outlookNIFTY:

Nifty continued its bullish momentum and opened with a gap up of 97 points at 11835.40. The index added another 70 points into the gains and recorded its intraday high at 11905.70. Around 1:50 PM, prices started falling. The decline was very sharp as prices have moved down almost 100 points in an hour. Prices then traded narrow and choppy towards the end of trading’s session and finally closed at 11834.60 up by 95.75 points. Pharma and IT sectors have continued performing well and closed higher by 2.47% and 3.23% respectively.

Yesterday we have suggested a trade in the direction of the breakout. The trade was to buy above 11755 or sell short below 11695. In case of a gap up or gap down we have suggested using the 15 minutes rules to initiate this trade. Prices opened above 11755 so and moved further up.

The Nifty recorded two interesting things. First the index recorded new highs for the current up move above 11900. Second Nifty made a pattern of Doji and the top of an up move. A pattern of Doji generally indicates confusion amongst the traders. The pattern appears after a sustained up move which is still going on. We are now anticipating a period of consolidation or a minor dip. The first confirmation for this scenario will come if the Nifty does not cross yesterday high at 11905.70

BANK NIFTY:

Bank Nifty opened at 23150.25 with a gap up of 192 points. The index rallied further and made its intraday high at 23450.90. Prices have seen a sharp fall in the afternoon and finally closed at 23191 with a gain of 220 points. PSU and Private Banks both have performed same and closed higher. Within the index, in terms of points, HDFC Bank contributed the highest while Kotak Bank contributed the lowest. Bank Nifty continues moving higher for the fifth consecutive day. It was a volatile day where prices have seen a sharp move in both directions and closed higher. The index broke its strong resistance near 23000. Another close above 23000 may confirm this breakout.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
NESTLEIND 16304.60 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 16150 and for the target of 16600.
M&M 634.15 BUY The stock has given a breakout from a narrow trading range. The stock can be bought  at CMP with a stop at 627  and for the target of 645.

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
BIOCON 470 CE BUY 24.15 CMP 20 30 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
MINDTREE.Oct 29 1464.7 5.79 26.56 1967200 RBLBANK.Oct 29 173 -2.62 13.42 17230200
WIPRO.Oct 29 360.55 7.07 19.34 33942400 VEDL.Oct 29 118.75 -3.73 10.9 93843200
MOTHERSUMI.Oct 29 121 2.89 15.5 25662000 IBULHSGFIN.Oct 29 149.85 -0.89 10.11 15221000
GODREJPROP.Oct 29 927.3 2.54 12.8 744900 GAIL.Oct 29 84.35 -2.88 8.93 25363800
APOLLOHOSP.Oct 29 2237.3 3.03 11.05 1688500 EICHERMOT.Oct 29 2212.75 -1.61 7.56 2499350
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
TCS.Oct 29 2816 2.51 -7.98 6978900 ADANIENT.Oct 29 317 -4.2 -3.48 18736000
SUNTV.Oct 29 466.55 0.56 -2.97 4023000 TITAN.Oct 29 1256.35 -0.27 -1.78 5559000
BANKBARODA.Oct 29 42.7 2.4 -2.25 44788400 MFSL.Oct 29 607.8 -0.73 -1.78 2290600
IDEA.Oct 29 9 5.26 -2.11 350700000 PNB.Oct 29 27.85 -0.18 -1.77 64582000
BHEL.Oct 29 29.2 2.82 -1.93 69426000 TATAMOTORS.Oct 29 141.7 -0.07 -0.67 72327300

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TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hdfc Life Insurance Comp 583.15 0.73 9288183 1499008 57.92 Nifty it 21697.25 3.23 86121
Power Grid Corporation o 158.3 -0.81 7286584 5595043 56.47 Nifty Pharma 12209.2 2.47 86121
Sbi Life Insurance Compa 821.05 -0.83 1313341 350264 54.96 India Vix 20.38 1.6 86121
Kotak Mahindra Bank Limi 1320.1 -0.35 5171263 1514371 53.42 Nifty Bank 23191.35 0.99 86121
Petronet Lng Limited 220.2 0.36 3247199 1533336 52.91 Nifty 50 11834.6 0.82 86121
Hcl Technologies Ltd. 849.55 2.6 25860578 3597370 51.54 Nifty Metal 2272.4 0.21 86121
Larsen & Toubro Limited 881.05 -0.77 3918967 2595920 51.16 Nifty Auto 8183.7 0.17 86121
Nestleind 16304.6 1.18 78576 49950 50.13 Nifty Fmcg 30136.05 -0.11 86121
Hindustan Unilever Ltd 2160.8 1 1617382 1191244 49.05 Nifty Media 1568.4 -0.5 86121
Info Edge (india) Limite 3460.65 0.03 443172 182869 48.41 Nifty Energy 14780.15 -0.9 86121

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
•INR: RBI Interest Rate Decision on 9th October, 2020

•INR: Bank Loan Growth on 9th October, 2020

•USD: Core PPI (YoY)  on 10th October 2020

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NEWS UPDATES

•The Indian government will soon allow scheduled airlines to operate at up to 75% of their pre-covid-19 capacity on domestic routes, up from current levels of 65%, Union civil aviation minister Hardeep Singh Puri said on Thursday. Speaking at a press conference, Puri said that according to his assessment, the number of daily air passengers is set to rise up to 200,000 by October-end, while pre-covid figures of 300,000 passengers per day will be reached between Diwali and New Year.

•US online retailer Amazon.com Inc has slapped a legal notice on Future Group, alleging that the retailer’s Rs 24,713 crore asset sale to Reliance Industries violated an agreement with the e-commerce giant. Amazon last year bought a 49 per cent stake in one of Future’s unlisted firms, Future Coupons Ltd, with the right to buy into flagship Future Retail after a period between 3 and 10 years. Kishore Biyani-led group intends to settle this matter amicably, either through mediation or arbitration.

•Infosys on Thursday said it has inked a pact to acquire Blue Acorn iCi, a digital customer experience, commerce and analytics services provider, for up to $125 million (about Rs 915 crore). The move further strengthens Infosys’ end-to-end customer experience offerings and demonstrates its continued commitment to help clients navigate their digital transformation journey

•Lakshmi Vilas Bank (LVB) on Thursday said it has received an indicative non-binding offer from Clix Group for the proposed merger.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
AVTIL General;Voluntary Delisting of Shares 9-Oct-20 VALENCIA General 9-Oct-20
GITARENEW General 9-Oct-20 CFEL A.G.M.;General 10-Oct-20
ICSL Quarterly Results 9-Oct-20 CONFINT General;Quarterly Results 10-Oct-20
INDIANACRY Quarterly Results 9-Oct-20 CONFIPET A.G.M.;Final Dividend;General 10-Oct-20
KDML Bonus issue 9-Oct-20 GTPL Quarterly Results 10-Oct-20
MPILCORPL General 9-Oct-20 HATHWAYB Quarterly Results 10-Oct-20
NXTDIGITAL General 9-Oct-20 HFCL Quarterly Results 10-Oct-20
RCF Audited Results;General 9-Oct-20 RRIL Quarterly Results 10-Oct-20
SPANDANA General 9-Oct-20 SUJALA General 10-Oct-20
SSWL Quarterly Results 9-Oct-20 TELESYS A.G.M.;General;Quarterly Results 10-Oct-20
TERAI Quarterly Results 9-Oct-20 UNISTRMU General 10-Oct-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
CHDCHEM 9-Oct-20 Interim Dividend – Rs. – 0.1500 ELIXIR 15-Oct-20 Final Dividend – Rs. – 1.2500
SHUBHAM 9-Oct-20 Bonus issue 1:1 VAL 15-Oct-20 Bonus issue 3:5
POWERMECH 12-Oct-20 Final Dividend – Rs. – 1.00 HIMTEK 16-Oct-20 Dividend – Rs. – 0.20
SHANGAR 12-Oct-20 Stock  Split From Rs.10/- to Rs.5/- IRCTC 19-Oct-20 Final Dividend – Rs. – 2.50
SHANGAR 12-Oct-20 Bonus issue 1:1 ISFT 21-Oct-20 Dividend – Rs. – 1.00
SHANGAR 12-Oct-20 Interim Dividend – Rs. – 0.10 HCLTECH 22-Oct-20 Interim Dividend
INFRATRUST 14-Oct-20 Income Distribution (InvIT) LTTS 26-Oct-20 Interim Dividend
TCS 14-Oct-20 Interim Dividend – Rs. – 12.00 ASIANPAINT 28-Oct-20 Interim Dividend
ASHFL 15-Oct-20 Dividend – Rs. – 0.10 DHINDIA 28-Oct-20 E.G.M.

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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