outlookNIFTY:

Yesterday the news of the Pfizer vaccine success took the US markets significantly higher in early trading. But eventually, by the time markets closed in America most of the gains had vanished. The Nifty opened higher by quickly gave up all its gains. After going below 12500, the index again regained its momentum and started moving up. It was not a straight line rally. There was a sharp correction in the index around 2:00 PM. But with all said and done, the index closed significantly higher up by 170 points. The final close was at 12631. The Nifty continues to record lifetime highs for the last two days.

The bank index gained almost 4% up by 1071 points. Not just the banks, most NBFC stocks also had similar gains. Bajaj finance was up by 9%, while Bajaj Finserv was up by 6%.

It is difficult to anticipate large gap ups and then to expect that the gap up will be maintained. This could easily be a blowout phase for the market. Given the big gains noticed by the Nifty, reads will well understand the trend is decisively up.

BANK NIFTY:

Bank Nifty opened at 28039.45 with a big gap up of 457 points. Prices first moved up and added another 750 points into the gains but then saw a sharp fall. However prices have recovered quickly and finally closed at 28603.50 with a gain of 1021 points. Private and PSU Banks both have performed almost same and closed higher by more than 3.50%. Within the index in terms of points, HDFC Bank contributed highest followed by ICICI Bank.

Rally continued in the Bank Nifty. On October 30th 2020, the index made a swing low at 23612.70 and today prices have touched a high at 28802.50. In these 7 trading days prices have rallied more than 5000 points or almost 22% from the swing low.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
MOTHERSON SUMI 127.40 BUY The stock has given a breakout from a narrow trading range. The stock can be bought between 125-126 with a stop at 121 and for the target 135.
AMARARAJA 832.50 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP  with a stop at 820 and for the target 855.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
ADANIPORTS 365 CE BUY 14.65 CMP 11 20 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
RBLBANK.Nov 26 210 6.41 29.81 24408800 MUTHOOTFIN.Nov 26 1191.55 -6.98 57.65 4202250
LICHSGFIN.Nov 26 324.8 6.51 25.73 15460000 APOLLOHOSP.Nov 26 2048.85 -2.05 34.31 2709000
INDIGO.Nov 26 1613 8.38 21.32 3158500 BRITANNIA.Nov 26 3525.05 -1.07 18.38 1445200
CANBK.Nov 26 96.75 3.98 17.94 17290000 TORNTPOWER.Nov 26 313 -1.15 15.91 1989000
ASHOKLEY.Nov 26 90.85 7.45 15.79 39474000 BIOCON.Nov 26 406.55 -2.56 14.47 13139900
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
BATAINDIA.Nov 26 1373 0.79 -10.62 1152800 JUBLFOOD.Nov 26 2228.95 -4.92 -4.37 1782500
NTPC.Nov 26 90.8 2.19 -5.84 48381600 SRF.Nov 26 5002.6 -1.6 -2.9 581625
COALINDIA.Nov 26 124.35 2.68 -5.07 31727500 BERGEPAINT.Nov 26 646.45 -1.4 -2.73 3526600
CHOLAFIN.Nov 26 311.65 2.23 -3.51 5847500 ESCORTS.Nov 26 1342.95 -1.04 -0.81 2555300
NATIONALUM.Nov 26 33.8 1.35 -3.35 41650000

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Icici Lombard General In 1269.25 -0.16 815456 318523 62.52 Nifty Bank 28606 3.89 76398
Hindustan Unilever Ltd 2136.6 0.19 2471703 1325032 60.38 Nifty Realty 235.05 2.06 76398
Petronet Lng Limited 239.1 0.4 3007044 4758412 60.2 Nifty Energy 15713.05 1.43 76398
Icici Prudential Life In 421.45 -0.14 3364819 1622871 59.45 Nifty 50 12631.1 1.36 76398
Sbi Life Insurance Compa 829.4 2.63 1490688 687126 54.73 Nifty Media 1488.55 1.04 76398
Vedanta Limited 99.75 0.96 30426536 26779585 54.47 Nifty Auto 8127.25 0.74 76398
Hdfc Life Insurance Comp 609.65 2.83 4801645 1609726 54.04 Nifty Metal 2556.7 0.45 76398
Hdfc Ltd. 2272.1 5.58 8512622 1876531 53.16 Nifty Fmcg 30494.75 0.13 76398
Power Grid Corporation o 185.9 1.01 7771387 4538174 52.98 Nifty it 20978.5 -3.86 76398
Grasim Ind Ltd. 789.5 -0.33 2902845 1120091 51.19 Nifty Pharma 11168.9 -4.33 76398

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR:  CPI (YoY) (Oct) on 12th November, 2020

INR:  Industrial Production (YoY) (Sep ) on 12th November, 202

•USD:  EIA Short-Term Energy Outlook on 10th November, 2020

•USD: JOLTs Job Openings (Sep) on 10th November, 2020

NEWS UPDATES

•The Godrej Group announced its foray into the financial services space with a housing Finance company. Godrej Housing Finance (GFH) is aiming to achieve a balance sheet of Rs 10,000 crore within the next three years and a customer base of 40,000 borrowers.

•Bhushan Power & Steel, one of the 12 cases mandated by the Reserve Bank of India to be resolved under the Insolvency and Bankrutcy Code (IBC) has got a leg-up with the letter of intent (LOI) of being issued in JSW Steel’s favour. Sources close to the development said the next step was to file the resolution plan with the National Company Law Tribunal (NCLT) for approval.

•Tata Power on Tuesday posted a 10 per cent increase in consolidated net profit. “Consolidated PAT stood at Rs 371 crore (in July-September 2020) up by 10 per cent as compared to Rs 339 crore in Q2 FY20 due to stable performance across businesses.  On a consolidated basis, Tata Power Group’s Q2 FY21 revenue was up by 15 per cent at Rs 8,413 crore as compared to Rs 7,329 crore last year.

• Motherson Sumi Systems on Tuesday reported a 2.7 per cent rise in consolidated net profit at Rs 387.93 crore for the second quarter ended September 30.  Total revenue from operations, however, declined to Rs 14,957.21 crore during the quarter under review as against Rs 15,259.74 crore in the year-ago period

Source: Economic Times,  Moneycontrol  ,Business Today, Livemint, Business Standard, Bloomberg Quint

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BOARD MEETINGS

Company name Purpose Meeting Date Company name Purpose Meeting Date
ABBOTINDIA Quarterly Results 11-Nov-20 IGARASHI Quarterly Results 11-Nov-20
APOLLOHOSP Quarterly Results 11-Nov-20 IGL Quarterly Results 11-Nov-20
ASHOKA Quarterly Results 11-Nov-20 INDIANHUME Quarterly Results 11-Nov-20
ASIANTILES Quarterly Results 11-Nov-20 LICHSGFIN General;Quarterly Results 11-Nov-20
ASTRAMICRO Quarterly Results 11-Nov-20 METROPOLIS General;Quarterly Results 11-Nov-20
AUROPHARMA Interim Dividend;Quarterly Results 11-Nov-20 MUNJALAU General;Quarterly Results 11-Nov-20
BAJAJST Quarterly Results 11-Nov-20 NATIONALUM Quarterly Results 11-Nov-20
BALPHARMA Quarterly Results 11-Nov-20 NBCC Quarterly Results 11-Nov-20
BCPL Half Yearly Results;General 11-Nov-20 PGHL Quarterly Results 11-Nov-20
CAMS Interim Dividend;Quarterly Results 11-Nov-20 POWERGRID Quarterly Results 11-Nov-20
CAPACITE Quarterly Results 11-Nov-20 PRECWIRE Quarterly Results 11-Nov-20
COALINDIA Interim Dividend;Quarterly Results 11-Nov-20 SOLARA Interim Dividend 11-Nov-20
GALAXYSURF Quarterly Results 11-Nov-20 TTKHEALTH Quarterly Results 11-Nov-20
IBULHSGFIN General;Quarterly Results 11-Nov-20 UFLEX Quarterly Results 11-Nov-20

CORPORATE ACTION

Company Ex Date Purpose Company Ex Date Purpose
BUTTERFLY 11-Nov-20 Interim Dividend – Rs. – 1.5000 CHAMBLFERT 12-Nov-20 Interim Dividend – Rs. – 3.0000
DABUR 11-Nov-20 Interim Dividend – Rs. – 1.7500 EMAMILTD 12-Nov-20 Interim Dividend – Rs. – 4.0000
SHRIRAMCIT 11-Nov-20 Interim Dividend – Rs. – 10.0000 GEOJITFSL 12-Nov-20 Interim Dividend – Rs. – 1.5000
AJANTPHARM 12-Nov-20 Buy Back of Shares KANSAINER 12-Nov-20 Interim Dividend – Rs. – 1.2500
AJANTPHARM 12-Nov-20 Interim Dividend – Rs. – 9.5000 MJCO 12-Nov-20 Buy Back of Shares
ASTRAL 12-Nov-20 Interim Dividend – Rs. – 1.0000 NACLIND 12-Nov-20 Interim Dividend – Rs. – 0.1000
BALKRISIND 12-Nov-20 Interim Dividend – Rs. – 4.0000 NTPC 12-Nov-20 Buy Back of Shares
BSOFT 12-Nov-20 Interim Dividend – Rs. – 1.0000 PREMCO 12-Nov-20 Interim Dividend – Rs. – 2.0000

DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more


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