outlookNIFTY:

The Nifty opened at 111861 without much of a gap. Prices first rallied and recorded its intraday high at 11949.25 around 12:00 PM. Prices have seen a modest decline from there and then spent the last hour of trading very narrow and choppy. The index closed almost unchanged at 11896.80 by 23.75 points. Realty, Media and IT have performed well and closed higher while FMCG and Metal sectors have closed lower.

Yesterday we said we should go long above 11890. The Nifty opened with a minor gap down, but quickly recovered. The index went above 11890 pushing us into a buy trade. Our target for this trade was 11970. The Nifty went up to 11945 and then retreated. We should shift our stop now to 11860.

The markets were eagerly waiting for the speech of Prime Minister Modi. There was no earth shaking news that will affect the markets as such. We need to understand that the speech was not designed for the markets, but for the public of India. The Long term trend remains up. Nifty faces resistance around 12000 and hence markets will remain choppy and sideways.

BANK NIFTY:

Bank Nifty opened at 24117.35 with a gap down of 110 points. The index made its intraday low at 24039.85 and then saw an upside move. Prices have recorded its intraday high at 24410.90 in the afternoon and then spent the rest of the day trading narrow and choppy. The index finally closed at 24311 with a gain of 85 points. Private banks have performed well and closed higher while PSU Banks closed lower. Within the index, in terms of points, HDFC Bank contributed highest while ICICI Bank the lowest. Yesterday, Bank Nifty broke out from a range and gave a second day of close above 24050, the target for this breakout comes at 24950.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
JINDALSTEEL 200.45 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 195 and for the target 210
LT 917.30 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 905 and for the target of 950

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
TITAN 1220 CE BUY 39.70 CMP 33 50 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ASIANPAINT.Oct 29 2133.95 2.79 22.12 2925300 BRITANNIA.Oct 29 3563 -5.73 55.38 1528600
AMBUJACEM.Oct 29 252.2 1.67 11.6 21237000 BATAINDIA.Oct 29 1368.45 -1.72 25.28 1826000
DABUR.Oct 29 530.4 1.81 11.37 11045000 COLPAL.Oct 29 1454.9 -1.22 13.77 3037300
TATACHEM.Oct 29 322 0.83 7.2 5448000 HINDUNILVR.Oct 29 2163 -0.46 11.53 5399400
CADILAHC.Oct 29 428.2 1.29 7.18 5777200 UPL.Oct 29 456.05 -2.02 10.05 15614300
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
MINDTREE.Oct 29 1407.8 5.2 -10.76 1526400 HDFCLIFE.Oct 29 571.75 -0.25 -4.19 11459800
VOLTAS.Oct 29 701 1.62 -5.59 2279000 CUMMINSIND.Oct 29 465.05 -1.18 -2.09 1688400
ZEEL.Oct 29 183.35 4.89 -5.09 32811000 NATIONALUM.Oct 29 31 -1.59 -2.05 46257000
MGL.Oct 29 830.45 0.1 -4.2 1559400 PNB.Oct 29 27.55 -2.13 -1.68 60760000
TORNTPHARM.Oct 29 2706.55 0.93 -2.74 976500 BAJFINANCE.Oct 29 3263.9 -0.45 -1.64 4490000

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Power Grid Corporation o 157.2 -1.6 7707353 6063351 57.36 India Vix 22.69 3.99 86214
Infosys Limited 1137.5 1.03 10448852 7226329 56.01 Nifty Realty 226.95 3.94 86214
Indraprastha Gas Limited 376.5 -0.08 1808181 1505056 54.22 Nifty Media 1453.7 1.96 86214
Mrf Ltd. 59927.35 -0.14 14375 11169 50.86 Nifty it 21694.35 1.41 86214
Larsen & Toubro Limited 917.3 1.59 13188768 2856709 49.25 Nifty Auto 7896.7 0.33 86214
Godrej Cons Products Ltd 690.9 0.55 1195996 897429 49.14 Nifty Pharma 11644.4 0.24 86214
Hindustan Unilever Ltd 2173.1 -0.22 5855301 776707 48.36 Nifty 50 11896.8 0.2 86214
Sbi Life Insurance Compa 800.75 0.31 1616359 308975 46.7 Nifty Bank 24311.8 0.19 86214
Godrejprop 934.4 3.71 1373991 512161 44.47 Nifty Metal 2363.35 -0.19 86214
Petronet Lng Limited 221.55 -0.61 3255235 1032102 43.83 Nifty Fmcg 29964.6 -0.35 86214

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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: Crude Oil Inventories on 21st October, 2020

•USD: Initial Jobless Claims on 22nd October, 2020

NEWS UPDATES

•India is set to make it easier for local companies, especially new entrants, to bid for road projects as the government gives a big push towards Atmanirbhar Bharat Abhiyan. Major changes in the eligibility criteria for projects built on the engineering, procurement and construction (EPC) mode, including easing of financial and technical criteria, are under way, senior government officials aware of the matter said.

•Hindustan Unilever (HUL) on Tuesday reported an 8.7 per cent year-on-year (YoY) rise in its net profit at Rs 2,009 crore for the second quarter of the current fiscal year (Q2FY21). The company had logged a profit of Rs 1,848 crore in the year-ago period. On a sequential basis, numbers grew 6.8 per cent. Total sales (revenue) for the quarter under review came in at Rs 11,276 crore, up 16.1 per cent YoY. The board has also declared an interim dividend of Rs 14 per share.

•Drug firm Strides Pharma Science on Tuesday said its step down subsidiary has received approval from the US health regulator for Ethacrynic Acid tablets, used to treat fluid retention (edema). The approved product is a generic version of Edecrin tablets, 25 mg, of Bausch Health Americas.

•The board of directors of Hindustan Zinc Limited at its meeting held today, has approved interim dividend of Rs. 21.30 per equity share i.e. 1065% on face value of Rs. 2 per share for the financial year 2020-21 amounting to Rs. 9000 crores.

•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
BAJAJFINSV Quarterly Results 21-Oct-20 LAKHOTIA Quarterly Results 21-Oct-20
BAJFINANCE Quarterly Results 21-Oct-20 NATPEROX Quarterly Results 21-Oct-20
BLISSGVS Quarterly Results 21-Oct-20 NEWGEN ESOP;Quarterly Results 21-Oct-20
CHENNPETRO Quarterly Results 21-Oct-20 ONGC General 21-Oct-20
COLPAL Interim Dividend;Quarterly Results 21-Oct-20 RML Quarterly Results 21-Oct-20
DBCORP Quarterly Results 21-Oct-20 SASKEN Interim Dividend;General; Results 21-Oct-20
GMM Interim Dividend;Quarterly Results 21-Oct-20 SHANTIGEAR Quarterly Results 21-Oct-20
ICIL Quarterly Results 21-Oct-20 SPANDANA General 21-Oct-20
JKTYRE Quarterly Results 21-Oct-20 SYNGENE Quarterly Results 21-Oct-20
KAJARIR Quarterly Results 21-Oct-20 TEJASNET Quarterly Results 21-Oct-20
KPITTECH Quarterly Results 21-Oct-20 ULTRACEMCO Quarterly Results 21-Oct-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ISFT 21-Oct-20 Dividend – Rs. – 1.00 PRIVISCL 26-Oct-20 Dividend – Rs. – 1.50
MOLDTKPAC 21-Oct-20 Right Issue with Warrants TOWERINFRA 26-Oct-20 Income Distribution (InvIT)
CIMMCO 22-Oct-20 Amalgamation VRFILMS 26-Oct-20 Dividend – Rs. – 1.00
HCLTECH 22-Oct-20 Interim Dividend – Rs. – 4.00 HINDZINC 27-Oct-20 Interim Dividend
SUBEX 22-Oct-20 Reduction of Capital LTI 27-Oct-20 Interim Dividend
INFY 23-Oct-20 Interim Dividend – Rs. – 12.00 ASIANPAINT 28-Oct-20 Interim Dividend
UNISTRMU 23-Oct-20 E.G.M. CONFIPET 28-Oct-20 Final Dividend – Rs. – 0.0750
LTTS 26-Oct-20 Interim Dividend – Rs. – 7.50 DHINDIA 28-Oct-20 E.G.M.
MINDTREE 26-Oct-20 Interim Dividend – Rs. – 7.50 FOSECOIND 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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