NIFTY:
The Nifty opened lower, then went to a high of 10123, but did not sustain those levels. There was a decline from the early morning high, all the way down to 9944, which means almost 180 points fell intraday. The last hour rally saw the Nifty regain most of its losses and close at 10029, down 32 points, 0.32%. The Nifty maintained its head above water thanks mainly to heavy weight Bharti Airtel, which was up 5.73% on the news that Amazon is buying a stake in the company.
A large trading range is now under development in the Nifty. There is support for this trading range at 9568 and resistance at 10093. A move out of these boundaries should be a tradable opportunity. If the Nifty does go above 10093, we need to have confirmation for atleast a day before taking a trade. A bigger message that this range gives, is the possibility that the Nifty may slide towards its support level of 9568.
A smaller trading range is also evident in Nifty. Buy above 10136 and sell below 9885. Your stops should be about 100 points from your entry price. The downside target is 9632 and upside is 10388.
BANK NIFTY:
Bank Nifty opened at 20932.35 without much of a gap. The index has seen a down move for the whole day and closed at 20379.35 with a loss of 539 points. PSU Banks have outperformed today and closed higher by more than 1%. Within the index, in terms of points, PNB contributed highest while HDFC Bank the lowest. Bank Nifty today closed lower after 7 trading days of higher closing. A visible resistance is around 21000, another lower closing below 21000 maybe able to confirm this resistance.
We should look to sell below 20300 with a stop above 20600 and a target around 19900.
TECHNICAL PICKS
| COMPANY . | CMP | B/S | RATIONALE |
| HCLTECH | 578.95 | BUY | The stock has given the breakout with volume on the intraday as well as on the daily chart. The stock can be bought at 575.95 with a stop loss of 564.50 and for the target of 595. |
| SRF | 3798.05 | BUY | The stock has given the breakout with volume on the intraday as well as on the daily chart. The stock can be bought at 3798.05 with a stop loss of 3714 and for the target of 3925. |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| BHARTI AIRTEL | 570 CE | BUY | 32 | CMP | 23 | 45-48 | OI Increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| TATAPOWER.Jun 25 | 42.7 | 2.52 | 33.15 | 64026000 | BATAINDIA.Jun 25 | 1393.25 | -1.19 | 29.29 | 2092750 | |
| NIFTYIT.Jun 25 | 14589 | 1.67 | 30.43 | 1500 | ASHOKLEY.Jun 25 | 46.15 | -1.7 | 24.62 | 70672000 | |
| MGL.Jun 25 | 1026.5 | 1.13 | 25.92 | 2078400 | CHOLAFIN.Jun 25 | 141.9 | -9.3 | 21.27 | 7055000 | |
| AMARAJABAT.Jun 25 | 663.5 | 1.97 | 22.97 | 1700000 | LICHSGFIN.Jun 25 | 244.5 | -4.16 | 18.02 | 9656400 | |
| JINDALSTEL.Jun 25 | 138.15 | 8.14 | 21.72 | 18945000 | APOLLOTYRE.Jun 25 | 103.35 | -3.14 | 15.31 | 10416000 | |
| Short Covering | Long unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| TATACHEM.Jun 25 | 305 | 0.46 | -5.85 | 1882800 | ASIANPAINT.Jun 25 | 1639.75 | -4.42 | -2.89 | 5682300 | |
| BIOCON.Jun 25 | 393.4 | 2.61 | -1.77 | 14138100 | GODREJPROP.Jun 25 | 791.95 | -3.76 | -2.82 | 448500 | |
| ESCORTS.Jun 25 | 975.45 | 0.94 | -1.51 | 2587200 | MUTHOOTFIN.Jun 25 | 914.8 | -0.58 | -1.84 | 1482750 | |
| CADILAHC.Jun 25 | 364.1 | 2.94 | -1.24 | 7026800 | FEDERALBNK.Jun 25 | 45.9 | -2.86 | -1.71 | 60032000 | |
| BALKRISIND.Jun 25 | 1129 | 0.01 | -1.12 | 1199200 | ADANIENT.Jun 25 | 148.45 | -1.36 | -1.15 | 17844000 | |
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Top Delivery Percentage
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| ICICI PRUDENTIAL LIFE IN | 382.65 | -0.61 | 4448808 | 7012364 | 65.91 | Nifty Media | 1319.45 | 4.12 | 78597 | |
| Petronet LNG Limited | 254.3 | 0.53 | 2867206 | 2652463 | 63.95 | Nifty Pharma | 10077.85 | 2.17 | 78600 | |
| NTPC Limited | 95.15 | 0.48 | 12827335 | 14340162 | 61.8 | Nifty IT | 14627.45 | 1.85 | 78597 | |
| HDFC Ltd. | 1764.3 | -3.89 | 7617538 | 5561104 | 58.6 | Nifty Energy | 13704.6 | 1.37 | 78600 | |
| Infosys Limited | 707.75 | 0.88 | 10783594 | 6410775 | 56.34 | Nifty Metal | 1972.9 | 1.03 | 78597 | |
| Bharti Airtel Limited | 572.45 | 3.77 | 29454952 | 15784518 | 53.99 | Nifty FMCG | 29621.55 | 0.32 | 78600 | |
| GMR Infrastructure Limit | 19.45 | -1.27 | 7341199 | 7667434 | 53.05 | Nifty Auto | 6511.35 | 0.2 | 78597 | |
| TATA CONSULTANCY SERV LT | 2091.55 | 2.22 | 4048593 | 1958989 | 52.95 | Nifty 50 | 10029.1 | -0.32 | 78597 | |
| TATA CONSUMER PRODUCTS | 381.5 | 4.05 | 4535656 | 2087407 | 51.83 | INDIA VIX | 29.69 | -1.17 | 78597 | |
| UPL LIMITED | 422.05 | 0.7 | 5729522 | 3625237 | 50.33 | Nifty Bank | 20390.45 | -2.63 | 78597 | |
Upcoming Economic Data
| Domestic International | |
| •INR: Bank Loan Growth on 5th June, 2020
•INR: Deposit Growth on 5th June, 2020 |
•USA: Unemployment Rate (May) on 5th June, 2020 |
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News Updates
| •State Bank of India (SBI) on Thursday said that its board will meet on June 11 to consider raising funds in single or multiple tranches of up to $1.5 billion. India’s biggest lender said it will raise the funds in FY21 through a public offer, a private placement of senior secured notes in the US dollar or any other convertible currency.
•Bharti Airtel has said that it continuously looks for opportunities to engage with all OTT and digital players as partners, but has “no other activity to report”. The telco was reacting to an agency report that US ecommerce major Amazon was in early stage talks to invest at least $2 billion in Bharti Airtel, which would roughly mean 5% at the telco’s current market cap. •Investment in Indian construction industry is likely to witness a 12-16 per cent decline to nearly Rs 7.3 lakh crore during the current fiscal year, as COVID-19 pandemic has severely impacted the economy and liquidity scenario, Crisil said. •Net profit of SRF declined 2.69% to Rs 185.75 crore in the quarter ended March 2020 as against Rs 190.89 crore during the previous quarter ended March 2019. Sales declined 4.21% to Rs 1820.28 crore in the quarter ended March 2020 as against Rs 1900.23 crore during the previous quarter ended March 2019.For the full year,net profit rose 58.83% to Rs 1019.09 crore in the year ended March 2020 as against Rs 641.63 crore during the previous year ended March 2019. Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name5 | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| ABCAPITAL | Audited Results | 5-Jun-20 | LT | Audited Results;Dividend | 5-Jun-20 |
| ADITYA | General | 5-Jun-20 | POLYMED | Audited Results;Final Dividend;General | 5-Jun-20 |
| ALKEM | Audited Results;Final Dividend | 5-Jun-20 | RELTD | Audited Results | 5-Jun-20 |
| EXIDEIND | Audited Results | 5-Jun-20 | SBIN | Audited Results | 5-Jun-20 |
| GUJGAS | Audited Results;Dividend | 5-Jun-20 | SNOWMAN | Audited Results | 5-Jun-20 |
| HEALINV | Audited Results | 5-Jun-20 | SUMICHEM | Audited Results;Final Dividend | 5-Jun-20 |
| INFIBEAM | Audited Results | 5-Jun-20 | SUVEN | Audited Results | 5-Jun-20 |
| IRBINVIT | Audited Results | 5-Jun-20 | TIMKEN | Audited Results;Final Dividend | 5-Jun-20 |
| JYOTHYLAB | Audited Results | 5-Jun-20 | UNIJOLL | Audited Results | 5-Jun-20 |
| KIRLOSBROS | Audited Results;Dividend | 5-Jun-20 | VIJSOLX | General | 5-Jun-20 |
Corporate Action
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| GESHIP | 9-Jun-20 | Interim Dividend – Rs. – 2.70 | WELENT | 11-Jun-20 | Final Dividend – Rs. – 2.00 |
| TANLA | 9-Jun-20 | Buy Back of Shares | KANSAINER | 12-Jun-20 | Dividend – Rs. – 3.1500 |
| IRBINVIT | 10-Jun-20 | Income Distribution (InvIT) | MAXINDIA | 12-Jun-20 | Amalgamation |
| ESABINDIA | 11-Jun-20 | Interim Dividend – Rs. – 70.00 | MAXINDIA | 12-Jun-20 | Spin Off |
| NESTLEIND | 11-Jun-20 | Final Dividend – Rs. – 61.00 | TATACOFFEE | 12-Jun-20 | Dividend – Rs. – 1.50 |
| PAPERPROD | 11-Jun-20 | Final Dividend – Rs. – 3.00 | AVANTEL | 17-Jun-20 | Final Dividend – Rs. – 2.00 |
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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