NIFTY:
The Nifty opened at 12023.45 with a gap up of 52 points. The index first moved down by more than 100 points within the first 20 minutes of trading and then rallied almost 80 points in the next 20 minutes. The index then started a decline which lasted towards the end of the days trading session. Prices have seen a decline of more than 350 points from its intraday high to intraday low. Prices have closed at 11680.25 down by 290 points. All the sectoral indices have closed in the loss while Bank and Financials have led the decline.
Yesterday we gave a trade to buy the Nifty above 12000 and sell below 11770. The upside trade did not execute, but Nifty did fall below 11770 entering us into a short trade. The target for this trade is 11600.
The long term trend continues to be up. This decline is not unusual because this was just one day of decline after many days of rallies.
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 23149.95. 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 finally closed at 23072 with a loss of 800 points. Private Banks and PSU banks both have underperformed. Within the index, in terms of points, ICICI Bank contributed highest while Bandhan Bank contributed lowest.
Short term trend is up. A strong support is visible around 23000.
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TECHNICAL PICKS
| COMPANY | CMP | B/S | RATIONALE |
| MINDTREE | 1424.85 | BUY | The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1395 and for the target of 1480. |
| GODREJCP | 682.15 | SELL | The stock has given a breakdown from a trading range. The stock can be sold at CMP with a stop at 692 and for the target of 675-660. |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| ASIANPAINT | 2060 CE | BUY | 67 | CMP | 60 | 85 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| MOTHERSUMI.Oct 29 | 105.4 | -5.05 | 20.26 | 27545000 | ||||||
| GODREJPROP.Oct 29 | 846 | -3.56 | 16.1 | 909350 | ||||||
| APOLLOHOSP.Oct 29 | 2188.65 | -1.82 | 12.45 | 1752500 | ||||||
| BAJFINANCE.Oct 29 | 3199 | -5.51 | 10.61 | 4841250 | ||||||
| ASHOKLEY.Oct 29 | 72.55 | -1.29 | 10.1 | 43443000 | ||||||
| Short Covering | Long Unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| CUMMINSIND.Oct 29 | 443.5 | 2 | -11.05 | 1884000 | MINDTREE.Oct 29 | 1432 | -7.48 | -19.29 | 1500000 | |
| MGL.Oct 29 | 817.6 | 2.66 | -7.3 | 1730400 | PVR.Oct 29 | 1195 | -3.68 | -7.31 | 1548228 | |
| NMDC.Oct 29 | 80.45 | 0.25 | -2.6 | 37459700 | IBULHSGFIN.Oct 29 | 152.35 | -2.34 | -4.38 | 16116900 | |
| TATAPOWER.Oct 29 | 53.15 | 0 | -1.12 | 71374500 | ESCORTS.Oct 29 | 1196 | -3.21 | -4.14 | 3028300 | |
| PETRONET.Oct 29 | 218.15 | 3.34 | -0.4 | 12030000 | PNB.Oct 29 | 27.5 | -2.83 | -3.17 | 65520000 | |
TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Itc Ltd. | 165.05 | -1.64 | 27116959 | 23353765 | 61.1 | India Vix | 22.06 | 9.14 | 96117 | |
| Petronet Lng Limited | 218.15 | 3.78 | 7085127 | 2974635 | 56.19 | Nifty Metal | 2240.95 | -0.49 | 96117 | |
| Godrej Cons Products Ltd | 682.15 | -2.52 | 1988759 | 1622608 | 55.71 | Nifty Fmcg | 29644.8 | -1.05 | 96117 | |
| Hdfc Life Insurance Comp | 561.5 | -1.9 | 1773035 | 2103648 | 53.14 | Nifty Auto | 7935.35 | -1.19 | 96117 | |
| Mrf Ltd. | 58454.65 | -0.76 | 9112 | 8496 | 52.2 | Nifty Pharma | 11637.9 | -1.85 | 96117 | |
| Hindustan Unilever Ltd | 2152.55 | -0.26 | 2344440 | 1107301 | 52.16 | Nifty Energy | 14460.2 | -2 | 96117 | |
| Havells India Limited | 684.15 | -1.91 | 1107005 | 1137768 | 48.02 | Nifty Realty | 209.6 | -2.38 | 96117 | |
| Eicher Motors Ltd | 2248.6 | -0.24 | 1900931 | 646115 | 47.57 | Nifty 50 | 11680.35 | -2.43 | 96117 | |
| National Alum Co Ltd | 29.7 | -0.34 | 8221247 | 9658763 | 44.3 | Nifty it | 21567.3 | -2.87 | 96117 | |
| Colgate Palmolive (india | 1421.5 | -1.75 | 645142 | 265340 | 43.37 | Nifty Bank | 23072.4 | -3.36 | 96117 | |
UPCOMING ECONOMIC DATA
| Domestic International | |
| •INR : FX Reserves, USD on 16th October, 2020 | •USD: Retail Sales (MoM) (Sep)on 16th October, 2020 |
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NEWS UPDATES
| •Weakness in shares of Reliance Industries IT majors and private lenders dragged the BSE Sensex lower by over 1,050 points in Thursday’s trade. The broader market too was hit equally hard with four stocks falling for every two that rose. At close, investors had lost over Rs 3.28 lakh crore in wealth, 207 stocks (mostly penny) had hit their lower circuit limits, at least 28 stocks had fallen anywhere between 8 per cent and 23 per cent .
•Reliance Industries Ltd (RIL) on Thursday said it has received Rs 5,550 crore from global investment firm KKR, which has picked up 1.28 per cent stake in its retail arm. Earlier, on September 23, RIL had announced that KKR will make the investment in its subsidiary Reliance Retail Ventures Ltd (RRVL) to buy 1.28 per cent equity stake •RITES Ltd, a company of the Indian Railways has taken 24 per cent equity stake in Indian Railway Stations Development Corporation (IRSDC) and has got a representation on the company board. The enhanced paid-up capital in IRSDC is now held by Rail Land Development Authority (RLDA), Ircon and RITES in the ratio of 50:26:24. RITES’ induction has brought IRSDC additional capital of Rs 48 crore. •Adani Green Energy’s joint venture with French energy major TOTAL SA has completed the acquisition of a 205 mw solar power project for an enterprise value of Rs 1,632 crore, taking the total operating renewable portfolio under the JV to 2,353 mw, the Gautam Adani-led company said on Thursday. •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 |
| ADROITINFO | Quarterly Results | 16-Oct-20 | INDIANVSH | Audited Results | 16-Oct-20 |
| AMAL | Quarterly Results | 16-Oct-20 | LKPFIN | Quarterly Results | 16-Oct-20 |
| ANJANIFIN | Quarterly Results | 16-Oct-20 | LKPSEC | Quarterly Results | 16-Oct-20 |
| BAJAJCON | Quarterly Results | 16-Oct-20 | OSCARGLO | Quarterly Results | 16-Oct-20 |
| CHANDRAP | General;Quarterly Results | 16-Oct-20 | PHILIPCARB | Results;Voluntary Delisting of Shares | 16-Oct-20 |
| CROWNTOURS | Quarterly Results | 16-Oct-20 | PLASTIBLEN | Quarterly Results | 16-Oct-20 |
| FEDERALBNK | Quarterly Results | 16-Oct-20 | PROVESTSER | General | 16-Oct-20 |
| GANGOTRI | Quarterly Results | 16-Oct-20 | RPEL | Quarterly Results | 16-Oct-20 |
| HCLTECH | Interim Dividend;Quarterly Results | 16-Oct-20 | SACHEMT | Quarterly Results | 16-Oct-20 |
| HEMANG | General | 16-Oct-20 | SHAKTIPUMP | General;Quarterly Results | 16-Oct-20 |
| IIFLSEC | Quarterly Results | 16-Oct-20 | SHOPERSTOP | Quarterly Results | 16-Oct-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| COSPOWER | 16-Oct-20 | Final Dividend – Rs. – 1.20 | LTTS | 26-Oct-20 | Interim Dividend |
| HIMTEK | 16-Oct-20 | Dividend – Rs. – 0.20 | PRIVISCL | 26-Oct-20 | Dividend – Rs. – 1.50 |
| IRCTC | 19-Oct-20 | Final Dividend – Rs. – 2.50 | LTI | 27-Oct-20 | Interim Dividend |
| ISFT | 21-Oct-20 | Dividend – Rs. – 1.00 | ASIANPAINT | 28-Oct-20 | Interim Dividend |
| CIMMCO | 22-Oct-20 | Amalgamation | CONFIPET | 28-Oct-20 | Final Dividend – Rs. – 0.0750 |
| HCLTECH | 22-Oct-20 | Interim Dividend | DHINDIA | 28-Oct-20 | E.G.M. |
| SUBEX | 22-Oct-20 | Reduction of Capital | GMM | 28-Oct-20 | Interim Dividend |
| INFY | 23-Oct-20 | Interim Dividend – Rs. – 12.00 | HINDUNILVR | 28-Oct-20 | Interim Dividend |
| UNISTRMU | 23-Oct-20 | E.G.M. | SASKEN | 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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