The Nifty opened at 13177.40 with a gap up of 44 points. The index rallied more than 50 points after opening higher. Around 11:15 AM prices began to fall and saw a decline of more than 75 points to make its intraday low at 13152.85. However prices have bounced back from that low, rallied more than 120 points after 1:00PM, and closed near its intraday high at 13258.55 up by 124.65 points. All the sectoral indices have closed with gains led by Banks and FMCG
We had suggested taking an opening range breakout trade only on the long side. The suggestion was to buy the Nifty above the high of the first 15 minutes and keep a profit target of 50 points. The high for the Nifty was 13195. We expect traders to have gone long at this rate. The target for this trade was at 13245. That target was met between 10:30 AM to 11AM when the Nifty made a high of 13248.
The Bank Nifty and Nifty however have not looked back from the early morning rally that they started. Both indices closed at the highs of the day.
After the sensational rally that we have seen on Friday, we should wait for a correction to go long.
Bank Nifty opened at 29573.40 with a gap up of 89 points. Prices have rallied further but saw a sharp correction in the afternoon. However prices again rallied with more paces and finally closed at 30052.40 with a gain of 654 points. PSU and Private banks both have performed well and closed higher by 1.49% and 2% respectively. Within the index in terms of points, ICICI Banks contributed the highest while PNB contributed lowest.
We had suggested taking a trade in the direction of a breakout after the RBI Policy announcement. The Policy was announced around 12:00 PM and after that prices have seen a breakout above 29900 in the last hour of trading. Hence we have taken a long position there. A breakout from this narrow range suggests uptrend is intact and we may see further upmove.
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|MINDTREE||1437.95||BUY||The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1415 and for the target 1480.|
|BIOCON||442.65||BUY||The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 435 and for the target 450-458|
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|STOCK OPTION||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|MARICO||395 CE||BUY||12.65||CMP||9||17||OI increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|CANBK.Dec 31||110.95||0.36||30.84||40640000||ACC.Dec 31||1675.4||-2.79||24.42||2797000|
|BANKNIFTY.Dec 31||30190.95||2.2||10.02||1758025||AMBUJACEM.Dec 31||253.7||-3.46||19.4||17562000|
|MOTHERSUMI.Dec 31||159.35||1.4||7.98||25767000||TORNTPOWER.Dec 31||323.95||-0.8||15.22||4611000|
|GLENMARK.Dec 31||506.5||3.17||7.02||5368200||SUNTV.Dec 31||447.05||-0.04||13.01||10087500|
|BHARATFORG.Dec 31||554.2||2.13||6.04||5974500||L&TFH.Dec 31||87.65||-1.46||9.02||27859600|
|Short Covering||Long Unwinding|
|PFC.Dec 31||115.85||0.96||-13.25||27125000||LICHSGFIN.Dec 31||350.1||-1.68||-14.71||11514000|
|RECLTD.Dec 31||127.6||0.71||-11.41||20358000||MINDTREE.Dec 31||1447.45||-0.02||-4.85||1318400|
|RBLBANK.Dec 31||237.2||2.15||-11.26||16192800||MUTHOOTFIN.Dec 31||1177.25||-0.77||-4.6||5129250|
|ONGC.Dec 31||90.1||1.35||-10.23||39062100||PEL.Dec 31||1472.65||-1.9||-3.99||3339050|
|IOC.Dec 31||90.8||0.33||-6.99||47617800||MGL.Dec 31||1043.95||-0.37||-3.67||1227000|
TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Total Qty||Delivery||Del %||% Change|
|Hindustan Unilever Ltd||2184.2||2.65||3712143||2252032||64.92||Nifty Bank||30052.4||2.05||24038731|
|Infosys Limited||1134.65||0.73||10564055||10480192||64.64||Nifty Fmcg||32356.75||1.4||831249|
|Icici Lombard General In||1450.25||-2.15||938899||774568||64.44||Nifty Pharma||12353.6||1.2||58375975|
|Hdfc Ltd.||2245.9||-0.36||3245440||2687193||59.34||Nifty Realty||283.4||1.14||2147483500|
|Petronet Lng Limited||262.05||2.34||10639543||3266980||58.6||Nifty Metal||3161.35||1.13||227535337|
|Hcl Technologies Ltd.||858.5||-0.43||5577388||5415957||56.22||Nifty 50||13258.55||0.95||54381085|
|Tata Consultancy Serv Lt||2727.55||0.67||2686527||1596838||55.98||Nifty Auto||9302.2||0.62||77225739|
|United Spirits Limited||579.6||1.44||2086026||1231283||55.09||Nifty it||22309.8||0.48||1553435|
|Larsen & Toubro Limited||1149.5||2.16||6542918||2177966||53.28||Nifty Media||1583.5||0.1||451478020|
|Tata Consumer Products l||563.5||2.38||4170295||2049324||53.1||Nifty Energy||16923.55||-0.1||2611592|
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UPCOMING ECONOMIC DATA
|INR: CPI Y-o-Y on 11th December, 2020
INR: Cumulative Industrial production(oct) on 11th December, 2020
|•USD: EIA short term energy outlook on 7th December ,2020
•USD: Non-Farm productivity Q3(Q-o-Q) 7th December,2020
|•RBI Raises Contactless Card Payment, UPI Auto Pay Limits To Rs 5,000 From Jan. 1.
•Irreversible Consumer Trends To Help Sustain Amul’s Pandemic Gains. Gujarat Cooperative Milk Marketing Federation Ltd., which markets dairy products under the Amul brand, has increased its market share in butter, cheese, paneer, ghee, milk, curd, buttermilk and even ice creams and chocolates, the managing director told BloombergQuint’s Menaka Doshi in an interview.
•India’s Monetary Policy Committee kept its benchmark policy rate unchanged at 4% as inflation remained above its target even though the economy continued to contract
•The central bank that controls the reverse repo rate separately decided to keep it unchanged at 3.35%. The committee, which has cut rates by 115 basis points since the Covid-19 crisis hit in March, has kept
•The recommendation to allow entry of large corporate and industrial houses into banking was an independent proposal of the Reserve Bank of India’s internal working group, and should not be construed as the central bank’s point of view on the issue, according to Governor Shaktikanta Das.
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|ASHNOOR||Increase in Authorised Capital||05-Dec-20||JAINMARMO||A.G.M.;General||05-Dec-20|
|Company Name||Ex-Date||Purpose||Company Name||Ex-Date||Purpose|
|KSE||07-Dec-20||Final Dividend – Rs. – 20.0000||MANAS||11-Dec-20||E.G.M.|
|MULTIIN||08-Dec-20||Final Dividend – Rs. – 0.2000||ZSWASTSA||11-Dec-20||Dividend – Rs. – 1.0000|
|RVNL||08-Dec-20||Dividend – Rs. – 1.1400||RESPONIND||16-Dec-20||Final Dividend – Rs. – 0.0700|
|HATSUN||09-Dec-20||Bonus issue 1:3||SHRISTI||16-Dec-20||Dividend – Rs. – 0.2500|
|ICSL||09-Dec-20||E.G.M.||TRESCON||16-Dec-20||Dividend – Rs. – 0.0500|
|GARFIBRES||10-Dec-20||Buy Back of Shares||EASTWEST||17-Dec-20||Dividend – Rs. – 0.0500|
|LEX||10-Dec-20||E.G.M.||JAICORPLTD||18-Dec-20||Dividend – Rs. – 0.5000|
|RUSHIL||10-Dec-20||Final Dividend – Rs. – 0.5000||VRL||18-Dec-20||Dividend – Rs. – 1.5000|
|SBTL||10-Dec-20||Reduction of Capital||ANANTRAJ||22-Dec-20||Dividend – Rs. – 0.0800|
|SHAHLON||10-Dec-20||Dividend – Rs. – 0.2500||BAMBINO||22-Dec-20||Dividend – Rs. – 1.6000|
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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