INDICES BOUNCED BACK AFTER EARLY MORNING LOSSES

NIFTY:

The NIFTY opened at 19383.95 with a gap down of 45 points. The index initially moved lower but soon found support and bounced up sharply. Prices have recorded its intraday low at 19257.90, saw a sharp intraday rally of almost 200 points, and crossed above 19450 to record its intraday high at 19465.85.The index again moved down in the last 30 minutes of trading and finally closed at 19434.55 near the previous day’s closing price with a loss of just 6.25 points or 0.03% down.IT and MEDIA outperformed today and closed with a gain of over half percent followed by FMCG. METAL underperformed and ended with a loss of more than 2% followed by REALTY. The short-term trend is sideways as the index has been moving range bound for the past few trading days. We have been tracking support around 19300 and resistance around 19700.The index crossed below 19300 support but in the end, came above. It is possible that this support should hold.

BANK NIFTY:

The BANK NIFTY opened at 44066.60 with a gap down of 196 points. The index continued moving lower and saw a sharp decline for the first 20 minutes of trading. Prices then found support and started moving higher after recording its intraday low at 43776.90. A rally almost recovered all the losses and the index recorded its intraday high at 44212.75. Prices have again moved down for the last 30 minutes of trading and finally closed at 44061.75 with a loss of 201 points. PSU BANK has underperformed today, saw a sharp downside move, and ended with a loss of 0.71%. PVT BANK has also moved down but closed with a loss of just 0.05%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while SBIN contributed the lowest. The short-term trend is sideways. We have been tracking support around 44000 and resistance around 45100. There is a strong support zone within 43500-44000 as prices have spent almost 2 months May & June 2023 around that zone. It is possible that this support zone should hold.

TECHNICAL PICKS

DERIVATIVE PICKS

News Updates

• Benchmark indices ended flat in the volatile session on August 14. At close, the Sensex was up 79.27 points or 0.12 percent at 65,401.92, and the Nifty was up 6.20 points or 0.03 percent at 19,434.50. About 1509 shares advanced, 2101 shares declined, and 165 shares unchanged.

• India’s retail inflation spiked in July, once again exceeding the central bank’s target range, largely led by food prices. The Consumer Price Index-based inflation stood at 7.44% in July compared with 4.87% in June. That’s the highest reading since 7.79% in April 2022.

• The promoters of InterGlobe Aviation Ltd., Rakesh Gangwal and Shobha Gangwal, will sell up to 1.56 crore shares worth $450 million, or Rs 3,744 crore, through a block deal on Wednesday, Aug. 16. The promoter family of India’s largest airline IndiGo will offer the shares at a floor price of Rs 2,400 each, a 5.8% discount to Friday’s closing price, according to the term sheet seen by BQ Prime.

• Infosys Ltd. extended its partnership with Liberty Global Plc. on Tuesday with a fresh €1.5-billion (about Rs 13,672 crore) five-year agreement to scale up and enhance the British-Dutch telecom and broadband company’s digital entertainment and connectivity platforms.

 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 regulation