outlookNIFTY:

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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