL 04-Feb-21 Interim Dividend – Rs. – 3.00
WENDT 03-Feb-21 Interim Dividend – Rs. – 10.00 JUBILANT 04-Feb-21 Spin Off

DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

Elite Wealth Ltd. does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Ltd. 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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