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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