outlookNIFTY:

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:

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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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
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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DERIVATIVE PICKS

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
Sector Price Price% OI% OI Sector Price Price% OI% OI
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
Sectors Price Change % Quantity
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

   Domestic                                                                                                                                                  International
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

NEWS UPDATES

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

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BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
ALFAVIO A.G.M.;General 05-Dec-20 ICLORGANIC A.G.M.;General 05-Dec-20
AREYDRG General 05-Dec-20 INNOVTEC A.G.M.;General 05-Dec-20
ASHNOOR Increase in Authorised Capital 05-Dec-20 JAINMARMO A.G.M.;General 05-Dec-20
CEENIK A.G.M.;General 05-Dec-20 JAUSPOL A.G.M.;General 05-Dec-20
CESL Audited Results 05-Dec-20 JAYIND General 05-Dec-20
CHDCHEM A.G.M.;General 05-Dec-20 KANELIND A.G.M.;General 05-Dec-20
CMBL A.G.M.;General 05-Dec-20 KSERASERA A.G.M.;General 05-Dec-20
COVIDH A.G.M.;General 05-Dec-20 MAHAVIRIND A.G.M.;General 05-Dec-20
CRANESSOFT A.G.M.;General 05-Dec-20 MANRAJH A.G.M.;General 05-Dec-20
DARSHANORNA A.G.M.;General 05-Dec-20 MARG General 05-Dec-20
GVBL A.G.M.;General 05-Dec-20 MARGPROIN General 05-Dec-20

CORPORATE ACTION

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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