NIFTY AND NIFTY BANK BOTH INDICES OPENED WITH A GAP DOWN AND CLOSED WITH A LOSS

NIFTY:

The NIFTY opened at 19297.40 with a gap down of 89 points. The Index initially moved higher and tried to fill the gap but found resistance quickly and turned down. Prices have recorded its intraday high at 19339.55 and saw a sharp decline. Prices have recorded its intraday low at 19229.70 and then turned up but again found resistance near the opening tick. The index moved range bound afterward and was very volatile in a tight narrow range. Prices have finally closed at 19265.80 near its opening tick with a loss of 120.90 points or 0.62% down. All the sectoral indices moved down today and ended with a loss. METAL, PHARMA, FMCG, and REALTY led the bears today and closed with a loss of over 1% followed by BANK, AUTO, and IT. The short-term trend is sideways. Support is visible around the 19200- 19300 zone while resistance is visible around 19700.

BANK NIFTY:

The BANK NIFTY opened at 44276.20 with a gap down of 185 points. The index continued its early morning bearish momentum and saw a sharp downside move. Prices have found support around 44000, build a range there which eventually broke higher. A rally took the index to its opening tick and then again prices formed a consolidation there which lasted almost till the end. The index recorded its intraday low at 43983.75, its intraday high at 44359.10, and finally closed at 44173.80 with a loss of 288 points. PSU BANK again underperformed today, saw a sharp downside move, and ended with a loss of 1.51% PVT BANK also moved down today and ended with a loss of 0.42%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is sideways now. A very strong support zone is visible around 43500-44000. Resistance is visible around the 44500-45000 zone.

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

Upcoming Economic Data

News Updates

• India’s benchmark stock indices traded lower through Friday following a global selloff. Banks, healthcare and realty sectors dragged the market. Sensex ended below 65,000 level for the first time in a week since Aug. 18, while Nifty closed below 19,300 mark for the first time since June 30, 2023. The indices declined for the fifth straight week, the longest streak since the beginning of the week on April 15, 2022. The removal of Jio Financial Services from the Sensex and other BSE indices has been postponed by three days to September 1 as the stock hit the lower circuit on both August 24 and 25, the S&P Dow Jones Indices said. Jio Financial Services Ltd (JFSL) was earlier slated to be dropped from the Nifty 50 and Sensex on August 24, which was deferred to August 29 as the stock kept hitting the lower circuit.

• Softbank, an investor in food delivery aggregator Zomato is likely to sell its shares through block deals soon as the lock-in period for investors after Blinkit deal ends on August 25, sources with knowledge of the matter said. These shares could be sold on bourses via block deals, sources said. As a result, the shares received during the Blinkit deal will unlock for trading on Monday, August 28 as part of the 12-month lock-in period.

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

Board Meetings

Corporate Action

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)

Kiran Tahlani, Elite Wealth Limited, kirantahlani@elitestock.com

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 e-mailing 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
2. 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

Provided that research analyst or research entity shall not be required to make a disclosure as per sub-clauses (c), (d) and (e) of clause (ii) or sub-clauses (a) and (b) of clause (iii) to the extent such disclosure would reveal material non-public information regarding specific potential future investment banking or merchant banking or brokerage services transactions of the subject company.
(4) EWL or its proprietor has never served as an officer, director or employee of the subject company;
(5) EWL has never been engaged in market making activity for the subject company;
(6) EWL shall provide all other disclosures in research report and public appearance as specified by the Board under any other regulation