outlookNIFTY:

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:

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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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
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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DERIVATIVE PICKS

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
Sector Price Price% OI% OI Sector Price Price% OI% OI
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
ICICIPRULI.Sep 24 440.55 1.78 -1.04 7840500
IGL.Sep 24 401.35 2.18 -0.95 7999750
RAMCOCEM.Sep 24 717.95 2.84 -0.86 1073550

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
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
Nestleind 15992.55 -1.26 106192 83191 47.01 Nifty Auto 7976.95 1.15 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

   Domestic                                                                                                                                                  International
•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

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NEWS UPDATES

•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

BOARD MEETINGS

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
AFEL A.G.M.;General 3-Sep-20 INDBANK General;Quarterly Results 3-Sep-20
AGARIND A.G.M.;General;Preferential Issue 3-Sep-20 INDBNK Quarterly Results 3-Sep-20
AIHL A.G.M.;General 3-Sep-20 INVENTURE Quarterly Results 3-Sep-20
ALPSMOTOR A.G.M.;General 3-Sep-20 JMTAUTOLTD A.G.M.;General 3-Sep-20
ASHRAM General 3-Sep-20 JUBLINDS Quarterly Results 3-Sep-20
AVL A.G.M.;Final Dividend;General 3-Sep-20 MSTC Quarterly Results 3-Sep-20
CREDITACC General 3-Sep-20 NATIONSTD Quarterly Results 3-Sep-20
CTRNIND A.G.M.;Quarterly Results 3-Sep-20 NAVIGANT A.G.M.;General 3-Sep-20
EMMBI Quarterly Results 3-Sep-20 PAGEIND Quarterly Results 3-Sep-20
FUTURSEC Quarterly Results 3-Sep-20 TATIAGLOB General 3-Sep-20
GENERAAGRI Quarterly Results 3-Sep-20 TOWASOK A.G.M.;General 3-Sep-20
HINDBIO Reduction of Capital 3-Sep-20 ZUARI Quarterly Results 3-Sep-20

CORPORATE ACTION

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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