NIFTY:
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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