NIFTY:
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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