NIFTY:
The Nifty opened almost unchanged in the morning at 11378 and then quickly moved down for the first five minutes of trading. Nifty then began a handsome rally of 90 points till 11:00 AM and then moved sideways till 2:00 PM. Around 2:00 PM, the Nifty started a sharp decline of almost 110 points down and made its low at 11290. Finally the Nifty closed lower by 38 points at 11317. Media and Metal both sectors have underperformed and closed lower by almost 3% down whereas Reality and Pharma closed by more than 1%. On Monday, we went short at 11300. The stop for this trade was 11400. The Nifty opened weak but eventually climbed to cross 11400. In this process, our trade was stopped out at this level.
Our setup again recommended we should go short if the Nifty breaches the 11300 mark, which it did again. Out stop for this trade will be at 11370 and the target on the downside being 11100.
As the Nifty decides its next course of action, it moves widely inside a trading range. The support for this range comes at about 11300 and then further at 11100. Resistance is strongly visible at 11450.
BANK NIFTY:
Bank Nifty opened at 23036.25 with a gap down of just 48 points. The index traded very choppily and narrow. The index closed with a loss of about 200 points at 22744. PSU banks underperformed in comparison to the Private Banks and closed lower by more than 1.5%. In terms of points, IDFC First Bank fell the most followed by Axis Bank.
22500 is a good support, a close below this level may lead to a deeper correction; while holding of this support may indicate a rally.
Intraday traders can look to buy above 23150 or sell below 22650.
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TECHNICAL PICKS
| COMPANY | CMP | B/S | RATIONALE |
| JSWSTEEL | 278.85 | SELL | The stock has given a breakdown from a range. The stock can be sold between 279-281 with a stop at 285 and for the target of 270. |
| HCLTECH | 725.90 | BUY | The stock has given a breakout from a range. The stock can be bought at CMP with a stop at 715 and for the target of 750. |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| BANK BARODA | 45 PE | BUY | 2.20 | CMP | 1.65 | 4 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| INDIGO.Sep 24 | 1253.1 | 1.68 | 6.46 | 2520000 | RBLBANK.Sep 24 | 177.35 | -5.08 | 21.22 | 21195200 | |
| BAJAJ-AUTO.Sep 24 | 2910 | 0.03 | 5.69 | 1721500 | BANKNIFTY.Sep 24 | 22657.45 | -1.33 | 16.23 | 1546100 | |
| HCLTECH.Sep 24 | 721.8 | 2.01 | 5.47 | 14282800 | ONGC.Sep 24 | 73.95 | -3.59 | 9.6 | 57919400 | |
| WIPRO.Sep 24 | 282.4 | 1.16 | 4.63 | 26412800 | LT.Sep 24 | 915.75 | -1.85 | 9.11 | 13461800 | |
| COFORGE LIMITED.Sep 24 | 1944.85 | 0.71 | 3.88 | 331500 | RAMCOCEM.Sep 24 | 689 | -3.84 | 8.46 | 1416100 | |
| Short Covering | Long Unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| PEL.Sep 24 | 1301.75 | 2.12 | -3.23 | 3230700 | LUPIN.Sep 24 | 914.35 | -1.66 | -3.36 | 7446850 | |
| IBULHSGFIN.Sep 24 | 198.7 | 1.74 | -1.03 | 17570800 | JINDALSTEL.Sep 24 | 195.5 | -4.66 | -3.05 | 23685000 | |
| AMARAJABAT.Sep 24 | 717 | -2.3 | -2.74 | 1171000 | ||||||
| TATAMOTORS.Sep 24 | 142.7 | -4.74 | -2.73 | 66906600 | ||||||
| BHEL.Sep 24 | 37.3 | -3.49 | -2.42 | 64260000 | ||||||
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TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Container Corp Of India | 388.3 | 0.69 | 1494140 | 685838 | 46.92 | India Vix | 22.72 | 3.23 | 79230 | |
| Godrej Cons Products Ltd | 669.7 | 2.76 | 1842735 | 585717 | 46.57 | Nifty it | 18395.75 | 1.2 | 79230 | |
| Infosys Limited | 939.3 | 1.54 | 12892115 | 3112558 | 46.45 | Nifty Energy | 15336.45 | -0.13 | 79230 | |
| Colgate Palmolive (india | 1363.75 | -0.42 | 811244 | 445661 | 43.2 | Nifty 50 | 11317.35 | -0.33 | 79230 | |
| Tata Consumer Products l | 538.35 | -1.27 | 3891955 | 2079915 | 39.58 | Nifty Fmcg | 30818.45 | -0.6 | 79230 | |
| Hdfc Ltd. | 1777.3 | -0.77 | 2456321 | 1604275 | 39.38 | Nifty Bank | 22744.4 | -0.87 | 79230 | |
| Tech Mahindra Limited | 752.25 | 0.69 | 5237384 | 1325337 | 39.35 | Nifty Auto | 7888 | -0.88 | 79230 | |
| Ultratech Cement Limited | 3823.75 | -0.65 | 456891 | 276375 | 39.25 | Nifty Pharma | 11093.2 | -1.57 | 79230 | |
| Cummins India Limited | 458.85 | 0.69 | 1041920 | 496498 | 39.22 | Nifty Metal | 2376.85 | -2.99 | 79230 | |
| The Ramco Cements | 698.15 | -3.22 | 819550 | 197915 | 38.71 | Nifty Media | 1604 | -3 | 79230 | |
UPCOMING ECONOMIC DATA
| Domestic International | |
| •INR: Manufacturing Output (MoM) (Jul) on 11th September, 2020
•IN R: Industrial Production (YoY) (Jul) on 11th September, 2020 |
•USA: JOLTs Job Openings (Jul) on 9th September, 2020
•USA: PPI (MoM) (Aug) on 10th September, 2020 |
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NEWS UPDATES
| •Private sector lender ICICI Bank has slashed interest rates on fixed deposits (FDs) on selected tenures. The bank has sharply cut the interest rate on deposits maturing in 91 days to 184 days. The bank offers fixed deposits ranging from 7 days to 10 years. After the latest revision, ICICI Bank gives 2.5% interest on deposits maturing in 7 days to 29 days. On deposits maturing in 30 days to 90 days 3%. ICICI Bank has sharply cut the interest rate by 50 basis points (bps) on FDs maturing in 91 days to 184 days.
•Global rating and research houses, such as Fitch and Goldman Sachs, have cut their estimates for growth in India’s gross domestic product (GDP) for the current fiscal 2020-21 (FY21). While Fitch now expects the country’s GDP to contract 10.5 per cent in FY21 versus its earlier estimate of 5 per cent contraction in this period, Goldman Sachs forecasts a sharper contraction at 14.8 per cent (-11.8 per cent forecasted earlier) in FY21 and 11.1 per cent (-9.6 per cent earlier) in calendar year (CY20). •Paints major Kansai Nerolac said that demand for decorative paints has been fast recovering in rural India and with the upcoming festive season, the company can recover much of the sales lost due to the lockdown and get close to last year’s volume. •India’s sugar exports will rise 50% to a record of over 5.7 million tonnes in the season ending this month, helped by the depreciated rupee, subsidy and lower output from rival suppliers.The government expects the robust performance to continue in the next season also. Source: Economic Times, Moneycontrol ,Business Today,Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| BENGALS | Quarterly Results | 9-Sep-20 | SADHNANIQ | Quarterly Results | 9-Sep-20 |
| BRIGHTBR | Quarterly Results | 9-Sep-20 | SCAPDVR | Quarterly Results | 9-Sep-20 |
| CESCVENTURE | Quarterly Results | 9-Sep-20 | SHANTAI | Quarterly Results | 9-Sep-20 |
| EVEREADY | Audited Results | 9-Sep-20 | SHRINIWAS | Quarterly Results | 9-Sep-20 |
| IBVENTURES | Quarterly Results | 9-Sep-20 | SHRIRAMEPC | Quarterly Results | 9-Sep-20 |
| IKAB | Quarterly Results | 9-Sep-20 | STAMPEDE | Quarterly Results | 9-Sep-20 |
| MEL | Quarterly Results | 9-Sep-20 | STRGRENWO | Quarterly Results | 9-Sep-20 |
| NEPTEXP | Quarterly Results | 9-Sep-20 | TTL | Quarterly Results | 9-Sep-20 |
| OASISEC | Quarterly Results | 9-Sep-20 | UNTTEMI | General;Quarterly Results | 9-Sep-20 |
| OMANSH | A.G.M. | 9-Sep-20 | VJLAXMIE | Quarterly Results | 9-Sep-20 |
| PARSOLI | Quarterly Results | 9-Sep-20 | WINROC | Quarterly Results | 9-Sep-20 |
| POLYSPIN | Bonus issue;General; Results | 9-Sep-20 | YURANUS | Quarterly Results | 9-Sep-20 |
| RLF | General;Quarterly Results | 9-Sep-20 | ZSARACOM | Quarterly Results | 9-Sep-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| GSPL | 9-Sep-20 | Dividend – Rs. – 2.00 | AARTIIND | 10-Sep-20 | Final Dividend – Rs. – 1.00 |
| GUJGAS | 9-Sep-20 | Dividend – Rs. – 1.2500 | BHATIA | 10-Sep-20 | Final Dividend – Rs. – 4.00 |
| HSIL | 9-Sep-20 | Dividend – Rs. – 3.00 | BIGBLOC | 10-Sep-20 | Final Dividend – Rs. – 0.25 |
| IGARASHI | 9-Sep-20 | Final Dividend – Rs. – 1.20 | DHANVARSHA | 10-Sep-20 | Final Dividend – Rs. – 0.10 |
| SCI | 9-Sep-20 | Final Dividend – Rs. – 0.75 | DIAMONDYD | 10-Sep-20 | Dividend – Rs. – 1.00 |
| TNPL | 9-Sep-20 | Final Dividend – Rs. – 6.00 | DLINKINDIA | 10-Sep-20 | Final Dividend – Rs. – 1.00 |
| UFLEX | 9-Sep-20 | Dividend – Rs. – 2.00 | FINEORG | 10-Sep-20 | Final Dividend – Rs. – 3.00 |
| WSFIN | 9-Sep-20 | Final Dividend – Rs. – 1.50 | GANDHITUBE | 10-Sep-20 | Final Dividend – Rs. – 9.00 |
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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