A Gap-Down Opening Did Not Sustain, Market Ended With Gains

NIFTY:

The NIFTY opened at 17665.75 with a gap down of 46 points. The index continued moving lower after the open but soon found support and bounced up after recording its intraday low at 17602.25. Prices have rallied sharply, reached around 17700, and then started a consolidation process. The consolidation breaks on the upside and prices have rallied again towards 17800. The index rallied till the end and recorded its intraday high at 17766.50. Prices have finally closed at 17754.40 near its day’s highs with a gain of 42.95 points or 0.24% up. The AUTO and OIL GAS outperformed today and ended with a gain of nearly 1% followed by BANK. REALTY, PHARMA and IT underperformed today and ended with a loss. Our view is we may see a consolidation process within the 17300-17800 zones if the index did not break the 17800 resistance. For the time being, we should avoid carrying forward trades and shift our focus to intraday trading only. We should follow buying on dips and selling on rallies approach as far as prices are trading within 17300-17800 zones.

BANK NIFTY:

The BANK NIFTY opened at 41178.35 with a gap down of 218 points. The index started consolidating after the opening tick which eventually broke on the upside. The index recorded its intraday low at 41100.35, a sharp rally, and then again went into a trading range. Prices broke out again, rallied even more sharply, and recorded its intraday high at 41625.35. The index finally closed at 41573.50 with a gain of 177 points. PSU and PVT BANK both indices have performed almost the same today, saw an intraday rally, and closed higher by almost 0.70% Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while KOTAK BANK contributed the least. We have identified a wide trading range on the daily timeframe chart with support around 39800 and resistance around 41800. Prices have been moving within this 2000 point of the trading range for more than a month. For the time being, we should avoid taking carry-forward trade and shift our focus to intraday trading only.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Manufacturing Output (MoM) (Jan)10th March, 2023 INR: Industrial Production (YoY) (Jan) 10th March, 2023	USD: Initial Jobless Claims on 9th March, 2023 USD: Unemployment Rate (Feb) on 10th March, 2023

NEWS UPDATES

• Benchmark indices ended higher in the volatile session on March 8. At close, the Sensex was up 123.63 points or 0.21% at 60,348.09, and the Nifty was up 42.90 points or 0.24% at 17,754.40. About 1894 shares have advanced, 1502 shares declined, and 119 shares are unchanged.

• Allcargo Logistics shares traded flat on March 8 even as the company announced a ramp-up in the contract logistics business and an exit from its non-core portfolio. The stock traded at Rs 374.30 on the NSE at 11.30am, lower by 0.01 percent from the previous close.

• “Bajaj Finance’s one-year forward valuation implies 25 percent AUM (assets under management) growth with 20 percent RoE (return on equity) over the next decade. Despite superior technology, analytics, processes and distribution, it’s a tall task,” Ambit Capital said in a report, adding that no Indian lender has grown at a rate of more than 20 percent in the past two decades.

• Homebuyers welcomed the National Company Law Tribunal’s (NCLT) 491-page order on March 7 that cleared the bid by a consortium of Suraksha Realty and Lakshdeep Investments and Finance to take over Jaypee Infratech Ltd (JIL), paving the way for the completion of almost 20,000 stuck homes in Noida and Greater Noida.

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