NIFTY:

The Nifty continued its strong momentum and opened with a gap up of 61 points at 11288.60. However, after the open, prices did not sustain these gains long enough and quickly turned down. A sharp decline of almost 100 points and then a recovery with the same distance and pace indicates the volatile nature of trading. The index finally closed at 11222.40 almost with no change. The Metal sector outperformed while Banks and  Auto have led the decline. After two days of strong gains, the Nifty had a day of rest, when the index moved inside a narrow range of 100 points and closed unchanged.

A narrow trading range has developed in the Nifty at current levels. Support comes in at 11145 and resistance comes in at 11270. The trade is to buy the index if it goes above 11270. Go short in the Nifty if the index goes below 11145. The stops are very tight at 11200 for the long position and 11220 for the short position.

BANK NIFTY:

Bank Nifty opened at 21770.90 with  gap up of 66 points. Prices did not sustain higher levels and then saw a sharp decline. After that prices traded sideways and choppy and finally closed at 21411 with a loss of 260 points. PSU Banks have underperformed and closed lower by 2.18%. Within the index, in terms of points HDFC Bank contributed highest while Axis Bank the lowest.

We had seen an upside trend daybefore and a trend on the downside yesterday. This one day up one day down movement is a sign that the index is likely to begin a process of consolidation. A relief rally faces resistance around 21800 where from the index saw a decline of more than 500 points. Short term  support is viable around 20400

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
SIEMENS 1260.05 BUY The stock has given a breakout from a narrow trading range. The stock can be bought above 1262 with a stop at 1240 and for the target of 1290.
TVSMOTOR 470.25 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 460 for the target of 490.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
AUROPHARMA 800 CE BUY 37.20 CMP 32 48 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
HEROMOTOCO.Oct 29 3187.05 2.61 14.65 2082900 SRF.Oct 29 4136.6 -1.29 23.52 671000
TATACHEM.Oct 29 301.15 0.65 13.88 6270000 BAJAJ-AUTO.Oct 29 2923.35 -2.03 20.13 1969500
RAMCOCEM.Oct 29 742.85 0.03 13.81 1400800 IGL.Oct 29 393 -3.25 17.94 6806250
BIOCON.Oct 29 455.65 0.93 11.85 14956900 BATAINDIA.Oct 29 1353.05 -0.05 16.67 1859550
MINDTREE.Oct 29 1328.3 3.16 11.32 1723200 TECHM.Oct 29 769.1 -1.71 13.71 12330000
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
BALKRISIND.Oct 29 1488.35 2.18 -0.67 1888800 PVR.Oct 29 1196.15 -2.52 -3.08 1525029
SUNTV.Oct 29 471.35 0.29 -0.19 4722000 COFORGE LIMITED.Oct 29 2338.2 -2.06 -2.08 529875
ICICIPRULI.Oct 29 424.1 0.46 -0.19 6462000 DLF.Oct 29 155 -2.24 -1.98 27089700
M&MFIN.Oct 29 125.2 -0.52 -1.73 13927536
LUPIN.Oct 29 999 -1.42 -1.09 8449850

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Max Financial Services l 605.9 -2.2 912352 3117818 59.82 Nifty Metal 2280.9 1.96 81777
Container Corp Of India 374.9 -1.42 1380059 871742 56.56 India Vix 19.77 1.05 81777
Hdfc Ltd. 1713.1 1.88 3696138 1386203 50.61 Nifty Auto 7925.2 0.29 81777
Petronet Lng Limited 219.6 -1.26 2827438 1476615 50.03 Nifty it 19831.8 0.25 81777
Hindustan Unilever Ltd 2033.2 -1.46 2298854 761758 49.98 Nifty 50 11222.4 -0.05 81777
Hdfc Life Insurance Comp 570.8 -1.79 4161096 791739 49.74 Nifty Energy 15175.1 -0.23 81777
Hdfc Bank Ltd. 1062.55 0.79 6322274 3908991 48.4 Nifty Media 1549.7 -0.38 81777
Infosys Limited 1009 -0.14 8708572 3569074 41.72 Nifty Pharma 11709.5 -0.74 81777
Itc Ltd. 169.4 -2.25 25617617 9639194 41.56 Nifty Bank 21411.3 -1.17 81777
Cummins India Limited 445.2 -0.26 1112228 525798 41.27 Nifty Fmcg 29434.8 -1.51 81777

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR: Infrastructure Output (YoY) (Aug) on 30th  September, 2020

•INR: Federal Fiscal Deficit (Aug) on 30th September, 2020

•USD: ADP Nonfarm Employment Change (Sep) on 30th September, 2020

•USD: Marketing PMI manufacturing  on 1st October, 2020

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NEWS UPDATES

•The government is planning to seek the cabinet’s approval to sell 25% stake in Life Insurance Corporation of India, people with knowledge of the matter told Bloomberg News. The government is planning to amend the act of parliament under which LIC was set up to prepare for the sale, sources said.

•KNR Construction: The company has informed the exchanges that it has transferred 100% stake of its subsidiary company – KNR Walayar Tollways Pvt. Ltd. to Cube Highways. The Enterprise Value for this transaction is Rs 511.78 crore, the company said in a notice to the exchanges. The Enterprise Value for this transaction excludes claims receivable from the National Highways Authority of India and other governmental instrumentalities.

•The chairman of Moody’s Investors Service has warned that economic recovery in India will remain a “major challenge” unless the number of COVID-19 cases starts declining.”The only tool we have right now [to fight coronavirus] is social distancing and that’s exceptionally hard to do in India,” Henry McKinnell told The Financial Times adding that a vaccine for the deadly virus is still a long way off.”Hopefully we’ll have a vaccine, but I think the vaccine is going to take longer than people understand,” McKinnell added.

•Vodafone Idea’ AGM is scheduled for tomorrow, shareholders are likely to approve fund raising of Rs 25,000 cr.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
AMALGAM General 30-Sep-20 RUBYMILLS Quarterly Results 30-Sep-20
BIJHANS General 30-Sep-20 SIMPLEXINF Quarterly Results 30-Sep-20
BLUBLND-B Quarterly Results 30-Sep-20 SUNRAJDI Quarterly Results 30-Sep-20
BPCAP General 30-Sep-20 THAKRAL A.G.M.;General 30-Sep-20
ABHICAP General 30-Sep-20 TIRUSTA A.G.M.;General 30-Sep-20
AMALGAM General 30-Sep-20 UDL Audited Results;Quarterly Results 30-Sep-20
EMMSONS General;Quarterly Results 30-Sep-20 UNIPLY Audited Results;Quarterly Results 30-Sep-20
MAHESH Quarterly Results 30-Sep-20 UNIVARTS General 30-Sep-20
MYSPAPE Quarterly Results 30-Sep-20 URJAGLOBA Right Issue of Equity: General 30-Sep-20
NAGARFERT Quarterly Results 30-Sep-20 VIJSOLX General 30-Sep-20
PARMCOS-B Audited Results 30-Sep-20 AGIIL Prefrential Issue of Share: General 01-Oct-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
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
SGRL 6-Oct-20 Bonus issue 3:26 HCLTECH 22-Oct-20 Interim Dividend
GDL 7-Oct-20 Interim Dividend PGHH 13-Nov-20 Final Dividend – Rs. – 105.00

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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