The stock market is on a roll, giving bulls the time of their life. The NIFTY has been moving up making higher highs for six consecutive days. This is as good as it gets. The markets opened and almost unchanged from yesterday, went to test 9800, succeeded in holding that level. A low of 9824 was made early in the morning. Since that low, the NIFTY went up consistently throughout the day, finally closing at 9979, 1.5% up.
Long -term trend
The long-term trend is down, mainly because of the deep decline that the market saw in the month of March. The intermediate trend is up and this is the trend that traders should be watching.
Patterns and set ups
We have a narrow range day and this enables us to have the possibility of an expansion tomorrow. Traders should look to buy above 9995, and consider a short position below 9930. if you go long your stop is 9930, and if you go short, your stop is 9995.
We do not have any ongoing patterns; therefore we do not have any targets on the upside. The market is moving up, and therefore, we go with the flow of momentum.
BANK NIFTY opened at 20120.60 with a gap up of 203 points. Prices have rallied higher throughout the day with minor dips in between. The index finally closed at 20530.20 with a gain of 570 points.
The index continued moving higher and closed with gains. The rally has started from 17500 and today we have seen an intraday high around 20615, a move of more than 3000 points in the last five trading days. This is an expansion and after expansion we should be ready for a contraction. The index may start a process of consolidation or may see a correction soon. Traders should consider taking intraday trades only.
|TORNTPHARM||2369.45||BUY||The intermediate and short-term trends are sideways in TORNTPHARM. Prices are now trading at the support. We may see an upside move here. Should look for buying above 2382 with a stop loss of 2335 and a target around 2480.|
|SRTRANSFIN||586||SELL||Intermediate and short-term trends are sideways in SRTRANSFIN. The stock has seen a sharp decline and then a minor correction in a shape of bearish flag. Should look for selling below 580 with a stop just above 595 and a target near 550.|
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|STOCK OPTION||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|TECHM||550 CE||BUY||20||CMP||15.60||28.50||OI Increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|MINDTREE.Jun 25||924||3.76||63.69||1406400||HDFCLIFE.Jun 25||496.9||-3.53||31.17||16105500|
|GODREJPROP.Jun 25||765||7.14||41.37||388700||MFSL.Jun 25||465.2||-2.74||16.71||2488200|
|MOTHERSUMI.Jun 25||101.65||5.17||34.99||31150000||HEROMOTOCO.Jun 25||2330.5||-0.02||16.14||2432600|
|JUSTDIAL.Jun 25||409.7||4||31.22||2083200||APOLLOTYRE.Jun 25||104.7||0||15.91||10161000|
|RAMCOCEM.Jun 25||647||4.96||28.75||824000||APOLLOHOSP.Jun 25||1366.05||-0.63||15.91||943500|
|Short Covering||Long unwinding|
|GLENMARK.Jun 25||388.7||5.21||-2.38||4184600||ESCORTS.Jun 25||953.85||-0.51||-1.67||2721400|
|MUTHOOTFIN.Jun 25||904.15||2.39||-2.2||1929750||NAUKRI.Jun 25||2601.55||-2.54||-0.58||790600|
|TATACHEM.Jun 25||304.45||2.15||-2.18||1899900||BHEL.Jun 25||28.05||-0.18||-0.11||69056000|
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Top Delivery Percentage
|Stocks||Price||%Chg||Total Qty||Delivery||Del %||% Change|
|Power Grid Corporation o||165.05||3.9||24539665||18136884||71.15||Nifty Realty||194.75||4.93||80103|
|GMR Infrastructure Limit||19.8||3.94||11766951||7418502||62.82||Nifty Media||1259.4||3.28||80103|
|SBI LIFE INSURANCE COMPA||779.5||0.61||1388839||1027296||59.98||Nifty Bank||20530.2||2.86||80103|
|TATA CONSUMER PRODUCTS||367.45||1.27||2638814||5494489||57.01||Nifty 50||9979.1||1.56||80100|
|MARICO LIMITED||330.85||-2.25||3038952||3135151||54.08||Nifty Auto||6471.3||0.81||80103|
|Bharti Airtel Limited||558.1||-0.17||31973639||20098476||51.16||Nifty IT||14422.4||0.81||80103|
|Hindustan Unilever Ltd||2107.4||-0.05||3268736||3278414||49.73||Nifty Pharma||9833.6||0.32||80103|
|Petronet LNG Limited||243.85||-1.01||2440667||1376713||48.71||Nifty Metal||1956.1||0.18||80103|
|NTPC Limited||96.75||-1.17||18170671||4737571||46.88||Nifty FMCG||29359.85||-0.72||80103|
Upcoming Economic Data
|•INR: Nikkei Services PMI (May) on 3rd June, 2020
•INR: Deposit Growth on 5th June, 2020
|•USA: ISM Non-Manufacturing PMI (May) on 3rd June, 2020
•USA: Crude Oil Inventories on 3rd June, 2020
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|•InterGlobe Aviation Ltd, which operates India’s largest airline IndiGo, reported a consolidated net loss of Rs.871 crore for January-March, compared with a Rs.596 crore profit in the year-ago quarter, because of a surge in cost amid tepid revenue growth. The company’s consolidated income rose 4.5% year-on-year to Rs.8,635 crore for the March quarter, while costs soared by nearly a third to Rs.9,924 crore. This was reflected in the company’s 0.5% growth in revenue per available seat kilometre at Rs.3.65 while cost metrics were up 26% at Rs.4.21 per available seat kilometre. The airline’s yield rose 1% at Rs.3.74 per kilometre.
•Britannia Industries reported a consolidated profit of Rs 374.75 crore for March quarter against Rs 297.23 crore seen in corresponding period last fiscal. Revenue from operations for the quarter stood at Rs 2,867.7 crore, against Rs 2,798.96 crore in same period in previous year.
•Dharmendra Pradhan, Minister of Steel, Petroleum & Natural Gas on Tuesday discussed a plan for developing a steel fabrication cluster around SAIL’s Bhilai Steel Plant. The proposed steel fabrication cluster will provide a boost to the MSME sector in the region, facilitate employment generation and give impetus to the local economy, he said.
•Infosys CEO Salil Parekh saw his pay package growing about 39 per cent to Rs 34.27 crore in 2019-20, according to the company’s annual report. Parekh’s compensation was at Rs 24.67 crore in 2018-19. Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint
|Company Name5||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|ADANIPOWER||Voluntary Delisting of Shares||3-Jun-20||LAKSELEC||Audited Results||3-Jun-20|
|AUROPHARMA||Audited Results||3-Jun-20||ORIENTHOT||Audited Results;Final Dividend||3-Jun-20|
|CHOLAFIN||Audited Results||3-Jun-20||SRAMSET||Audited Results||3-Jun-20|
|DENORA||Dividend;General;Audited Results||3-Jun-20||TRABI||Audited Results||3-Jun-20|
|DISAQ||Audited Results;Final Dividend||3-Jun-20||VESUVIUS||Quarterly Results||3-Jun-20|
|DUNCANENG||Audited Results||3-Jun-20||YASHCHEM||Audited Results||3-Jun-20|
|Company Name||Ex-Date||Purpose||Company Name||Ex-Date||Purpose|
|TCS||3-Jun-20||Final Dividend – Rs. – 6.00||ESABINDIA||11-Jun-20||Interim Dividend – Rs. – 70.00|
|DICIND||4-Jun-20||Final Dividend – Rs. – 4.50||NESTLEIND||11-Jun-20||Final Dividend – Rs. – 61.00|
|KKCL||4-Jun-20||Interim Dividend – Rs. – 6.00||PAPERPROD||11-Jun-20||Final Dividend – Rs. – 3.00|
|GESHIP||9-Jun-20||Interim Dividend – Rs. – 2.70||KANSAINER||12-Jun-20||Dividend – Rs. – 3.1500|
|TANLA||9-Jun-20||Buy Back of Shares||MAXINDIA||12-Jun-20||Amalgamation|
|IRBINVIT||10-Jun-20||Income Distribution (InvIT)||MAXINDIA||12-Jun-20||Spin Off|
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