THE NIFTY CLOSED LOWER, AFTER FOUR DAYS OF HIGHER CLOSING

NIFTY:

The NIFTY opened at 18665.60 with a gap up of 66 points. The index started a consolidation process after opening higher which lasted till the afternoon. Prices have moved within a narrow range of just 40 points and eventually broke on the upside after recording its intraday low at 18636. The index then saw a sharp rally. The upside move lasted till the end and prices have recorded its intraday high at 18738.95. The index finally closed at 18726.40 near the day’s high with a gain of 127.40 points or 0.68% up. All the sectoral indices have moved up today and closed with gains, FMCG, METAL, REALTY, and OIL GAS led the bulls today and ended with a gain of over 1% followed by AUTO and IT. The short-term trend is up again which was sideways before. We have mentioned a narrow trading range inside 18450-18650. The index broke out decisively. The pattern target for this breakout comes around 18850 which is very near to the lifetime highs. Support should now emerge around the 18600 level while resistance is visible near the lifetime high recorded at 18887.60. We can round it off to 18900. We should look for buying only as far as the index is moving above 18600 support.

BANK NIFTY:

The BANK NIFTY opened at 44318.70 with a gap up of 109 points. The index initially moved lower, filled the gap, and then fall further. Prices have found support around 44150 and then started consolidating there. The index has seen an upside move in the last two hours of trading Today, prices have recorded its intraday low at 44143.50, its intraday high at 44346.30, and finally closed at 44279.60 with a gain of just 70 points. PSU BANK outperformed today, saw an upside move, and closed with a gain of 0.72%. PVT BANK also move up today and ended with a gain of just 0.12%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while KOTAK BANK contributed the lowest. The last four trading days were very narrow and indicating a sharp move is about to come. A trading range is also visible inside 43700-44500. This narrow range should resolve very soon. The short-term trend is sideways however, the bias is bullish as prices have bounced up after a minor correction. As far as prices are moving above 43700, we should look for buying only.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Interest Rate Decision on 08th June, 2023 INR: Cash Reserve Ratio on 08th June, 2023	USD: Initial Jobless Claims on 08th June, 2023 USD: CPI (MoM) (May) on 13th June, 2023

NEWS UPDATES

• Indian equity benchmarks advanced for the fourth consecutive session to close at a six-month high in trade on Wednesday as metals, realty and fast moving consumer goods sectors advanced. L&T Ltd., TCS Ltd., and Bharti Airtel Ltd. led the positive change on the indices. Indices closes nearly 0.85% shy of it’s record high. The headline indices closed near its all-time high ahead of RBI’s monetary policy decision on Thursday.

• The Union Cabinet has approved an increase in minimum support prices for all mandated kharif crops for the marketing season 2023–24. The government has increased the MSP of kharif crops to ensure remunerative prices for growers’ produce, according to a cabinet briefing by Piyush Goyal.

• The country’s largest carmaker Maruti Suzuki India on Wednesday launched Jimny priced between Rs 12.74 lakh and Rs 15.05 lakh (ex-showroom Delhi), as it eyes the top slot in the robustly growing sports utility vehicle segment in the country.

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)

Kiran Tahlani, Elite Wealth Limited, kirantahlani@elitestock.com

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 e-mailing 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
2. 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

Provided that research analyst or research entity shall not be required to make a disclosure as per sub-clauses (c), (d) and (e) of clause (ii) or sub-clauses (a) and (b) of clause (iii) to the extent such disclosure would reveal material non-public information regarding specific potential future investment banking or merchant banking or brokerage services transactions of the subject company.
(4) EWL or its proprietor has never served as an officer, director or employee of the subject company;
(5) EWL has never been engaged in market making activity for the subject company;
(6) EWL shall provide all other disclosures in research report and public appearance as specified by the Board under any other regulations.