Outlook

NIFTY:

NIFTY opened at 17529.45 with a big gap up of 190 points. The index rallied further in its initial trades and then went into a process of consolidation. Prices have recorded its intraday high at 17622.40 and then broke on the down side. A sharp decline of more than 350 points brought prices to its intraday low at 17244.55. The index bounced up from that low, recovered from all the losses, and came close to its morning highs. Prices have finally closed at 17576.85 with a gain of 237 points or 1.37% up. All the sectoral indices have closed with gains today except AUTO and OILGAS.METAL outperformed today and ended with a handsome of 4.49% followed by PHARMA which ended higher by more than 2%.

We are now expecting the NIFTY to consolidate inside 17000 support and 17600 resistance. The range can be narrower as time passes but fresh trading opportunities for carry forward traders will emerge after a consolidation. Till then we should prefer trading only on an intraday basis. The short-term trend is up now as prices have closed above 17500. Our approach should be buying the dips and selling on rallies if finds resistance.

BANK NIFTY:

BANK NIFTY opened at 38460.45 with a big gap up of 503 points. The index moved further on the upside and recorded its intraday high at 38802.70.Prices then consolidated for almost half the day. The index moved down during the budget speech, recorded its intraday low at 37690.60 and then recovered all the losses to finally close at 38568.70 with again of 611points. PVT BANKS have significantly outperformed today and ended with a gain of 1.93%.PSU BANKS have seen a decline today and closed with a loss of 0.58%. Within the index, n terms of points, ICICI BANK contributed the highest while SBIN contributed the lowest.

A likely trading range is now visible with support around 37500 and a resistance around 38800. Fresh trade will emerge when prices closes beyond these levels. The short-term trend is sideways and volatility is colling off suggests the range may continue for few more trading days.

TECHNICAL PICKS

COMPANY NAME CMP B/S RATIONALE+
UBL 1650 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 above 1655 with a stop loss of 1640 and for the target of 1680.
TITAN 2431 BUY The  immediate trend of the script is bullish. There is a positive cross over of moving averages  as well as of the indicators therefore  it can be bought above 2420 with a stop loss of 1170 and target  of 2480.

DERIVATIVE PICKS

Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
TATAPOWER   260CE BUY 9.5 CMP 6 15 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
HEROMOTOCO.Feb 24 2659.1 0.04 1.2 3083700 HINDPETRO.Feb 24 291.1 -7.69 14.08 14288400
RELIANCE.Feb 24 2393.9 0.07 2.64 33692000 BPCL.Feb 24 375.45 -3.63 11.72 29381400
MCX.Feb 24 1542 0.07 10.83 1687350 IOC.Feb 24 118.2 -3.27 8.5 42159000
PIIND.Feb 24 2445 0.11 3.52 2097000 TATAMOTORS.Feb 24 503.6 -2.67 15.7 79691700
ALKEM.Feb 24 3517.2 0.14 4.45 249000 CHAMBLFERT.Feb 24 418.75 -2.66 9.39 3634500
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
VOLTAS.Feb 24 1184.1 0.42 -0.42 3758000 COROMANDEL.Feb 24 780.85 -0.19 -0.97 1150000
SBICARD.Feb 24 887.85 0.83 -2.32 4660000 HAL.Feb 24 1430.05 -0.06 -0.65 2479025
GUJGASLTD.Feb 24 683.15 1.05 -3.62 1697500
STAR.Feb 24 401.45 1.33 -0.32 4150800
TCS.Feb 24 3807.8 1.46 -0.9 12130350

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Crompton Greaves Consume 414.8 -2.27 2570821 0 79.84 Nifty 50 17576.85 1.37 77157
Ipca Laboratories Ltd. 1037.55 0.28 86410 0 75.21 Nifty Bank 38505.5 1.4 77163
Dabur India Ltd. 546.45 1.81 1500268 0 74.28 Nifty it 35371.65 1.57 77163
Hindustan Unilever Ltd 2305.65 1.4 1270508 0 74.23 India Vix 19.98 -8.97 77160
Icici Lombard General In 1369.15 0 857386 0 70.89 Nifty Auto 11616.1 -0.75 77163
Abbott India Limited 16140.15 0.38 20818 0 70.57 Nifty Metal 5719.4 4.49 77166
Hdfc Life Insurance Comp 623.9 0.23 4159628 0 70.54 Nifty Media 2247.2 0.53 77166
Piind 2437.65 0.17 512872 0 67.69 Nifty Fmcg 37183.8 1.96 77163
Infosys Limited 1772.05 2.06 5119935 0 66.94 Nifty Realty 488.65 1.75 77163
Hdfc Ltd. 2565.35 1.76 2980741 0 66.64 Nifty Pharma 13477.5 2.26 77163
Power Grid Corporation o 212.95 -1.14 6466767 0 66.61 Nifty Financial Services 18060.25 1.26 77166

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR:  Preliminary Trade Data on 2nd February, 2022

INR:  Nikkei Services PMI (Jan) on 3rd February, 2022

•USD: ADP Nonfarm Employment Change (Jan) on 2nd February 2022

•USD: Crude Oil Inventories on 2nd February 2022

NEWS UPDATES

  • The central government continued its focus on capital expenditure in its budget for FY23 to aid economic recovery at a time private investment remains weak. The government capital expenditure for FY23 is pegged at Rs 7.5 lakh crore, forming about 2.9% of India’s GDP, Finance Minister Nirmala Sitharaman said in her Budget 2022 speech.

  • The government has cut spends on food, fertiliser and fuel subsidies for 2022-23. Expenditure on food, fertilisers and petroleum—the government’s largest revenue expense after interest payments—is expected at Rs 3.18 lakh crore for FY23, 26.6% lower than the revised estimates for the ongoing financial year, according to Budget 2022 documents.

  • The government has allocated Rs 73,000 crore for India’s rural jobs guarantee programme in the upcoming fiscal. The revised estimate for the Mahatma Gandhi National Rural Employment Guarantee Act for FY22 now stands at Rs 98,000 crore, Finance Minister Nirmala Sitharaman said in her Budget 2022 speech. The government had budgeted just as much for the scheme in FY22 but had to step up allocations during the year as demand for work surged.

  • India’s government aims to expand the national highways network by 25,000 kilometres in the upcoming fiscal as part of PM Gati Shakti plan, a platform to track infrastructure projects. The master plan for expressways will be formulated in 2022-23 to facilitate faster movement of people and goods, Finance Minister Nirmala Sitharaman said in her Budget 2022 speech on Tuesday. “Rs 20,000 crore will be mobilised through innovative ways of financing to complement the public resources.”

Source: Economic Times,  Indian Express  ,Business Today, Livemint, Business Standard, Bloomberg Quint.

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
AARTISURF Audited Results;Quarterly Results 02-Feb-22 JKLAKSHMI Quarterly Results 02-Feb-22
ACRYSIL Interim Dividend;Quarterly Results 02-Feb-22 JUBLFOOD Quarterly Results;Stock  Split 02-Feb-22
ADANIGREEN Quarterly Results 02-Feb-22 KALYANIFRG Quarterly Results 02-Feb-22
ALKYLAMINE Quarterly Results 02-Feb-22 LLOYDSTEEL General;Quarterly Results 02-Feb-22
APOLLOTYRE Quarterly Results 02-Feb-22 M&MFIN Quarterly Results 02-Feb-22
AVADHSUGAR Quarterly Results 02-Feb-22 MAHSEAMLES Quarterly Results 02-Feb-22
BAJAJCON Interim Dividend;Quarterly Results 02-Feb-22 MUTHTFN Quarterly Results 02-Feb-22
BALAMINES Quarterly Results 02-Feb-22 RELCAPITAL General;Quarterly Results 02-Feb-22
BALRAMCHIN Interim Dividend;;Quarterly Results 02-Feb-22 SHALBY General;Quarterly Results 02-Feb-22
BLUESTARCO Quarterly Results 02-Feb-22 SOMANYCERA General;Quarterly Results 02-Feb-22
DABUR Quarterly Results 02-Feb-22 TATACONSUM Quarterly Results 02-Feb-22
DCW Quarterly Results 02-Feb-22 TIMKEN Quarterly Results 02-Feb-22
DHANUKA Interim Dividend;Quarterly Results 02-Feb-22 TRIVENI Quarterly Results 02-Feb-22
FCONSUMER Quarterly Results 02-Feb-22 VGUARD Quarterly Results 02-Feb-22
GILLETTE Interim Dividend;Quarterly Results 02-Feb-22 WINDLAS Quarterly Results 02-Feb-22
HDFC Quarterly Results 02-Feb-22 ZEEL Quarterly Results 02-Feb-22
IIFLWAM Quarterly Results 02-Feb-22 ZUARI Quarterly Results 02-Feb-22
IOB Quarterly Results 02-Feb-22 ZYDUSWELL Quarterly Results 02-Feb-22

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
CONCOR 02-Feb-22 Interim Dividend – Rs. – 2.00 SHARDACROP 02-Feb-22 Interim Dividend – Rs. – 3.00
COSMOFILMS 02-Feb-22 Interim Dividend – Rs. – 10.00 SHAREINDIA 02-Feb-22 Interim Dividend – Rs. – 2.00
HAZOOR 02-Feb-22 E.G.M. TORNTPHARM 02-Feb-22 Interim Dividend – Rs. – 25.00
NGIL 02-Feb-22 E.G.M. WENDT 02-Feb-22 Interim Dividend – Rs. – 20.00
PGINVIT 02-Feb-22 Income Distribution (InvIT) ACCELYA 03-Feb-22 Interim Dividend – Rs. – 17.00

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014

Elite Wealth Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.
For analyst certification and other important disclosures, see the Disclosure Appendix, or go to www.elitewealth.in. Analysts employed by Elite Wealth Limited are registered/qualified as research analysts with SEBI in India.( SEBI Registration No.: INH100002300)
Disclosure Appendix
Analyst Certification (For Reports)
Israil Khan, Elite Wealth Limited, suhail@elitewealth.in
The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth Limited.
As to each individual report referenced herein, the primary research analyst(s) named within the report individually certify, with respect to each security or issuer that the analyst covered in the report, that:
(1) all of the views expressed in the report accurately reflect his or her personal views about any and all of the subject securities or issuers; and
(2) no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in the report.
For individual analyst certifications, please refer to the disclosure section at the end of the attached individual notes.
Research Excerpts
This note may include excerpts from previously published research. For access to the full reports, including analyst certification and important disclosures, investment thesis, valuation methodology, and risks to rating and price targets, please visit www.elitewealth.in.
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or emailing research@elitestock.com with your request. Elite Wealth Limited may screen companies based on Strategy, Technical, and Quantitative Research. For important disclosures for these companies, please e-mail research@elitestock.com.
Options related research:
If the information contained herein regards options related research, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the risk disclosure documents, please contact your Broker’s Representative or visit the OCC’s website at https://www.elitewealth.in
Other Disclosures
All research reports made available to clients are simultaneously available on our client websites. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your respective broker’s sales person.
Ownership and material conflicts of interest Disclosure
Elite Wealth Limited policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst’s area of coverage. Analyst compensation: Analysts are salary based permanent employees of Elite Wealth Limited. Analyst as officer or director: Elite Wealth Limited policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, board member or employee of any company in the analyst’s area of coverage.
Country Specific Disclosures
India – For private circulation only, not for sale.
Legal Entities Disclosures
Mr. Ravinder Parkash Seth is the Managing Director of Elite Wealth Ltd (EWL, henceforth), having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, is a SEBI registered Research Analyst and is regulated by Securities and Exchange Board of India. Telephone:011-43035555, Facsimile: 011-22795783 and Website: www.elitewealth.in
EWL discloses all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:
1. Reports
a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL or its associates or relatives, have no actual/beneficial ownership of one per cent. or more in the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance;
(c) EWL or its associate or his relative, has no other material conflict of interest at the time of publication of the research report or at the time of public appearance;
2. Compensation
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(d) EWL or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(e) EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report.
3 In respect of Public Appearances
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report and the types of services provided by EWL

FILING COMPLAINTS ON SCORES - EASY & QUICK

a. Register on SCORES portal

b. Mandatory details for filing complaints on SCORES:
i. Name, PAN, Address, Mobile Number, E-mail ID

c. Benefits:
i. Effective communication
ii. Speedy redressal of the grievances

SEBI : https://www.scores.gov.in/scores/complaintRegister.html