outlookNIFTY:

The Nifty opened without much of a gap at 11937.40. Prices have moved down almost 50 points in the first 5 minutes of trading. The index then traded very narrowly for the next 2 hours. Around 11:00 AM to 2:00 PM, prices have seen a sharp down move of almost 200 points. Prices then spend the rest of the day trading choppy and narrow. The Nifty finally closed at 11767.75 down by 162.60 points. All the sectoral indices have closed with a loss. The Auto and Metal sector have led the decline and closed lower by more than 3%.

Yesterday morning we had suggested going short below 11820 with a target of 11730. The Nifty obliged us by falling below 11820 during the day, enabling us to go short at the same price. The decline continued and met its target of 11730 giving us a gain of 90 points.

The Nifty has broken down from a significant support levels and is probably heading towards the lower Prices. The decline may not come immediately and may actually be fairly choppy.

BANK NIFTY:

Bank Nifty opened at 24525.80 with a gap up of 51 points. The index first moved down and then traded sideways and narrow. Prices have seen a sharp intraday decline and then spend the day moving range bound. The index finally closed at 24075 with a loss of about 500 points.

Private and PSU Banks both have performed same and closed lower by 1%. Within the index, in terms of points, Kotak Bank contributed highest while ICICI Bank contributed lowest. We have expected a sharp move in this week. A sharp intraday decline of more than 500 points forced the index to close below 24200.

We had a narrow trading range with support at 24200 and resistance at 24800. We have seen a breakdown and the target for this is 23600.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
HDFCLIFE 578.65 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 568 and for the target 590-600
CONCOR 384.75 BUY The stock has given a breakout from a narrow trading range. The stock can be bought  at CMP with a stop at 379 and for the target of 394.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
TATACONSUMER 370 CE BUY 10.65 CMP 8 16 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
KOTAKBANK.Oct 29 1409.6 1.6 21.91 9494000 COFORGE LIMITED.Oct 29 2202 -7.48 103.54 884625
HDFC.Oct 29 2072.8 0.64 19.81 24943200 VOLTAS.Oct 29 690.2 -2.4 33.27 2628000
POWERGRID.Oct 29 171.95 1.12 19.57 18112000 ACC.Oct 29 1578 -1.69 29.96 2494000
LT.Oct 29 952.1 1.14 15.52 14614600 SIEMENS.Oct 29 1276.8 -0.47 28.26 1727550
INDUSINDBK.Oct 29 617.5 1.32 14.33 14294400 TORNTPHARM.Oct 29 2652.15 -3.13 26.35 1098000
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
VEDL.Oct 29 105.2 0.48 -10.15 50356400 GODREJPROP.Oct 29 1021 -2.4 -12.94 761150
BHEL.Oct 29 29.55 1.55 -5 56238000 JSWSTEEL.Oct 29 307.15 -4.54 -6.65 22985100
CANBK.Oct 29 88.3 0.06 -1.87 13150000 APOLLOTYRE.Oct 29 146.9 -2 -6.41 9205000
HDFCLIFE.Oct 29 582.05 2.92 -1.61 10659000 IDEA.Oct 29 9 -1.1 -4.94 140140000
NATIONALUM.Oct 29 31.15 1.47 -0.67 42738000 ESCORTS.Oct 29 1180.5 -0.64 -4.36 2773100

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hindustan Unilever Ltd 2166.75 1.07 1646050 1878338 66.95 Nifty Fmcg 29774.65 -0.03 79488
Icici Prudential Life In 404.7 -0.98 1352606 1435457 61.5 Nifty it 21265.7 -1.2 79488
Hdfc Life Insurance Comp 578.65 2.51 8486269 12708383 59.24 Nifty 50 11767.75 -1.36 79488
Hdfc Ltd. 2073.35 0.66 4927520 2027860 56.74 Nifty Pharma 11334.2 -1.47 79488
Tata Consultancy Serv Lt 2688.2 0.05 2672766 1911506 54.62 Nifty Bank 24075.45 -1.65 79488
Infosys Limited 1112.45 -0.9 6309643 4907723 54.11 Nifty Realty 230.65 -1.89 79488
Marico Limited 349.85 -2.44 4430448 1445174 52.5 Nifty Energy 14613.45 -1.93 79488
Sbi Life Insurance Compa 778.85 1.06 2638356 1169570 51.92 Nifty Media 1425.75 -2.74 79488
Upl Limited 433.4 -3.89 6280314 1828485 49.66 Nifty Auto 7833.65 -3.22 79488
Mahanagar Gas Limited 819.95 -0.15 978162 327006 49.1 Nifty Metal 2357.55 -3.5 79488

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR : Federal Fiscal Deficit (Sep)on 30th October, 2020

•INR: Infrastructure Output (YoY) (Sep) on 30th October, 2020

•USD: Core Durable Goods Orders (MoM) (Sep) on 27th October, 2020

•USD: Crude Oil Inventories on 28th October, 2020

NEWS UPDATES

•Kotak Mahindra Bank Ltd reported a 27% increase in net profit in the second quarter of the current financial year, on lower provisions and higher core income. For the July-September period, the bank reported a net profit of Rs 2,184 crore as against a net profit of Rs 1,724 crore a year ago. In the April-June quarter the bank had reported a net profit of Rs 1,244 crore. Net interest income, or core income, rose 16.8% year-on-year to Rs 3,913 crore. Asset Quality Stable The bank’s gross non-performing asset ratio fell to 2.55% as on September 30, as compared with 2.7% in the preceding quarter. It’s net NPA ratio fell to 0.64%, down 23 basis points as compared with June 30.

•SBI Life Insurance Co Ltd (SBI Life) on Monday reported over two-fold jump in net profit at Rs 299.73 crore for the second quarter ended September of the current fiscal year. The life insurer had posted a net profit of Rs 129.84 crore in the same quarter a year ago. Total income rose 45 per cent to Rs 18,458.25 crore during July-September period of 2020-21 from Rs 12,745.38 crore in the corresponding quarter of 2019-20, SBI Life said in a regulatory filing. Net premium income increased 22 per cent to Rs 12,857.95 crore during the quarter under review from Rs 10,111.51 crore a year ago.

•Telecom operator Bharti Airtel on Monday entered the rapidly-growing cloud communications market with the launch of business-centric Airtel IQ’. A cloud-based omni-channel communications platform, Airtel IQ, aims to enable brands to deepen engagement with customers through timely and secure communication.

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
63MOONS Quarterly Results 27-Oct-20 KRITINUT Quarterly Results 27-Oct-20
AMARAJABAT Quarterly Results 27-Oct-20 NETWORK18 Quarterly Results 27-Oct-20
ARTSONEN General 27-Oct-20 ORIENTBELL Quarterly Results 27-Oct-20
BHARTIARTL Quarterly Results 27-Oct-20 PAUSHAKLTD Quarterly Results 27-Oct-20
CASTROLIND Quarterly Results 27-Oct-20 RISHDIGA General 27-Oct-20
CEATLTD Quarterly Results 27-Oct-20 SANOFI Quarterly Results 27-Oct-20
GUJARATPOLY Quarterly Results 27-Oct-20 SKFINDIA Quarterly Results 27-Oct-20
ICICIPRULI Quarterly Results 27-Oct-20 SPANDANA General 27-Oct-20
JK AGRI Quarterly Results 27-Oct-20 SUVEN Quarterly Results 27-Oct-20
JMFINANCIL Quarterly Results 27-Oct-20 TATAMOTORS Quarterly Results 27-Oct-20
KPRMILL Quarterly Results 27-Oct-20 TV18BRDCST Quarterly Results 27-Oct-20
KRITIIND Quarterly Results 27-Oct-20 VSTIND Quarterly Results 27-Oct-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
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
CONFIPET 28-Oct-20 Final Dividend – Rs. – 0.0750 COLPAL 29-Oct-20 Interim Dividend – Rs. – 18.00
DHINDIA 28-Oct-20 E.G.M. NESTLEIND 29-Oct-20 Interim Dividend – Rs. – 135.00
FOSECOIND 28-Oct-20 Interim Dividend – Rs. – 5.00 OCTAWARE 29-Oct-20 E.G.M.
GMM 28-Oct-20 Interim Dividend – Rs. – 1.00 TECHM 29-Oct-20 Special Dividend – Rs. – 15.00
GRANULES 28-Oct-20 Interim Dividend – Rs. – 0.2500 ANGELBRKG 02-Nov-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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