Nifty breaks its last six days of lower closing streak and closed higher. The index first opened at 10910.40 with a gap up of 105 points. The index first fell down and tried to fill the gap but did not succeed fully. The index made its intraday low at 10854.85 and then saw a sharp intraday rally of more than 200 points. Prices have seen minor dips in between which quickly bought into and the index finally closed at 11050.25 up by 244.70 points. All the sectoral indices have closed in gains. IT, Media and Auto sectors led the rally an closed by more than 3%.
The Nifty has recovered all the losses that it incurred on Thursday. The index has closed a good 245 points higher, above 11000. We would assume that this market will remain choppy and sideways. Nifty may fall to test its low at 10800. There is a significant resistance around 11100 and then again around 11185. With so much overhead resistance, it is advisable to try and make intraday trades only for now.
Long term trend remains down, while long term momentum has found support. This suggests we could see sideways to mildly bullish up moves.
Bank Nifty opened at 20740.80 with a gap up of 265 points. The index initially moved lower and filled the gap up. After that prices have seen sharp intraday rally for the whole day and finally closed at 20982 with a gain of about 500 points. PSU and Private banks both have performed the same and closed higher by more than 2.50%. Within the index, in terms of points, ICICI Bank contributed highest followed by Axis Bank. A gap up opening and then a sharp intraday rally helped the index close near 21000. The index broke its losing streak of closing lower.
Short term support is visible around 20400. Prices are holding this level for the last two trading days. Strong support is visible around 19500 while first resistance around 22000. The next trading opportunity may emerge when prices stabilize.
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|UPL||504.65||SELL||The stock has given a breakdown from a range. The stock can be sold below 500 with a stop at 508 and for the target of 485|
|RELIANCE||2201.70||BUY||The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 2170 for the target of 2280|
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|STOCK OPTION||Strike Price||Buy/Sell||CMP||Initiation||Stop Loss||Target||Remarks|
|ASHOK LEYLAND||76 CE||BUY||5.50||CMP||4||9||OI increase|
|Long Buildup||Short Buildup|
|Stocks||Price||Price%||OI %||OI||Stocks||Price||Price%||OI %||OI|
|GRASIM.Oct 29||708.8||4.01||10187.36||17786850||HAVELLS.Oct 29||659.8||-0.62||6296.67||5757000|
|BERGEPAINT.Oct 29||583.2||1.48||9850||3502400||SIEMENS.Oct 29||1201.45||-0.6||5672.88||1873300|
|MARICO.Oct 29||355.05||3.68||7874.58||9410000||BPCL.Oct 29||374||-0.72||2009.01||24447600|
|COLPAL.Oct 29||1419.6||3.62||7053.19||2353400||SBILIFE.Oct 29||796.1||-0.72||1583.9||5961000|
|JSWSTEEL.Oct 29||268.25||3.73||6945.74||42422400||UPL.Oct 29||505.9||0||702.08||8008000|
|Short Covering||Long Unwinding|
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TOP DELIVERY PERCENTAGE
|Stocks||Price||%Chg||Total Qty||Delivery||Del %||% Change|
|Larsen & Toubro Limited||889.25||4.53||4961986||8978779||77.34||Nifty it||19629.35||3.46||81201|
|Sbi Life Insurance Compa||797.05||-0.91||2252162||11292337||76.41||Nifty Media||1484.75||3.43||81201|
|Tata Consumer Products l||509.8||4.33||5153485||6476374||67.13||Nifty Auto||7669.5||3.38||81201|
|Hdfc Ltd.||1652||0.93||4046773||3616243||63.74||Nifty Metal||2172.65||2.88||81201|
|Hdfc Life Insurance Comp||577.5||-0.03||2059556||1937710||63.65||Nifty Bank||20982.35||2.57||81201|
|Hindustan Unilever Ltd||2079.05||0.88||2528928||2334110||61.45||Nifty Pharma||11595.9||2.31||81201|
|Cummins India Limited||446.75||1.18||1877821||1375215||57.85||Nifty 50||11050.25||2.26||81201|
|Petronet Lng Limited||219.25||4.06||6118742||1860555||56.45||Nifty Fmcg||29633.5||2.03||81201|
|Container Corp Of India||375.25||1.12||1176532||1221473||54.87||Nifty Energy||14826.3||1.91||81201|
|Divi S Laboratories Limi||3060.75||1.33||1595002||3419741||54.65||India Vix||20.68||-12.06||81201|
UPCOMING ECONOMIC DATA
|•INR: Infrastructure Output (YoY) (Aug) on 30th September, 2020
•INR: Federal Fiscal Deficit (Aug) on 30th September, 2020
|•USD: CB Consumer Confidence (Sep) on 29th September, 2020
•USD: ADP Nonfarm Employment Change (Sep) on 30th September, 2020
|•Global rating agency S&P affirmed India’s long term foreign and local currency sovereign credit rating at BBB- with a stable outlook and maintained its short-term rating at A-3, in a report on Friday. “The stable outlook reflects our view that India’s contraction in fiscal 2021 will be followed by a significant recovery, which will stabilize the country’s broader credit profile,” S&P said.
•India plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles and cut down its dependence on oil, according to a government proposal seen by Reuters. A proposal drafted by NITI Aayog, a federal think tank chaired by Prime Minister Narendra Modi, said India could slash its oil import bills by as much as $40 billion by 2030 if electric vehicles were widely adopted.
•Food regulator FSSAI has banned blending of mustard oil with any other cooking oil with effect from October 1. In a letter to commissioner of food safety of all states and Union Territories, FSSAI said the “blending of mustard oil with any other edible oil in India has been prohibited with effect from October 1, 2020.”
•Taking a step further in consolidating markets for Assam based Numaligarh Refinery Limited’s (NRL) product, the company signed an MoU with aluminum giant NALCO for long term supply of Calcined Petroleum Coke (CPC) for a period of 5 years with an annual estimated sale of 40,000 MT.
Source: Economic Times, Moneycontrol ,Business Today, Livemint, Business Standard, Bloomberg Quint
|Company Name||Purpose||Ex-Date||Company Name||Purpose||Ex-Date|
|DIAMONDYD||Amalgamation;In. in Authorised Cap.||28-Sep-20||DDIL||A.G.M.;General||29-Sep-20|
|FUTURAPOLY||Audited Results;Quarterly Results||28-Sep-20||SIIL||General||29-Sep-20|
|HINDEVER||Quarterly Results||28-Sep-20||BLUBLND-B||Quarterly Results||30-Sep-20|
|KOHINOOR||Quarterly Results||28-Sep-20||EMMSONS||General;Quarterly Results||30-Sep-20|
|SHALBY||Right Issue;Preferential Issue||28-Sep-20||MYSPAPE||Quarterly Results||30-Sep-20|
|Company Name||Ex-Date||Purpose||Company Name||Ex-Date||Purpose|
|LAURUSLABS||29-Sep-20||Stock Split From Rs.10/- to Rs.2/-||GDL||7-Oct-20||Interim Dividend|
|RITES||29-Sep-20||Buy Back of Shares||POWERMECH||12-Oct-20||Final Dividend – Rs. – 1.00|
|AARTIDRUGS||30-Sep-20||Bonus issue 3:1||ELIXIR||15-Oct-20||Final Dividend – Rs. – 1.25|
|CPL||30-Sep-20||Dividend – Rs. – 0.04||HIMTEK||16-Oct-20||Dividend – Rs. – 0.2000|
|MAGNAELQ||30-Sep-20||Buy Back of Shares||JBMA||21-Oct-20||Final Dividend – Rs. – 1.75|
|GAEL||1-Oct-20||Stock Split From Rs.2/- to Rs.1/-||VLSFINANCE||22-Oct-20||Dividend – Rs. – 1.50|
|SGRL||6-Oct-20||Bonus issue 3:26|
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