outlookNIFTY:

Nifty opened at 11917.40 with a minor gap down of 17 points. The index fell another 90 points  till 10:00 AM. Prices then traded narrow and sideways till 2:00 PM. The index saw a sharp rally of almost 170 points in the last two hours of trading and the index finally closed at 11971.05 up by 36.55 points. Banks and Financials have led the gains and closed higher by more than 1.50%.

Narrow range day trade was taken. A narrow range breakout trade was suggested. The trade was triggered on the downside when the Nifty fell below 11865. A low of 11822 was made and then the Nifty bounced back to close above the stop loss level.

The Nifty has now developed a clear and visible trading range. Support comes in at 11770 and resistance at 12000. We should buy above 12000 with a stop at 11930 or sell below 11770 with a stop at 11840. The downside target is 11600 and the upside is 12200.

The trend remains intact. The long term trend remains up while the long term momentum remains in the strong area.

BANK NIFTY:

Bank Nifty opened at 23353.15 with a gap down of 90 points. The index fell further and recorded its intraday low at 23149.45. Prices have spent most of the day trading very narrow and sideways. A sharp rally started around 2:00 PM which lasted till the end of the days trading session and index finally closed at 23874 with a gain of about 430 points. Private Banks have outperformed and closed higher by 1.48%. PSU Banks have also performed well and closed higher by almost 1%. Within the index, in terms of points, ICICI Bank contributed highest while Bandhan Bank the lowest.

A narrow trading range is now visible in the index with support at 23150 and resistance at 24050. A breakout from this range will give us a trade.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
HDFC 1984.80 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1960 and for the target Of 2050.
BHARTI AIRTEL 414.04 SELL The stock has given a breakdown from a trading range. The stock can be sold below 413 with a stop at 418.50 and for the target of 403.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
DABUR 515 CE BUY 15.05 CMP 12 21 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
RAMCOCEM.Oct 29 773.45 0.32 12.38 1589500 NTPC.Oct 29 79.5 -4.22 15.14 57210900
PVR.Oct 29 1240.6 0.21 7.77 1670328 GODREJCP.Oct 29 702.5 -2.03 12.32 5462000
NAUKRI.Oct 29 3753.05 4.33 5.97 749750 MINDTREE.Oct 29 1547.8 -2.43 8.35 1858400
ACC.Oct 29 1554.75 1.72 4.4 2063000 LICHSGFIN.Oct 29 286.95 -0.49 8.09 10982000
BAJAJFINSV.Oct 29 6121.6 4.17 4.11 873750 INFY.Oct 29 1131.75 -1.65 5.84 42222000
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
CADILAHC.Oct 29 430.65 0.02 -7.94 5896000 HCLTECH.Oct 29 889.1 -1.25 -8.33 16279200
CANBK.Oct 29 88.45 2.55 -7.32 15575000 GLENMARK.Oct 29 486.65 -1.08 -7.05 7217400
MFSL.Oct 29 597.05 1.85 -6.28 2154100 ESCORTS.Oct 29 1235.65 -0.65 -6.27 3159200
DLF.Oct 29 159.5 2.61 -4.92 26865300 SRF.Oct 29 4390.8 -0.05 -5.93 634250
BAJFINANCE.Oct 29 3385.5 3.41 -4.31 4376750 WIPRO.Oct 29 351 -6.96 -5.67 31296000

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Icici Prudential Life In 425.15 2.31 3084886 1772132 62.83 Nifty Bank 23874.65 1.63 21395627
Hindustan Unilever Ltd 2158.15 0.93 2123033 1040055 61.94 Nifty 50 11971.05 0.31 42501437
Petronet Lng Limited 210.2 -2.5 5293615 1885395 61.86 Nifty Media 1496.55 0.24 339775070
Sbi Life Insurance Compa 810.6 3.06 2146423 630388 55.17 Nifty Fmcg 29959.6 0.11 907742
Nestleind 15673.05 0 66595 39598 51.94 Nifty Metal 2251.95 0.1 225766829
Mrf Ltd. 58903.55 0.54 16275 7586 48.19 Nifty Auto 8031.05 -0.27 63223288
Power Grid Corporation o 157.05 -2.12 7516362 3018610 48 Nifty Pharma 11857.25 -0.67 42656709
Eicher Motors Ltd 2253.9 1.55 1358100 754522 47.53 Nifty Energy 14755 -1.05 2880620
Kotak Mahindra Bank Limi 1353.35 0.62 3358472 2293167 47.07 Nifty it 22204.05 -1.28 4229266
Container Corp Of India 364.85 0.34 938310 889810 46.9 India Vix 20.21 -2.46 247752483

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR:  Trade Balance on 15th October, 2020

•INR : FX Reserves, USD on 16th October, 2020

•USD: Crude Oil Inventories on 15th October 2020

•USD: Retail Sales (MoM) (Sep)on 16th October, 2020

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NEWS UPDATES

•Infosys, India’s second largest software services provider on Wednesday reported 20.5 per cent year-on-year (YoY) increase in the net profit from the September quarter. The company posted Rs.4,019 crore profit for the corresponding quarter last year. Consolidated revenue from operations increased to Rs.24,570 crore in Q2FY21, up by 8.6% YoY. The operating profit also rose to Rs.6,228 crore, growth of 26.8% YoY.

•Infosys revised its full year revenue as well as margin guidance given the highest ever deal wins in Q2. It has revised its revenue growth guidance upward to 2-3 percent in constant currency for financial year 2020-21, from 0-2 percent earlier. The full year operating margin guidance also revised upward to 23-24 percent.

•The government decision’s to waive off compound interest payment for small borrowers during the six-month moratorium period should be implemented by November 2, said the Supreme Court on Wednesday, according to multiple media reports. The government’s decision is decision is welcome, but we need to see concrete results on the ground, said the court as it set November 2 as the next date of hearing in the matter.

•A total of 39.43 lakh domestic passengers travelled by air in September this year, 66 per cent lower than the corresponding period last year, the country’s aviation regulator DGCA said on Wednesday. As many as 21.07 lakh and 28.32 lakh people travelled by air domestically this July and August, respectively, the regulator had said last month.

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

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BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
BLFL Quarterly Results 15-Oct-20 RBL Buy Back of Shares;Quarterly Results 15-Oct-20
BONLON Audited Results 15-Oct-20 RSSOFTWARE Audited Results 15-Oct-20
CHENFERRO Quarterly Results 15-Oct-20 SANKHYAIN General 15-Oct-20
CYIENT Quarterly Results 15-Oct-20 SEACOAST General 15-Oct-20
DOLAT Quarterly Results 15-Oct-20 SOUTHBANK Quarterly Results 15-Oct-20
HATHWAY Quarterly Results 15-Oct-20 SYTIXSE Quarterly Results 15-Oct-20
IFINSER General;Quarterly Results 15-Oct-20 TRIDENT General;Quarterly Results 15-Oct-20
JUPITERIN Quarterly Results 15-Oct-20 VIMTALABS Quarterly Results 15-Oct-20
LAKSHVILAS Right Issue of Equity Shares 15-Oct-20 VRFILMS A.G.M.;General 15-Oct-20
MINDTREE Interim Dividend;Quarterly Results 15-Oct-20 YASHMGM General 15-Oct-20
MOSCHIP A.G.M.;Quarterly Results 15-Oct-20 ZBHILENG Voluntary Delisting of Shares 15-Oct-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ASHFL 15-Oct-20 Dividend – Rs. – 0.10 SUBEX 22-Oct-20 Reduction of Capital
ELIXIR 15-Oct-20 Final Dividend – Rs. – 1.2500 UNISTRMU 23-Oct-20 E.G.M.
SDBL 15-Oct-20 Stock  Split From Rs.10/- to Rs.5/- LTTS 26-Oct-20 Interim Dividend
VAL 15-Oct-20 Bonus issue 3:5 PRIVISCL 26-Oct-20 Dividend – Rs. – 1.50
COSPOWER 16-Oct-20 Final Dividend – Rs. – 1.20 LTI 27-Oct-20 Interim Dividend
HIMTEK 16-Oct-20 Dividend – Rs. – 0.20 ASIANPAINT 28-Oct-20 Interim Dividend
IRCTC 19-Oct-20 Final Dividend – Rs. – 2.50 CONFIPET 28-Oct-20 Final Dividend – Rs. – 0.0750
ISFT 21-Oct-20 Dividend – Rs. – 1.00 DHINDIA 28-Oct-20 E.G.M.
HCLTECH 22-Oct-20 Interim Dividend GMM 28-Oct-20 Interim Dividend

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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