NIFTY:
Nifty opened at 17329.50 with a gap up of 44 points. The index recorded its intraday high at 17353.35 and turned down to fill the gap. Prices have seen a down move of more than 100 points and then again started a process of consolidation. The range again broke on the downside and the index fell 150 points. In the last two hours of trading prices again consolidated, recorded its intraday low at 17096.40, and finally closed at 17117.60 with a loss of 169.45 points or 0.98% down. The METAL sector outperformed today and closed higher by 1.50%. FMCG, AUTO, BANK, and FINANCIAL have led the bears today and closed with a loss of more than 1%.
The short term trend is still on the upside as today’s decline is a correction of the last two days of a sharp upside move. The volatility slightly rose today as the India VIX is trading around level 25. We have been looking for a buying opportunity on a dip and it seems that the dip came today. Tomorrow, look to buy on a dip at or below 16900. But if the index did not reach there and started moving higher then we will be buying on a breakout above 17350. In both cases, keep a stop of 110 points and a target of 240 points. Moreover, we have been tracking a pattern of Bullish Head & Shoulder on a daily time frame with a pattern target of around 17 850. This pattern is also suggesting bullishness in the markets.
BANK NIFTY:
BANK NIFTY opened at 36545.85 with a gap up of 155 points. The index recorded its intraday high at 36600 and the started moving on the downside. A consolidation begins afterward but soon it broke down and prices recorded its intraday low at 35900.20. Within the index, in term of points, HDFC BANK contributed the highest while SBIN contributed the lowest.
The short term trend is still up and we were looking for a buying opportunity on a dip. The idea here is to buy on a dip at or below 35500 with a stop at 35200 and a target at 36400. But if index started rising before reaching the 35500 then we should look to buy on a breakout above 36600 with a stop at 36300 and a target at 37300.
TECHNICAL PICKS
| COMPANY NAME | CMP | B/S | RATIONALE+ |
| POLYCAB | 2439 | BUY | The stock is on the verge of giving the breakout on the intraday as well as the daily chart. The stock can be bought with a stop loss of 2420 and for the target of 2480. |
| IGL | 374 | SELL | The immediate trend of the script is bearish. There is a negative cross over of moving averages as well as of the indicators therefore it can be sell below 373 with a stop loss of 380 and target of 365. |
DERIVATIVE PICKS
| Stock Name | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| RELIANCE | 2500 CE | BUY | 32 | CMP | 20 | 55 | OI Increase |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| COROMANDEL.Mar 31 | 852.95 | 0.01 | 16.78 | 1000625 | PETRONET.Mar 31 | 194.9 | -5.71 | 13.98 | 21813000 | |
| INFY.Mar 31 | 1862.85 | 0.02 | 5 | 29246100 | IGL.Mar 31 | 374.6 | -4.78 | 3.58 | 14107500 | |
| MPHASIS.Mar 31 | 3119.35 | 0.07 | 1.71 | 1574475 | TORNTPHARM.Mar 31 | 2753.05 | -4.6 | 5.33 | 850000 | |
| DIXON.Mar 31 | 4465.7 | 0.16 | 3.73 | 458625 | INDIGO.Mar 31 | 1822.85 | -4.12 | 6.83 | 3036250 | |
| TITAN.Mar 31 | 2718.05 | 0.19 | 2.5 | 4734375 | MFSL.Mar 31 | 775.5 | -4.06 | 6.48 | 1878500 | |
| Short Covering | Long Unwinding | |||||||||
| POLYCAB.Mar 31 | 2444.95 | 0.15 | -2.8 | 541800 | GRASIM.Mar 31 | 1573.5 | -3.24 | -0.04 | 10340750 | |
| IRCTC.Mar 31 | 770 | 0.17 | -1.08 | 10054625 | BALKRISIND.Mar 31 | 2068 | -3.14 | -0.1 | 1222400 | |
| NMDC.Mar 31 | 152.1 | 0.66 | -1.99 | 58176100 | CHOLAFIN.Mar 31 | 700.3 | -2.79 | -0.78 | 8607500 | |
| AUBANK.Mar 31 | 1175.95 | 0.79 | -4.49 | 2276000 | IBULHSGFIN.Mar 31 | 157.2 | -2.69 | -1.85 | 32481800 | |
| LTTS.Mar 31 | 4790 | 0.86 | -1.91 | 566400 | APOLLOTYRE.Mar 31 | 188.9 | -2.55 | -0.14 | 14300000 | |
TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Tata Consultancy Serv Lt | 3672.75 | 0.46 | 3600452 | 0 | 76.85 | Nifty50 | 17287.05 | 1.84 | 83916 | |
| Gmr Infrastructure Limit | 38.15 | -0.91 | 35106874 | 0 | 74.93 | Niftybank | 36428.55 | 1.9 | 83916 | |
| Alkem | 3438.95 | 0.7 | 120404 | 0 | 71.47 | Nifty it | 35643.6 | -0.24 | 83916 | |
| Escorts India Ltd. | 1837.5 | 0.56 | 674657 | 0 | 69.92 | India Vix | 22.61 | -6.26 | 83916 | |
| Abbott India Limited | 17257.9 | -0.37 | 14542 | 0 | 68.92 | Nifty Fmcg | 36782.7 | 1.4 | 83916 | |
| Bosch Limited | 14585.75 | 3.58 | 95719 | 0 | 68.75 | Nifty Pharma | 13546.05 | 1.28 | 83916 | |
| Power Grid Corporation o | 211.55 | 1.05 | 21348466 | 0 | 68.54 | Nifty Realty | 450.75 | 3.13 | 83916 | |
| Oracle Fin Serv Soft Ltd | 3553.55 | 0.57 | 114134 | 0 | 66.63 | Nifty Auto | 10576 | 2.18 | 83916 | |
| Hdfc Bank Ltd. | 1480.05 | 2.2 | 7411977 | 0 | 66.04 | Nifty Metal | 6183.8 | 1.95 | 83916 | |
| Sbi Life Insurance Compa | 1128.55 | 3.94 | 1867149 | 0 | 65.35 | Nifty Media | 2171.75 | 1.13 | 83916 | |
| Icici Prudential Life In | 492.3 | 5.08 | 2725253 | 0 | 65.04 | Nifty Financial Services | 17137.4 | 2.77 | 83919 | |
UPCOMING ECONOMIC DATA
| Domestic International | |
| INR: FX Reserves, USD on 25th March, 2022 | •USD: API Weekly Crude Oil Stock on 23rd March, 2022
•USD: New Home Sales (Feb) on 23rd March, 2022 |
NEWS UPDATES
Tata Motors on Monday said it has launched its premium hatchback Altroz with dual-clutch automatic transmission, priced between Rs 8.09 lakh and Rs 9.89 lakh (ex-showroom). Altroz DCA comes equipped with several segment-first features, such as a wet clutch with active cooling technology, machine learning, shift by wire technology, self-healing mechanism, and auto park lock. The model is powered by a 1.2-litre petrol engine.
European aircraft manufacturer Airbus is in talks with Tata Group and Indian carriers for a deal regarding the procurement of its wide-bodied A350XWB planes, President and MD of Airbus India & South Asia, Remi Maillard said on Monday. The Tata Group currently runs four Indian carriers – Air India, Air India Express, Vistara and AirAsia India.
As many as 11 banks have recovered nearly Rs 61,000 crore by way of one-time settlement in nearly four financial years, the government informed Parliament on Monday. The figures are for the last three financial years and up to December 2021 of the current fiscal. As per instructions of the Reserve Bank, banks are required to have a board-approved loan recovery policy, which may cover negotiated settlements through compromise, including one-time settlement (OTS) under which recovery in non-performing assets (NPA) loan accounts are to be effected to the maximum extent possible at minimum expense, Minister of State for Finance Bhagwat Karad said in a written a reply to the Lok Sabha.
Asian Granito files draft papers for its rights issue to raise about Rs500 crore on Monday. Following this, the company shares witnessed massive buying sentiment on stock exchanges. While announcing the filing of the rights issue draft, the company highlighted a mega expansion plan.
Source: Economic Times, Indian Express ,Business Today, Livemint, Business Standard, Bloomberg Quint.
BOARD MEETINGS
| Company Name | Purpose | Ex-Date | Company Name | Purpose | Ex-Date |
| BEML | Interim Dividend | 22-Mar-22 | CREDITACC | General | 23-Mar-22 |
| DUCON | General | 22-Mar-22 | FLUOROCHEM | Interim Dividend | 23-Mar-22 |
| HUDCO | Interim Dividend;General | 22-Mar-22 | MACH | General | 23-Mar-22 |
| IBULHSGFIN | General | 22-Mar-22 | MDRNSTL | Quarterly Results | 23-Mar-22 |
| KTKBANK | General | 22-Mar-22 | MMTC | Quarterly Results | 23-Mar-22 |
| MUDUNURU | Preferential Issue of shares;General | 22-Mar-22 | NIVAKA | General | 23-Mar-22 |
| PHOTOQUP | General | 22-Mar-22 | PUNJCOMMU | General | 23-Mar-22 |
| ROSSELLIND | Preferential Issue of shares | 22-Mar-22 | UNITECH | Quarterly Results | 23-Mar-22 |
| SATIN | General | 22-Mar-22 | VANICOM | General | 23-Mar-22 |
| SBICARD | Interim Dividend | 22-Mar-22 | BIRLACAP | Quarterly Results | 24-Mar-22 |
| SBILIFE | Interim Dividend | 22-Mar-22 | CHLOGIST | General | 24-Mar-22 |
| SUNCLAYLTD | Interim Dividend | 22-Mar-22 | GICRE | General | 24-Mar-22 |
| BCONCEPTS | Employees Stock Option Plan;General | 23-Mar-22 | MARG | Quarterly Results | 24-Mar-22 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| AGIIL | 22-Mar-22 | Interim Dividend – Rs. – 1.0000 | DJML | 24-Mar-22 | Bonus issue 1:1 |
| BCLIL | 22-Mar-22 | Interim Dividend – Rs. – 2.0000 | NDL | 24-Mar-22 | Bonus issue 2:1 |
| DCW | 22-Mar-22 | E.G.M. | RITES | 24-Mar-22 | Interim Dividend – Rs. – 7.5000 |
| MIDHANI | 22-Mar-22 | Interim Dividend – Rs. – 1.5600 | RVNL | 24-Mar-22 | Interim Dividend – Rs. – 1.5800 |
| VSL | 22-Mar-22 | E.G.M. | VTL | 24-Mar-22 | Stock Split From Rs.10/- to Rs.2/- |
| MOLDTEK | 23-Mar-22 | Interim Dividend – Rs. – 1.7000 | CENTEXT | 25-Mar-22 | E.G.M. |
| ALLCARGO | 24-Mar-22 | Interim Dividend – Rs. – 3.0000 | DATAINFRA | 25-Mar-22 | Income Distribution (InvIT) |
| BEL | 24-Mar-22 | Interim Dividend – Rs. – 1.5000 | DILIGENT | 25-Mar-22 | E.G.M. |
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