The Nifty opened almost unchanged in the morning at 11478 and then moved up and then moved down and then traded sideways. Around 2:00 PM the Nifty began a rally of almost 60 points in 20 minutes and after that markets had choppy price action till the end of the day. Finally the Nifty closed higher by 65 points at 11535. Yesterday’s intraday action was almost like a nothing day except an upside rally in the late afternoon which leaves Bulls in control. The media sector has outperformed and closed higher by more than 3% followed by IT and Metals.
The Doji made daybefore set up a trade for us where in we could buy Nifty above 11553 with a stop of 50 points or sell below 11366 with a stop of 70 points. Neither of these trades were executed.
Although the Doji made daybefore and yesterday’s narrow range day; both suggests a sharp move is about to come. Hence our earlier mentioned trade setup is still active – Buy above 11553 or sell below 11366.
The long term trend continues to be up. Momentum has shown signs of some slowing down. But long term momentum continues to be in the relatively strong area and therefore the slowing down is not enough of a sign for any downside.
Bank Nifty opened at 23769 with a gap down of 77 points. Prices moved down further and then traded sideways. The index began an upside move in the afternoon and finally closed at 23875. Private banks have performed well and closed higher by 0.66%. Within the index, HDFC Bank contributed highest while Kotak Bank the lowest. It was a choppy day till the afternoon. A sharp rally brought the index to its intraday high and finally the index closed there.
Short term support is visible around 22400-22600 and a short term resistance is visible around 24300. A breakout from these levels may lead to a sharp move.
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|TATA MOTORS||150.30||BUY||The stock has given a breakout from a range. The stock can be bought between 149-150 with a stop at 145 and for the target of 158.|
|BATA INDIA||1331.25||BUY||The stock has achieved its downside target and now has started moving up. The stock can be bought between 1320-1325 with a stop at 1310 and for the target of 1360.|
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|STOCK OPTION||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|BEL||108 CE||BUY||5.90||CMP||5||7.50||OI increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|ESCORTS.Sep 24||1224||9.77||41.4||3678400||HEROMOTOCO.Sep 24||2963.4||-1.63||33.44||2493600|
|UBL.Sep 24||1091.45||8.06||23.99||1400000||BAJAJ-AUTO.Sep 24||2907.85||-2.26||19.82||1933000|
|VOLTAS.Sep 24||647.65||1.48||19.7||2418000||MUTHOOTFIN.Sep 24||1157||-0.82||12.6||2855250|
|POWERGRID.Sep 24||182.05||2.74||17.62||10708000||TVSMOTOR.Sep 24||437.2||-0.64||11.67||5560800|
|JUBLFOOD.Sep 24||2227.05||3.56||16.52||2930500||UPL.Sep 24||503.95||-0.95||8.32||9478300|
|Short Covering||Long Unwinding|
|SRF.Sep 24||4232||2.25||-2.67||584250||IBULHSGFIN.Sep 24||203.5||-1.52||-1.28||18615500|
|IDFCFIRSTB.Sep 24||31.8||1.76||-1.78||123975000||GLENMARK.Sep 24||480.95||-0.45||-1.11||6768900|
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TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Total Qty||Delivery||Del %||% Change|
|Itc Ltd.||191.35||0.6||20585664||22742990||57.17||Nifty Media||1648.6||3.42||79482|
|Infosys Limited||924||1.08||5678696||3811587||55.18||Nifty Metal||2541.35||1.79||79482|
|Tata Consumer Products l||549.85||0.25||4042692||1853026||48.07||Nifty it||18077||1.48||79482|
|Hindustan Unilever Ltd||2141.65||-0.93||1667810||831137||47.82||Nifty Energy||15857.25||1.18||79482|
|Tata Consultancy Serv Lt||2265.15||0.84||2084152||1581545||43.8||Nifty Pharma||11404.25||0.57||79482|
|Hdfc Ltd.||1827.2||-1.3||4235148||1657285||43.69||Nifty 50||11535||0.56||79482|
|Siemens Ltd||1195.95||1.55||549192||259955||42.96||Nifty Fmcg||31084.35||0.31||79482|
|Hdfc Life Insurance Comp||580.85||0.27||2502182||1428831||41.93||Nifty Bank||23874.55||0.26||79482|
|Power Grid Corporation o||181.2||0.44||17414804||3653680||39.35||India Vix||21.11||-3.19||79482|
UPCOMING ECONOMIC DATA
|•INR: Nikkei Services PMI (Aug) on 3rd September, 2020
•IN R: Bank Loan Growth on 4th September, 2020
|•USA: Initial Jobless Claims on 3rd September, 2020
•USA: ISM Non-Manufacturing PMI (Aug) on 3rd September, 2020
|•The moratorium for repayment of loans can be extended by up to two years, according to a 6 August circular by the Reserve Bank of India, solicitor general Tushar Mehta told the Supreme Court on Tuesday. “We are in the process of identifying the distressed sectors to vary benefits according to the impact of the hit they have taken,” Mehta said, representing the Centre.
•ONGC is unlikely to buy overseas oil and gas assets at current prices of about $45 a barrel, its finance chief said on Wednesday. Its overseas investment arm ONGC Videsh (OVL) has already seen a decline in profit, as some of its acquisitions, such as Imperial Energy in Russia, were made when global oil prices were above $100 a barrel.
•Abbott on Wednesday said it has received approval from the Drugs Controller General of India (DCGI) for its once-a-day formulation, Ivabradine, used for treatment of chronic heart failure and chronic stable angina. The company plans to launch Ivabradine prolonged release tablets in the Indian market in the coming weeks, Abbott said in a statement.
•As the Supreme Court allowed telecom operators 10 years for staggered payment of adjusted gross revenue (AGR)-related dues, Vodafone Idea said its board of directors will meet on September 4 to consider proposals for fund-raising. The company plans to raise capital in one or more tranches by way of a public issue, preferential allotment, private placement, including a qualified institutions placement, it said in a statement.
Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|5PAISA||Issue Of Warrants;General;Pref. Issue||3-Sep-20||IL&FSENGG||Audited Results||3-Sep-20|
|AGARIND||A.G.M.;General;Preferential Issue||3-Sep-20||INDBNK||Quarterly Results||3-Sep-20|
|AVL||A.G.M.;Final Dividend;General||3-Sep-20||MSTC||Quarterly Results||3-Sep-20|
|EMMBI||Quarterly Results||3-Sep-20||PAGEIND||Quarterly Results||3-Sep-20|
|HINDBIO||Reduction of Capital||3-Sep-20||ZUARI||Quarterly Results||3-Sep-20|
|Company Name||Ex-Date||Purpose||Company Name||Ex-Date||Purpose|
|AXONVL||3-Sep-20||Amalgamation||MANALIPETC||3-Sep-20||Dividend – Rs. – 0.75|
|CENTUM||3-Sep-20||Final Dividend – Rs. – 2.50||PILANIINVS||3-Sep-20||Dividend – Rs. – 25.00|
|CREST||3-Sep-20||Final Dividend – Rs. – 0.50||PNBGILTS||3-Sep-20||Final Dividend – Rs. – 3.00|
|EMMBI||3-Sep-20||Final Dividend – Rs. – 0.40||PROAIMENT||3-Sep-20||Amalgamation|
|GOLKUNDIA||3-Sep-20||Final Dividend – Rs. – 1.00||PTL||3-Sep-20||Interim Dividend – Rs. – 2.50|
|GRSE||3-Sep-20||Final Dividend – Rs. – 1.40||ROCKONENT||3-Sep-20||Amalgamation|
|HINDALCO||3-Sep-20||Final Dividend – Rs. – 1.00||SIKA||3-Sep-20||Final Dividend – Rs. – 1.10|
|HKG||3-Sep-20||Stock Split From Rs.10/- to Rs.2/-||SOLARINDS||3-Sep-20||Final Dividend – Rs. – 6.00|
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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