NIFTY:

The Nifty opened at 11879.20 with a gap up of 117 points. Nifty first fell down in the first 10 minutes of trading and then moved up in the next 30 minutes. The index then again moved down with a modest decline. For the rest of the day, prices have traded very narrow and choppy. Nifty finally closed at 11873.05 up by 110.60 points. Banks and Financials have continued its outperformance while Auto, Media and Pharma have underperformed.

The short term trend is up and we now have a tradable pattern. Buy above 11890 with a stop under 11810 and for the target of 11970. If the Nifty opens with a large gap near the target, then wait for a correction towards 11900 to buy.

BANK NIFTY:

Bank Nifty opened at 23902.90 with a gap up of 374 points. The index first saw a sharp rally and then a minor correction and then again a modest rally. Prices have ended near its intraday highs at 24266 with a gain of more than 700 points. PSU and Private banks both have performed well and closed higher by 4.17% and 3.16% respectively. Within the index, in terms of points, ICICI Bank contributed highest followed by Axis Bank. Bank Nifty has been trading inside a range of 23150-24050 for the last few days. The index has broken it on the upside and closed above the resistance. Another close above 24050 may be able to confirm this breakout.

Intraday traders should look to buy on a dips.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
MUTHOOTHFIN 1221.85 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1190 and for the target of 1260-1280
ICICIPRULI 423.25 BUY The stock has given a breakout from a narrow trading range. The stock can be bought above 425 with a stop at 420 and for the target of 435.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
HINDUNILVR 2200 CE BUY 38.90 CMP 31 50 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
MINDTREE.Oct 29 1334 0.18 40.73 1766400 AMBUJACEM.Oct 29 248.3 -0.14 33.36 22461000
COLPAL.Oct 29 1481 3.39 25.43 2713900 UPL.Oct 29 466 -0.55 14.98 14508000
ACC.Oct 29 1575.4 0.6 17.23 2646500 VOLTAS.Oct 29 687.65 -1.8 14.86 2667000
FEDERALBNK.Oct 29 56.2 7.25 15.6 86819000 HEROMOTOCO.Oct 29 3246.3 -2.72 14.01 2345700
M&MFIN.Oct 29 130.4 3.57 14.09 16844604 COFORGE LIMITED.Oct 29 2532.5 -1.04 9.86 509625
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
IOC.Oct 29 77.5 3.96 -2.82 52405800 TATAMOTORS.Oct 29 128.15 0 -2.51 70520400
SAIL.Oct 29 34.75 2.66 -2.42 47443000 PVR.Oct 29 1159 -1.11 -1.26 1374032
RAMCOCEM.Oct 29 786.45 0.5 -2.11 1537650 IDEA.Oct 29 7.95 -1.85 -1.04 321020000
PNB.Oct 29 28.15 1.62 -1.88 62062000 APOLLOHOSP.Oct 29 2214.3 -0.03 -0.63 1656500
CANBK.Oct 29 87.6 1.33 -1.75 14295000 AUROPHARMA.Oct 29 799.5 -1.16 -0.22 14253200

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Nestleind 16093.15 4.3 182795 68249 51.56 Nifty Bank 24266.75 3.12 77235
Hindustan Unilever Ltd 2177.8 1.27 1606069 795239 48.48 Nifty Metal 2367.85 1.63 77235
Colgate Palmolive (india 1476.7 2.6 1316124 180882 46.97 Nifty Realty 218.35 1.51 77235
Indian Oil Corp. Ltd. 76.8 3.5 23207536 10712302 46.12 Nifty Fmcg 30068.85 1.34 77235
Hdfc Life Insurance Comp 570.5 1.67 3362350 950984 44.92 Nifty Energy 14743.25 1.24 77235
Hdfc Bank Ltd. 1203.55 0.35 21179884 5757664 44.59 Nifty 50 11873.05 0.94 77235
Tata Consultancy Serv Lt 2711.55 -1.87 3331194 2268743 43.02 India Vix 21.82 0.82 77235
Power Grid Corporation o 159.75 0.5 10571070 4477237 42.62 Nifty it 21391.9 -0.68 77235
Sbi Life Insurance Compa 798.3 -0.16 661678 289782 42.43 Nifty Auto 7870.35 -1.12 77235
Bharti Airtel Limited 397.7 -0.98 16921274 9809147 42.01 Nifty Pharma 11616.65 -1.67 77235

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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

NEWS UPDATES

•Life Insurance Corporation of India (LIC) has increased its stake in Kotak Mahindra Bank by 0,73 percent in the second quarter, according to the latest stock exchange data. LIC has increased its shareholding to 3.18 per cent from 2.45 per cent in the second quarter, the Kotak Mahindra Bank’s latest shareholding pattern shows.

•India’s top oil firm IOC is remodelling business with an increased focus on petrochemicals to hedge volatility in the fuel business, while at the same time turning petrol pumps into energy outlets that offer EV charging points and battery swapping options besides conventional fuels as it looks to make itself future-ready.

•HDFC Life Insurance posted a 5.63 per cent year-on-year (YoY) rise in net profit at Rs 326.09 crore for the September quarter. The company had reported a profit of Rs 308.69 crore for the same quarter last year. The net premium income for the company stood at Rs 10,045.44 crore, up 34.77 per cent YoY, for the quarter against Rs 7,453.68 crore for the corresponding quarter. The company said its market share during the first half of the year expanded by 235 bps from 15.2 per cent to 17.5 per cent.

•Finance Minister Nirmala Sitharaman on Monday asked officials to ensure that 14 state-owned companies spend 75 per cent of their capital outlay for the year by the end of December. mThis is because the government looks to maintain the pace of capital and infrastructure projects in a bid to soften the economic blow from the pandemic. The combined capex target for the 14 central public sector enterprises (CPSEs) for FY21 is Rs 1.15 trillion.

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
BOMDYEING General;Quarterly Results 20-Oct-20 KAJARIACER Quarterly Results 20-Oct-20
CCL Interim Dividend;Quarterly Results 20-Oct-20 LTI Interim Dividend;Quarterly Results 20-Oct-20
CRISIL Interim Dividend;Quarterly Results 20-Oct-20 MAHINDCIE Quarterly Results 20-Oct-20
CSL Quarterly Results 20-Oct-20 MAHSCOOTER Quarterly Results 20-Oct-20
DCMSHRIRAM Quarterly Results 20-Oct-20 RKFORGE* Quarterly Results 20-Oct-20
GRANULES Interim Dividend;Quarterly Results 20-Oct-20 SAYAJIHOTL Audited Results;General 20-Oct-20
HINDUNILVR Interim Dividend;Quarterly Results 20-Oct-20 SHIVACEM Quarterly Results 20-Oct-20
HINDZINC Interim Dividend;Quarterly Results 20-Oct-20 SICLTD General 20-Oct-20
ICL Quarterly Results 20-Oct-20 SIMPLXMIL Quarterly Results 20-Oct-20
IEX Quarterly Results 20-Oct-20 TRANSFD Quarterly Results 20-Oct-20
JSWISPL Quarterly Results 20-Oct-20 VISIONCO General 20-Oct-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
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
PRIVISCL 26-Oct-20 Dividend – Rs. – 1.50 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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