NIFTY:
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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