outlookNIFTY:

The Nifty opened at 11890 with a gap down of 47 points. Prices filled the gap within the first 5 minutes of trading. Prices have made its intraday high at 11939.55 and intraday low at 11823.45 and saw some volatile movement within these levels for the whole day. The index finally closed at 11896.45 down by 41.20 points. Banks, IT and Pharma have led the decline while Media, Metal and Realty outperformed. After daybefore’s large volatile day we expected narrow and choppy movement and that’s what happened. The index broke its four days of higher closing streak and closed just below 11900.

An intraday trade opportunity has emerged for today where we can buy the index above 11940 or sell short below 11820 with a stop of 50 points.

BANK NIFTY:

Bank Nifty opened at 24447.35 with a gap down of 189 points. The index traded very volatile and range bound intraday and closed at 24489.85 with a loss of 147 points. Private Banks have underperformed and closed lower by 0.70%. Within the index in terms of points, Axis Bank contributed highest while ICICI bank contributed the lowest.

We had a long position in the index taken around 24320 with a stop of 24300 and for the target of 25200. We have been stopped out of out position with a loss of 20 points.

The index traded volatile. Short term resistance is visible around 24700 and major resistance at 25500.

Intraday traders can look to buy above 24700 or sell below 24200

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
LT 936.30 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 920 and for the target 960.
INFRATEL 195.90 BUY The stock has given a breakout from a narrow trading range. The stock can be bought between 194-195 with a stop at 191 and for the target of 200-205.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
IGL 390 CE BUY 9 CMP 7.50 12.50 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
POWERGRID.Oct 29 165.05 0.82 26.68 19944000 BAJAJFINSV.Oct 29 5884.95 -0.44 13.25 869875
SRTRANSFIN.Oct 29 703.95 5.43 15.68 5151241 CUMMINSIND.Oct 29 460 -1.34 11.71 1659600
PETRONET.Oct 29 235.95 4.96 10.02 12291000 COFORGE LIMITED.Oct 29 2494 -0.92 10.04 460125
ASHOKLEY.Oct 29 79.2 4.76 8.93 40491000 PVR.Oct 29 1165.2 -3.1 8.33 1375660
MGL.Oct 29 835.9 1.35 8.9 1630200 DABUR.Oct 29 508.8 -1.71 8.15 11953750
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
GRASIM.Oct 29 793.4 0.23 -15 15133500 ULTRACEMCO.Oct 29 4616.9 -0.57 -3.71 1948200
JSWSTEEL.Oct 29 325.2 0.54 -5.12 38785500 HINDALCO.Oct 29 184.3 -0.94 -2.08 28362800
IOC.Oct 29 78.15 2.42 -4.48 45491700 MARICO.Oct 29 357.6 -1.09 -0.72 9682000
IGL.Oct 29 391.45 2.7 -3.22 5296500 NATIONALUM.Oct 29 30.45 -0.98 -0.61 44200000
BANKBARODA.Oct 29 42.9 0.7 -2.32 43861800 IBULHSGFIN.Oct 29 149.5 -1.9 -0.6 14384000

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Infosys Limited 1129.05 -1.68 11271538 13640245 68.85 Nifty Energy 14789.45 1 85515
Hdfc Ltd. 2042.55 -0.3 5030745 4846082 59.34 Nifty Media 1455.9 0.76 85515
Hindustan Unilever Ltd 2179.35 0.75 2632959 2246818 56.82 Nifty Metal 2432.5 0.68 85515
Petronet Lng Limited 235.6 4.85 10873206 1814583 54.45 Nifty Fmcg 29715.35 0.11 85515
Hdfc Bank Ltd. 1233.3 -1.07 10956548 9474491 53.17 Nifty Auto 7864.15 -0.18 85515
Tata Consultancy Serv Lt 2671.15 -0.16 5262311 2385821 52.2 Nifty 50 11896.45 -0.35 85515
Icici Prudential Life In 414 0.58 2477603 1387770 51.33 Nifty Bank 24484.15 -0.61 85515
Sbi Life Insurance Compa 780.8 -0.58 1861965 895761 50.79 Nifty it 21413.5 -0.76 85515
Tata Chemicals Ltd. 323.95 0.78 2734398 825568 50.45 Nifty Pharma 11545.3 -0.86 85515
United Spirits Limited 515.2 -1.06 4009024 1319182 49.93 India Vix 22.64 -1.24 85515

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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: Manufacturing PMI (Oct)on 23rd October, 2020

NEWS UPDATES

•Asian Paints Asian Paints Ltd. saw demand rise as India eased lockdown curbs, while lower costs aided its margin in the second quarter. Net profit rose 1% year-on-year to Rs 831 crore in the quarter ended September, according to its exchange filing. That compares with the Rs 679-crore consensus forecast of analysts tracked by Bloomberg. The company has recommended an interim divided of Rs 3.35 per equity share of face value of Re 1 each. Asian Paints’ revenue increased 6% over the previous year to Rs 5,350 crore.

•Bajaj Auto Ltd.’s profit fell in the first full quarter of operations after India eased lockdown curbs as sales continue to remain under pressure. Net profit of the two-wheeler maker fell 19% year-on-year to Rs 1,138 crore in the July-September period, according to an exchange filing. That compares with the Rs 1,198-crore consensus estimate of analysts tracked by Bloomberg. Its revenue fell 7% over the year ago to Rs 7,156 crore, against an estimated Rs 7,204 crore. Operating profit, or earnings before interest, tax, depreciation and amortisation, declined 1% to Rs 1,267 crore. Operating margin, however, rose to 17.7% from 16.6% a year ago.

•Granules India Ltd. remains bullish on growth prospects after its earnings improved on all parameters in the quarter ended September. The pharmaceuticals company expects this growth momentum to continue, Krishna Prasad Chigurupati, founder chairman and managing director, said in an interview with BloombergQuint. “We’ll be able to maintain earnings before interest, tax, depreciation and amortisation, though margins can vary. We expect profit after tax to grow 80% year on year in FY21.”

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
AARTIDRUGS Audited Results;Interim Dividend 23-Oct-20 NESTLEIND Quarterly Results 23-Oct-20
APOLLOTRI Quarterly Results 23-Oct-20 PAPERPROD Quarterly Results 23-Oct-20
ASIANTILES A.G.M.;General;Stock  Split 23-Oct-20 PERSISTENT Quarterly Results 23-Oct-20
ATUL Quarterly Results 23-Oct-20 SUDARSCHEM Quarterly Results 23-Oct-20
BENARAS Quarterly Results 23-Oct-20 SUNGOLD Quarterly Results 23-Oct-20
BHAGIL Quarterly Results 23-Oct-20 TECHM Interim Dividend;Quarterly Results 23-Oct-20
HEIDELBERG Quarterly Results 23-Oct-20 TFL General 23-Oct-20
ICICIGI Quarterly Results 23-Oct-20 VIKASMCORP Quarterly Results 23-Oct-20
IDBI Quarterly Results 23-Oct-20 WABCOINDIA Quarterly Results 23-Oct-20
JSWSTEEL Quarterly Results 23-Oct-20 YASHCHEM General 23-Oct-20
MOLDTEK General;Quarterly Results 23-Oct-20 YESBANK Quarterly Results 23-Oct-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
INFY 23-Oct-20 Interim Dividend – Rs. – 12.00 ASIANPAINT 28-Oct-20 Interim Dividend – Rs. 3.35
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 – Rs. – 1.00
VRFILMS 26-Oct-20 Dividend – Rs. – 1.00 GRANULES 28-Oct-20 Interim Dividend – Rs. – 0.25
HINDZINC 27-Oct-20 Interim Dividend – Rs. – 21.30 HINDUNILVR 28-Oct-20 Interim Dividend – Rs. – 14.00
LTI 27-Oct-20 Interim Dividend – Rs. – 15.00 KIOCL 28-Oct-20 Buy Back of Shares

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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