outlook-2020-05-08

 

NIFTY:

Markets today were actually nothing. There was a trading range that was developed early in the morning  in the first 15 minutes. The NIFTY remained inside this early 15 minute range, throughout the day. This is remarkable, a rather rare occurrence. The NIFTY did push above the height of the first 15 minutes, twice but immediately retreated. The range was approximately 9180 on the downside and 9230 on the upside. This was the actual range within which the NIFTY was trading, although it did move to 9250 and also touched 9150 early in the day.

Moving inside a very narrow range gives us a sense that the markets are confused and undecided on their next course of action. Now, sooner or later, markets will decide to move in any one direction- up or down. We would recommend observing the initial 15 minutes or 30 minutes of trading tomorrow. A breakout above the high of this timeframe would be a buying opportunity, and a break down below the low would be a selling opportunity.

VIEW:

Buy above first 15 minutes high or sell below first 15 minutes low.

TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
      ICICIBANK 336.75 BUY The intermediate and short-term trends are sideways in ICICIBANK. Prices are now consolidating inside a range and trading at support.  Should buy above 341 with a stop loss of 334 and a target around 355.
      INDIGO 914.55 SELL The immediate trend of the stock is weak .  The stock can be sold  at CMP with a stop loss of  940 and for the target of  866.

 

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
RELIANCE 1500 CE BUY 80 CMP 60 125 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ESCORTS.May 28 747.6 4.2 30.2 2328700 HINDUNILVR.May 28 1990 -1.03 82.16 26779200
M&M.May 28 401 3.32 11.69 15660000 ASIANPAINT.May 28 1603 -0.7 22.11 6009000
JINDALSTEL.May 28 91.75 2 10.84 14725000 NIFTY.May 28 9210.4 -0.76 17.37 9179100
INFRATEL.May 28 172.4 6.68 8.13 9232000 TATACHEM.May 28 283.6 -1.78 17.23 1592100
TATACONSUM.May 28 344 2.38 8.11 9428400 UBL.May 28 874.55 -2.51 16.65 863100
                                                                        Short Covering                                                                              Long unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
CANBK.May 28 81.7 0.31 -4.18 7563400 ACC.May 28 1148.65 -2.43 -9.23 1554400
APOLLOTYRE.May 28 89.4 2.58 -1.99 5616000 EQUITAS.May 28 50.45 -0.88 -8.14 6634600
MUTHOOTFIN.May 28 822 0.63 -1.44 1545000 IDEA.May 28 4.15 -3.49 -4.78 445018000
AXISBANK.May 28 399.05 1.99 -0.59 50817600 NIITTECH.May 28 1355 -3.27 -4.69 602250
CENTURYTEX.May 28 269.2 0.06 -0.4 2517000 BANKNIFTY.May 28 19544.95 -0.65 -4.03 1416780

 

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Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Page Industries Limited 17019.4 -0.41 23788 28520 64.36 Nifty Media 1097.9 0.04 90630
TATA CONSUMER PRODUCTS 341.3 1.71 3605559 2265685 62.2 Nifty Metal 1695.55 -0.14 90630
GMR Infrastructure Limit 17.25 1.47 12136082 7683279 61.77 Nifty Auto 5519 -0.6 90630
CUMMINS INDIA LIMITED 358.25 -3.14 1013292 1618180 55.55 Nifty Energy 12829.4 -0.64 90630
Infosys Limited 664.95 -0.14 4779550 4131440 52.07 Nifty IT 13292.7 -0.76 90630
ITC Ltd. 161 -1.77 24249898 33371534 50.88 Nifty 50 9199.05 -0.78 90690
HCL Technologies Ltd. 511.75 -1.42 19998942 3515933 50.8 Nifty Pharma 9148.1 -0.86 90630
TECH MAHINDRA LIMITED 516.35 1.87 6799899 1844539 48.78 Nifty Bank 19491.8 -1.03 90630
Exide Industries Ltd 147.05 -0.24 1181644 1566705 47.48 Nifty FMCG 26254.55 -1.41 90630
Tata Power Co. Ltd. 29 0 13470623 14710296 46.19 INDIA VIX 39.93 -3.2 109077

 

Upcoming Economic Data

   Domestic                                                                                                                                                International
•INR:  FX Reserves, USD on 8th May, 2020

•INR:  Bank Loan Growth on 8th May, 2020

•USA: Nonfarm Payrolls (Apr) on 8th May, 2020

•USA: Unemployment Rate (Apr) on 8th May, 2020

 

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News Updates

•RBL Bank Ltd. reported a smaller profit for quarter ended March as the private lender increased provisions for bad loans in a virus-struck economy. Net profit fell 54 percent to Rs 114 crore in the fourth quarter of 2019-20 compared to a profit of Rs 247 crore in the same quarter last year. A consensus estimate of analysts tracked by Bloomberg had pegged net profit at Rs 87 crore. The bank’s net interest income, or core income, rose 38 percent to Rs 1,021 crore compared to Rs 739 crore in the year-ago period.

•State Bank of India (SBI) has reduced lending rates by 15 bps across all tenors. The one-year lending rate now stands reduced to 7.25 percent from 7.40 percent, effective May 10. This is the twelfth consecutive reduction in bank’s MCLR, the lender said. Consequently, equated monthly instalments (EMI) on eligible home loan accounts (linked to MCLR) will get cheaper by approx. Rs 255.00 for a 30-year loan of Rs 25 lakh.

•Tata Consumer Products (TCPL) on Thursday said it has partnered with food delivery platforms like Domino’s Pizza and Zomato to strengthen its direct distribution model and ensure steady supply of its essential products. “Through these partnerships, we intend to safeguard people’s health by giving them alternate channels to buy our food and beverage offerings,” TCPL Managing Director and CEO Sunil D’Souza said in a statement.

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

BOARD MEETINGS

Company Name5 Purpose Ex-Date Company Name Purpose Ex-Date
ADANIGAS Audited Results;Quarterly Results 8-May-20 RELCAPITAL Audited Results;General 8-May-20
INTECCAP General 8-May-20 RELHOME Audited Results;General 8-May-20
ISFL General 8-May-20 RELINFRA Audited Results 8-May-20
KARDA General;Stock  Split 8-May-20 RPOWER Audited Results 8-May-20
LLOYDSME General 8-May-20 RSYSTEMINT General;Quarterly Results 8-May-20
OFSS Interim Dividend 8-May-20 SBICARD Audited Results;Interim Dividend 8-May-20
PGHH Quarterly Results 8-May-20 SHREECEM Audited Results 8-May-20
REGENCY A.G.M.;General 8-May-20 SPYL General 8-May-20

 

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
NIITTECH 14-May-20 Interim Dividend – Rs. – 11.00 DICIND 10-Jun-20 Final Dividend – Rs. – 4.50

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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