THE NIFTY STARTED THE WEEK ON A MUTED NOTE

NIFTY:

The NIFTY opened at 19400.35 with a gap up of 68 points. The index initially moved down but soon bounced up and saw a sharp intraday rally which found resistance just below 19450.Prices have recorded its intraday high at 19435.85 and then moved down. The index erased all the gains and found support near yesterday’s closing price. The index bounced up after recording its intraday low at 19327.10.That was the first half. In the second half, the index continued that kind of volatile movement but inside a narrow range. Prices finally ended at 19355.90 with a gain of just 24.10 points or 0.12% down. METAL outperformed today by ending over 1.50% higher followed by OIL GAS. The rest of the sectoral indices closed lower today led by IT, FMCG, and REALTY. Support is visible around 18900 while resistance may emerge around 19500.

BANK NIFTY:

The BANK NIFTY opened at 44958.65 with a gap up of just 66 points. The index initially moved higher but soon found resistance and turned down after recording its intraday high at 45184.30. Prices have seen a mild down move which lasted till the end. In between some consolidation also appeared which broke on the downside. The index recorded its intraday low at 44721.90 and finally closed at 44869.45 with a loss of just 23 points. PSU BANK underperformed today, saw a sharp downside move, and closed with a loss of 0.57%. PVT BANK also moved down today and ended with a loss of 0.12%. Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while AXIS BANK contributed the lowest. A long upper shadow on the weekly timeframe chart, indicating confusion amongst the traders.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA   

NEWS UPDATES

• Nifty slipped below 19,400. Sensex was up over 200 points. Auto index took a U-turn after hitting a new high. Metals and energy were among the sectoral gainers, whereas, IT was the top loser ahead of TCS and HCL Tech Q1 results this week. RIL was the top gainer, with market cap topping Rs 18 lakh crore.

• Foxconn and Vedanta signed a pact last year to invest $19.5 billion to set up semiconductor and display production plants in the western state of Gujarat, seeking to tap into the country’s plans to become an electronics major.

• The Indian pharmaceutical industry is poised to hit the $57 billion mark by fiscal year 2024-25, with a likely growth rate that ranges between 7 and 8 percent, stated a report released by CareEdge Ratings on July 10.

• India’s headline retail inflation likely rose in June for the first time in five months on the back of higher vegetable prices and a fading favourable base. According to a Moneycontrol survey of 17 economists, Consumer Price Index (CPI) inflation likely increased to 4.6 percent in June from May’s 25-month low of 4.25 percent.

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.