MARKET LENS 13363 Intraday Pic HDFC Resistance 13869 Intraday Pick POWERGRID 14103 Intraday Pick SBIN
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Institutional Equity Research NIFTY 13635 IN FOCUS February 01, 2021 Support 13499 Stock in Focus GSPL MARKET LENS 13363 Intraday Pic HDFC Resistance 13869 Intraday Pick POWERGRID 14103 Intraday Pick SBIN EQUITY INDICES Indices Absolute Change Percentage Change Domestic Last Trade Change 1-D 1-Mth YTD BSE Sensex 46,285.8 (588.6) -1.3% -3.3% -3.1% CNX Nifty 13,634.6 (182.9) -1.3% -2.7% -2.5% S&P CNX 500 11,302.4 (140.2) -1.2% -2.4% -1.9% SENSEX 50 14,287.7 (194.3) -1.4% -2.4% -2.4% International Last Trade Change 1-D 1-Mth YTD DJIA 29,982.6 (620.7) -2.1% -2.0% -2.0% NASDAQ 13,070.7 (266.5) -2.0% 1.4% 1.4% NIKKEI 27,885.3 221.9 0.8% 1.6% 1.6% HANGSENG 28,457.9 174.1 0.6% 4.5% 4.5% MSCI Emerging Mkts 1,329.6 (21.0) -1.6% 3.0% 3.0% ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy’s Lab (ADR) 61.3 (4.8) -7.2% -14.0% -14.0% STOCK IN FOCUS Tata Motors (ADR) 17.8 (0.8) -4.0% 41.3% 41.3% f Gujarat State Petronet’s (GUJS) total gas transmission volume is Infosys (ADR) 16.9 (0.8) -4.3% -0.4% -0.4% ICICI Bank (ADR) 15.1 0.2 1.1% 1.6% 1.6% expected to rise by 14% YoY and 6% QoQ to ~43mmscmd in 3QFY21. HDFC Bank (ADR) 72.1 0.1 0.1% -0.2% -0.2% The company transmitted 45/43mmscmd of gas in Oct’20/Nov’20. Axis Bank (GDR) 45.2 (0.7) -1.5% 6.7% 6.7% While complete recovery was seen in industrial gas consumption Reliance Ind (GDR) 50.7 (1.3) -2.5% -7.3% -7.3% (GUJGA), power sector continued higher gas consumption in Oct’20 COMMODITY MARKET and Nov’20. We expect the company’s EBITDA to grow by 8% YoY Key Commodities Last Trade Change 1-D 1-Mth YTD and 7% QoQ to Rs4.1bn. Brent Crude ($/bl) 55.1 0.0 0.1% 6.3% 6.3% Silver ($/Oz) 28.2 1.2 4.3% 6.7% 6.7% f GUJS is positioning itself to take advantage of surge in gas supplies Gold ($/Oz) 1,851.2 3.6 0.2% -2.5% -2.5% from new LNG terminals in Gujarat and boost in gas demand from Copper LME ($/MT) 7,862.4 (17.3) -0.2% 0.2% 1.5% new geographical areas, in the 9th CGD round, the PNGRB allocated Aluminium LME ($/MT) 1,981.9 (1.5) -0.1% -0.2% 0.4% 9 geographical areas (GAs) of Gujarat for CGD business, taking the Baltic Dry 1,452.0 (18.0) -1.2% 6.3% 6.3% total GAs for CGD business to >7 companies in the state. CURRENCY RATES Last Trade Change 1-D 1-Mth YTD f We expect GUJS’s transmission volume to clock 8.3% CAGR, while USD/INR 73.0 73.0 -0.1% -0.7% -0.2% its revenue and earnings to witness 12% and 14% CAGR, respectively EUR/INR 88.4 88.4 -0.1% -1.7% -1.5% over FY20-23E. GUJS is trading at 9x f FY23 EPS, we maintain BUY RATES with 2 year target price of Rs 286. Last Trade Change 1-D 1-Mth YTD T-Bill - 91 D 3.3 3.3 0.0% 8.3% 11.0% Intraday Picks 10 Year G-sec Yield 5.9 5.9 0.3% 0.3% 0.7% HDFC (PREVIOUS CLOSE: 2378) BUY INVESTMENT ACTIVITY (RS. CR) For today’s trade, long position can be initiated in the range of Rs 2330- Category BUY SELL NET Prev 2350 for the target of Rs.2420 with a strict stop loss of Rs.2295. FII 11,875.0 17,805.7 (5,930.7) (3,712.5) DII 7,582.5 5,139.3 2,443.2 1,736.9 POWERGRID (PREVIOUS CLOSE: 184) BUY For today’s trade, long position can be initiated in the range of Rs 180- EXCHANGE TURNOVER 182 for the target of Rs.188 with a strict stop loss of Rs.178. Exchange Rs Crore BSE Equity 4,292.10 SBIN (PREVIOUS CLOSE: 282) SELL BSE Derivatives 3,08,064.1 For today’s trade, short position can be initiated in the range of Rs 286- NSE Equity 84,608.7 289 for the target of Rs.278 with a strict stop loss of Rs.292. NSE Derivatives 17,93,726.3 1 Institutional Equity Research NIFTY 13635 IN FOCUS February 01, 2021 Support 13499 Stock in Focus GSPL MARKET LENS 13363 Intraday Pic HDFC Resistance 13869 Intraday Pick POWERGRID 14103 Intraday Pick SBIN Technical Research MARKET SYNOPSIS f On Friday, NSE-NIFTY rose to 13,967-level post a gap-up opening and later remained under tremendous pressure during the day. The index tested 13,597-level before closing the session. Finally, the index shut the shop at 13,635-level, with cut of 183 points. f NSE Cash segment reported turnover of Rs84,609 crore as compared to Rs71,242 crore reported earlier. f Overall market breadth was negative, where 868 stocks advanced against 1045 declined stocks. f Mix trend was observed across sectoral indices during the day, where PSU Bank emerged as a top gainer with the increase of 1.7%. However IT and Auto indices reported the highest loss (i.e. 2.6% and 2.9%, respectively). NSE-NIFTY OUTLOOK f NSE-NIFTY ended month/week on a negative note and reported fall of 2.5%/5.1%. The index formed Shooting Star / Bearish Engulfing pattern on monthly/weekly chart. On Friday, the index bounced in the initial trades, but later remained under pressure and closed below its medium-term moving average (50-day EMA). Major technical indicators on medium-term and short-term timeframe charts are negatively poised. We believe the index will witness high volatility amidst key domestic event-Union Budget. The index will oscillate between 14,000 and 13,400 levels. Major support is placed at around 13,150-level initially and 12,750-level subsequently. On the higher side, the index will face strong hurdle at around 14,250-level. f As for the day, support is placed at around 13,499 and then at 13,363 levels, while resistance is observed at 13,869 and then at 14,103 levels. 2 Institutional Equity Research NIFTY 13635 IN FOCUS February 01, 2021 Support 13499 Stock in Focus GSPL MARKET LENS 13363 Intraday Pic HDFC Resistance 13869 Intraday Pick POWERGRID 14103 Intraday Pick SBIN Derivatives Snapshot f NIFTY50 opened higher on back of positive global cues but failed to sustain and witnessed sharp selling pressure in the second half to close near the low point of the day. Nifty closed down by 183 points at 13,635 levels. Among the nifty stocks 7 advanced and 43 declined during the day. f Among sectors it was a mixed bag with Banks to end positive by 0.7% whereas Auto, FMCG, IT and Pharma declined by 2.5% average for the day. f Broader market indices remained negative with NIFTY 100, 200 and 500 to close down by 1.5% average while midcap indices and small cap indices declined by 0.5% for the day. f Nifty Feb futures end with 72 points premium at 13,709 mark while on other hand, Bank Nifty Feb futures ended with the premium of 115 points at 30,679 mark. f Nifty has declined by 6.5% before the budget, we expect some bounce from the lower range of 13500 levels and volatility to remain on higher side. On the higher side 14000 will continue to act as strong resistance levels. Sectoral Activity: Amongst sectoral index IT and Realty remained in focus with negative momentum. 3 Institutional Equity Research NIFTY 13635 IN FOCUS February 01, 2021 Support 13499 Stock in Focus GSPL MARKET LENS 13363 Intraday Pic HDFC Resistance 13869 Intraday Pick POWERGRID 14103 Intraday Pick SBIN Pivot Table Name LTP Support 2 Support 1 Pivot Resistance 1 Resistance 2 SENSEX 46286 45360 45823 46623 47086 47886 NIFTY 13635 13363 13499 13733 13869 14103 BANKNIFTY 30566 29787 30176 30644 31033 31501 ADANIPORTS 510 491 500 517 526 543 ASIANPAINT 2407 2346 2377 2430 2461 2514 AXISBANK 663 641 652 664 675 687 BAJAJ-AUTO 4006 3852 3929 4067 4144 4282 BAJAJFINSV 8723 8402 8562 8836 8996 9270 BAJFINANCE 4735 4554 4644 4797 4887 5040 BHARTIARTL 554 533 543 561 571 589 BPCL 384 372 378 387 393 402 BRITANNIA 3501 3393 3447 3534 3588 3675 CIPLA 826 802 814 833 844 863 COALINDIA 126 123 124 127 129 131 DIVISLAB 3370 3298 3334 3396 3432 3494 DRREDDY 4603 4324 4463 4689 4828 5054 EICHERMOT 2744 2637 2691 2781 2834 2924 GAIL 125 121 123 126 129 132 GRASIM 1056 1020 1038 1066 1084 1112 HCLTECH 914 884 899 924 939 964 HDFC 2378 2305 2342 2401 2437 2496 HDFCBANK 1391 1344 1367 1388 1411 1432 HDFCLIFE 678 660 669 677 686 694 HEROMOTOCO 3256 3064 3160 3322 3419 3581 HINDALCO 226 219 223 229 232 238 HINDUNILVR 2264 2208 2236 2279 2307 2350 ICICIBANK 537 522 529 537 545 553 INDUSINDBK 846 796 821 841 866 886 INFY 1239 1194 1216 1254 1276 1314 IOC 93 91 92 94 95 98 ITC 203 198 201 205 207 211 JSWSTEEL 367 352 359 371 379 390 KOTAKBANK 1713 1676 1695 1722 1741 1768 LT 1335 1299 1317 1343 1361 1387 M&M 750 711 730 765 784 819 MARUTI 7207 6839 7023 7354 7538 7869 NESTLEIND 17060 16657 16858 17163 17365 17670 NTPC 89 85 87 90 92 94 ONGC 88 84 86 90 92 95 POWERGRID 184 179 182 185 188 191 RELIANCE 1842 1779 1810 1862 1893 1945 SBILIFE 864 844 854 869 879 894 SBIN 282 272 277 284 289 296 SHREECEM 22773 22103 22438 22866 23202 23630 SUNPHARMA 586 534 560 580 606 626 TATAMOTORS 263 249 256 267 274 286 TATASTEEL 601 572 587 610 625 648 TCS 3111 3026 3069 3143 3185 3260 TECHM 961 931 946 971 986 1011 TITAN 1420 1381 1401 1435 1455 1489 ULTRACEMCO 5327 5153 5240 5375 5462 5597 UPL 561 546 553 565 572 584 WIPRO 418 402 410 424 432 446 4 Institutional Equity Research NIFTY 13635 IN FOCUS February 01, 2021 Support 13499 Stock in Focus GSPL MARKET LENS 13363 Intraday Pic HDFC Resistance 13869 Intraday Pick POWERGRID 14103 Intraday Pick SBIN Simple Moving Average Scrip Name Close Rate 20-SMA 50-SMA 100-SMA 200-SMA HIGH_52WEEK LOW_52WEEK SENSEX 46286 48654 46769 43336 39218 50184 25639 NIFTY 13635 14302 13728 12733 11535 14754 7511 BANKNIFTY 30566 31746 30735 27290 24210 32842 16116 ADANIPORTS 510 519 473 413 369 563 203 ASIANPAINT 2407 2685 2532 2306 2014 2873 1431 AXISBANK 663 660 631 556 491 761 286 BAJAJ-AUTO 4006 3673 3418 3198 2997 4237 1789 BAJAJFINSV 8723 8909 8862 7444 6543 9950 3985 BAJFINANCE 4735 5005 4957 4220 3507 5373 1783 BHARTIARTL 554 560 521 485 517 612 362 BPCL 384 399 392 382 381 510 252 BRITANNIA 3501 3596 3615 3629 3564 4010 2100 CIPLA 826 830 796 779 719 865 354 COALINDIA 126 138 135 127