outlookNIFTY:

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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