outlookNIFTY:

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:

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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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
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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DERIVATIVE PICKS

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
Sector Price Price% OI% OI Sector Price Price% OI% OI
BHARTIARTL.Oct 29 441.4 4.8 -0.84 127172955

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
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

   Domestic                                                                                                                                                  International
•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

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NEWS UPDATES

•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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
A2ZINFRA Quarterly Results 28-Sep-20 ASHFL Dividend;General 29-Sep-20
AIML General 28-Sep-20 BETALA A.G.M.;General 29-Sep-20
DIAMONDYD Amalgamation;In. in Authorised Cap. 28-Sep-20 DDIL A.G.M.;General 29-Sep-20
FRANKLININD General 28-Sep-20 NGIL General 29-Sep-20
FUTURAPOLY Audited Results;Quarterly Results 28-Sep-20 SIIL General 29-Sep-20
GDL Interim Dividend;General 28-Sep-20 AMALGAM General 30-Sep-20
GGL General 28-Sep-20 BIJHANS General 30-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
PALMJEWELS General 28-Sep-20 MAHESH Quarterly Results 30-Sep-20
SHALBY Right Issue;Preferential Issue 28-Sep-20 MYSPAPE Quarterly Results 30-Sep-20

CORPORATE ACTION

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

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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