NIFTY:

Nifty opened with a gap up of 50 points at 11301.75. The index did not hold the gap up for long and saw a sharp intraday decline of more than 200 points in the first 40 minutes of trading. The index then traded  sideways and choppy, moving both sides and finally closed at 11153.60 down by 96.90 points. The index did close lower yesterday, but the momentum was not as strong as compared to day before. The IT and Pharma sectors have shined and closed with gains while the rest of the sectoral indices have closed in a loss. After a large move on any one side, the markets tend to become choppy and uncertain. This is exactly what happened. The Nifty broke its initial support of 11185 and went below 11000 before recovering a little. The index has two different support levels at 11100 and then 10800. The support of 11100 was reached during intraday trading although the Nifty closed above it.

The intermediate term trend has now turned down. Intermediate momentum remains in the support zone which actually suggests that the buying pressure is weak.

BANK NIFTY:

Bank Nifty opened at 21445.25 with a gap up of 153 points. The index did not  sustain the higher levels and saw a sharp fall of almost 300 points in its first twenty minutes of trading. The index traded sideways and finally closed a 21159 with a loss of about 130 points. PSU and Private Banks both have performed the same and closed lower by almost 1.40%. Within the index, in terms of points, ICICI Bank contributed highest while Axis bank the lowest.

Short term trend is down. Yesterday we mentioned strong support at 21000. The prices have made its intraday low just below this level and then closed above it. We should wait and see how prices are behaving around this level and then plan our next trade accordingly.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
KOTAK MAHINDRA 1270.55 SELL The stock has given a breakdown from a range. The stock can be sold at CMP with a stop at 1284 and for the target of  1240.
TORRENT PHARMA 2726.65 BUY The stock has reached a good support level and may see an up move from here. The stock can be bought between 2714-2718 with a stop at 2690 and for the target of 2780.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
INFY 1000 CE BUY 16.60 CMP 12.80 23 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
HDFCLIFE.Sep 24 579.5 0.05 21.95 8012400 AXISBANK.Sep 24 413.05 -2.54 28.86 43459200
DABUR.Sep 24 491.2 0.11 20.1 8156250 INFRATEL.Sep 24 180.35 -4.58 25.43 14184800
ICICIBANK.Sep 24 354.75 0.94 18.63 71695250 BERGEPAINT.Sep 24 562.85 -1.15 23.08 2816000
HCLTECH.Sep 24 826.45 2.89 18.06 11347000 MRF.Sep 24 57709.1 -0.74 22.24 39030
ULTRACEMCO.Sep 24 3894 0.49 17.19 1770000 AMBUJACEM.Sep 24 204.65 -2.45 21.57 12903000
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
ADANIENT.Sep 24 283.25 1.82 -17.6 12264000 AMARAJABAT.Sep 24 710.1 -2.25 -22.25 636000
COFORGE LIMITED.Sep 24 2172.95 2.98 -10.8 365625 TORNTPOWER.Sep 24 326.5 -0.53 -17.38 1098000
GRASIM.Sep 24 726.5 1.32 -10.59 6684200 PNB.Sep 24 30.05 -1.96 -14.76 25396000
JSWSTEEL.Sep 24 272.8 0.65 -10.27 15646500 MGL.Sep 24 851.6 -3.8 -13.1 1007400
DRREDDY.Sep 24 5202 1 -7.14 1800250 ESCORTS.Sep 24 1206.45 -0.7 -12.59 1458600

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Mrf Ltd. 57709.55 -0.77 9817 14177 61.04 Nifty it 19866.1 0.7 81093
Vedanta Limited 127.15 -1.4 10650128 9238290 58.1 Nifty Pharma 11876.85 0.66 81093
Sbi Life Insurance Compa 831.85 -0.98 1265561 499617 57.06 Nifty Fmcg 29312.4 -0.78 81093
Eicher Motors Ltd 2064.35 -1.84 1519039 1103758 56.76 Nifty 50 11153.65 -0.86 81093
Hindustan Unilever Ltd 2026.8 -0.54 2345712 1966390 56.44 Nifty Bank 21139.1 -1.07 81093
Colgate Palmolive (india 1341.65 -1.88 544716 470637 53.94 Nifty Auto 7695.25 -1.75 81093
Container Corp Of India 370.7 -2.07 1147393 978271 53.36 Nifty Realty 210 -1.85 81093
Mahindra & Mahindra Fina 118.15 -6.16 14123509 5679826 50.69 Nifty Energy 15064.9 -1.96 81093
Nestleind 15199.25 -1.5 107120 127644 46.05 Nifty Media 1517.5 -2.6 81093
Hindustan Petroleum Corp 180.4 -4.65 10780080 4515560 45.45 India Vix 21.41 -3.52 81093

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR: Bank Loan Growth on 25th  September, 2020

•INR: FX Reserves, USD  on 25th September, 2020

•USD:  Crude Oil Inventories on  23rd September, 2020

•USD: Initial Jobless Claims on 24th September, 2020

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NEWS UPDATES

•Logistics major Blue Dart Express on Tuesday announced price increase effective from 1 January, 2021. The company said average shipment price increase will be 9.6% as compared to 2020. Customers signing up from 1 October, 2020 to 31 December, 2020 will not be impacted by the price increase.

•Financial services conglomerate Bajaj Finserv has ventured into the healthcare ecosystem with its new offering – Bajaj Finserv Health, a tech business that aims to integrate the fragmented service delivery of the healthcare system and make healthcare accessible to consumers by extending its reach and accessibility on a single platform.

•Tata Sons has offered to buy out Shapoorji Pallonji group’s stake in the holding company to help the group raise money to pay its debt. The Supreme Court has also barred the Mistry group from pledging or selling any Tata shares until October 28, when it starts hearing final arguments in the case. A Tata Sons lawyer informed the SC of the offer to purchase the 18% stake owned by the cash-strapped Shapoorji Pallonji Group to raise money for paying maturing debt.

•In what could raise alarm bells over the asset quality of the Indian Banking system, Macquarie Capital has estimated that stressed assets could more than double and touch nearly 20% by the end of FY21. Bad loan ratio at the end of March 2020 stood at 8.5%. This is so far the worst assessment of the stress induced by the pandemic on bank’s books. The Reserve Bank of India as part of the stress tests it conducted on lender’s books predicted that bad loan ratio could rise to 14.7% under a severely stressed scenario.

Source: Economic Times,  Moneycontrol  ,Business Today, Livemint, Business Standard, Bloomberg Quint

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
AIML Audited Results 23-Sep-20 KPRMILL General 24-Sep-20
BCPL General 23-Sep-20 LEHIL General 24-Sep-20
CREDITACC General;Audited Results 23-Sep-20 MIDEASTP General 24-Sep-20
CRSTCHM General 23-Sep-20 RUBFILA Preferential Issue of shares 24-Sep-20
DHRUV A.G.M.;General 23-Sep-20 CANBK General 25-Sep-20
KAARYAFSL General 23-Sep-20 CHANDRIMA A.G.M.;General 25-Sep-20
KONARKSY Quarterly Results 23-Sep-20 INDRANIB General 25-Sep-20
MAYUKH General 23-Sep-20 ISWL Quarterly Results 25-Sep-20
SATINDLTD Amalgamation 23-Sep-20 KDML General 25-Sep-20
SHAKTIPR General;Quarterly Results 23-Sep-20 KUMAKAIND Bonus issue 25-Sep-20
SUNRAJDI Results;Audited Results;General 23-Sep-20 MTEDUCARE Audited Results;Quarterly Results 25-Sep-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
KSE 23-Sep-20 Interim Dividend – Rs. – 15.00 DHANUKA 25-Sep-20 Buy Back of Shares
TEXRAIL 23-Sep-20 Final Dividend – Rs. – 0.10 SUVENPHAR 25-Sep-20 Bonus issue 1:1
WESTLEIRES 23-Sep-20 Dividend – Rs. – 0.10 LAURUSLABS 29-Sep-20 Stock  Split From Rs.10/- to Rs.2/-
AJMERA 24-Sep-20 Final Dividend – Rs. – 1.40 RITES 29-Sep-20 Buy Back of Shares
DHARAMSI 24-Sep-20 Interim Dividend – Rs. – 0.50 AARTIDRUGS 30-Sep-20 Bonus issue 3:1
KEYFINSER 24-Sep-20 Final Dividend – Rs. – 1.00 CPL 30-Sep-20 Dividend – Rs. – 0.0400
MANORG 24-Sep-20 Final Dividend – Rs. – 1.00 MAGNAELQ 30-Sep-20 Buy Back of Shares
VAKRANGEE 24-Sep-20 Final Dividend – Rs. – 0.2500 GAEL 01-Oct-20 Stock  Split From Rs.2/- to Rs.1/-

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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