outlookNIFTY:

The Nifty moved in a very narrow range throughout the day, finally closing with gains but not offering any significant intraday movement. The index opened with a gap up, then made a high of 10631, then a low of 10562 and finally closed at 10607, up 55 points. Reliance, TCS, Hind Unilever were the outperformers on Friday and significantly contributed to Nifty.  A minor trading range was visible in Nifty with resistance at 10518 and support at 10228. This trading range broke out on the upside on Thursday and has maintained the breakout on Friday as well.

The long term trend is up. This trend tell us the direction of the market. However, we should watch out for a possible correction. We should be looking to buy on dips and breakouts.

We suggest going long in the Nifty with a stop below 10550. The target for this move is 10808.

Intraday traders should buy above 10635 or sell below 10550 with the opposite levels as stop losses.

BANK NIFTY:

Bank Nifty opened at 22101.75 with a gap up of 112 points. The index traded very choppy and narrow and closed at 21851.55 with a loss of 138 points. PSU and Private Banks both have performed same today and closed lower. Within the index, in terms of points, Axis Banks contributed highest while HDFC Bank contributed lowest. The index has been trading very narrow from the last two weeks were the narrowest. These narrow trading suggests us a sharp  move is eminent and we might see it in the next week. Bank Nifty has extended its trading range. The new levels are 20900 as a support and 22500 as a resistance. We should take a breakout trade from this range.

Intraday traders should buy above 22150 or sell below 21750. Keep a stop of 300 points and target of 500 points.

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
ASIANPAINTS 1695.65 BUY The stock has corrected after a rally and made a strong base and can start an upmove. Traders should buy  between 1685-1690  with a stop at 1675 and target of  1720.
BRITANNIA 3538.35 BUY The stock has corrected after a rally and has started an up move. Traders should buy  at CMP with a stop at 3900 and target of  3980.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
DRREDDY 3900 CE BUY 153.10 CMP 140 183 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
BATAINDIA.Jul 30 1298.1 1.09 33 1992650 MOTHERSUMI.Jul 30 97.45 -6.48 23.09 46613000
IBULHSGFIN.Jul 30 226.95 0.78 29.98 17149200 LICHSGFIN.Jul 30 273.7 -3.42 22.38 7754000
BHEL.Jul 30 38.65 5.03 28.71 63084000 CADILAHC.Jul 30 364.7 -0.11 16.01 7746200
BEL.Jul 30 97.15 8.91 24.39 27367600 SRTRANSFIN.Jul 30 694.2 -0.83 9.85 2956850
BALKRISIND.Jul 30 1318.35 3.24 24.14 1102400 VOLTAS.Jul 30 559.6 -0.73 9.32 3720000
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
APOLLOHOSP.Jul 30 1380.55 1.28 -12.37 1091000 SAIL.Jul 30 30.8 -1.91 -11.81 51794000
BERGEPAINT.Jul 30 505.6 2.09 -1.37 4527600 GLENMARK.Jul 30 435.4 -0.8 -3.47 5630400
PAGEIND.Jul 30 20698.65 1.87 -0.85 112290 JUSTDIAL.Jul 30 383.35 -0.94 -3.11 1439200
GRASIM.Jul 30 629.85 1.6 -0.8 18779600 RAMCOCEM.Jul 30 641.85 -0.77 -2.17 1036150
AXISBANK.Jul 30 428.6 1.01 -0.73 64310400 EQUITAS.Jul 30 53.2 -3.27 -1.59 13201200

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Bharti Airtel Limited 581.45 4.12 20620014 7669556 56.63 Nifty it 15285.9 1.08 80076
Petronet Lng Limited 272.75 4.38 11852877 1974646 55.62 Nifty Energy 14771.05 1 80076
Dabur India Ltd. 467.05 0.43 2323284 1303648 54.99 Nifty Auto 6971.05 0.93 80076
Power Grid Corporation o 177.6 1.43 12780027 4748330 54.53 Nifty Fmcg 30529.1 0.7 80076
Hindustan Unilever Ltd 2173.7 1.02 1946326 1397165 53.97 Nifty 50 10607.35 0.53 80076
Tata Consumer Products l 396.45 1.45 3223338 1392462 53.41 Nifty Pharma 9963.4 0.2 80076
Nestleind 16695.6 -0.56 181658 77875 52.97 Nifty Media 1370.45 -0.2 80076
Ntpc Limited 94.5 1.18 15274892 7273249 50.74 Nifty Metal 2008.5 -0.42 80076
Tech Mahindra Limited 567.2 1.13 4007492 2951288 49.46 Nifty Bank 21852.4 -0.46 80076
Marico Limited 358.5 0.24 2319392 1976692 49.2 India Vix 25.77 -2.8 80076

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR:  FX Reserves, USD on 10th July, 2020

•INR:  Industrial Production (YoY) (May) on  10th July, 2020

•USA: ISM Non-Manufacturing PMI (Jun) on  6th July, 2020

•USA: PPI (MoM) (Jun) on  10th July, 2020

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NEWS UPDATES

•Indiabulls Housing Finance has reported a 37 per cent decline in pre-tax profit for the March quarter (Q4FY20), on a stand-alone basis. The fall was driven by extra provisions made on account of Covid-19. The lender reported pre-tax profit of Rs 789 crore in Q4, against Rs 1,252 crore in the same period last year. Net profit declined 20.77 per cent to Rs 693.53 crore, from Rs 875.39 crore. The lender made extra provisions of Rs 700 crore, equivalent to 1 per cent of the loan book. It has raised more than Rs 9,000 crore in the last three months via bond issuances, term loans from banks, and securitization. The amount raised in the last three months represents 12.5 per cent of total liabilities.

•India is planning to launch the Covid-19 vaccine by August 15 this year, according to the head of the Indian Council of Medical Research (ICMR), the country’s premier, state-run medical research organization. Bharat Biotech, which is developing the vaccine, said in a statement: “We are working towards a safe and efficacious solution for Covid-19 and public health. Bharat Biotech will continue to abide to all necessary quality standards and safety guidelines towards vaccine clinical development.”

•The reopening of commercial passenger flight services in a phased manner is not expected to help in recovery of domestic aviation industry in FY21, a report said. The domestic air traffic may shrink by 41-46 per cent and international travel demand by a negative 67-72 per cent year-on-year owing to the coronavirus pandemic, rating agency ICRA said on Friday. The domestic passenger flight services restarted from May 25 after a gap of two months owing to the coronavirus lockdown.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
ASIIL Audited Results 6-Jul-20 IFBAGRO Audited Results 6-Jul-20
BALTE Audited Results 6-Jul-20 IFBIND Audited Results 6-Jul-20
BCLIL Audited Results 6-Jul-20 IFINSEC Audited Results;General 6-Jul-20
BMW Audited Results 6-Jul-20 IMCAP Audited Results 6-Jul-20
BODALCHEM A.G.M.;General;Quarterly Results 6-Jul-20 INOVSYNTH Audited Results 6-Jul-20
BRIJLEAS Audited Results 6-Jul-20 NBCC Audited Results;Final Dividend 6-Jul-20
DCW Audited Results 6-Jul-20 NYSSACORP Audited Results 6-Jul-20
DYNAMIND Audited Results;Final Dividend 6-Jul-20 PVR Right Issue of Equity Shares;General 6-Jul-20
ECLERX Buy Back of Shares 6-Jul-20 RESTILE Quarterly Results 6-Jul-20
HARME General;Quarterly Results 6-Jul-20 SADBHIN Audited Results 6-Jul-20
HPCOTTON Audited Results 6-Jul-20 SUZLON Audited Results;Quarterly Results 6-Jul-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ITC 6-Jul-20 Dividend – Rs. – 10.1500 MAYURUNIQ 8-Jul-20 Final Dividend – Rs. – 1.00
JSWSTEEL 6-Jul-20 Final Dividend – Rs. – 2.00 ONWARDTEC 8-Jul-20 Final Dividend – Rs. – 1.50
MINDTREE 6-Jul-20 Final Dividend – Rs. – 10.00 ADVENZYMES 9-Jul-20 Final Dividend – Rs. – 0.60
ASMTEC 7-Jul-20 Final Dividend – Rs. – 2.50 HDFC 9-Jul-20 Dividend – Rs. – 21.00
SAGARSOFT 7-Jul-20 Dividend – Rs. – 1.50 HDFCAMC 9-Jul-20 Dividend – Rs. – 28.00
BOMDYEING 8-Jul-20 Dividend – Rs. – 0.20 LTI 9-Jul-20 Final Dividend – Rs. – 15.50
LTTS 8-Jul-20 Final Dividend – Rs. – 13.50 DRREDDY 13-Jul-20 Final Dividend – Rs. – 25.00

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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