NIFTY:
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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