outlookNIFTY:

The Nifty started the week with a gap up opening and then a sharp intraday rally. The index first opened with a gap up of 90 points at 11140.85. Prices have seen a further rally on the upside about 100 points and finally, the index closed at 11227.55 up by 177.30 points. It was a trend day on the upside where the low was near the open and high was near the close. Banks have outperformed while all the sectoral indices closed with gains. The Nifty stays a handsome rally for the second consecutively day, suggesting the presence of significant buying at the sharp correction low. It is difficult to say if the current buying is due to short covering or due to the presence of bargain hunting by actual buyers. Suffice to say, there is buying in the market. The sharp rally of the last two days, while welcoming to most traders who are bullish, does not change the intermediate trend of the market which remains down.

We have to be patient for taking a new trade on either side.

The long term momentum has been falling and may find support soon enough. If the current rally is more than just short covering, we will see momentum turn favourable for the bulls.

BANK NIFTY:

Bank Nifty opened at 21252.05 with a gap up o 218 points. Prices have seen a sharp rally for the whole day and finally closed at 21665 with a gain of 750 points. PSU and Private banks both have performed the same and closed higher by almost 3.50%. Within the index, in terms of points, Axis Bank contributed highest on the upside followed by ICICI Bank. It was an uptrend day. The index outperformed the whole market.

Short term support is visible around 20400 while resistance may emerge at 22400.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
ADANIENT 295.70 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 290 and for the target of 310
CHOLAFIN 248.85 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 243 for the target of 255-260.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
TATACONSUM 520 CE BUY 23.20 CMP 20 28 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
MFSL.Oct 29 627.5 5.1 59.83 2229500 TORNTPHARM.Oct 29 2713 -0.41 11.1 900500
BALKRISIND.Oct 29 1450.05 6.39 44.28 2059200 HINDUNILVR.Oct 29 2065.1 -0.57 8.07 6069300
ESCORTS.Oct 29 1300 7.67 27.58 2569600 WIPRO.Oct 29 312.5 -0.7 6.65 24528000
BAJAJ-AUTO.Oct 29 2984 0.4 21.03 1653000 IDEA.Oct 29 10.3 -0.48 5.22 335720000
PVR.Oct 29 1221.5 11.8 20.04 1643466
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
AMARAJABAT.Oct 29 750.8 2.81 -8.07 911000
MGL.Oct 29 854.2 3.43 -5.44 1313400
EXIDEIND.Oct 29 164.9 1.79 -4 7340400
INFRATEL.Oct 29 185.5 1.59 -3.65 14476000
MRF.Oct 29 59486.9 3.08 -2.92 38250

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Cummins India Limited 446.35 -0.09 1274121 1439679 76.67 Nifty Media 1555.55 4.77 76386
Bharat Forge Ltd 454.15 2.08 1904837 1842066 61.94 Nifty Bank 21665.5 3.26 76386
Hdfc Ltd. 1681.45 1.78 2739071 2124259 52.49 Nifty Auto 7902.55 3.04 76386
Nestleind 15719.8 -0.11 54411 92171 51.7 Nifty Metal 2237 2.96 76386
Container Corp Of India 380.3 1.35 1541157 577081 49.05 Nifty Energy 15210.2 2.59 76386
Hindustan Unilever Ltd 2063.3 -0.76 1524037 1180395 46.68 Nifty Pharma 11796.6 1.73 76386
Itc Ltd. 173.3 1.49 23194739 12419729 46.64 Nifty 50 11227.55 1.6 76386
Hdfc Life Insurance Comp 581.2 0.64 1591676 936550 45.47 Nifty Fmcg 29886.2 0.85 76386
Mahanagar Gas Limited 849.7 3.46 908318 477252 45.37 Nifty it 19783.05 0.78 76386
Vedanta Limited 139.1 1.5 17297656 10882742 41.59 India Vix 19.57 -5.36 76386

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

•Tubes and pipes manufacturer Ratnamani Metals NSE 3.60 % and Tubes on Monday said it has received an order worth Rs 216 crore for supply of carbon steel pipes in the domestic market. The company has received a domestic order of Rs 216 crore for the supply of coated CS (carbon steel) pipes for oil and gas sector to be executed between January, 2021, and January, 2022, Ratnamani Metals & Tubes Ltd said in regulatory filing.

•Bharti Airtel was the most dependable telecom operator between May and July, beating rivals Reliance Jio, Vodafone Idea (VI) and BSNL in four out of seven metrics such as gaming, video, download speed and voice app experiences, shows Open Signal’s latest mobile network experience report.

•IT company Tech Mahindra is in advance stage of sharing technology with ITI Limited and said the state-run electronics manufacturing entity will be ready to make 4G and 5G equipment in a few months, a senior official of the Mahindra group firm said. The country’s potential to produce talent and software at large scale, coupled with geo-political scenario with China, presents a wonderful opportunity for India to indigenise technologies, Tech Mahindra network services CEO Manish Vyas told PTI.

•Coal India Ltd has floated a global tender for setting up the country’s first coal to methanol plant in West Bengal at an investment of Rs 6,000 crore. The company is in dialogue with Indian Oil Corp and other government-owned oil companies for long-term tie up for marketing of the methanol.

Source: Economic Times,  Moneycontrol  ,Business Today, Livemint, Business Standard, Bloomberg Quint

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
ASHFL Dividend;General 29-Sep-20 EMMSONS General;Quarterly Results 30-Sep-20
BETALA A.G.M.;General 29-Sep-20 MAHESH Quarterly Results 30-Sep-20
DDIL A.G.M.;General 29-Sep-20 MYSPAPE Quarterly Results 30-Sep-20
DIKSAT General 29-Sep-20 NAGARFERT Quarterly Results 30-Sep-20
NGIL General 29-Sep-20 PARMCOS-B Audited Results 30-Sep-20
SIIL General 29-Sep-20 RUBYMILLS Quarterly Results 30-Sep-20
ABHICAP General 30-Sep-20 SIMPLEXINF Quarterly Results 30-Sep-20
AMALGAM General 30-Sep-20 SUNRAJDI Quarterly Results 30-Sep-20
BIJHANS General 30-Sep-20 THAKRAL A.G.M.;General 30-Sep-20
BLUBLND-B Quarterly Results 30-Sep-20 TIRUSTA A.G.M.;General 30-Sep-20
BPCAP General 30-Sep-20 UDL Audited Results;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/- SGRL 6-Oct-20 Bonus issue 3:26
RITES 29-Sep-20 Buy Back of Shares GDL 7-Oct-20 Interim Dividend
AARTIDRUGS 30-Sep-20 Bonus issue 3:1 POWERMECH 12-Oct-20 Final Dividend – Rs. – 1.00
CPL 30-Sep-20 Dividend – Rs. – 0.04 ELIXIR 15-Oct-20 Final Dividend – Rs. – 1.25
MAGNAELQ 30-Sep-20 Buy Back of Shares HIMTEK 16-Oct-20 Dividend – Rs. – 0.20
GAEL 1-Oct-20 Stock  Split From Rs.2/- to Rs.1/- JBMA 21-Oct-20 Final Dividend – Rs. – 1.75

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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