outlookNIFTY:

The Nifty opened with a gap up of almost 30 points in the morning at 11566. Prices have made its intraday high within the first minute of trading and then moved down. Prices have filled the gap up and then traded sideways. Around 11:30 AM the market began a down move of almost 50 points and made its low at 11507 and then saw an upside of the same distance. The index traded the rest of the day narrow and choppy and finally closed at 11527 which was also near Wednesday’s closing price meaning that the entire day’s movement resulted in nothing. The IT sector has outperformed and closed higher by more than 1.50% while Bank Nifty underperformed and closed lower by 1.44%.

Yesterday we recommended a buying opportunity above 11553. The Nifty went up to 11585. This triggered our buying into the market. Our stop was 50 points below at11500. The Nifty continues to move in a narrow range as well as suggest an inability to cross the resistance of 11550. We therefore suggest holding the position with a stop at 11500. The Nifty is in a narrow range, yesterday’s range being the narrowest in many days. If the Nifty were to go below 11450, we suggest going short with a stop at 11520.

BANK NIFTY:

Bank Nifty opened at 23986.15 with a gap up of 107 points. The index quickly turned down and filled the gap. Prices did not stop there and moved further down and finally closed at 23576 with a loss of 303 points. Private and PSU Banks both have seen a decline and closed lower. PSU Banks have relatively performed well compared to Private Banks. Within the index in terms of points IDFC First Bank contributed highest while ICICI Bank the lowest. It was a downside trend day where prices opened near its intraday highs and closed near its lows. Looking at the last five trading days, on the first day we have seen a sharp upside rally followed by a decline on the next. The remaining days have been narrow and choppy. The range breakout will result in a trade. Intraday traders can look to buy above 24050 or sell below 23450. Keep a stop of 300 points & target of 500

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
DABUR 494.70 BUY The stock has given a breakout from a range. The stock can be bought at CMP with a stop at 491.50 and for the target of 505-510.
TATA POWER 60.75 BUY The stock has given a breakout from a range. The stock can be bought at CMP with a stop at 59 and for the target of 63.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
PIDILITE 1440 CE BUY 51.90 52.10 48 65 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
IDEA.Sep 24 12.95 30.15 34.88 492660000 PAGEIND.Sep 24 19166.5 -3.21 50.37 184140
MINDTREE.Sep 24 1217 1.6 31.57 1790400 POWERGRID.Sep 24 179 -1.51 21.12 11332000
UBL.Sep 24 1151.7 5.7 29.97 1460200 BANKNIFTY.Sep 24 23579.95 -1.43 16.33 1620825
BATAINDIA.Sep 24 1380 3.04 19.4 2027850 VEDL.Sep 24 128.8 -2.28 14.84 107873800
TATACONSUM.Sep 24 580.35 4.93 17.74 12274200 MUTHOOTFIN.Sep 24 1142.8 -1 14.14 3245250
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
ESCORTS.Sep 24 1227.1 0.09 -10.64 3039300 PNB.Sep 24 34.55 -1.43 -3.07 54754000
APOLLOTYRE.Sep 24 123.75 0.41 -3.53 12970000 ACC.Sep 24 1345.9 -1.12 -0.91 2406000
MOTHERSUMI.Sep 24 116.3 0.17 -2.49 27398000 JINDALSTEL.Sep 24 221.5 -0.54 -0.82 24865000
MCDOWELL-N.Sep 24 581 1.49 -2.07 15247500 IBULHSGFIN.Sep 24 199.6 -2.71 -0.4 18435700
SIEMENS.Sep 24 1224.25 1.83 -1.72 1859000 NAUKRI.Sep 24 3439 -1.66 -0.27 650000

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Nestleind 16393.75 2.51 133887 62834 59.17 Nifty it 18348.55 1.5 81324
Godrej Cons Products Ltd 672.3 2.13 1187920 412259 53.24 Nifty Pharma 11511.85 0.94 81324
Hdfc Life Insurance Comp 582.2 0.23 1896035 1305034 52.16 Nifty Auto 8049.55 0.91 81324
Hdfc Ltd. 1808.75 -1.01 3350617 2189760 51.7 Nifty Fmcg 31316.85 0.75 81324
Tata Consumer Products l 578.5 5.21 12052262 2057266 50.89 Nifty Media 1648.7 0.01 81324
Petronet Lng Limited 239.1 -0.52 3588357 1338955 50.03 Nifty 50 11527.45 -0.07 81324
Hindustan Unilever Ltd 2139.15 -0.12 1590711 832399 49.91 Nifty Metal 2527.3 -0.55 81324
Ambuja Cements Ltd 214.6 -1.22 3292415 1899598 49.06 Nifty Energy 15734.75 -0.77 81324
Tata Consultancy Serv Lt 2299.5 1.52 4654146 1004535 48.2 Nifty Bank 23530.85 -1.44 81324
Container Corp Of India 400.6 0.88 2164331 666323 47.47 India Vix 20.5 -2.84 81324

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR:  FX Reserves, USD on 4th  September, 2020

•IN R: Bank Loan Growth on 4th  September, 2020

•USA: Nonfarm Payrolls (Aug) on 4th September, 2020

•USA: Unemployment Rate (Aug) on 4th September, 2020

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NEWS UPDATES

•TVS Motor Company has invested an additional Rs.30 crore in electric vehicle start-up Ultraviolette Automotive Pvt Ltd. The Chennai-based firm’s fresh investment is part of Ultraviolette Automotive’s latest round (Series B) of funding, TVS Motor Co said in a regulatory filing. In 2018, TVS had invested ₹6 crore in Ultraviolette Automotive.

•Tata Motors on Thursday reported a 13.38% increase in total sales at 36,472 units in August. The company had sold a total of 32,166 units in same period last year, the home-grown auto major said in a statement. Total domestic sales were up 21.6% to 35,420 units, from 29,140 units in August last year, it added.

•Finance Minister Nirmala Sitharaman told banks in a meeting on Thursday to put in place a loan restructuring scheme for rescuing all viable business units affected by the Covid-19 pandemic by September 15. “During her interaction, the Finance Minister focused on lenders immediately putting in place board-approved policy for resolution, identifying eligible borrowers and reaching out to them and quick implementation of a sustained resolution plan by lenders for revival of every viable business,” the finance ministry said in a statement.

•Tata Power on Thursday said the company’s strategic engineering division has won a contract worth Rs 490 crore from the defence ministry. In its statement, Tata Power said, “The Strategic Engineering Division (SED) of the company has signed the Pinaka 3 contract with the Ministry of Defence, Government of India.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
ADFFOODS Preferential Issue of shares 4-Sep-20 IDEA General 4-Sep-20
ALCHEM A.G.M.;General 4-Sep-20 ITC Amalgamation 4-Sep-20
BVL General 4-Sep-20 JUBILANT Quarterly Results 4-Sep-20
CANOPYFIN Quarterly Results 4-Sep-20 NATIONALUM General;Quarterly Results 4-Sep-20
COLORCHIPS A.G.M.;Quarterly Results 4-Sep-20 NLCINDIA Quarterly Results 4-Sep-20
CORALAB Quarterly Results 4-Sep-20 ORIENTALTL Quarterly Results 4-Sep-20
CSL A.G.M.;General 4-Sep-20 PODDAR Quarterly Results 4-Sep-20
DCL General 4-Sep-20 RATHIBAR A.G.M.;General 4-Sep-20
DLCL Audited Results;General 4-Sep-20 RELICAB General 4-Sep-20
ELAND Voluntary Delisting of Shares 4-Sep-20 REPCOHOME General;Quarterly Results 4-Sep-20
FRETAIL Audited Results 4-Sep-20 RTNPOWER Quarterly Results 4-Sep-20
GNRL A.G.M. 4-Sep-20 SOUTHBANK General 4-Sep-20
GOODYEAR Interim Dividend;Quarterly Results 4-Sep-20 WAGEND Quarterly Results 4-Sep-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
MANGCHEFER 4-Sep-20 Dividend – Rs. – 0.50 PANAENERG 7-Sep-20 Final Dividend – Rs. – 4.00
SHALBY 4-Sep-20 Final Dividend – Rs. – 0.50 POLYSPIN 7-Sep-20 Bonus issue 1:4
ZUARIGLOB 4-Sep-20 Dividend – Rs. – 1.00 POLYSPIN 7-Sep-20 Stock  Split From Rs.10/- to Rs.5/-
ELECTCAST 7-Sep-20 Final Dividend – Rs. – 0.30 SUBROS 7-Sep-20 Final Dividend – Rs. – 0.80
HIKAL 7-Sep-20 Final Dividend – Rs. – 0.20 TEXINFRA 7-Sep-20 Final Dividend – Rs. – 0.20
HIRECT 7-Sep-20 Final Dividend – Rs. – 0.80 GUJHOTE 8-Sep-20 Dividend – Rs. – 2.50
KKCL 7-Sep-20 Final Dividend – Rs. – 1.00 HERCULES 8-Sep-20 Dividend – Rs. – 1.80
NCC 7-Sep-20 Dividend – Rs. – 0.20 NITINSPIN 8-Sep-20 Dividend – Rs. – 0.60

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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