The Nifty had a choppy day yesterday, first moving down then moving up, then moving down deeply into the red, and then having a last hour rally that saw a gain of 100 points to close in the green. After daybefores big rally, a choppy day was only expected. Yesterdays intraday movement did not give much opportunity to traders except for a buying opportunity which came when the Nifty fell to a low of 10689. That low was immediately purchased and the market had a handsome rally from that point.
The long term trend remains up; momentum continues to be strong and suggests that significant strength exists. In a strong momentum market like this, we should be looking to buy on dips and avoid any kind of short selling.
A new setup in Nifty comes with support at 10563 and resistance at 10806. Buying is suggested if the Nifty goes above 10806. The target for the July expiry is looking at about 11050.
Bank Nifty opened at 22254.30 with a gap up of 46.35 points and made a high of 22674.50. A gap up maintained, went well and lead to index move upwards as expected in the morning from the open. We saw intraday movement on both sides where prices started falling from the open. Index moved up after making a low at 22040.35. Index moved intraday around 634.15 points. Private sector banks performed well today and closed higher. Within the index, in terms of points, Bandhan Bank and Indusind Bank performed well and contributed more than 6%. We suggested taking a trade once Bank Nifty breaks its range. Bank Nifty broke its resistance of 22500 upwards. We should continue to be long, with a stop at 22000 and target of 23500.
Intraday traders should look to buy on a dip towards 22400.
|HAVELLS||597.15||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 593-595 with a stop loss at 587 and for the target of 610|
|TATASTEEL||330.30||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 325 for the target of 338.|
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|STOCK OPTION||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|INDUSIND BANK||520 CE||BUY||44||42||38.50||47.50||OI increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|TATACHEM.Jul 30||314.2||0.98||66.27||2770000||MGL.Jul 30||1023.05||-4.7||30.78||869400|
|L&TFH.Jul 30||71.8||2.28||43.01||31497600||IGL.Jul 30||416.25||-5.97||24.23||9405000|
|SRTRANSFIN.Jul 30||726||3.97||33.58||3827200||MUTHOOTFIN.Jul 30||1108.9||-2.42||16.59||3494250|
|EQUITAS.Jul 30||59.2||10.86||31.27||17388800||KOTAKBANK.Jul 30||1361.1||-0.69||14.2||9373200|
|ESCORTS.Jul 30||1108.85||3.36||23.49||3203200||BALKRISIND.Jul 30||1310.1||-0.4||11.83||1156800|
|Short Covering||Long Unwinding|
|SAIL.Jul 30||32.9||3.3||-5.64||44821000||BHEL.Jul 30||42.5||-2.63||-14.72||55230000|
|IBULHSGFIN.Jul 30||233||0.71||-4.02||12288400||GODREJPROP.Jul 30||874.9||-2.1||-13.64||358150|
|SIEMENS.Jul 30||1173||0.82||-3.23||2534950||JINDALSTEL.Jul 30||155.8||-1.11||-4.05||17280000|
|PVR.Jul 30||1051.7||2.53||-2.46||1334400||GLENMARK.Jul 30||420||-2.78||-3.69||5218700|
|BHARATFORG.Jul 30||376.35||2.07||-1.75||6058500||MFSL.Jul 30||556||-0.79||-3.24||1706900|
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TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Total Qty||Delivery||Del %||% Change|
|Icici Prudential Life In||433.65||-0.36||1343967||2955202||70.01||Nifty it||15784.95||2.07||71952|
|Info Edge (india) Limite||2913.1||4.69||484537||166869||65.96||Nifty Bank||22628||1.93||71952|
|Hindustan Unilever Ltd||2154.15||-0.34||2013798||1249652||52.6||Nifty Media||1390||0.97||71952|
|Indraprastha Gas Limited||415.2||-5.93||9393656||1360433||52.53||Nifty Auto||7199.55||0.39||71952|
|Power Grid Corporation o||173.1||-2.75||11724247||3408108||51.68||Nifty 50||10799.65||0.33||71952|
|Max Financial Services l||559.3||-0.12||2324044||546530||48.58||Nifty Pharma||9878||-0.23||71952|
|Dabur India Ltd.||478.55||2.7||5371562||899360||47.52||Nifty Fmcg||30518.2||-0.42||71952|
|Steel Authority Of India||32.6||2.35||57543464||21934557||46.88||Nifty Realty||207.75||-0.69||71952|
|Colgate Palmolive (india||1391.8||0.65||623148||183596||46.39||Nifty Metal||2022.6||-1.73||71952|
UPCOMING ECONOMIC DATA
|•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
|•Coal India (CIL) on Tuesday said it managed to clock an average daily production of 44 per cent and average attendance of nearly 36 per cent during the three-day strike called by worker unions last week. This calculation of average is based on the average of 10 days prior to July 2 — the first day of the three-day strike.
•Unichem Laboratories on Tuesday said it has received approval from the US health regulator to market its Cyclobenzaprine Hydrochloride tablets used for relief of muscle spasm in the American market. The company has received abbreviated new drug application (ANDA) approval to market its Cyclobenzaprine Hydrochloride tablets USP 5 mg, 7.5 mg and 10 mg from the United States Food and Drug Administration (USFDA), Unichem Labs said in a filing to the BSE.
•Maruti Suzuki India Ltd (MSIL) on Tuesday said it has collaborated with Axis Bank to offer easy vehicle financing options for potential car buyers. Under the partnership, Axis Bank will offer a variety of options to customers, including 100 per cent on-road funding for salaried customers for eight years, step-up EMI scheme starting at Rs 1,250 per lakh and balloon EMI scheme with final EMI being 25 per cent of loan amount, the company said in a statement.
•The finance ministry on Tuesday said banks have sanctioned loans of about Rs. 1,14,502 crore under the Rs. 3 trillion Emergency Credit Line Guarantee Scheme (ECLGS) for MSME sector reeling under the economic slowdown caused by the COVID-19 pandemic.
Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint
|Company Name5||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|ASAL||Audited Results||8-Jul-20||PRIMECAPM||Audited Results||8-Jul-20|
|DISHTV||Audited Results||8-Jul-20||PROZONINTU||Audited Results||8-Jul-20|
|JPTSEC||Audited Results||8-Jul-20||RMCL||Audited Results||8-Jul-20|
|KLGCAP||Audited Results||8-Jul-20||RUDRA||Audited Results;General||8-Jul-20|
|KOKUYOCMLN||Audited Results;Dividend||8-Jul-20||SALORAINTL||Audited Results||8-Jul-20|
|MAL||Audited Results||8-Jul-20||SOUTHBANK||Quarterly Results||8-Jul-20|
|NAGTECH||A.G.M.;General||8-Jul-20||SWELECTES||Audited Results;Final Dividend;General||8-Jul-20|
|NGIL||Audited Results;General||8-Jul-20||VSL||General;Preferential Issue of shares||8-Jul-20|
|Company Name||Ex-Date||Purpose||Company Name||Ex-Date||Purpose|
|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||PVR||9-Jul-20||Right Issue of Equity Shares|
|MAYURUNIQ||8-Jul-20||Final Dividend – Rs. – 1.00||DRREDDY||13-Jul-20||Final Dividend – Rs. – 25.00|
|ONWARDTEC||8-Jul-20||Final Dividend – Rs. – 1.50||ELANTAS||13-Jul-20||Final Dividend – Rs. – 5.00|
|ADVENZYMES||9-Jul-20||Final Dividend – Rs. – 0.60||TATAELXSI||13-Jul-20||Final Dividend – Rs. – 16.50|
|HDFC||9-Jul-20||Dividend – Rs. – 21.00||WIREFABR||13-Jul-20||Final Dividend – Rs. – 0.10|
|HDFCAMC||9-Jul-20||Dividend – Rs. – 28.00||INFRATRUST||14-Jul-20||Income Distribution (InvIT)|
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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