NIFTY:

The Nifty witnessed a positive start, followed by the range bound move till the end. The index opened at 11727.40 with a gap up of 47 points. Prices first saw a sharp decline of more than 100 points and then an equal sharp rally. The index spent most of the day trading session narrow and range bound and finally closed at 11762.45 up by 82.10 points. All the sectoral indices closed higher except IT and Media. The gains were led by Financial and Banking stocks.

We had a short position taken around 11770 and we ended up exiting the trade without any profit or loss. We did not have much happening in the markets. The index remained above the lows it made on Thursday. Strong support is visible around 11550.

The scenarios visible to us are either:

Thursdays decline was a correction to the up move or a down trend may start and we may see a further fall. We are anticipating the first scenario to be true. A break below 11660 will cancel this and we may see the prices fall down further until the next support at 11550.

BANK NIFTY:

Bank Nifty opened at 23219.85 with a gap up of 184 points. The index first traded sideways then saw a sharp rally in the middle of the day and then again traded sideways. Prices have closed at 23533.25 with a gain of 490 points. Private Banks have outperformed and closed higher by 2.05%. Within the index, in terms of points, HDFC Bank contributed highest while PNB contributed the lowest.

Short term trend remains up and we should look to buy on dips.

Intraday traders should buy on a dip towards 23200 or buy above 23700.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
ACC 1561.15 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1545 and for the target of 1580-1600
M&M 606.65 SELL The stock has given a breakdown from a trading range. The stock can be sold at CMP with a stop at 614 and for the target of 590.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
DIVISLAB 3220 CE BUY 102.30 CMP 80 140 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
VOLTAS.Oct 29 702.7 4.47 32.23 2835000 UPL.Oct 29 469.25 -7.36 66.14 14155700
COFORGE LIMITED.Oct 29 2547.85 1.75 18.29 538500 CHOLAFIN.Oct 29 236.65 -0.48 13.61 6240000
DLF.Oct 29 163.9 5.44 16.02 31554600 ZEEL.Oct 29 175.95 -2.28 7.57 34263000
SRF.Oct 29 4471 2.85 13.67 642500 VEDL.Oct 29 95.2 -0.16 5.35 75423000
AMBUJACEM.Oct 29 248.5 2.07 11.84 17142000 ASIANPAINT.Oct 29 2065.9 -0.94 5.28 2441100
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
ASHOKLEY.Oct 29 75.4 3.93 -3.41 41562000 MINDTREE.Oct 29 1325.05 -7.66 -6.21 1353600
CUMMINSIND.Oct 29 462.05 4.32 -2.87 1788000 PVR.Oct 29 1175 -2.49 -4.46 1393568
NMDC.Oct 29 83.15 2.65 -2.83 35684200 ESCORTS.Oct 29 1176 -1.51 -3.16 2798400
NIFTY.Oct 29 11766 0.69 -2.78 11078250 PNB.Oct 29 27.6 -0.36 -1.79 63798000
CADILAHC.Oct 29 430.1 3.07 -2.42 5682600 CANBK.Oct 29 86 -0.12 -1.21 14665000

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hindustan Unilever Ltd 2150.55 -0.09 1640402 1254127 53.49 Nifty Metal 2329.85 3.97 81570
Power Grid Corporation o 158.95 2.05 10504385 4411850 50.48 Nifty Realty 215.1 2.62 81570
Itc Ltd. 165.7 0.39 20227113 13536820 49.92 Nifty Bank 23533.25 2 81570
Hdfc Life Insurance Comp 561.15 -0.06 2117294 879745 49.62 Nifty Pharma 11814.1 1.51 81570
Container Corp Of India 370.85 3.62 1711124 499250 48.12 Nifty Energy 14562.55 0.71 81570
Godrej Cons Products Ltd 677.85 -0.63 1292241 932471 46.89 Nifty 50 11762.45 0.7 81570
Colgate Palmolive (india 1439.3 1.25 385128 300433 46.57 Nifty Auto 7959.45 0.3 81570
Tata Consultancy Serv Lt 2763.3 0.83 5273773 3050039 46.01 Nifty Fmcg 29671.05 0.09 81570
Hdfc Bank Ltd. 1199.35 2.57 12911559 6426038 45.5 Nifty it 21538.15 -0.14 81570
Tata Chemicals Ltd. 319.65 0.38 2243807 3027249 44.58 India Vix 21.65 -1.86 81570

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR : Bank Loan Growth on 23rd October, 2020

•I NR: Deposit Growth on 23rd October, 2020

•USD: Building Permits (Sep) on 20th October, 2020

•USD: Crude Oil Inventories on 21st October, 2020

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NEWS UPDATES

•Net profit of HDFC Bank rose 18% year-on-year to Rs 7,513 crore in the quarter ended September. That compares with the Rs 6,409-crore consensus estimate of analysts tracked by Bloomberg. Net interest income, or the bank’s core income, rose 17% year-on-year to Rs 15,776 crore. Analysts had forecast Rs 12,274 crore in net interest income. Net interest margin held steady at 4.1% for the quarter. The bank’s asset quality improved with the gross non-performing asset ratio at 1.08% at the end of the second quarter, as compared with 1.36% as on June 30. Net NPA ratio for the bank fell 16 basis points to 0.17%.

•Avenue Supermarts, which runs popular grocery chain DMart, reported 38% decline in its consolidated net profit for the quarter ending 30 September at Rs.199 crore as coronavirus pandemic continues to affect its operations. It was Rs.323 crore in September 2019. Consolidated revenue decreased by 11% to Rs.5,306 crore as against Rs.5,991 crore in the year-ago period. Consolidated PAT margin stood at 3.7% in Q2FY21 as compared to 5.4% in Q2FY20.

•Dr Reddy’s has received the permission from the Drug Controller General of India (DCGI) to conduct an adaptive phase 2/3 human clinical trial for the Sputnik V vaccine in India. This is the vaccine developed by the Russia’s Gamaleya Institute and funded by Russian Development Investment Fund (RDIF). The multi-center and randomized controlled study, which will include safety and immunogenicity study.

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
ACC Quarterly Results 19-Oct-20 LTTS Interim Dividend;Quarterly Results 19-Oct-20
BORORENEW Quarterly Results 19-Oct-20 MAHABANK Quarterly Results 19-Oct-20
BRITANNIA Quarterly Results 19-Oct-20 RALLIS Quarterly Results 19-Oct-20
CENTURYTEX Quarterly Results 19-Oct-20 SAGARSOFT Quarterly Results 19-Oct-20
CHEMOPH Quarterly Results 19-Oct-20 SHISHIND Bonus issue;Half Yearly Results 19-Oct-20
CSBBANK Quarterly Results 19-Oct-20 SKIPPER Quarterly Results 19-Oct-20
DHRUV General 19-Oct-20 SMRUTHIORG Quarterly Results 19-Oct-20
GICRE General 19-Oct-20 SPCAPIT General 19-Oct-20
HATSUN Bonus issue;Quarterly Results 19-Oct-20 SUMERUIND Quarterly Results 19-Oct-20
HDFCLIFE Quarterly Results 19-Oct-20 TITANBIO General;Quarterly Results 19-Oct-20
KIOCL Buy Back of Shares 19-Oct-20 TITANSEC General;Quarterly Results 19-Oct-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
IRCTC 19-Oct-20 Final Dividend – Rs. – 2.50 PRIVISCL 26-Oct-20 Dividend – Rs. – 1.50
ISFT 21-Oct-20 Dividend – Rs. – 1.00 HINDZINC 27-Oct-20 Interim Dividend
CIMMCO 22-Oct-20 Amalgamation LTI 27-Oct-20 Interim Dividend
HCLTECH 22-Oct-20 Interim Dividend – Rs. – 4.00 ASIANPAINT 28-Oct-20 Interim Dividend
SUBEX 22-Oct-20 Reduction of Capital CONFIPET 28-Oct-20 Final Dividend – Rs. – 0.0750
INFY 23-Oct-20 Interim Dividend – Rs. – 12.00 DHINDIA 28-Oct-20 E.G.M.
UNISTRMU 23-Oct-20 E.G.M. FOSECOIND 28-Oct-20 Interim Dividend
LTTS 26-Oct-20 Interim Dividend GMM 28-Oct-20 Interim Dividend
MINDTREE 26-Oct-20 Interim Dividend – Rs. – 7.50 HINDUNILVR 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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