Nifty Ended Around 18600, Bank Nifty Recorded Lifetime New Highs

NIFTY:

The NIFTY opened at 18524.40 with a gap up of just 27 points. Prices initially saw a dip but recovered quickly and started a consolidation process, eventually breaking on the upside. Prices have seen a sharp rally and reached above 18600. The index faced intraday resistance there and a gain started moving sideways which lasted till the end. The index recorded its intraday low at 18490.20 and intraday high at 18617.25 and finally closed at 18608 near its intraday highs with a gain of 110.85 points or 0.60% up. The IT sector outperformed today and closed with a gain of 1.12% followed by BANK and FINANCIAL. The REALTY sector underperformed today and ended with a loss of 0.80%. The short-term trend is sideways. We will get a trading opportunity when prices come near the extremes of this range. Buying should be done if the index crosses above 18800 or holds 18300 support in case of a dip. Shorting opportunities will emerge on a close below 18300 support.

BANK NIFTY:

The BANK NIFTY opened at 43793.70 with a gap up of 118 points. The index moved further on the upside and soon started a consolidation process. Prices kept on moving sideways for the whole day. The index recorded its intraday low at 43767.75 and intraday high at 43983.80. BANK NIFTY finally closed at 43921.85 with a gain of 246 points. PSU BANKS have outperformed today and closed with a gain of 3.81%. PVT BANKS have also moved up today but ended with a gain of just 0.73%. Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while AU BANK contributed the lowest. The short-term trend is still up as the index has recorded lifetime new highs and is now trading very near to 44000 mark. Strong support is visible around 43000 – 43300 zones while there is no visible resistance as prices are trading in uncharted territory. We should look for buying only as prices are trading above the support levels on an intraday basis.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• The Indian benchmark indices recouped losses and ended in green on Tuesday, after two consecutive days of fall from last Friday. The S&P BSE Sensex was up by 403 points or 0.65% at 62,533.30 points, while the NSE Nifty 50 was 111 points or 0.60% higher at 18,608.00 points.

• Tata Motors on Tuesday said it will increase prices of its commercial vehicle range by up to 2 percent from January to offset the impact of rising input costs.

• KFin Technologies, a technology-driven financial services platform, has decided to launch its initial public offering in the coming week, on December 19. This would be the fourth IPO in the current month after Sula Vineyards, Abans Holdings, and Landmark Cars.

• Aditya Birla Capital Ltd., controlled by billionaire Kumar Mangalam Birla, is considering selling its insurance brokerage unit as the group seeks to restructure its financial services business, people familiar with the matter said.

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)
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