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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