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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