NIFTY:
Nifty opened with a gap up of 117 points at 11364.45. After opening higher the index rallied and added further 60 points till afternoon. The index holds on these gains for the rest of the day and trades sideways. Intraday range was very narrow and prices have moved inside just 81 points. The Nifty finally closed at 11416.95 up by 169.40. All the sectoral indices have closed in gains. Banks and financials have outperformed and closed higher by more than 3%.
After moving in a trading range for two days, the Nifty staged a handsome breakout, opening with a gap up of more than 100 points and then maintaining this gap and gaining more during the day. We were long in the Nifty at 11270. Stop was recommended at 11200. Fortunately for us, the Nifty was nowhere near our stop loss and we have closed the trade with reasonable profits.
The long term trend has changed to up. The trend changed to down for a few days and now come back to its original form. Long term momentum has just found support and is moving up. It now appears that the sharp decline we saw in the Nifty was a correction in an ongoing bull market. However, we can never be sure until the previous high of 11600 breaks decisively. Till then, we assume that the short term trend is up and we should look to buy on dips.
BANK NIFTY:
Bank Nifty opened at 21685.25 with a gap up of 269 points. The index rallied further and closed at 22246 with a gain of more than 800 points. Private Banks have significantly outperformed and closed higher by 4.11%. Within the index, in terms of points, HDFC Bank contributed the highest while PNB the lowest. It was a trend day on the upside in the Bank Nifty. The index opened with a gap up and then adds further into the gains.
A V- shaped rally started from the lows at 20430 and has now come near 22200. Strong resistance is visible around 22500-23000.
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TECHNICAL PICKS
| COMPANY | CMP | B/S | RATIONALE |
| ASIANPAINTS | 2040.05 | BUY | The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 2022 and for the target of 2080. |
| GRASIM | 754.55 | BUY | The stock has given a breakout from a narrow trading range. The stock can be bought between 749-751 with a stop at 740 and for the target of 765. |
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DERIVATIVE PICKS
| STOCK OPTION | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| HINDUNILVR | 2080 CE | BUY | 63 | CMP | 55 | 80 | OI increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| BAJAJ-AUTO.Oct 29 | 3003 | 3.64 | 21.11 | 2463000 | TORNTPOWER.Oct 29 | 311.25 | -1.24 | 39.27 | 2628000 | |
| M&MFIN.Oct 29 | 130.25 | 5.17 | 11.86 | 16052484 | PNB.Oct 29 | 28 | -2.61 | 13.47 | 64148000 | |
| TVSMOTOR.Oct 29 | 481.85 | 2.52 | 11.1 | 4890200 | VOLTAS.Oct 29 | 681.35 | -0.24 | 12.21 | 1865000 | |
| PVR.Oct 29 | 1284.7 | 6.62 | 10.17 | 1574683 | CONCOR.Oct 29 | 357.9 | -2.11 | 7.01 | 7178859 | |
| MANAPPURAM.Oct 29 | 167.2 | 5.79 | 9.72 | 15990000 | NTPC.Oct 29 | 85.4 | -0.29 | 5.5 | 44904600 | |
| Short Covering | Long Unwinding | |||||||||
| Sector | Price | Price% | OI% | OI | Sector | Price | Price% | OI% | OI | |
| BANKNIFTY.Oct 29 | 22316 | 3.97 | -13.25 | 1470225 | APOLLOHOSP.Oct 29 | 2086.15 | -0.97 | -9.47 | 1606500 | |
| MGL.Oct 29 | 866.2 | 3.9 | -11.28 | 1198800 | RAMCOCEM.Oct 29 | 748.95 | -0.72 | -5.24 | 1261400 | |
| INDUSINDBK.Oct 29 | 593.75 | 12.07 | -9.31 | 27309600 | SUNTV.Oct 29 | 467.25 | -0.17 | -3.91 | 4386000 | |
| SHREECEM.Oct 29 | 20654.3 | 1.75 | -9.28 | 143250 | ONGC.Oct 29 | 69.4 | -0.29 | -3.49 | 51343600 | |
| TORNTPHARM.Oct 29 | 2822.15 | 0.46 | -8.47 | 805000 | AMARAJABAT.Oct 29 | 755.55 | -1.18 | -3.11 | 871000 | |
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TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Vedanta Limited | 137.45 | 0.4 | 9343343 | 9040784 | 61.86 | Nifty Bank | 22246 | 3.7 | 21048829 | |
| Hdfc Ltd. | 1790.65 | 2.91 | 3706206 | 2067861 | 57.53 | Nifty Media | 1591.1 | 2.8 | 290614002 | |
| Bosch Limited | 13551.5 | -1.3 | 39876 | 42178 | 57.11 | Nifty 50 | 11416.95 | 1.51 | 40813838 | |
| Container Corp Of India | 356.25 | -2.38 | 2242161 | 1107000 | 51 | Nifty Metal | 2261.25 | 0.83 | 205090439 | |
| Power Grid Corporation o | 164.6 | 1.32 | 8356973 | 4091499 | 50.69 | Nifty it | 20110.4 | 0.8 | 1494583 | |
| Infosys Limited | 1017.65 | 0.93 | 5563432 | 3906361 | 48.53 | Nifty Auto | 7966.1 | 0.73 | 58182092 | |
| Pidilite Industries Ltd | 1463 | 2 | 670055 | 299092 | 46.23 | Nifty Fmcg | 30009.55 | 0.56 | 652360 | |
| Petronet Lng Limited | 220.7 | 0.02 | 4508165 | 984033 | 44.42 | Nifty Pharma | 11822.9 | 0.43 | 39280438 | |
| Tata Consumer Products l | 509.1 | 1.83 | 3070369 | 2706377 | 43.29 | Nifty Energy | 15049.7 | 0.15 | 2371627 | |
| Hdfc Bank Ltd. | 1106.95 | 2.63 | 10601566 | 4038213 | 42.93 | India Vix | 18.35 | -6.04 | 245803977 | |
UPCOMING ECONOMIC DATA
| Domestic International | |
| •INR: Nikkei Services PMI (Sep)on 6th October, 2020
•INR: Bank Loan Growth on 9th October, 2020 |
•USD: ISM Non-Manufacturing PMI (Sep) on 5th October, 2020
•USD: EIA Short-Term Energy Outlook on 6th October 2020 |
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NEWS UPDATES
| •Singapore’s GIC and private equity firm TPG will invest a combined Rs 7,350 crore in the retail unit of Reliance Industries Ltd. as billionaire Mukesh Ambani continues to mop up funds for his businesses. GIC, a global investment firm, will pick 1.22% stake in Reliance Retail Ventures Ltd. for Rs 5,512.5 crore, according to a Reliance statement. TPG will invest Rs 1,837.5 crore for 0.4% in the holding company of India’s largest retail chain. Ambani is replicating the fundraising spree seen in the digital business. He has now brought in six investors in the retail unit, raising Rs 32,197.5 crore by selling 7.1% so far.
•Dr Reddy’s Laboratories has applied to the Drugs Controller General of India for permission to conduct phase-3 human clinical trials of the Russian vaccine Sputnik V against Covid-19 in India, sources said. The Indian pharma giant has collaborated with The Russian Direct Investment Fund to conduct clinical trials of Sputnik V as well as its distribution. Upon regulatory approval in India, RDIF will supply to Dr Reddy’s with 100 million doses of the vaccine, the drugmaker said last month. •Government has told the Supreme Court that it is ready to waive interest on the repayment of loans of up to ₹ 2 crore, frozen by the Reserve Bank of India (RBI) in a six-month moratorium granted because of the coronavirus pandemic. The interest waiver will apply for loans taken by MSMEs (Micro, Small and Medium Enterprises), for educational, housing, consumer goods and auto loans and for credit card dues. •Source: Economic Times, Moneycontrol ,Business Today, Livemint, Business Standard, Bloomberg Quint |
BOARD MEETINGS
| Company Name | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| AKI | A.G.M.;General | 05-Oct-20 | UTTAMSTL | Quarterly Results | 05-Oct-20 |
| BETALA | Quarterly Results | 05-Oct-20 | TI | Quarterly Results | 06-Oct-20 |
| CHDCHEM | General | 05-Oct-20 | ICICIPRULI | General | 07-Oct-20 |
| ELAND | General;Voluntary Delisting of Shares | 05-Oct-20 | MIC | Audited Results | 07-Oct-20 |
| GAMMNINFRA | Quarterly Results | 05-Oct-20 | MJCO | Audited Results;Quarterly Results | 07-Oct-20 |
| HIPPOCABS | General | 05-Oct-20 | NGIL | A.G.M.;General | 07-Oct-20 |
| MLKFOOD | Scheme of Arrangement | 05-Oct-20 | PERVASIVE | Rights Issue | 07-Oct-20 |
| PVR | General | 05-Oct-20 | TCS | Interim Dividend;Quarterly Results | 07-Oct-20 |
| RATHIST | Audited Results;Quarterly Results | 05-Oct-20 | UNITY | Audited Results | 07-Oct-20 |
| RRMETAL | General | 05-Oct-20 | URJAGLOBA | Right Issue of Equity Shares;General | 07-Oct-20 |
| SUPRAP | General | 05-Oct-20 | 5PAISA | Quarterly Results | 08-Oct-20 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| ANANTRAJ | 06-Oct-20 | Spin Off | SHUBHAM | 09-Oct-20 | Bonus issue 1:1 |
| SGRL | 06-Oct-20 | Bonus issue 3:26 | POWERMECH | 12-Oct-20 | Final Dividend – Rs. – 1.00 |
| GDL | 07-Oct-20 | Interim Dividend – Rs. – 2.00 | SHANGAR | 12-Oct-20 | Stock Split From Rs.10/- to Rs.5/- |
| KDML | 07-Oct-20 | Bonus issue 1:1 | SHANGAR | 12-Oct-20 | Interim Dividend – Rs. – 0.10 |
| SMGOLD | 08-Oct-20 | Bonus issue 1:2 | SHANGAR | 12-Oct-20 | Bonus issue 1:1 |
| VIVIDM | 08-Oct-20 | Bonus issue 26:10 | INFRATRUST | 14-Oct-20 | Income Distribution (InvIT) |
| CHDCHEM | 09-Oct-20 | Interim Dividend | TCS | 14-Oct-20 | Interim Dividend |
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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