outlookNIFTY:

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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