Morning Outlook 14th October, 2022

NIFTY:

The NIFTY opened at 17087.35 with a gap down of 36 points. The index initially moved sideways for the first 15 minutes of trading and broke on the downside. The index recorded its intraday high at 17112.35, saw a sharp downside move, and went below 17000. Prices have recorded its intraday low at 16956.95 and found support there. Prices have seen some recovery but again moved on the downside. The index finally closed at 17014.35 near its daily lows with a loss of 109.25 points or 0.64% down. BANK and FINANCIAL underperformed today leading the bears and closing lower by more than 1%. PHARMA, MEDIA, and METAL outperformed today and closed with some gains. A trading range between 16800- 17400 remained intact. The short-term trend is sideways. We should now look for a trading opportunity in the direction of a breakout. Traders should look to buy above 17200 or sell short below 16950. In case of a gap up or down beyond these levels apply the first 15-minute rule. Keep a stop of 80 points and a target of 240 points from your entry price.

BANK NIFTY:

The BANK NIFTY opened at 38957.65 with a gap down of 181 points. The index initially went sideways and recorded its intraday high at 39061.30. Prices have broken on the downside and went below 38500 to record its intraday low at 38437.95. A rally came afterwards but the index again moved down and finally closed at 38657.30 with a loss of 481points. PSU and PVT BANKS both indices have performed almost the same today, saw a sharp intraday decline, and closed lower by 1.58% & 1.07% respectively. Within the index, in terms of points, ICICIBANK contributed the highest on the downside followed by HDFC BANK. A trading range within the 37500 – 39500 zones remained intact, and the short-term trend remains sideways. Prices are now moving almost at the middle of this trading range. Avoid trading the index and wait for a decisive breakout.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Indian benchmark indices ended on negative note on October 13 amid volatility. At Close, the Sensex was down 390.58 points or 0.68% at 57,235.33, and the Nifty was down 109.30 points or 0.64% at 17,014.30. About 1283 shares have advanced, 2054 shares declined, and 130 shares are unchanged.

• Passenger vehicle wholesales in India increased 92 per cent to 3,07,389 units last month, as compared to the same month last year, auto industry body Society of Indian Automobile Manufacturers said on Thursday.

• Shares of Wipro Ltd. fell the most in nearly five months after the firm’s second-quarter deal pipeline and in-line earnings failed to offset analyst concerns about weak growth guidance and margin pressures.

• Shares of Maharashtra Seamless Ltd. hit a record high after the company announced that it would consider issuing free shares and a stock split on Oct. 17.

• Startup funding in India dipped to $2.7 billion during the July-September quarter, returning to pandemic lows, according to PwC India.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

BOARD MEETINGS

CORPORATE ACTION

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014

Elite Wealth Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.
For analyst certification and other important disclosures, see the Disclosure Appendix, or go to www.elitewealth.in. Analysts employed by Elite Wealth Limited are registered/qualified as research analysts with SEBI in India.( SEBI Registration No.: INH100002300)
Disclosure Appendix
Analyst Certification (For Reports)
Israil Khan, Elite Wealth Limited, suhail@elitewealth.in
The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth Limited.
As to each individual report referenced herein, the primary research analyst(s) named within the report individually certify, with respect to each security or issuer that the analyst covered in the report, that:
(1) all of the views expressed in the report accurately reflect his or her personal views about any and all of the subject securities or issuers; and
(2) no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in the report.
For individual analyst certifications, please refer to the disclosure section at the end of the attached individual notes.
Research Excerpts
This note may include excerpts from previously published research. For access to the full reports, including analyst certification and important disclosures, investment thesis, valuation methodology, and risks to rating and price targets, please visit www.elitewealth.in.
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or emailing research@elitestock.com with your request. Elite Wealth Limited may screen companies based on Strategy, Technical, and Quantitative Research. For important disclosures for these companies, please e-mail research@elitestock.com.
Options related research:
If the information contained herein regards options related research, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the risk disclosure documents, please contact your Broker’s Representative or visit the OCC’s website at https://www.elitewealth.in
Other Disclosures
All research reports made available to clients are simultaneously available on our client websites. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your respective broker’s sales person.
Ownership and material conflicts of interest Disclosure
Elite Wealth Limited policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst’s area of coverage. Analyst compensation: Analysts are salary based permanent employees of Elite Wealth Limited. Analyst as officer or director: Elite Wealth Limited policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, board member or employee of any company in the analyst’s area of coverage.
Country Specific Disclosures
India – For private circulation only, not for sale.
Legal Entities Disclosures
Mr. Ravinder Parkash Seth is the Managing Director of Elite Wealth Ltd (EWL, henceforth), having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, is a SEBI registered Research Analyst and is regulated by Securities and Exchange Board of India. Telephone:011-43035555, Facsimile: 011-22795783 and Website: www.elitewealth.in
EWL discloses all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:
1. Reports
a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL or its associates or relatives, have no actual/beneficial ownership of one per cent. or more in the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance;
(c) EWL or its associate or his relative, has no other material conflict of interest at the time of publication of the research report or at the time of public appearance;
2. Compensation
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(d) EWL or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(e) EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report.
3 In respect of Public Appearances
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report and the types of services provided by EWL