Morning-Outlook-Feature-Image

mornnign-outlook-24may

NIFTY:

Nifty opened at 16290.95 with a gap up of just 24 points. The index initially moved down for the first 30minutes of trading towards the 16200 and then bounced up sharply. Prices have seen an intraday rally of almost 200 points and recorded its intraday high at 16414.70. However, prices have faced strong resistance there and consolidated for about two hours. That consolidation broke on the downside and the index tumbled more than 200 points and recorded its intraday low at 16185.75. Prices have finally closed at 16214.70 with a loss of 51.45 points or 0.32% down.

The volatility is very high as the volatility index ‘INDIA VIX’ is moving around 23 levels. We can see this in the chart also as 50 – 60 points movement within a few minutes is now normal. For stable volatility, it needs to come around 15 – 18 levels. The summary here is we should avoid trading the index and wait for an adequate setup to emerge.

BANK NIFTY:

Bank Nifty opened at 34321.40 without much of a gap. The index continued its bullish momentum from the last week and moved higher. Prices have faced strong resistance around 34800 and moved down after recording its intraday high at 34819.95. The index erases all the gains and moved down below the opening tick to record its intraday low at 34117.35. Prices have finally closed at 34157.80 with a loss of 154 points.

PSU and PVT BANKS both have performed almost the same today, saw a minor decline, and closed lower by 0.34% & 0.03% respectively. Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while HDFC BANK contributed the lowest.

The range is wide enough and likely to remain intact for a couple of weeks. Of course, it is our anticipation and it could be wrong. However, we still need to wait for prices to stabilize as the volatility is very high. The summary is to avoid trading the index and wait for an adequate setup to emerge. We have mentioned that a trading range is now visible inside the support at 33000 and resistance at 35000. The index today faces resistance near 35000 and is turned down

TECHNICAL PICKS

COMPANY NAME CMP B/S RATIONALE+
GNFC 661 BUY The stock is on the verge of giving the breakout on the intraday as well as the daily chart. The stock can be buy  with a stop loss of 650 and for the target of  680.
DIVISLAB 3897 SELL The  immediate trend of the script is bearish. There is a negative  cross over of moving averages  as well as of the indicators therefore  it can be sell below 3890 with a stop loss of 4020 and target of 3850.

DERIVATIVE PICKS

Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
TATASTEEL 1000 PE BUY 44 CMP 30 70 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ABB.May 26 2286.3 0.04 15.14 405000 NMDC.May 26 128.75 -12.06 1.66 39526650
ASTRAL.May 26 1697.55 0.54 11.09 729850 SAIL.May 26 74.35 -10.69 2.95 1.2E+08
PIIND.May 26 2641.25 0.58 14.86 1851750 DIVISLAB.May 26 3882 -9.89 3.11 2034200
CUB.May 26 125.75 0.6 3.27 10842600 AMARAJABAT.May 26 498.4 -5.92 4.65 5646000
HEROMOTOCO.May 26 2615 0.74 3.89 3134100 ULTRACEMCO.May 26 5919.3 -3.47 7.44 1986000
                                                                        Short Covering                                                                       Long Unwinding
COLPAL.May 26 1589.75 0.01 -7.67 2364600 JINDALSTEL.May 26 395.2 -17.43 -0.59 26306250
APOLLOTYRE.May 26 216.45 0.05 -19.33 7670000 JSWSTEEL.May 26 548 -13.19 -9.87 25335450
SYNGENE.May 26 560.65 0.07 -6.16 842350 TATASTEEL.May 26 1026 -12.49 -1.29 20823725
BAJFINANCE.May 26 5787 0.08 -1.84 4028500 ONGC.May 26 155.25 -4.2 -0.79 40136250
PVR.May 26 1826.4 0.08 -1.64 1977206 HINDCOPPER.May 26 97.15 -4.05 -15.59 9735200

Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Infosys Limited 1468.4 0.91 5887569 0 75.04 Nifty50 16214.7 -0.32 80055
Icici Lombard General In 1220.85 -2.46 525859 0 71.04 Niftybank 34247.6 -0.08 80055
Indian Hotels Co. Ltd. 231.3 3.72 6253611 0 69.72 Nifty it 29079.3 1.01 80055
Power Grid Corporation o 224.6 -1.94 8679376 0 67.14 India Vix 23.4 1.29 80055
Muthootfin 1161.5 0.14 422406 0 66.65 Nifty Fmcg 38510.8 -0.09 80055
Hdfc Ltd. 2175.95 -1.17 3630816 0 65.97 Nifty Pharma 12889.2 -1.35 80055
Berger Paints (i) Ltd 626.1 -0.67 427554 0 65.02 Nifty Realty 396.8 -1.06 80055
Icici Bank Ltd. 711.05 0.21 17438451 0 64.33 Nifty Auto 11115.2 1.84 80055
Tata Consultancy Serv Lt 3321.75 0.87 2293690 0 64.32 Nifty Metal 5241.6 -8.14 80055
Hindustan Unilever Ltd 2379.8 2.32 2363306 0 62.79 Nifty Financial Services 15759.55 -0.22 80055

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR: FX Reserves, USD on 27th May, 2022

INR: Deposit  and Bank Loan Growth on 27th May, 2022

•USD:  New Home Sales (Apr) on 24th May 2022

•USD:  Services PMI (May) on 24th may, 2022

NEWS UPDATES

  • Maruti Suzuki India (MSI) on Monday said it will acquire an equity stake of 12.09 per cent in Sociograph Solutions Pvt Ltd (SSPL) for about Rs 2 crore. SSPL is an artificial intelligence (AI) software company that specialises in visual AI platform predominantly used to help enterprises improve sales experiences and improve efficiency in their business.
  • ArcelorMittal Nippon Steel India Ltd expects about 90,000 tonnes of steel exports every month to be hit by government’s duty increase, alongside a dampening effect on fresh investments, Dilip Oommen, chief executive officer, said on Monday. “Export duty imposed by Indian government will have repercussion on company’s export market,” Oommen told Reuters, adding, the company exports 15% of its total production. Oomen is also president of the Indian Steel Association.
  • Mahindra and Mahindra will explore sourcing more components from other companies to boost its electric vehicle (EV) portfolio, its chief executive told Reuters. Anish Shah said Mahindra had over time focussed on developing EV components in-house, but now changed tack to forge partnerships to achieve faster growth in the segment. Mahindra last week signed a partnership agreement with Volkswagen in which it will explore equipping its electric cars with motors, battery system components and cells made by the German automaker.
  • RBML – the joint venture of Reliance Industries Ltd and supermajor BP – has told the government that fuel retailing for the private sector in India has become unsustainable after market-controlling public sector firms frequently froze petrol and diesel prices at rates way below the cost, sources said.
Source: Economic Times,  Indian Express  ,Business Today, Livemint, Business Standard, Bloomberg Quint

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
ABFRL General 24-May-22 IPCALAB Amalgamation;Audited Results 24-May-22
ADANIPORTS Audited Results;Final Dividend 24-May-22 JYOTHYLAB Audited Results;Final Dividend 24-May-22
ANURAS Preferential Issue of shares 24-May-22 KIOCL Audited Results;Final Dividend 24-May-22
ASIANTILES Audited Results;Dividend 24-May-22 KIRLOSBROS Audited Results;Final Dividend 24-May-22
ASTERDM Audited Results 24-May-22 LATENTVIEW Audited Results 24-May-22
BALKRISHNA Audited Results;Quarterly Results 24-May-22 METROPOLIS Audited Results 24-May-22
BALRAMCHIN Audited Results 24-May-22 MTARTECH A.G.M.;Audited Results;General 24-May-22
BANKINDIA Audited Results;Final Dividend 24-May-22 NFL Audited Results 24-May-22
BAYERCROP Audited Results 24-May-22 NIITLTD Audited Results;Final Dividend 24-May-22
BIRLACABLE Audited Results;Dividend 24-May-22 POLYMED Audited Results;Final Dividend;General 24-May-22
DALMIASUG Audited Results;Dividend 24-May-22 PRECISIO Audited Results 24-May-22
DCW Audited Results;Final Dividend;General 24-May-22 RENUKA Amalgamation;Audited Results 24-May-22
DHARAMSI A.G.M.;Audited Results;Final Dividend 24-May-22 RITES Audited Results;Final Dividend 24-May-22
EMKAY Audited Results;Final Dividend 24-May-22 SAGAR Audited Results 24-May-22
GRASIM Audited Results;Dividend 24-May-22 SCHAND Audited Results;General 24-May-22
GUJALKALI Audited Results;Dividend 24-May-22 STAR Dividend;Quarterly Results 24-May-22
IMFA Final Dividend;Quarterly Results 24-May-22 SUBROS Audited Results;Final Dividend 24-May-22

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
EVEXIA 24-May-22 Stock  Split From Rs.2/- to Rs.1/- SBIN 25-May-22 Dividend – Rs. – 7.1000
KENNAMET 24-May-22 Interim Dividend – Rs. – 24.0000 TCS 25-May-22 Final Dividend – Rs. – 22.0000
BIRET 25-May-22 Income Distribution RITES INDINFR 26-May-22 Income Distribution (InvIT)
GRMOVER 25-May-22 Interim Dividend – Rs. – 0.2500 ITC 26-May-22 Final Dividend – Rs. – 6.2500
INDIGRID 25-May-22 Income Distribution (InvIT) MOTILALOFS 26-May-22 Buy Back of Shares
QGO 25-May-22 Interim Dividend – Rs. – 0.1000 VISAKAIND 26-May-22 Final Dividend – Rs. – 8.0000

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