NIFTY:
The Nifty opened with a stunning gap, opening around 10724, up almost 100 points at the open. This gap was sustained and after a brief sideways movement, the index continued its up move, touching 10800 by midday. The zone around 10800 provided resistance and profit taking for the rest of the day. A significant resistance level of 10800 was touched rather easily, suggesting that the markets are finding it easy to go up and difficult to go down. This implies that there are buyers at every level. The Nifty finally closed at 10763 up almost 156 points. As advised yesterday, about going long on Nifty, traders should maintain this position with a stop at 10725 and for the target of 10850.
Since, the Nifty is making advances everyday we should look to buy on dips as it is a strong market and we want to stay on the right side of the market.
BANK NIFTY:
Bank Nifty opened at 22270.95 with a gap up of 419 points. The index traded very narrow yesterday in a range of just 228 points. Within this range, prices have seen wild intraday swings and finally closed at 22198.95 with a gain of 356 points. Private banks have performed well today and closed higher by 1.57%. Within the index, in terms of points, HDFC Bank contributed highest while Bank of Baroda contributed lowest. Bank Nifty remained inside its range of 20900-22500. The index traded very narrow, these narrow movements will eventually lead to a sharp move in either direction. Private Banks are outperforming the PSU Banks, investors should look for large Private Banks.
Intraday traders should buy above 22400 or sell below 22100. Keeping a stop of 300 points and target of 500 points.
TECHNICAL PICKS
| COMPANY . | CMP | B/S | RATIONALE |
| REC LTD | 111.60 | BUY | The stock has been consolidating in a narrow range for a few days and has given an upwards breakout. The stock can be bought at CMP with a stop loss at 109.10 for the target of 114 |
| CUMMINS | 431.50 | BUY | The stock has been consolidating in a narrow range for a few days and has given an upwards breakout. The stock can be bought between 422-425 with a stop loss at 413 for the target of 450 |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| ASIAN PAINTS | 1720 CE | BUY | 57 | 54 | 47 | 68 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| CUMMINSIND.Jul 30 | 434 | 5.37 | 22.7 | 1868400 | EQUITAS.Jul 30 | 53.4 | -0.09 | 9.26 | 13718000 | |
| SRF.Jul 30 | 3892 | 6.65 | 21.18 | 635000 | IGL.Jul 30 | 442.8 | -1.28 | 8.54 | 7706875 | |
| CENTURYTEX.Jul 30 | 322 | 5.02 | 20.41 | 2808400 | GODREJCP.Jul 30 | 711.1 | -0.99 | 8.29 | 7977000 | |
| BEL.Jul 30 | 101.35 | 4.32 | 18.48 | 26995200 | CADILAHC.Jul 30 | 363.05 | -0.93 | 7.23 | 6850800 | |
| NCC.Jul 30 | 32.3 | 5.9 | 15.51 | 22995000 | SRTRANSFIN.Jul 30 | 695.6 | -0.16 | 6.73 | 3091400 | |
| Short Covering | Long Unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| SAIL.Jul 30 | 31.85 | 3.24 | -4.58 | 48640000 | IBULHSGFIN.Jul 30 | 227.9 | -1.24 | -20.41 | 12886700 | |
| MINDTREE.Jul 30 | 958.5 | 2.19 | -3.81 | 1816000 | IDEA.Jul 30 | 9.8 | -2.97 | -6.25 | 325360000 | |
| ESCORTS.Jul 30 | 1071.9 | 0.83 | -3.56 | 2679600 | GODREJPROP.Jul 30 | 897.05 | -0.09 | -4.99 | 421200 | |
| TATASTEEL.Jul 30 | 336.7 | 3.98 | -3.43 | 16539300 | BALKRISIND.Jul 30 | 1314 | -0.27 | -3.51 | 1055200 | |
| MOTHERSUMI.Jul 30 | 99.5 | 1.69 | -3.29 | 31269000 | MUTHOOTFIN.Jul 30 | 1136.5 | -1.17 | -3.35 | 3138750 | |
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TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Nestleind | 16802 | 0.64 | 98338 | 117004 | 64.41 | Nifty Realty | 209.2 | 3 | 82185 | |
| Power Grid Corporation o | 178 | 0.23 | 6595019 | 7234124 | 56.6 | Nifty Auto | 7171.75 | 2.88 | 82185 | |
| Dabur India Ltd. | 465.95 | -0.24 | 1892745 | 1267714 | 54.57 | Nifty Metal | 2058.15 | 2.47 | 82185 | |
| Colgate Palmolive (india | 1382.75 | 0.01 | 395738 | 269951 | 53.52 | Nifty Bank | 22198.95 | 1.59 | 82185 | |
| The Ramco Cements | 656.2 | 2.43 | 1055314 | 316648 | 52.9 | Nifty Energy | 14997.85 | 1.54 | 82185 | |
| Itc Ltd. | 199.8 | -3.73 | 34710608 | 18355448 | 48.44 | Nifty 50 | 10763.65 | 1.47 | 82185 | |
| Tech Mahindra Limited | 581.55 | 2.53 | 4909648 | 1926059 | 48.06 | Nifty it | 15464.95 | 1.17 | 82185 | |
| Oil & Natural Gas Corp | 83.75 | 1.64 | 17511379 | 7815221 | 46.54 | Nifty Media | 1376.6 | 0.45 | 82185 | |
| Nmdc Limited | 85 | 2.97 | 6147325 | 1974218 | 43.79 | Nifty Pharma | 9901.25 | -0.62 | 82185 | |
| Infosys Limited | 764 | 0.17 | 8811009 | 3290825 | 42.21 | India Vix | 25.2 | -2.22 | 82185 | |
UPCOMING ECONOMIC DATA
| Domestic International | |
| •INR: FX Reserves, USD on 10th July, 2020
•INR: Industrial Production (YoY) (May) on 10th July, 2020 |
•USA: JOLTs Job Openings (Apr) on 9th June, 2020
•USA: PPI (MoM) (Jun) on 10th July, 2020 |
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NEWS UPDATES
| •GlaxoSmithKline Plc and Sanofi, partners developing a potential coronavirus vaccine, are discussing a 500 million pound ($620 million) deal to supply the U.K. government with the shot, assuming it’s successful, said a person familiar with the matter. The companies plan to supply Britain with 60 million doses of the vaccine, which is under development.
•RPG group company CEAT Tyres on Monday announced its foray into the personal protective equipment (PPE) segment with the launch of anti-pollution S95 mask, GoSafe, amid an increasing number of COVID-19 cases in the country. The six-layered washable and reusable mask, priced at Rs 249 per unit, are available across its exclusive branded stores ‘CEAT Shoppe’ and also on various e-commerce websites, the company said in a release. •Dr Reddy’s Laboratories expects its overall performance to be “quite volatile” in the current fiscal with uncertainties related to Covid-19 set to increase during the period, the company said in its Annual Report for 2019-20. Sharing information with the company’s shareholders, the drug major said overall, there was no major impact of the pandemic during the last fiscal, including the fourth quarter. •eClerx Services on Monday said its board has approved a buyback programme worth up to Rs 109.5 crore. The board of directors of the company approved the buyback of company’s equity shares for an aggregate amount not exceeding Rs 1,095 million at a buy back price not exceeding Rs 550 per equity share. Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name5 | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| ADSDIAG | General;Quarterly Results | 7-Jul-20 | INDIANACRY | Quarterly Results | 7-Jul-20 |
| AGIOPAPER | Audited Results | 7-Jul-20 | ISTLTD | Audited Results | 7-Jul-20 |
| AINFRA | Final Dividend;Quarterly Results | 7-Jul-20 | JSHL | General | 7-Jul-20 |
| BAZELINTER | Audited Results | 7-Jul-20 | KFL | General | 7-Jul-20 |
| BESTAGRO | Final Dividend;General | 7-Jul-20 | KGPETRO | Audited Results | 7-Jul-20 |
| BESTEAST | Audited Results;General | 7-Jul-20 | MTPL | Audited Results;Quarterly Results | 7-Jul-20 |
| BHANDERI | Audited Results | 7-Jul-20 | OMANSH | Audited Results | 7-Jul-20 |
| GBGLOBAL | Audited Results | 7-Jul-20 | PAOS | Audited Results;Quarterly Results | 7-Jul-20 |
| GKB | Audited Results | 7-Jul-20 | PIIND | General | 7-Jul-20 |
| GUJCRAFT | Audited Results;Quarterly Results | 7-Jul-20 | POLYMAC | Audited Results;Dividend | 7-Jul-20 |
| IMCAP | Audited Results | 7-Jul-20 | RENUKA | Audited Results | 7-Jul-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| 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 |
| MAYURUNIQ | 8-Jul-20 | Final Dividend – Rs. – 1.00 | ELANTAS | 13-Jul-20 | Final Dividend – Rs. – 5.00 |
| ONWARDTEC | 8-Jul-20 | Final Dividend – Rs. – 1.50 | TATAELXSI | 13-Jul-20 | Final Dividend – Rs. – 16.50 |
| ADVENZYMES | 9-Jul-20 | Final Dividend – Rs. – 0.60 | WIREFABR | 13-Jul-20 | Final Dividend – Rs. – 0.10 |
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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