outlookNIFTY:

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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