outlookNIFTY:

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:

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.

TECHNICAL PICKS

COMPANY  . CMP B/S RATIONALE
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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DERIVATIVE PICKS

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
Sector Price Price% OI% OI Sector Price Price% OI% OI
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
Sectors Price Change % Quantity
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
Nestleind 16912.4 0.66 141327 48162 48.98 India Vix 25.18 -0.09 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

   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

•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

BOARD MEETINGS

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
ICICIBANK General 8-Jul-20 REGAL 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
LANDMARC General 8-Jul-20 SKYIND 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
PRECISION Quarterly Results 8-Jul-20 YASHRAJC A.G.M.;General 8-Jul-20

CORPORATE ACTION

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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