outlookNIFTY:

The Nifty opened at 12156.65 with a gap up of 36 points. The index continued its strong bullish momentum and saw a sharp rally throughout the day. Minor dips in between are quickly bought and prices have rallied almost 150 points with intraday low recorded at 12131.85 and high recorded at 12280.40. The index finally closed near its day high at 12263.55 up by 143.25 points. Pharma and FMCG have underperformed and closed lower while all other sectoral indices have seen some gains led by Banks and Financials.

We had suggested buying the index only a dip towards 12050. The Nifty opened higher and did not look back, thus our level of 12050 was not touched. This is fine as we should only take trades with a favourable risk reward ratio.

The long term trend has been up and continues to remain bullish. This is fairly obvious because the Nifty is making new highs regularly. Long term momentum turned up and has now gained more while it continues to rise. The intermediate trend started rising suggesting that a small correction is over. We are in an uptrend and we should look for buying at the right levels.

BANK NIFTY:

Bank Nifty opened at 26274.10 with a gap down of 42 points. Prices have seen a sharp intraday rally with minor dips in between. The index finally closed at 26798 with a gain of almost 500 points.

Private Banks have outperformed and closed higher by 2.12%. Within the index, in terms of points, HDFC Bank contributed highest followed by Kotak Bank. Bank Nifty continued its upside momentum and index gained almost 2% and continued making new highs for the current uptrend.

This week was very good for the Bulls as the index closed 2870 points higher compared to last Friday, closing up by almost 12%. After such a sharp move, we should wait for a dip to buy.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
HCLTECH 850.10 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP  with a stop at 840 and for the target 865.
LUPIN 916.90 SELL The stock has given a breakdown from a narrow trading range. The stock can be sold between 920-922 with a stop at 930 and for the target 900

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
JUBLFOOD 2250 CE BUY 91.15 CMP 75 125 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
RBLBANK.Nov 26 193.15 3.59 30.56 20516600 CONCOR.Nov 26 376.3 -7.51 48.76 7605558
MOTHERSUMI.Nov 26 117.4 3.71 26.69 27874000 BOSCHLTD.Nov 26 11650.9 -3.43 22.36 186900
VOLTAS.Nov 26 753 1.09 25.2 3771000 LICHSGFIN.Nov 26 300.2 -2.44 19.32 12354000
MFSL.Nov 26 626.4 0.68 19.63 2115100 GAIL.Nov 26 86.2 -1.65 15.44 26083600
ICICIGI.Nov 26 1261.4 1.15 14.79 138550 UBL.Nov 26 949.15 -0.85 12.38 1696100
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
APOLLOTYRE.Nov 26 153.9 3.67 -7.04 10105000 SAIL.Nov 26 38.1 -0.91 -8.99 55613000
CUMMINSIND.Nov 26 456.5 0.3 -4.91 1279200 PVR.Nov 26 1208.75 -0.59 -0.76 1755391
GODREJPROP.Nov 26 946.35 3.42 -3.8 1612650 ADANIENT.Nov 26 352 -0.82 -0.43 18776000
DABUR.Nov 26 526.15 1.17 -3.51 11985000 GLENMARK.Nov 26 510 -0.39 -0.23 7415200
IOC.Nov 26 80.35 0.12 -3.18 46346700

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Max Financial Services l 621.15 0.32 697624 1475301 71.68 Nifty Bank 26798.95 1.85 81576
Petronet Lng Limited 230.45 2.26 5115959 3184636 66.5 Nifty 50 12263.55 1.18 81576
Icici Lombard General In 1260.45 1.35 432511 339191 62.96 Nifty Energy 15180.75 1.07 81576
Hdfc Life Insurance Comp 590.6 -0.24 1990463 1444515 61.46 Nifty Realty 226.95 1.07 81576
Hindustan Unilever Ltd 2094.15 -0.39 2127821 1248182 59.9 Nifty it 21492.3 0.5 81576
Britannia Ind Ltd. 3513.55 0.41 582470 585724 58.58 Nifty Metal 2500.35 0.47 81576
Bharti Infratel Limited 179.5 0.76 7945344 5893735 58.09 Nifty Auto 8006.1 0.13 81576
Icici Prudential Life In 417.7 0.99 2449403 1526574 56.08 Nifty Media 1473.4 0.05 81576
Colgate Palmolive (india 1507.2 1.7 774861 582507 55.36 Nifty Fmcg 30150.65 -0.1 81576
Sbi Life Insurance Compa 801.25 -0.47 1722728 747899 54.45 Nifty Pharma 11623.35 -0.7 81576

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR:  CPI (YoY) (Oct) on 12th November, 2020

INR:  Industrial Production (YoY) (Sep ) on 12th November, 202

•USD:  EIA Short-Term Energy Outlook on 10th November, 2020

•USD: JOLTs Job Openings (Sep) on 10th November, 2020

NEWS UPDATES

•Zydus Cadila is expected to test its Covid vaccine candidate, ZyCoV-D, on about 30,000 people in the Phase-3 trials that it plans to start next month. The Ahmedabad-based company has completed dosing of Phase-2 on 1,000 participants and plans to submit data to India’s drug regulator this month. Preliminary results show that it is safe as no safety concerns have been observed so far, people in the know said.

•ITC Ltd.’s quarterly profit fell led by lower sales of cigarettes. Net profit of the maker of Gold Flake cigarettes declined 20% year-on-year to Rs 3,232 crore in the quarter ended September, according to an exchange filing. That compares with the Rs 3,237-crore consensus estimate of analysts tracked by Bloomberg. Revenue rose 1% year-on-year to Rs 11,977 crore. Operating profit stood at Rs 4,061 crore, down 11% from last year, while margin stood at 33.9% compared to 38.4% a year ago.

•Cipla Ltd.’s quarterly profit rose as the drugmaker’s operating expenses fell and sales in the domestic market improved. Net profit rose 41% year-on-year to Rs 665 crore in the quarter ended September, according to an exchange filing. That compares with the Rs 585-crore consensus estimate of analysts tracked by Bloomberg. Revenue increased 14.6% over the last year to Rs 5,038 crore, against the Rs 4,670-crore forecast. Cipla’s India sales rose 17% year-on-year, with growth across prescription, trade generics and consumer health business.

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

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BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
BALAJITELE Quarterly Results 9-Nov-20 NOCIL Quarterly Results 9-Nov-20
DELTACORP Quarterly Results 9-Nov-20 OIL Quarterly Results 9-Nov-20
EIDPARRY Quarterly Results 9-Nov-20 OIVL Quarterly Results 9-Nov-20
EQUITASBNK Quarterly Results 9-Nov-20 PARAGMILK Quarterly Results 9-Nov-20
FLFL Quarterly Results 9-Nov-20 PCJEWELLER Quarterly Results 9-Nov-20
INDIAMART Audited Results 9-Nov-20 POLYPLEX Interim Dividend;Quarterly Results 9-Nov-20
INSECTICID Interim Dividend;Quarterly Results 9-Nov-20 PSPPROJECT General;Quarterly Results 9-Nov-20
ISGEC Quarterly Results 9-Nov-20 PTC Quarterly Results 9-Nov-20
JINDALSAW Quarterly Results 9-Nov-20 RENUKA Quarterly Results 9-Nov-20
JKCEMENT Quarterly Results 9-Nov-20 TRANSPEK Quarterly Results 9-Nov-20
L&TFH General 9-Nov-20 TRIVENI Quarterly Results 9-Nov-20
MOREPENLAB Quarterly Results 9-Nov-20 UNIVCABLES Quarterly Results 9-Nov-20
MSTC Quarterly Results 9-Nov-20 ZUARI Quarterly Results 9-Nov-20
NCLIND Quarterly Results 9-Nov-20 AARTIIND Interim Dividend;Quarterly Results 10-Nov-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ASIANTILES 9-Nov-20 Dividend – Rs. – 0.70 LAURUSLABS 10-Nov-20 Interim Dividend – Rs. – 0.80
EMBASSY 9-Nov-20 Income Distribution RITES NAVINFLUOR 10-Nov-20 Interim Dividend – Rs. – 5.00
INDIGRID 9-Nov-20 Income Distribution (InvIT) NEULANDLAB 10-Nov-20 Interim Dividend – Rs. – 2.00
KHAICHEM 9-Nov-20 Interim Dividend – Rs. – 0.10 ORIENTCQ 10-Nov-20 Interim Dividend – Rs. – 4.00
MASTEK 9-Nov-20 Interim Dividend – Rs. – 5.50 RAIN 10-Nov-20 Interim Dividend – Rs. – 1.00
SHARDACROP 9-Nov-20 Interim Dividend – Rs. – 2.00 REGENCY 10-Nov-20 Bonus issue 1:1
SRTRANSFIN 9-Nov-20 Interim Dividend – Rs. – 6.00 BUTTERFLY 11-Nov-20 Interim Dividend – Rs. – 1.50
DEEPENR 10-Nov-20 Spin Off DABUR 11-Nov-20 Interim Dividend – Rs. – 1.7500
GOPALA 10-Nov-20 Reduction of Capital SHRIRAMCIT 11-Nov-20 Interim Dividend – Rs. – 10.00

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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