The Nifty opened at 14104.35 with a gap up of 86 points. Initially, prices went down, filled the gap, and recorded its intraday low at 13953.75. After a decline of almost 150 points, around 11:00 AM, prices have begun to rise. The index rallied almost 200 points from its intraday lows. The index recorded its intraday high of 14147.95 and finally settled near to this high at 14132.90 up by 114.40 points. All the sectoral indices have closed with gains except banks.
We were long in the index from 14030 with a stop just below 13970 and target around 14170. The index opened in our favour with a gap up, but suddenly fell down. Unfortunately, that sharp decline hit the stop loss an we closed the trade with a loss of 60 points.
For today, we should get into a long position again. The idea is to buy above the first 15 minutes high with a stop of its 15 minutes low. Keep a modest target of 110 points. Incase of a gap up of more than 80 points, avoid this trade.
We had mentioned yesterday that a sharp move is about to come. The index traded in a large range and moved very volatile. This large and volatile movement is likely to continue for the next few days.
Bank Nifty opened at 31458.15 with a gap up of 274 points. Prices did not hold the gains and saw a sharp intraday decline. Around 11:00 AM the index started moving higher and finally closed at 31212.
PSU Banks have significantly outperformed and closed higher by 1/11% while Private Banks have closed lower just by 0.9%. Within the index, in terms of points, ICICI Bank contributed highest while Kotak Bank the lowest.
Last Thursday and Friday were narrow range days and we were expecting a large range day. The trend is still up and we should look to buy above the resistance of 31500 or on dips.
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|RELIANCE||1990.85||BUY||The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1973 and for the target 2020.|
|LICHSGFIN||381.70||BUY||The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 375 and for the target 395.|
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|STOCK OPTION||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|CIPLA||830 CE||BUY||33.20||CMP||27||41||OI increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|PNB.21.01 Jan||35.9||2.57||29.78||120544000||HEROMOTOCO.21.01 Jan||3052.1||-1.68||14.77||3928200|
|AMARAJABAT.21.01 Jan||966.5||4.4||27.33||1733000||BANDHANBNK.21.01 Jan||398.15||-0.7||13.95||13086000|
|CHOLAFIN.21.01 Jan||438.45||6.36||18.84||6070000||ZEEL.21.01 Jan||220.4||-2.48||13.51||32358000|
|RBLBANK.21.01 Jan||239.2||3.3||15.72||17739300||NTPC.21.01 Jan||99.35||-0.25||11.56||55939800|
|GAIL.21.01 Jan||128.7||3.87||14.83||30554900||BRITANNIA.21.01 Jan||3584||-0.15||9.24||2571400|
|Short Covering||Long Unwinding|
|Stocks||Price||Price%||OI%||OI||Stocks||Price||Price %||OI %||OI|
|APOLLOTYRE.21.01 Jan||188.75||4.31||-5.97||9535000||IBULHSGFIN.21.01 Jan||221.6||-0.67||-3.74||30556700|
|ESCORTS.21.01 Jan||1318.5||1.78||-4.91||3463900||JUBLFOOD.21.01 Jan||2766.45||-1.25||-0.6||1407500|
TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Total Qty||Delivery||Del %||% Change|
|Max Financial Services l||689.3||-0.24||1100430||96424||42.87||Nifty Metal||3424.6||5.09||85917|
|Hindustan Petroleum Corp||222.75||0.68||6574551||2350220||42.82||Nifty it||25110.05||2.67||85917|
|Britannia Ind Ltd.||3552.9||-0.42||698402||4313534||41.76||Nifty Auto||9417.95||1.57||85917|
|Power Finance Corporatio||118.55||3.04||5623411||6344868||41.08||Nifty Energy||17176.15||1.18||85917|
|Nmdc Limited||122.4||5.2||20098842||635255||40.52||Nifty Pharma||13149.8||1.14||85917|
|Icici Lombard General In||1549.45||1.99||586835||7277601||37.51||Nifty Media||1675.6||1||85917|
|Mahanagar Gas Limited||1083.35||2.21||617427||1642145||37.49||Nifty 50||14132.9||0.82||85917|
|Petronet Lng Limited||252.45||1.04||4925674||923575||36.92||Nifty Fmcg||34619.7||0.66||85917|
|Idfc First Bank Limited||38.6||3.21||48722834||3974062||36.5||Nifty Realty||317.45||0.33||85917|
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UPCOMING ECONOMIC DATA
|INR: Nikkei Services PMI (Dec) USD on 6th January, 2021
INR: Industrial Production (YoY) (Nov) on 10th January, 2021
|•USD : ISM Non-Manufacturing PMI (Dec) on 7th January, 2021
•USD : Trade Balance (Nov) on 7th January, 2021
|•Marico’s India business grew in double digits by volume and revenue in the quarter ended December. According to its fling: Parachute coconut oil delivered growth ahead of its medium-term aspiration. Saffola edible oils delivered double-digit volume growth. Value-added hair oils also witnessed a double-digit volume growth. Foods portfolio continued to see exponential growth. As key raw material prices rose during the quarter, Marico cut back some promotions and increased prices of Parachute and Saffola portfolios.
•L&T Hydrocarbon Engineering (LTHE) on Monday said it has bagged an over to ₹7,000 crore order from HPCL Rajasthan Refinery Ltd (HRRL), a joint venture between Hindustan Petroleum Corporation (HPCL) and Government of Rajasthan, for setting up a dual feed cracker unit.
•Tata Motors on Monday announced its partnership with Karnataka Bank to facilitate retail finance solutions for its customers to boost sales. Under this collaboration, customers can avail up to 85 per cent loans on the on-road pricing of a Tata Motors vehicle with an interest rate linked to External Benchmark Lending Rate (EBLR), which will be updated on the bank’s website periodically, Tata Motors said in a release.
•Jindal Steel and Power Ltd (JSPL) on Monday posted a record 30 per cent jump in its standalone production and 25 per cent growth in sales during December 2020. The company’s total production from its plants in India was at 7.27 lakh tonne (LT) in December, up from 5.59 LT during the same month in 2019.
Source: Economic Times, Moneycontrol ,Business Today, Livemint, Business Standard, Bloomberg Quint
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|BETALA||Quarterly Results||05-Jan-21||SUPREMEINF||Audited Results;Quarterly Results||06-Jan-21|
|ARCHIDPLY||Buy Back of Shares||06-Jan-21||JYOTISTRUC||General||07-Jan-21|
|BALUFORGE||Quarterly Results||06-Jan-21||OSWALOR||Increase in Authorised Capital;General||07-Jan-21|
|RAYALEMA||Issue Of Warrants||06-Jan-21||UTTAMSUGAR||Quarterly Results||07-Jan-21|
|RUBFILA||Preferential Issue of shares||06-Jan-21||ALPHA||Quarterly Results||08-Jan-21|
|SPELS||Quarterly Results||06-Jan-21||LAMBODHARA||Preferential Issue of shares||08-Jan-21|
|Company Name||Ex-Date||Purpose||Company Name||Ex-Date||Purpose|
|ABANSENT||05-Jan-21||Interim Dividend – Rs. – 0.1000||REFEX||11-Jan-21||Interim Dividend – Rs. – 1.0000|
|GDL||05-Jan-21||Interim Dividend – Rs. – 2.0000||INDTONER||14-Jan-21||Buy Back of Shares|
|STEELXIND||07-Jan-21||E.G.M.||SVPGLOB||14-Jan-21||Stock Split From Rs.10/- to Rs.1/-|
|RITES||08-Jan-21||Interim Dividend – Rs. – 5.0000||HCLTECH||21-Jan-21||Interim Dividend|
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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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