THE NIFTY STARTED THE WEEK ON A NEGATIVE NOTE

NIFTY:

The NIFTY opened at 19748.45 without much of a gap. The index initially moved lower but found support and formed a range that eventually broke on the upside. A rally started and faced a strong resistance near yesterday’s closing price. The index recorded its intraday high at 19782.75 and moved down more than 100 points but saw a V-shaped reversal afterward. The rally again faced resistance almost at the same zone and the index again moved lower to record its intraday low at 19658.30. Prices finally closed at 19672.35 with a loss of 72.65 points or 0.37% down. FMCG underperformed today and ended with a loss of 1.72% followed by METAL and OIL GAS. PHARMA outperformed and closed with gains followed by AUTO and REALTY. The short-term trend is up. However, after a recent sharp upside rally, the index is witnessing some profit-taking. Support is visible around 19500 while psychological resistance is visible around the historic 20000 mark.

BANK NIFTY:

The BANK NIFTY opened at 46131.90 without much of a change. The index initially consolidated and eventually broke on the upside. However, prices could not move higher and turned down after recording its intraday high at 46191.50. A sharp decline came in the afternoon session, and prices moved sideways again. The index recorded its intraday low at 45858.75 and finally closed at 45921.40 with a loss of 212 points. PSU BANK outperformed, saw a mild up move, but closed with a gain of just 0.10%. PVT BANK underperformed today, saw a down move, and closed with a loss of 0.33%. Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while KOTAK BANK contributed the lowest. The short-term trend is up. Support is now visible around 45000 while there is no visible resistance as the index trading in uncharted territory. The last two days of volatile and narrow movement indicate a sharp move is about to come.

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

Upcoming Economic Data

News Updates

• The Indian market wilted under selling pressure in a volatile day of trade to end lower on July 24, with earnings season and weak global cues dragging the equity benchmarks lower. The 30-pack Sensex ended at 66,384.78, down 299.48 points or 0.45 percent. The broad-based Nifty50 closed at 19,672.35, down 0.37 percent or 72.65 points.

• TVS Motor’s Q1 profit up 46% to Rs 468 crore, revenues rise 20%. The automaker’s overall two-wheeler and three-wheeler sales, including exports, grew by 5 percent registering sales of 9.53 lakh units in the quarter ended June 2023 as against 9.07 lakh units registered in the quarter ended June 2022.

• IDBI Bank reported a jump of 62 percent in net profit at Rs 1,224 crore for the April-June FY24 quarter on July 24. The private-sector lender reported a net profit of Rs 756 crore in the corresponding quarter last year. Net Interest Income (NII) of the bank stood at Rs 3998 crore, growing by 61 percent on a year-on-year (YoY) basis from Rs 2448 crore.

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