The Nifty, Nifty Bank started the week with gains; the short-term trend is sideways

NIFTY:

the NIFTY opened at 21433.10 with a gap up of 81. The index continued its early morning bullish momentum and started moving higher sharply after the opening tick. The rally continued for the whole day with some minor dips in between which traders used to add more or take fresh positions. However, the index saw a consolidation towards the end. Prices first recorded its intraday low at 21429.60 just below the opening, then its intraday high at 21763.25 almost at the end, and finally closed at 21737.60 with a gain of 385 points or 1.80% up. All the sectoral indices have moved in line with the NIFTY and closed with gains except for FMCG and MEDIA. The OIL GAS outperformed and closed with a gain of 5.18% followed by AUTO, METAL, and FINANCIAL. The short-term trend is sideways now which was down before. The NIFTY has recorded a strongly bullish candle MARUBOZO. We have been tracking support around 21000 and resistance around 21700. The index crossed and closed above 21700 comfortably. The next resistance is visible around 21100 which is very near to the lifetime highs.

BANK NIFTY:

The BANK NIFTY opened at 45171.50 with a gap up of 205 points. The index continued its early morning bullish momentum and started moving higher from its opening tick. However, prices have found resistance around 45600, formed a range, and eventually broke on the downside. A modest down move came but soon prices again started consolidating. This time, the sideways movement continued till the end. The index recorded its intraday low at 45110.90, its intraday high at 45660.35, and finally closed at 45499.05 with a gain of 534 points. PSU BANKS have outperformed, saw a sharp upside move, and finally ended with a gain of 2.48%. PVT BANKS have also moved up, saw a sharp upside move, and ended with a gain of 1.46%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AU BANK contributed the lowest. The short-term trend changes to sideways which was down before. We have been tracking support around 44500 while resistance around 46500. The index has held the support levels, bounced up, and is now heading towards the resistance level.

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Indian equity indices erased previous session losses and started the (Budget) week on a solid note with Nifty and Sensex rising nearly 2 percent each on January 29 amid buying across the sectors and heavyweights. At close, the Sensex was up 1,240.90 points or 1.76 percent at 71,941.57, and the Nifty was up 385.00 points or 1.80 percent at 21,737.60.

• The Reserve Bank of India (RBI) on January 29 said it will conduct overnight variable rate repo auction of Rs 25,000 crore on January 30.

• Reliance Industries Ltd surged 5 percent to a record, gaining for the third straight session and propelling the company’s market capitalisation to Rs 19.2 lakh crore.

• GAIL (India) on January 29 reported a multi-fold increase in consolidated net profit at Rs 3,193.34 crore in the third quarter of the financial year 2023-24 amid softening in liquefied natural gas (LNG) prices from last year. The consolidated net profit of the country’s largest gas distributor was Rs 397.59 crore in the same period last year. Sequentially, net profit increased 31 percent from Rs 2,442.18 in the quarter ending September 2023.

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

BOARDS 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.