HDFCBank and Reliance drags Index down and Nifty unable to withstand the 100DMA

Mid-Day-Update: HDFCBank, Reliance drags Index down and Nifty unable to withstand the 100DMA, AstraZeneca plans to advance pair of MABS into Clinical development as potential combination therapy to prevent and treat for COVID-19, Graphite reports a drop in Q4 Revenues at Rs.6.02bn against Rs.16.93Bn. Century Enka Q4 jumps at Rs.219Mn Power Ministry plans to Privatize Discoms in UT by Jan'21. 

Nifty Open- 10181.15, High- 10291.15, Low- 10087 and Last 10097. As of 14:30hrs Nifty could not hold on to the overnight positive cues and started coming down from the highest point for the day, All the Key Indices are in red, Nifty200 Top Gainers are RBLBank, BHEL, GIC, GMRInfra and IBVentures while Top Losers are IDEA, IDBI, REC, Graphite and FRetail.

AdaniGreen, Bayer, Muthoot, DrReddy, SunPharma and Lupin had hit fresh 52 Week Highs today, 93 Stocks are in Red while 107 Stocks are in Green out of Nifty200. Among Sectoral Indices we have Realty, Pharma and FMCG in green while Media, Energy and IT are pulling down. VIX is just at 30 which is not providing Option Sellers too much of gains.

Century Enka Q$ jumps at Rs.219Mn against Rs. 105Mn, Dividend at Rs.8/Share. AstraZeneca signs agreements with Academia and US Government agencies, the company plans to advance pair of MABS into Clinical development as potential combination therapy to prevent and treat for COVID-19

On FnO Space in weekly expiry Nifty Max OI spurt was seen in 10300CE and 10000PE while in monthly series we see Max OI Spurt in 9000PE and 10000CE, on BankNifty Max OI seern in 20500PE and 21000CE on weekly expiry,  we have Long Built-up in Muthootfin, Infratel, Equitas, Glenmark and Ujjivan while TataChem, Balkrisind, Titan, BajFinance and NIITTech are showing Short-Built-up. Short-Covering seen in TorntPharm, BHEL, Colgate, SunPharma and MGL while Long-unwinding seen in IBHousing, JustDial and NCC. 

For the next hour we see Critical Supports for Nifty at 10064, 10018, 9976 and 9940 while Resistance are at 10148, 10179, 10214 and 10266. A close below 10100 could be triggering some fresh shorts in the market while a close above 10220 could see short covering.

A close between 10120-10160 will see a swinging market between 9970-10340. BataIndia in Cash is a Sell below 1385 with SL of 1398 and Tgts of 1378 and 1370. BegerPaints below 491 can test 486 and 481 with SL of 499