OUTLOOKNIFTY:

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.

Trade AnyTime AnyWhere With Elite Empower Mobile App

Elite-Empower-App-Promotional-Banner-img1

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.

Get All Your Mutual Fund Portfolio Retuns on Your Mobile by Elite Kuber App


Elite-Kuber-Mutual-Fund-Promotional-Banner-img

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

Get Stock Market Recommendation By Our Research Analysts

Market-Research-Promotional-Banner-img5

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

Open Your Demat Account to Invest in Upcoming IPO’sDemat-and-Trading-Account-Promotion-Banner

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


For Daily Share Market Updates, Daily debt market review, Market Research Analysis reports, Weekly Techno-Funda Report, Fundamental Analysis Report, Monthly Recommended stock Picks, Equity Trading Tips, Upcoming IPO/NFO/Bonds/Ncd’s updates & other related information Subscribe our research plan