outlookNIFTY:

The Nifty continued its momentum from day before and opened with a gap up of almost 63 points at 10493.05. The index first traded sideways till 11:30 am and then began a rally of almost 100 points till 2:00 PM. The index then saw a correction and finally closed at 10551.70 up by 121.65 points or 1.17%. The IT and Auto sector both have outperformed today and closed higher by more than 2.50% whereas Banks have under performed yesterday. A Nifty range was identified with a support at  10200 and resistance at 10415. The range has broken on upside on Wednesday. Pattern target for this range comes at 10615. The index almost reached that level when it made a high around 10600.

On June 24th, the Nifty recorded a swing high around 10550. Now it seems this swing high may act as a resistance. The index may confirm this resistance in the next few days. If the index holds this resistance then we may see a large consolidation or even a correction.

As mentioned we face a resistance around 10550. A minor support is visible around 10450. Since the trend is up, we should look to buy at a dip towards 10450.

BANK NIFTY:

Bank Nifty opened at 22133.80 with a gap up of 241 points. The index traded very choppy and narrow yesterday and closed 21989.95 without much change. PSU and Private banks have performed same. Within the index, in terms of points, HDFC Bank contributed highest while Axis Bank contributed the lowest. Day before the index has seen a breakout from a trading range inside 21800-20900 and closed just above this range. A follow through after a breakout is a sign its genuine one.

The index is now finding a resistance around 22500. If prices hold this resistance we may see a consolidation within a large range.

Sell on a rally towards 22200 or buy on a dip towards 21700

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
PIDILITE 1384 BUY The stock has corrected after a rally and has started an up move again from lowers levels. Traders should buy  at CMP with a stop at 1372 and target of  1415
BATA INDIA 1282.50 BUY The stock has corrected after a rally and has started an up move. Traders should buy  at CMP with a stop at 1274 and target of  1296.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
AUROPHARMA 380CE BUY 40 CMP 37 43 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
MOTHERSUMI.Jul 30 104.65 7.28 48.79 38423000 DIVISLAB.Jul 30 2215 -1.49 25.53 4304800
TATAPOWER.Jul 30 48.2 5.13 24.35 61222500 LUPIN.Jul 30 894 -0.66 12.82 8279850
UBL.Jul 30 1043.7 2.09 20.31 1036700 RECLTD.Jul 30 108.85 -0.09 9.82 16500000
SAIL.Jul 30 31.35 2.79 20.31 60781000 MGL.Jul 30 1051 -0.13 8.53 702000
M&MFIN.Jul 30 186 7.05 19.05 14372400 BATAINDIA.Jul 30 1283.3 -0.18 7.7 1522400
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
APOLLOHOSP.Jul 30 1363.05 3.03 -9.52 1287500 BANKBARODA.Jul 30 51.55 -0.1 -5.33 41680600
UJJIVAN.Jul 30 237.4 1.95 -5.02 3124000 GLENMARK.Jul 30 436 -0.13 -3.98 6212300
MANAPPURAM.Jul 30 160.05 0.91 -2.81 14712000 IDEA.Jul 30 10.2 0 -2.82 3.52E+08
FEDERALBNK.Jul 30 53.6 0.47 -2.76 54451000 PNB.Jul 30 36.35 -0.55 -1.83 48006000
JUSTDIAL.Jul 30 387.95 3.25 -2.49 1698200

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hcl Technologies Ltd. 569.2 3.16 5243654 1729118 57.55 India Vix 26.51 -5.73 83370
Petronet Lng Limited 261.3 1.53 3550337 3230327 56.5 Nifty Bank 21953.2 -0.11 83370
Tech Mahindra Limited 560.85 2.74 5966758 2051485 56.01 Nifty Fmcg 30316.2 0.28 83370
Nestleind 16789.35 -0.06 147010 120513 55.55 Nifty Media 1373.15 0.4 83370
Power Grid Corporation o 175.1 0.95 8708121 4239494 49.55 Nifty Pharma 9943.65 0.62 83370
Info Edge (india) Limite 2789.5 1.11 258306 137573 48.66 Nifty Metal 2017 0.98 83370
Dabur India Ltd. 465.05 -0.33 2370799 1128811 47.35 Nifty Energy 14625.2 1.04 83370
Indraprastha Gas Limited 444.6 1.34 2763773 996137 47.25 Nifty 50 10551.7 1.17 83370
Britannia Ind Ltd. 3535.1 -0.31 422319 273078 46.58 Nifty it 15122.55 2.65 83370
Infosys Limited 756.6 3.37 17263764 2540508 46.38 Nifty Auto 6907.1 2.81 83370

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR:  Nikkei Services PMI (Jun) on 3rd July, 2020

•INR: Bank Loan Growth on  3rd July, 2020

•USA: ISM Non-Manufacturing PMI (Jun) on  6th July, 2020

•USA: PPI (MoM) (Jun) on  10th July, 2020

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NEWS UPDATES

•Tata Power on Thursday said its board has approved a proposal to raise fund worth Rs 2,600 crore from its promoters, which pushed company’s stock as high as 10 per cent on the Bombay Stock Exchange. The move is part of the strategy to strengthen the effort to reduce debt and capitalise the company to invest in future growth.

•After Hetero and Cipla, another pharmaceutical major Mylan was given permission by India’s drug regulator on Thursday to manufacture and market the anti-viral drug remdesivir for “restricted emergency use” on hospitalised COVID-19 patients, official sources said. Written informed consent of each patient is required before the use of the drug while active post-marketing surveillance data and reporting of serious adverse events have to be submitted.

•Hindustan Unilever Ltd. has rebranded its best-selling ‘Fair & Lovely’ products as ‘Glow & Lovely’, days after it decided to remove nomenclature that propagated racial stereotypes. The company made the announcement in an exchange filing on Thursday.

•Maruti Suzuki India launched its vehicle lease subscription service for individual customers under ‘ Maruti Suzuki Subscribe’ brand. The company said it has tied up with ORIX Auto Infrastructure Services Ltd, a subsidiary of ORIX Corporation, Japan, to launch the subscription service in India. The subscription service will begin as a pilot project in Gurugram and Bengaluru and will be initially available on Swift, Dzire, Vitara Brezza and Ertiga from Maruti Suzuki ARENA Channel and Baleno, Ciaz and XL6 from NEXA Channel.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
ADCINDIA General 3-Jul-20 KAMAHOLD Audited Results;Final Dividend 3-Jul-20
ARISINT Audited Results;General 3-Jul-20 KUANTUM Dividend;General;Stock  Split 3-Jul-20
DCMFINSERV Audited Results 3-Jul-20 MAHSHRE Audited Results 3-Jul-20
DUROPLY A.G.M.;General;Quarterly Results 3-Jul-20 PRAVEG Audited Results;Final Dividend 3-Jul-20
DVL Audited Results;Dividend 3-Jul-20 RAHME Audited Results 3-Jul-20
DYNAMATECH Audited Results 3-Jul-20 SABOOBR Audited Results 3-Jul-20
GATI Audited Results;Quarterly Results 3-Jul-20 SHIVAAGRO Audited Results;Quarterly Results 3-Jul-20
IBULHSGFIN Audited Results;General 3-Jul-20 SHIVAEXPO Audited Results 3-Jul-20
INDGELA Audited Results;Dividend 3-Jul-20 CLNINDIA Special Dividend 4-Jul-20
INDOGLOBAL Audited Results 3-Jul-20 EDELWEISS Audited Results 4-Jul-20
IWP Audited Results;Dividend 3-Jul-20 HEMORGANIC Quarterly Results 4-Jul-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ITC 6-Jul-20 Dividend – Rs. – 10.1500 MAYURUNIQ 8-Jul-20 Final Dividend – Rs. – 1.00
JSWSTEEL 6-Jul-20 Final Dividend – Rs. – 2.00 ONWARDTEC 8-Jul-20 Final Dividend – Rs. – 1.50
MINDTREE 6-Jul-20 Final Dividend – Rs. – 10.00 ADVENZYMES 9-Jul-20 Final Dividend – Rs. – 0.60
ASMTEC 7-Jul-20 Final Dividend – Rs. – 2.50 CLNINDIA 9-Jul-20 Special Dividend
SAGARSOFT 7-Jul-20 Dividend – Rs. – 1.50 HDFC 9-Jul-20 Dividend – Rs. – 21.00
BOMDYEING 8-Jul-20 Dividend – Rs. – 0.20 HDFCAMC 9-Jul-20 Dividend – Rs. – 28.00
LTTS 8-Jul-20 Final Dividend – Rs. – 13.50 LTI 9-Jul-20 Final Dividend – Rs. – 15.50

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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