outlookNIFTY:

The Nifty opened at 13393.85 with a gap up of 38 points. Prices first moved up and recorded its intraday high at 13435.45 and then saw a sharp decline and recorded its intraday low at 13311.05. Prices then moved within this high low for the rest of the day and finally closed at 13392.95 near its opening price up by 37.20 points. The PSU Banks, Realty and IT Sectors have outperformed while Metal and Pharma sectors have underperformed.

We believe that markets are entering into a process of consolidation and this consolidation will take a few days to workout. The Nifty did record gains for the day, as well as lifetime new highs once again but the Nifty gained very points as compared to last week.

The Nifty also printed a pattern called Doji, which means that the open and close almost at the same price. The Doji often reflects uncertainty in the markets. We would prefer to wait and see the direction in which the Doji resolves itself.

BANK NIFTY:

Bank Nifty opened at 30300.30 with a gap up of 111 points. The index first moved up and then moved down and then again moved up. Prices traded sideways and narrow in the last one hour and finally closed at 30261.

PSU Banks have continued its outperformance and closed higher by 7.13% while Private Banks closed lower by 0.22%. Within the index, in terms of points Kotak Bank contributed highest while Indusind Bank the lowest.

We were long in the Nifty since 29900 with a stop at 29500 and target of 30900. Prices have neither touched the stop or the target hence our position remains intact.

Intraday traders can look to buy above 30400 or sell short below 29900.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
LICHSGFIN 355.35 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at  347 and for the target 365.
INFY 1153.55 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1140 and for the target 1175.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
ICICIPRULI 480 CE BUY 20.15 CMP 15 27 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
PNB.20.12 Dec 41.3 14.88 41.74 105154000 CONCOR.20.12 Dec 405.5 -1.74 17.79 10153248
BANKBARODA.20.12 Dec 66.5 10.01 20.61 73513000 BOSCHLTD.20.12 Dec 13340.15 -1.27 14.55 300750
UBL.20.12 Dec 1113.65 1.13 19.88 1523900 L&TFH.20.12 Dec 89.95 -0.94 12.47 29131200
CHOLAFIN.20.12 Dec 375.85 2.55 16.39 6037500 CUMMINSIND.20.12 Dec 563.45 -1.3 12.04 1395600
WIPRO.20.12 Dec 362.1 1.56 12.47 27596800 ASHOKLEY.20.12 Dec 94.95 -0.89 11.98 32733000
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
CANBK.20.12 Dec 131.5 14.8 -7.93 31055000 TVSMOTOR.20.12 Dec 507.7 -1 -4.17 5209400
AMARAJABAT.20.12 Dec 917.9 0.54 -3.84 1529000 BHARATFORG.20.12 Dec 544.85 -1.32 -3.83 5794500
TORNTPOWER.20.12 Dec 325.5 0.09 -3.03 4314000 MFSL.20.12 Dec 639.7 -1.95 -3.08 5352100
HDFCLIFE.20.12 Dec 654.6 0.42 -2.42 17275500 INDUSINDBK.20.12 Dec 921.2 -1.81 -2.17 17540800
PVR.20.12 Dec 1391.1 2.83 -1.73 1314203 ZEEL.20.12 Dec 213.55 -1.45 -2.05 33837000

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Canara Bank 137 16.7 72592455 1774185 54.67 Nifty Realty 284.8 0.83 77508
Punjab National Bank 40.6 13.57 227310533 5755999 54.49 Nifty it 22617.4 0.79 77508
Bank Of Baroda 65.2 8.4 134428758 506509 53.95 Nifty 50 13392.95 0.28 77508
Godrejprop 1256.1 4 2014293 461424 53.43 Nifty Bank 30261.9 0.17 77508
Bharat Heavy Elect Ltd. 36.15 3.43 83272427 2102840 52.71 Nifty Fmcg 32849.85 -0.05 77508
Ultratech Cement Limited 5217.75 3.19 1652861 1940776 52.28 Nifty Auto 9297.85 -0.14 77508
Vedanta Limited 136.25 3.18 41355412 638867 50.66 Nifty Energy 16967.55 -0.18 77508
Pvr Limited 1387.2 3.02 2412799 977412 50.11 Nifty Media 1612.5 -0.93 77508
Cholamandalam Investment 373.05 2.35 6112009 803254 48.56 Nifty Pharma 12407.3 -1.18 77508
Tata Consultancy Serv Lt 2797.3 2.18 4277818 3083574 48.5 Nifty Metal 3122.35 -1.23 77508

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR: CPI  Y-o-Y on 11th December, 2020

INR: Cumulative Industrial production(oct) on 11th December, 2020

•USD: JOLTs job opening (Oct) on 9th December ,2020

•USD: Crude oil Inventories on 9th December, 2020

NEWS UPDATES

•Reliance jio will pioneer the 5G revolution in India in the second hallf of 2021,said Mukesh Ambani on Tuesday in the inaugural speech at the  India Mobile Congress 2020. Ambani also wants deeper penetration and easier availability of smartphones. The group was in talks with domestic assemblers to make a version of its Jio phone that would run on Google’s Android and cost about 4,000 rupees ($54), people familiar said.

•Tyremaker TVS Srichakra Announces Rs 1,000-Crore Capex Plan The company plans to ramp-up manufacturing at its Madurai and Pantnagar plants through a capex of Rs 1,000 crore, to be made over a three-year period, it said in an exchange filing. The funding will be done through a mixture of debt and internal accruals. “The investment, when fully made, will result in an increase in two- and three-wheeler tyre capacity by 25-30% and doubling of off-highway tyre.

•Equity mutual funds witnessed an outflow for the fifth straight month as redemptions intensified on profit-booking despite benchmarks scaling lifetime highs. Net outflow from equity and equity-linked mutual fund schemes stood at Rs 12,917.36 crore in November compared with an outflow of Rs 2,724.95 crore in October, according to data released by the Association of Mutual Funds in India. This is mainly on account of profit-booking.

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

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BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
AXITA General 09-Dec-20 ECORECO Quarterly Results 10-Dec-20
ELEFLOR General 09-Dec-20 GOBLIN General 10-Dec-20
HKG A.G.M.;Inc in Auth Cap;General;Pref Issue of shares 09-Dec-20 HLEGLAS Issue Of Warrants;General;Preferential Issue of shares 10-Dec-20
HAL Interim Dividend 09-Dec-20 RRMETAL General 10-Dec-20
MAWANASUG General 09-Dec-20 TWINSTAR A.G.M.;General 10-Dec-20
PARINFRA Audited Results;Quarterly Results 09-Dec-20 VASWANI General 10-Dec-20
SANKHYAIN General 09-Dec-20 HATSUN Bonus issue 11-Dec-20
SICLTD Quarterly Results 09-Dec-20 TELESYS Preferential Issue of shares 11-Dec-20
STARLINE General 09-Dec-20 AMITINT General 12-Dec-20
UNITINT A.G.M.;General 09-Dec-20 ANJANI General 12-Dec-20
EUREKAI A.G.M.;General 09-Dec-20 JINAAM General 12-Dec-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
HATSUN AGRO PRODUCT LTD. 09-Dec-20 Bonus issue 1:3 SOUTHERN ONLINE BIO TECHNOLOGIES LTD. 10-Dec-20 Reduction of Capital
Integrated Capital Services Ltd 09-Dec-20 E.G.M. Shahlon Silk Industries Ltd 10-Dec-20 Dividend – Rs. – 0.2500
Garware Technical Fibres Ltd 10-Dec-20 Buy Back of Shares WIPRO LTD. 10-Dec-20 Buy Back of Shares
Infibeam Avenues Ltd 10-Dec-20 Spin Off Manas Properties Ltd 11-Dec-20 E.G.M.
Lex Nimble Solutions Ltd 10-Dec-20 E.G.M. SWASTIK SAFE DEPOSIT & INVESTMENTS LTD. 11-Dec-20 Dividend – Rs. – 1.0000
RUSHIL DECOR LTD. 10-Dec-20 Final Dividend – Rs. – 0.5000 GOODYEAR INDIA LTD. 14-Dec-20 Interim Dividend – Rs. – 80.0000

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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