outlookNIFTY:

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:

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.

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
       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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DERIVATIVE PICKS

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
Sector Price Price% OI% OI Sector Price Price% OI% OI
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
ACC.Jun 25 1289.15 0.56 -1.64 1679200
BATAINDIA.Jun 25 1434 3.41 -1.32 1804550

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
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
COALINDIA 143.4 -3.47 16680118 9675369 45.63 INDIA VIX 30.12 -2.02 80103

Upcoming Economic Data

   Domestic                                                                                                                                                  International
•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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News Updates

•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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
ADANIPOWER Voluntary Delisting of Shares 3-Jun-20 LAKSELEC Audited Results 3-Jun-20
AGRITECH A.G.M. 3-Jun-20 MASFIN Quarterly Results;General 3-Jun-20
AUROPHARMA Audited Results 3-Jun-20 ORIENTHOT Audited Results;Final Dividend 3-Jun-20
BPCL Dividend;Audited Results 3-Jun-20 RENUKA General 3-Jun-20
CHOLAFIN Audited Results 3-Jun-20 SRAMSET Audited Results 3-Jun-20
DCAL* Audited Results 3-Jun-20 TECHIN A.G.M. 3-Jun-20
DCMSHRIRAM Audited Results 3-Jun-20 TFL General 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

Corporate Action

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

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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