NIFTY:
The Nifty opened at 11958.55 with a gap up of 62 points. The index first moved up and crossed 12000 intraday. Prices held on these gains and traded very choppy and narrowly. Around 1:15 PM, prices started drifting downwards sharply and made its intraday low at 11775.75. However the index has bounced back from that low and recovered all the losses. The index finally closed at 11937.65 up by 40.85 points. Banks and Financials have outperformed and closed higher by more than 1%.
We had gone long in the Nifty at 11890. The target for this trade was 11970. The Nifty opened in the morning with a gap and quickly met our target and we closed the trade with a gain of 80 points.
The markets itself were quite volatile. First a gap up opening took the Nifty to 12018, and then a decline started which slowly became a waterfall decline bringing the index down almost 240 points. Then a rally took Nifty to 11930, a gain of 155 points from the lows of the day.
The Nifty is developing a large trading range with support around 11600 and resistance at 12050. The index can remain inside this large range for many days. A breakout from this range could lead to a big move.
BANK NIFTY:
Bank Nifty opened at 24444.20 with a gap up of 141 points. The index initially moved dup and then traded narrow. Around 1:00 PM prices have fallen dramatically and then recovered as well in the last hour of trading. Over and all, the index finally closed at 24635 with a gain of 333 points.
Private Banks have performed well and closed higher by 1.26%. Within the index, in terms of points, HDFC Bank contributed highest while Bandhan Bank contributed lowest. We have a long position taken in the index around 24320 with a stop at 23900 and for the target of 25200.
The index has been outperforming the whole market.
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TECHNICAL PICKS
| COMPANY | CMP | B/S | RATIONALE |
| BHARTI AIRTEL | 419 | BUY | The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 411 and for the target 435 |
| CONCOR | 391.75 | BUY | The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 380 and for the target of 408. |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| GRASIM | 790 CE | BUY | 18.40 | CMP | 14 | 25 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| GODREJPROP.Oct 29 | 1029.2 | 10.2 | 67.66 | 1311050 | BRITANNIA.Oct 29 | 3410.95 | -4.32 | 18.43 | 1631200 | |
| ESCORTS.Oct 29 | 1204 | 0.3 | 14.89 | 3038200 | HEROMOTOCO.Oct 29 | 3177 | -2.18 | 13.44 | 2225400 | |
| ULTRACEMCO.Oct 29 | 4651.9 | 1.94 | 12.7 | 2194400 | WIPRO.Oct 29 | 343.2 | -1.05 | 11.86 | 33043200 | |
| APOLLOTYRE.Oct 29 | 142 | 7.58 | 11.97 | 9590000 | TCS.Oct 29 | 2687.5 | -2.03 | 10.18 | 8282700 | |
| SRTRANSFIN.Oct 29 | 668.4 | 1.17 | 9.82 | 4618308 | CUMMINSIND.Oct 29 | 464.15 | -0.16 | 10 | 1834800 | |
| Short Covering | Long Unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| IGL.Oct 29 | 381.45 | 0.98 | -5.95 | 5542625 | MUTHOOTFIN.Oct 29 | 1206.7 | -1.81 | -4.1 | 3279000 | |
| TORNTPOWER.Oct 29 | 307.55 | 1.48 | -4.4 | 2607000 | PVR.Oct 29 | 1195.25 | -0.87 | -3.92 | 1295888 | |
| SAIL.Oct 29 | 35.9 | 3.61 | -3.54 | 44536000 | MINDTREE.Oct 29 | 1351 | -4.91 | -3.82 | 1430400 | |
| MANAPPURAM.Oct 29 | 167.3 | 1.12 | -3.52 | 15780000 | ASHOKLEY.Oct 29 | 75.4 | -0.2 | -2.58 | 37746000 | |
| IOC.Oct 29 | 76.45 | 1.59 | -3.52 | 49538700 | EICHERMOT.Oct 29 | 2186.85 | -0.41 | -2.52 | 2261000 | |
TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Power Grid Corporation o | 163.75 | 4.17 | 20572526 | 4301075 | 55.8 | Nifty Realty | 236.85 | 4.36 | 79830 | |
| Hdfc Ltd. | 2048.75 | 1.66 | 8166501 | 2586459 | 54.65 | Nifty Metal | 2416.05 | 2.23 | 79830 | |
| Tata Chemicals Ltd. | 321.45 | 0.09 | 1636301 | 1423448 | 51.34 | Nifty Bank | 24635.05 | 1.33 | 79830 | |
| Hdfc Bank Ltd. | 1246.7 | 1.86 | 17820565 | 6665757 | 48.63 | India Vix | 22.92 | 1.01 | 79830 | |
| Itc Ltd. | 167.65 | 0.12 | 16479194 | 7750552 | 47.99 | Nifty Energy | 14643.55 | 0.79 | 79830 | |
| Infosys Limited | 1148.35 | 0.95 | 19811809 | 4993783 | 47.79 | Nifty 50 | 11937.65 | 0.34 | 79830 | |
| Kotak Mahindra Bank Limi | 1393.3 | 1.79 | 4280457 | 1538749 | 47.67 | Nifty Pharma | 11645.7 | 0.01 | 79830 | |
| Tata Consumer Products l | 465.3 | -2.64 | 4907270 | 1259711 | 46.03 | Nifty Auto | 7878.05 | -0.24 | 79830 | |
| Container Corp Of India | 391.75 | 2.16 | 1534183 | 601804 | 45.49 | Nifty it | 21577.65 | -0.54 | 79830 | |
| Indraprastha Gas Limited | 380.7 | 1.12 | 1620171 | 793604 | 43.89 | Nifty Fmcg | 29684.1 | -0.94 | 79830 | |
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UPCOMING ECONOMIC DATA
| Domestic International | |
| •INR : Bank Loan Growth on 23rd October, 2020
•INR: Deposit Growth on 23rd October, 2020 |
•USD: Initial Jobless Claims on 22nd October, 2020
•USD: Existing Home Sales (Sep) on 22nd October, 2020 |
NEWS UPDATES
| •India’s government is working on the next stimulus package to support the economy amid positive signs of a fall in COVID-19 cases. The government has received suggestions from various ministries and sectors on needed measures, Tarun Bajaj, economic affairs secretary at the ministry of finance, told a virtual conference.
•Consumer financier Bajaj Finance Ltd., on Wednesday, reported a drop in net profit as the lender set aside a larger amount as provisions against stressed assets. Net profit fell to Rs 965 crore for the quarter ended Sept. 30, down 36% over a year ago, according to an exchange filing. The non-banking finance company had reported a net profit of Rs 962 crore in the quarter ended June 30. The profit was marginally higher than the Bloomberg estimate of Rs 945 crore. Total income rose 3% year-on-year to Rs 6,523 crore. Bajaj Finance’s net interest income, or core income, rose to Rs 4,105 crore, up 4% from a year ago. •Larsen & Toubro (L&T) on Wednesday said it has received multiple orders across various business segments in the domestic market. The company did not provide the value of the contracts but said the orders fall under the “large” category, which ranges between Rs 2,500 crore and Rs 5,000 crore according to its classification of contracts. •With the final Supreme Court hearing date scheduled for November 3, Sajjan Jindal-led JSW Steel is hoping to see an end to its long-awaited acquisition of insolvent Bhushan Power & Steel, which had defaulted to bank on Rs 48,000 crore worth of loans. 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 |
| AMBUJACEM | Interim Dividend | 22-Oct-20 | HDFCAMC | Quarterly Results | 22-Oct-20 |
| APLLTD | Quarterly Results;General | 22-Oct-20 | HEXAWARE | Quarterly Results | 22-Oct-20 |
| ASAHISONG | Quarterly Results;Interim Dividend | 22-Oct-20 | INDIANB | Quarterly Results | 22-Oct-20 |
| ASIANPAINT | Quarterly Results;Interim Dividend | 22-Oct-20 | INFRATEL | Quarterly Results;Audited Results | 22-Oct-20 |
| BAJAJ-AUTO | Quarterly Results | 22-Oct-20 | L&TFH | Quarterly Results | 22-Oct-20 |
| BAJAJHLDNG | Quarterly Results | 22-Oct-20 | MPHASIS | Audited Results | 22-Oct-20 |
| BIOCON | Quarterly Results;General | 22-Oct-20 | RPOWER | Quarterly Results | 22-Oct-20 |
| COFORGE | Quarterly Results | 22-Oct-20 | SBICARD | Quarterly Results | 22-Oct-20 |
| CROMPTON | Quarterly Results;Interim Dividend | 22-Oct-20 | SEACOAST | Quarterly Results | 22-Oct-20 |
| DHRUVES | Quarterly Results | 22-Oct-20 | STRTECH | Quarterly Results | 22-Oct-20 |
| FERVENTSYN | Quarterly Results | 22-Oct-20 | SUBROS | Quarterly Results | 22-Oct-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| 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 – Rs. – 21.30 |
| SUBEX | 22-Oct-20 | Reduction of Capital | LTI | 27-Oct-20 | Interim Dividend – Rs. – 15.00 |
| INFY | 23-Oct-20 | Interim Dividend – Rs. – 12.00 | ASIANPAINT | 28-Oct-20 | Interim Dividend |
| UNISTRMU | 23-Oct-20 | E.G.M. | CCL | 28-Oct-20 | Interim Dividend – Rs. – 2.00 |
| LTTS | 26-Oct-20 | Interim Dividend – Rs. – 7.50 | CONFIPET | 28-Oct-20 | Final Dividend – Rs. – 0.0750 |
| MINDTREE | 26-Oct-20 | Interim Dividend – Rs. – 7.50 | DHINDIA | 28-Oct-20 | E.G.M. |
| PRIVISCL | 26-Oct-20 | Dividend – Rs. – 1.50 | FOSECOIND | 28-Oct-20 | Interim Dividend |
| TOWERINFRA | 26-Oct-20 | Income Distribution (InvIT) | GMM | 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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