NIFTY:
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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