outlookNIFTY:

Markets again opened with a large gap up. An early morning sell-off saw a low of 10,035 and then the market went all the way up to 10,176, a gain of over 140 points. However today was different; At higher levels there was significant selling and the Nifty fell more than 100 points intraday to close at 10,061, up 82 points from yesterday. The markets inability to hold higher levels, does suggest the possibility of a trading range, consolidation or even a dip.

The trading range has the upper boundary of 10,100 and lower boundary at 9568. If 10,100 are taken out by tomorrow and prices go up, we will still be cautious and would like to see follow-through before we take a long position.

Tomorrow, the market is opening up for a trade that could be on both sides- long or short.

Buy above 10,176 and sell below 10,035. If you are long, your stop should be below 10,035 and if you are short, your stop is above 10,176.

BANK NIFTY:

Bank Nifty opened at 20966.60 with a gap up of 354 points. Prices have first seen a rally and recorded its intraday high of 21619.55 and then saw sharp fall in last hour of trading. The index finally closed at 20918.50 with a gain of 306 points.

PSU Banks have outperformed today and closed higher by more than 5%. Within the index, in terms of points, HDFC Bank contributed highest while Indusind Bank contributed lowest.

Bank Nifty is closing higher from last 7 trading days. We have seen a move of more than 3500 points. This is an expansion and after expansion we should be ready for a contraction.

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
       BEL 73.60 BUY The stock has given the breakout with volume  on the intraday as well as on the daily chart. The stock can be bought Above 74 with a stop loss of  72.40  and for the target of  76.80.
      NIIT TECH 1444.15 SELL The intermediate and short  term  trends are sideways in NIIT TECH. The stock has seen a sharp rally and then started trading in a range. The stock can be sold below 1437 with a stop  above  1467 and for the target of 1377.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
COAL INDIA 140 PE BUY 5.65 CMP 4.20 7.50 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
GODREJPROP.Jun 25 826 8.43 46.04 527800 MFSL.Jun 25 450 -3.03 44.04 3329300
INDIGO.Jun 25 1018 7.63 22.25 3988500 TATAPOWER.Jun 25 42.05 -0.24 17.97 62262000
RBLBANK.Jun 25 129.45 1.93 21.91 22353000 TORNTPHARM.Jun 25 2319.95 -2.27 14.95 1587500
HDFCLIFE.Jun 25 504 1.08 20.55 16370100 UPL.Jun 25 419 -0.75 12.66 9427500
BAJFINANCE.Jun 25 2401.85 2.66 18.72 7540500 UBL.Jun 25 941 -2.52 12.04 1244600
                                                                        Short Covering                                                                              Long unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
IDEA.Jun 25 8.1 3.85 -22.79 294784000 BALKRISIND.Jun 25 1126.55 -1.39 -4.36 1244800
EQUITAS.Jun 25 48.35 0.73 -3.5 10525200 UJJIVAN.Jun 25 187 -1.4 -3.76 3699200
BANKBARODA.Jun 25 43.05 2.01 -2.37 58995000 NCC.Jun 25 26.25 -3.85 -3.46 29880000
BANKNIFTY.Jun 25 20873.9 1.99 -2.06 1546660 MINDTREE.Jun 25 909.45 -1.38 -3.3 1336800
SRTRANSFIN.Jun 25 613.95 4.52 -1.96 3547200 CENTURYTEX.Jun 25 308.1 -1.44 -2.2 2767800

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hindustan Unilever Ltd 2120.5 0.62 4895141 1810831 55.4 Nifty Bank 20940.7 2 79998
GMR Infrastructure Limit 19.7 -0.51 14452506 6505169 55.28 Nifty 50 10061.55 0.83 79995
TATA CONSUMER PRODUCTS 366.65 -0.22 4027688 1424637 53.99 Nifty FMCG 29527 0.57 79998
NTPC Limited 94.7 -2.12 23202602 9805420 53.96 Nifty Auto 6498.65 0.42 79998
SBI LIFE INSURANCE COMPA 807.1 3.54 2163349 721755 51.97 Nifty Infrastructure 2922.95 0.36 79998
Petronet LNG Limited 252.95 3.73 4147787 1263762 51.78 Nifty Pharma 9864.05 0.31 79998
HDFC LIFE INSURANCE COMP 501.35 0.33 13733176 2934072 49.63 Nifty Energy 13519.55 0.29 79998
Bharti Airtel Limited 551.65 -1.16 29235064 15685185 49.06 Nifty Metal 1952.7 -0.17 79998
HDFC Ltd. 1835.65 1.22 9490542 3920926 47.13 INDIA VIX 30.04 -0.26 79995
Power Grid Corporation o 164.55 -0.3 7769285 11138331 45.39 Nifty IT 14361.7 -0.42 79998

Upcoming Economic Data

   Domestic                                                                                                                                                  International
•INR: Bank Loan Growth on 5th June, 2020

•INR: Deposit Growth on 5th June, 2020

•USA: Crude Oil Inventories on  3rd June, 2020

•USA: Unemployment Rate (May) on 5th June, 2020

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News Updates

•Uday Kotak has been appointed as the new President of the Confederation of Indian Industry (CII) for 2020-21. Uday, who was also the President-Designate of CII for the last two years, will replace Vikram Kirloskar, Chairman and Managing Director of Kirloskar Systems Ltd, and Vice Chairman of Toyota Kirloskar Motor.

•Mahindra & Mahindra (M&M) on Wednesday said it estimates production loss of 87,000 vehicles and 30,000 tractors in first quarter of current fiscal (April-June period) due to suspension of manufacturing operations amid coronavirus-led lockdown. The estimated loss for March was around 23,400 vehicles and 14,700 tractors, M&M said in an exchange filing.

•State-owned GAIL and Energy Efficiency Services Ltd (EESL) signed a memorandum of understanding on Wednesday for cooperation in development of trigeneration projects in India. Trigeneration or Combined Cooling, Heat and Power (CCHP) typically involves natural gas-fired generators to produce electricity. The waste heat from flue gas is recovered to produce hot water or steam which in turn is used for heating purposes and also in absorption chillers for cooling.

•IndiGo, India’s biggest airline, said it will keep adding new aircraft to its fleet even as it can’t give any firm guidance on future capacity growth because of the coronavirus pandemic, which destroyed demand for air travel in one of the world’s fastest-growing aviation markets.

Source: Economic Times,  Moneycontrol  ,Business Today,Livemint, Business Standard, Bloomberg Quint

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
CCHHL General 4-Jun-20 NIITLTD Audited Results;Final Dividend 4-Jun-20
CERA General 4-Jun-20 PIIND Audited Results;Final Dividend 4-Jun-20
CHEMFABALKA Audited Results;ESOP;Final Dividend 4-Jun-20 PNBGILTS Audited Results;Dividend 4-Jun-20
COSMOFILMS Audited Results 4-Jun-20 SAFARIND Audited Results;Final Dividend 4-Jun-20
DLF Audited Results;Final Dividend 4-Jun-20 SRF Audited Results;Final Dividend 4-Jun-20
FILATEX Audited Results 4-Jun-20 STOVACQ Quarterly Results 4-Jun-20
IGARASHI Audited Results;Dividend 4-Jun-20 TDPOWERSYS Audited Results;Dividend 4-Jun-20
IL&FSTRANS Audited Results 4-Jun-20 TFCILTD Audited Results;Dividend 4-Jun-20
LKPSEC Audited Results 4-Jun-20 VISHALBL General 4-Jun-20
MEHTAHG General 4-Jun-20 ABCAPITAL Audited Results 5-Jun-20

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
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
ESABINDIA 11-Jun-20 Interim Dividend – Rs. – 70.00 TATACOFFEE 12-Jun-20 Dividend – Rs. – 1.50

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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