NIFTY HITS LIFETIME NEW HIGHS; FIRST TIME CROSSED ABOVE 19000 MARK

NIFTY:

The NIFTY opened at 18908.15 in uncharted territory with a gap up of 91 points. The index initially consolidated and saw a minor dip but soon bounced up. Prices have recorded its intraday low at 18861.35 and saw a sharp intraday rally. The index moved above 19000, found resistance there, and then saw a minor dip after recording its intraday high at 19011.25.That dip again found support and prices have seen an up move towards the end. The index finally closed at 18972.10 near its day’s highs with a gain of154.70 points or 0.82% up. All the sectoral indices have closed with a gain today except MEDIA which ended with a loss of 0.67%. METAL and PHARMA led the bulls by ending more than 1% higher followed by OIL GAS and AUTO. We have been tracking a trading range inside 18650-18900 for the past 10 days. This range broke on the upside and gave us a pattern target around 19150.The short-term trend is up and we should look for buying only. It is possible that after two days of sharp gains, the index may consolidate or see a dip. That will give us a buying opportunity.

BANK NIFTY:

The BANK NIFTY opened at 44419.50 with a gap up of 255 points. The index initially moved lower, almost filled the gap, and then found support around yesterday’s highs. Prices have bounced up after recording its intraday low at 44163.20. The rally lasted for the rest of the day, prices recorded its intraday high at 44508.40 and finally closed at 44391.55 with a gain of 227 points. PVT BANK outperformed, saw a sharp upside move and closed with a gain of 0.48%. PSU BANK has also moved up today but closed with a gain of just 0.05%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while FEDERAL BANK contributed the lowest. It was again a volatile day where prices opened with a gap up and moved sharply in both directions. The short-term trend is sideways as the index is trading inside a narrow range for more than one and a half months.A trading range inside 43400-44500 remained intact. However, prices have made an attempt to break it but failed to do so. Since the index is now trading almost at the upper side of this range so we may see a breakout soon.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA   

NEWS UPDATES

• Nifty struck all-time high of 19,000. Indian equity benchmarks BSE Sensex and NSE Nifty 50 were trading near fresh record highs, surpassing the morning levels. Sensex crossed the 64,000-mark. Nandita Khemka discusses the newsmakers on the radar including Tata Motors & Sheela Foam, among others only on Closing Bell.

• InterGlobe Aviation Ltd, which operates budget carrier Indigo, became India’s first aviation company to cross Rs 1 trillion market cap after its shares hit a record high with 29 percent gains so far this year.

• GQG Partners LLC and other investors bought stakes worth about $1 billion in two Adani Group companies from the family trust, according to people with knowledge of the matter. The investors bought shares in billionaire Gautam Adani’s flagship company and its green arm Adani Green Energy Ltd.

• Institutional investors invested close to $2.9 billion across 22 real estate deals during the first half of the calendar year. The office sector remained the most favoured, with a 66 percent share.

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 regulations.