outlookNIFTY:

The Nifty opened at 11957.90 with a gap up of 61 points. Prices have seen multiple ups and downs and traded very narrow inside a range of just of 66 points. The index made a pattern of NR7 (narrowest range in the last 7 trading days) suggests a sharp move is about to come. The week itself was very narrow and prices have moved within a range of 243 points. The index finally closed at 11930.35 with a gain of 33.90 points. The Auto sector has outperformed while the Realty sector has underperformed.

The Nifty moved in a narrow range, creating a daily range of just 66 points which is less than half of the normal range. A breakout or breakdown from this narrow range can be tradable.  The range is now having support at 11820 and resistance at 11970. The trade is to buy above 11970 with a stop under 11900. In the unlikely event that the Nifty opens and starts falling below 11820, consider going short. The upside target for the long trade is 12070. The downside target for the short trade is 11730. The stop for the short trade will be 11890.

The long term trend remains up although there is some sign that the trend is now slowly losing momentum. Long term momentum also remains up and remains in the strength area.

BANK NIFTY:

Bank Nifty opened at 24669.20 with a gap up of 180 points. The index drifted downwards just after the opening for the first two hours of trading. Prices then traded sideways for the rest of the day and finally closed at 24478 with a minor loss of 6 points. PSU Banks have outperformed and closed higher by 0.47%. Within the index, in terms of points, ICICI Bank contributed highest while Kotak Bank contributed lowest. It was a trend day on the downside where prices have opened near the highs and closed  near the lows. A gap up did not sustain in the index and prices closed below 24500. A narrow range is visible with support at 24200 and resistance around 24800. A breakout from this range ma give us a tradable move.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
MOTHERSON SUMI 110.45 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 108 and for the target 115.
TECHM 848.25 BUY The stock has given a breakout from a narrow trading range. The stock can be bought  at CMP with a stop at 840 and for the target of 870.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
RELIANCE 2120 CE BUY 29.20 CMP 25 40 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
AMARAJABAT.Oct 29 762 1.69 26.6 1304000 COFORGE LIMITED.Oct 29 2363 -4.21 21.19 525375
M&MFIN.Oct 29 134.95 1.28 19.56 20760432 INFRATEL.Oct 29 193.25 -1.23 19.81 11242000
EICHERMOT.Oct 29 2190.15 1.12 14.19 2523850 TECHM.Oct 29 833.85 0 19.8 13737600
SIEMENS.Oct 29 1285.4 0.54 12.79 1877150 INDUSINDBK.Oct 29 606.5 -0.68 18.08 27053600
ICICIBANK.Oct 29 416.4 0.51 12.14 116271375 VEDL.Oct 29 104.5 -0.24 14.1 70289400
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
CHOLAFIN.Oct 29 250 2.59 -7.98 4672500 GRASIM.Oct 29 784.7 -1.16 -8.9 13385500
SAIL.Oct 29 36.5 0.97 -7.88 39292000 GODREJPROP.Oct 29 1042.35 -0.35 -7.98 884650
PVR.Oct 29 1176.9 0.83 -7.74 1256409 AMBUJACEM.Oct 29 247.35 -2.68 -5.49 17145000
DABUR.Oct 29 519.5 2.08 -4.49 11025000 IGL.Oct 29 391 -0.2 -5.49 4706625
BPCL.Oct 29 350.9 0.26 -3.85 22188600 GLENMARK.Oct 29 484.35 -0.79 -4.07 6559600

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Icici Prudential Life In 408.7 -1.28 2334260 1697971 68.53 Nifty Auto 8094.6 2.93 79884
Itc Ltd. 170.75 1.31 20147370 13495376 61.22 Nifty Energy 14901.7 0.76 79884
Hindustan Unilever Ltd 2143.85 -1.63 2805734 1549528 58.85 Nifty Media 1465.95 0.69 79884
Power Grid Corporation o 170.15 3.06 16396341 12156257 55.33 Nifty it 21523.6 0.51 79884
United Spirits Limited 526.65 2.22 1339601 2135437 53.27 Nifty Metal 2443 0.43 79884
Exide Industries Ltd 162.05 0.93 4610251 2165899 53.23 Nifty 50 11930.35 0.28 79884
Sbi Life Insurance Compa 770.7 -1.29 2252467 939739 50.47 Nifty Fmcg 29782.2 0.22 79884
Cummins India Limited 460.1 -0.32 567079 639029 50.15 Nifty Bank 24478.3 -0.02 79884
Hdfc Ltd. 2059.7 0.84 3573911 2504787 49.79 Nifty Pharma 11503.05 -0.37 79884
Tata Consultancy Serv Lt 2686.8 0.59 3499372 2554936 48.55 India Vix 21.83 -3.59 79884

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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

•Tech Mahindra on October 23 reported a profit of Rs 1,064.6 crore in the quarter-ended September 2020, registering a 9.5 percent growth compared to June quarter. The profitability was supported by strong operating growth, but the 71.8 percent sequential fall in other income to Rs 117.5 crore restricted growth. Revenue from operations during the quarter increased 2.9 percent to Rs 9,371.8 crore from Rs 9,106.3 crore in the previous quarter.

•YES Bank on Friday reported a net profit of ₹129.37 crore for the quarter ended 30 September. The private lender posted a loss of ₹600.08 crore in the corresponding quarter last year. The Net Interest Income increased 3.4% quarter-on-quarter to ₹1,973 crore. Net interest margin stood at 3.1% in Q2FY21 against 2.7 per cent last year. Cost to income ratio declined to 49.30% from 53.40%. The bank’s gross non-performing assets (NPAs) stood at 16.30% against 17.3% as against 16.8% in March quarter and 5.01% in the same quarter last year.

•The civil aviation ministry has allowed National Thermal Power Corporation (NTPC) to use drones for research and inspection at its three power plants in Madhya Pradesh and Chhattisgarh. The plants are Vindhyachal super thermal power station and Gadarwara super thermal power plant, both in Madhya Pradesh and Sipat Super Thermal Power Station, Chhattisgarh.

•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
ALICON Quarterly Results 26-Oct-20 HMVL Quarterly Results 26-Oct-20
AMARDEE Quarterly Results 26-Oct-20 INFOMEDIA Quarterly Results 26-Oct-20
AMRAAGRI Quarterly Results 26-Oct-20 KOTAKBANK Quarterly Results 26-Oct-20
ANGELBRKG Quarterly Results 26-Oct-20 M&MFIN Quarterly Results 26-Oct-20
AYMSYNTEX Quarterly Results 26-Oct-20 POLYMED General;Quarterly Results 26-Oct-20
BHARTIA Quarterly Results 26-Oct-20 SBILIFE Quarterly Results 26-Oct-20
COSMOFILMS Buy Back of Shares;General 26-Oct-20 SWARAJENG Quarterly Results 26-Oct-20
ESTER Interim Dividend;Quarterly Results 26-Oct-20 TGVSL General;Quarterly Results 26-Oct-20
FINOLEXIND Quarterly Results 26-Oct-20 TIMEX Quarterly Results 26-Oct-20
GHCL Quarterly Results 26-Oct-20 TORNTPHARM Quarterly Results 26-Oct-20
GOBLIN General 26-Oct-20 ZIMLAB Quarterly Results 26-Oct-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
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 – Rs. – 5.00
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. – 0.2500
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
ASIANPAINT 28-Oct-20 Interim Dividend – Rs. – 3.3500 SASKEN 28-Oct-20 Interim Dividend – Rs. – 10.00
CCL 28-Oct-20 Interim Dividend – Rs. – 2.00 VEDL 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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