outlookNIFTY:

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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