NIFTY:
Nifty continued trading narrow and choppy. The index opened at 11244.40 with a gap up of 22 points. Prices have traded very choppily with movement on both sides multiple times during the day. The index finally closed at 11226.50 up by just 4 points. It was a narrow range day. This narrow range trading suggests a big move is about to come in either direction. Metal sector has underperformed and closed lower by 2.12% while FMCG closed higher by 1.34%.
Yesterday we had identified a trading range with resistance at 11270 and support at 11145. We had suggested a long above 11270 with a stop at 11200. The Nifty did go above this level. In the final minutes of trading, the Nifty fell and reached 11220. But the stop was not touched. We suggest going long taking this stop.
If the Nifty goes below 11150, we suggest buying a put option just for the day as we may see further downside below 11150.
After a big decline, the Nifty is now seeing a rally of some kind. This rally could simply be a correction in an ongoing downtrend. We will know if this is a correction in an on going downtrend or the beginning of a new up move. We have to have a little patience to identify the next move.
BANK NIFTY:
Bank Nifty opened at 21405.25 without much of a gap. The index traded very choppy and narrow and finally closed at 21416. PSU Bank have continued its underperformance for the second day and closed lower by more than 1%. Within the index, in terms of points, HDFC Bank contributed the highest while ICICI Bank the lowest. It was day after two days of trend day. We may see a big move soon.
Today is the weekly expiry, we may see the choppiness to continue and we can expect a sharp move sometime next week. Resistance is visible around 21800 and short term support at 20400. Intraday traders can look to buy on dips and sell on rallies.
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TECHNICAL PICKS
| COMPANY | CMP | B/S | RATIONALE |
| GRASIM | 744.20 | BUY | The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 732 and for the target of 757. |
| IGL | 386.80 | SELL | The stock has given a breakdown from a narrow trading range. The stock can be sold at CMP with a stop at 390 for the target of 379. |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| ASIANPAINTS | 1980 CE | BUY | 68.65 | CMP | 62 | 80 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| CADILAHC.Oct 29 | 398 | 2.21 | 22.29 | 7772600 | BPCL.Oct 29 | 353.6 | -9.05 | 28.9 | 29534400 | |
| PAGEIND.Oct 29 | 21798.65 | 1.12 | 22.24 | 134880 | INFRATEL.Oct 29 | 175.1 | -2.51 | 24.59 | 18228000 | |
| APOLLOHOSP.Oct 29 | 2113.4 | 2.75 | 15.31 | 1826000 | BANKNIFTY.Oct 29 | 21437.3 | -0.06 | 16.77 | 1822700 | |
| ZEEL.Oct 29 | 211.3 | 1.27 | 13.06 | 39144000 | POWERGRID.Oct 29 | 163.65 | -0.24 | 12.83 | 17760000 | |
| HDFCBANK.Oct 29 | 1075.8 | 1.37 | 9.19 | 44692450 | COFORGE LIMITED.Oct 29 | 2330.2 | -0.34 | 11.18 | 559500 | |
| Short Covering | Long Unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| CANBK.Oct 29 | 88.15 | 0.46 | -2.43 | 11230000 | BALKRISIND.Oct 29 | 1481 | -0.32 | -4.11 | 1679200 | |
| MINDTREE.Oct 29 | 1337 | 0.83 | -1.69 | 1537600 | JINDALSTEL.Oct 29 | 185.35 | -4.04 | -3.58 | 23730000 | |
| MFSL.Oct 29 | 614 | 1.03 | -1.47 | 2182700 | GMRINFRA.Oct 29 | 22.95 | -0.86 | -2.25 | 64620000 | |
| MCDOWELL-N.Oct 29 | 518 | 0.69 | -1.27 | 15197500 | NAUKRI.Oct 29 | 3630 | -0.32 | -1.43 | 656500 | |
| PVR.Oct 29 | 1202.9 | 1.08 | -0.39 | 1472526 | JSWSTEEL.Oct 29 | 276 | -3.23 | -1.32 | 42703200 | |
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TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Ibulhsgfin | 157.15 | 3.32 | 912352 | 3117818 | 59.82 | Nifty Fmcg | 29841.75 | 1.38 | 82518 | |
| Torrent Pharma Ltd. | 2799.95 | 3.27 | 1380059 | 871742 | 56.56 | Nifty it | 19951.35 | 0.6 | 82518 | |
| Grasim Ind Ltd. | 744.2 | 3.15 | 3696138 | 1386203 | 50.61 | Nifty Pharma | 11772.85 | 0.54 | 82518 | |
| Tech Mahindra Limited | 791.75 | 3.07 | 2827438 | 1476615 | 50.03 | Nifty 50 | 11247.55 | 0.22 | 82518 | |
| Apollo Hospitals Ltd | 2148.05 | 3.01 | 2298854 | 761758 | 49.98 | Nifty Bank | 21451.8 | 0.19 | 82518 | |
| Titan Company Limited | 1201.35 | 2.92 | 4161096 | 791739 | 49.74 | Nifty Media | 1547.8 | -0.12 | 82518 | |
| Godrej Cons Products Ltd | 724.95 | 2.77 | 6322274 | 3908991 | 48.4 | Nifty Auto | 7908.1 | -0.22 | 82518 | |
| Dabur India Ltd. | 510.55 | 2.69 | 8708572 | 3569074 | 41.72 | Nifty Energy | 15026.95 | -0.98 | 82518 | |
| Shree Cements Ltd. | 20256.95 | 2.13 | 25617617 | 9639194 | 41.56 | India Vix | 19.53 | -1.21 | 82518 | |
| Dr. Reddys Lab Ltd | 5187.8 | 2.04 | 1112228 | 525798 | 41.27 | Nifty Metal | 2242.55 | -1.68 | 82518 | |
UPCOMING ECONOMIC DATA
| Domestic International | |
| •INR: Foreign Reserve on 2nd October, 2020
•INR: RBI Monetary Policy on 1st October, 2020 |
•USD: Jobless Claim on 1st October, 2020
•USD: Marketing PMI manufacturing on 1st October, 2020 |
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NEWS UPDATES
| •General Atlantic will buy a stake worth Rs 3,675 crore in Reliance Industries Ltd.’s retail business as Asia’s richest man continues to raise funds to bolster dominance of his consumer operations. The global growth equity firm will pick up a 0.84% stake in Reliance Retail Ventures Ltd., the holding arm for Mukesh Ambani’s retail business, according to an exchange filing by parent Reliance Industries. The deal pegs the pre-investment equity valuation of Reliance Retail at Rs 4.28 lakh crore.
•HDFC Bank is well positioned to compliment the revival of economy, CEO-designate Sashidhar Jagdishan says.Talking about the current CEO, he says ‘We all have some of your DNA in us and will carry forward your legacy.’ •India’s current account balance recorded a surplus of $ 19.8 billion (3.9% of GDP) in Q1FY21 on top of a surplus of $0.6 billion (0.1% of GDP) in the preceding quarter, i.e. Q4FY20; a deficit of $ 15 billion (2.1% of GDP) was recorded a year ago i.e. Q1FY20, •NTPC ; NTPC signs MoU with Power Ministry detailing targets for FY 2020-21. Generation target has been set as 340 BUs, capex target at Rs 21,000 cr & revenue target at Rs 98,000 cr. Source: Economic Times, Moneycontrol ,Business Today, Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| AMRAAGRI | Quarterly Results | 01-Oct-20 | MIDINFRA | Quarterly Results | 04-Oct-20 |
| GILADAFINS | General | 01-Oct-20 | BETALA | Quarterly Results | 05-Oct-20 |
| HARLETH | AGM: General | 01-Oct-20 | ELAND | Voluntary Delisting | 05-Oct-20 |
| JETKINGQ | Quarterly Results | 01-Oct-20 | MLKFOOD | Scheme of arrangement | 05-Oct-20 |
| MENNPIS | General | 01-Oct-20 | PVR | General | 05-Oct-20 |
| NECLIFE | General;Quarterly Results | 01-Oct-20 | RATHIST | Audited Results;Quarterly Results | 05-Oct-20 |
| AGIIL | Prefrential Issue of Share: General | 01-Oct-20 | SUPRAP | General | 05-Oct-20 |
| NIDL | General | 03-Oct-20 | UTTAMSTL | Quarterly Results | 05-Oct-20 |
| QGO | General | 03-Oct-20 | GMBREW | General;Quarterly Results | 08-Oct-20 |
| SAGARPROD | Amalgamation | 03-Oct-20 | INDLEASE | AGM: General | 08-Oct-20 |
| VEDL | Quarterly Results | 01-Oct-20 | MOTOGENFIN | AGM: General | 08-Oct-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| GAEL | 1-Oct-20 | Stock Split From Rs.2/- to Rs.1/- | JBMA | 21-Oct-20 | Final Dividend – Rs. – 1.75 |
| SGRL | 6-Oct-20 | Bonus issue 3:26 | HCLTECH | 22-Oct-20 | Interim Dividend |
| GDL | 7-Oct-20 | Interim Dividend | PGHH | 13-Nov-20 | Final Dividend – Rs. – 105.00 |
| POWERMECH | 12-Oct-20 | Final Dividend – Rs. – 1.00 | GILLETTE | 17-Nov-20 | Final Dividend – Rs. – 49.00 |
| ELIXIR | 15-Oct-20 | Final Dividend – Rs. – 1.25 | PGHL | 18-Nov-20 | Final Dividend – Rs. – 42.00 |
| HIMTEK | 16-Oct-20 | Dividend – Rs. – 0.20 | PGHL | 18-Nov-20 | Special Dividend – Rs. – 188.00 |
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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