The NIFTY opened at 18118.45 with a gap up of 91 points. The index initially the NIFTY opened at 18183.95 with a gap up of 65 points. The index initially went down then turned up but soon found resistance and again turned down. Prices have recorded its intraday high at 18201.25 and then started drifting downwards. The decline found support below 18100 and then started a consolidation process. The index recorded its intraday low at 18078.65, saw some recovery in the late hour of trading, and finally dosed at 18118.30 same as yesterday’s closing without any change. The AUTO sector outperformed today and ended with a gain of over 1% followed by IT, FMCG, and MEDIA. REALTY, PHARMA, and METAL underperformed today and ended with a loss. The short-term trend remained sideways. We have been tracking a wide trading range with support around 17800 and resistance around 18250. Prices have been closing within this range for almost a month. Moreover, for the past five trading days, the index is moving very narrowly inside just 200 points of the range. Boundaries are 18000 and 18200. This narrow movement suggests a sharp move is about to come. A breakout from these 200 points of the range may decide the next directional move. Till then step aside and avoid trading the index.


The BANK NIFTY opened at 42994.45 with a big gap up of 377 points. The index initially moved higher but soon found resistance and turned down after recording its intraday high at 43078.90. Prices have seen a sharp intraday decline, filled the gap, and moved further on the downside to recording its intraday low at 42615.65. The index finally closed at 42715 with a loss of 40 points. PSU BANK underperformed today, saw a sharp intraday decline, and closed lower by 1.36%. PVT BANK also moved down and ended with a loss of 0.18%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AXIS BANK contributed the lowest. It was a trend day today but on the downside where prices have recorded its intraday high near the opening tick and intraday low near its closing tick. Prices have seen a sharp decline throughout the day. Yesterday, the index has seen a breakout from the 41700-42700 trading range and we have suggested waiting for a confirmation today. That did not come as the index ended lower around 42700. The short-term trend is again sideways. For the time being, we should step aside and avoid trading the index. Wait for a decisive breakout and then plan a trade accordingly.


CAN FIN HOMES 563.60 BUY The stock has given a breakout on the intraday as well as the daily chart. The stock can be bought above 565.05 with a stop loss of 558.80 and a target of 574.65.
PNB 55.50 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 55.30 with a stop loss of 55.75 and a target of 54.40.


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
HAL (23 FEB)  2400 PE SELL 26 CMP 34 17.50 BREAKOUT


Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
MARUTI.23.01 Jan 8702.6 3.23 11.85 1693800 AXISBANK.23.01 Jan 930.7 -0.17 3.91 35190000
TRENT.23.01 Jan 1203.05 1.96 1.65 2791600 ADANIENT.23.01 Jan 3440.85 -0.46 6.38 8954750
BAJAJ-AUTO.23.01 Jan 3685.25 1.68 5.12 554750 BEL.23.01 Jan 101.85 -0.15 6.63 79247100
HCLTECH.23.01 Jan 1132.1 1.21 11.18 6941200 PIIND.23.01 Jan 3134.5 -3.28 12.04 1279250
HDFC.23.01 Jan 2765.05 0.9 24.61 12522900 RELIANCE.23.01 Jan 2429.95 -0.7 4.99 31045250
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
TATAMOTORS.2301Jan 422.7 3.34 -23.46 31093500 TATACOMM.23.01 Jan 1319.5 -4.53 -9.01 1459500
PVR.23.01 Jan 1685.05 3.3 -11.63 1509563 SYNGENE.23.01 Jan 579.3 -4.52 -36.05 486000
DELTACORP.23.01 Jan 212.5 3.08 -11.75 12283600 RBLBANK.23.01 Jan 160.45 -4.38 -7.85 18090000
LTIMindtreeLimited230 4503.75 3.03 -19.83 786300 IBULHSGFIN.23.01 Jan 129.7 -4.28 -14.68 9344000
CROMPTON.23.01 Jan 339 3.02 -20.86 1923000 SUNTV.23.01 Jan 472 -3.85 -6.57 4540500
Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Kotak Mahindra Bank Limi 1760.25 -1.32 4159188 0 76.09 Nifty50 18118.3 0 87687
Muthootfin 1058.35 -0.09 790201 0 76.07 Niftybank 42733.45 -0.21 87690
Icici Lombard General In 1143.6 -1.41 427495 0 75.19 Nifty it 30316.9 0.77 87690
Hdfc Bank Ltd. 1695.5 1.34 12491970 0 74.92 India Vix 13.66 0.28 87690
Infosys Limited 1551.9 0.25 5200802 0 74.35 Nifty Fmcg 44324.35 0.14 87690
Hdfc Ltd. 2775.4 1.22 3536820 0 71.19 Nifty Pharma 12593.85 -0.98 87690
Asian Paints Limited 2810.6 0.94 1061471 0 71.11 Nifty Realty 420.45 -1.01 87690
Abb Limited 2945.05 -0.09 147969 0 70.59 Nifty Auto 12960.85 1.28 87687
Oil & Natural Gas Corp 152.15 -0.13 8276792 0 69.91 Nifty Metal 6717.6 -0.89 87687
Piind 3035.65 -2.98 322012 0 69.6 Nifty Financial Services 18890 0.01 87687


   Domestic                                                                                                                                                  International
INR: Nikkei S&P Global Manufacturing PMI (Jan) on 1st  February, 2023

INR: Union Budget 2023-24 on 1st  February, 2023

 USD: Crude Oil Inventories on 25th  January, 2023

USD: GDP (QoQ) (Q4) on 26th  January, 2023


  • Indian benchmark indices ended on flat note in the volatile session on January 24. At Close, the Sensex was up 37.08 points or 0.06% at 60,978.75, and the Nifty was down 0.20 points or 0.00% at 18,118.30. About 1485 shares have advanced, 1930 shares declined, and 132 shares are unchanged.

  • Maruti Suzuki on January 24 reported 129.55 per cent jump in consolidated net profit for quarter ended December 2022 at Rs 2,391.5 crore. The profit was Rs 1,041.8 crore in the same quarter last year.

  • HDFC Asset Management Company reported standalone profit at Rs 369.4 crore for the October-December period of FY23, registering 2.7 percent growth over a year-ago quarter, largely driven by increase in other income.The standalone profit for quarter ended December FY22 was at Rs 359.75 crore..

  • Vistara, the Tata Sons-Singapore Airlines joint venture that is slated to be merged with Air India by March 2024, declared its best-ever performance in the third quarter of FY23. The airline also crossed the $1 billion revenue mark in FY23, with 67 days left in this financial year.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint



Company Name Purpose Meeting Date Company Name Purpose Meeting Date
20MICRONS Quarterly Results 25-Jan-23 KECL General;Quarterly Results 25-Jan-23
AMARAJABAT Quarterly Results 25-Jan-23 KIRLPNU Interim Dividend;Quarterly Results 25-Jan-23
AMERISE General;Quarterly Results 25-Jan-23 MOSCHIP Quarterly Results 25-Jan-23
AMRAAGRI General;Quarterly Results 25-Jan-23 MPSLTD Quarterly Results 25-Jan-23
APCOTEXIND Audited Results;Interim Dividend 25-Jan-23 OLECTRA Quarterly Results 25-Jan-23
ARVIND Quarterly Results 25-Jan-23 PATANJALI Quarterly Results 25-Jan-23
ASAHIINDIA General;Quarterly Results 25-Jan-23 PRESHAMET General;Quarterly Results 25-Jan-23
ASAL Quarterly Results 25-Jan-23 QUEST Preferential Issue of shares;Increase in Authorised Capital;General;Quarterly Results 25-Jan-23
BAJAJ-AUTO Quarterly Results 25-Jan-23 REPRO Quarterly Results 25-Jan-23
BENARAS General;Quarterly Results 25-Jan-23 SACHEMT Quarterly Results 25-Jan-23
BESTAGRO Quarterly Results 25-Jan-23 SGFIN General;Quarterly Results 25-Jan-23
BIKAJI Quarterly Results;Amalgamation 25-Jan-23 SHANTIGEAR Interim Dividend;Quarterly Results 25-Jan-23
BLUEDART Quarterly Results 25-Jan-23 SHARPLINE General;Quarterly Results 25-Jan-23
BOMBPOT Quarterly Results 25-Jan-23 SIRCA Quarterly Results 25-Jan-23
CEATLTD General;Quarterly Results 25-Jan-23 SOLARA Quarterly Results 25-Jan-23
CHENNPETRO Quarterly Results 25-Jan-23 SOLARINDS Quarterly Results 25-Jan-23
CIPLA Quarterly Results 25-Jan-23 SOUTLAT Quarterly Results 25-Jan-23
CYBERTECH Quarterly Results 25-Jan-23 SUBROS Quarterly Results 25-Jan-23
DIGISPICE Quarterly Results 25-Jan-23 SUNCLAYLTD Interim Dividend;Quarterly Results 25-Jan-23
DIXON Quarterly Results 25-Jan-23 SWARAJENG Quarterly Results 25-Jan-23
DLF Quarterly Results 25-Jan-23 SWASTIKA Quarterly Results 25-Jan-23
DRREDDY Quarterly Results 25-Jan-23 TATAELXSI Audited Results;General 25-Jan-23
EMBASSY Special Dividend;General;Quarterly Results 25-Jan-23 TATAMOTORS Quarterly Results 25-Jan-23
EMUDHRA Dividend on Preference Shares;Quarterly Results 25-Jan-23 TATAMTRDVR Quarterly Results 25-Jan-23
EQUITAS Audited Results 25-Jan-23 TATASTLLP Quarterly Results 25-Jan-23
GANGOTRI Quarterly Results 25-Jan-23 TEAMLEASE Quarterly Results 25-Jan-23
GLITTEKG Quarterly Results 25-Jan-23 TIRUMALCHM Quarterly Results 25-Jan-23
GOCOLORS Quarterly Results 25-Jan-23 TORNTPHARM Interim Dividend;General;Quarterly Results 25-Jan-23
IGL Interim Dividend;Quarterly Results 25-Jan-23 TRIVENIENT Quarterly Results 25-Jan-23
INDAG Quarterly Results 25-Jan-23 UGROCAP Quarterly Results 25-Jan-23
INDIANB Quarterly Results 25-Jan-23 VARDHMAN Quarterly Results 25-Jan-23
INDIGRID General;Quarterly Results 25-Jan-23 VIKASLIFE General;Quarterly Results 25-Jan-23
INFOBEAN Quarterly Results 25-Jan-23 VIPIND Interim Dividend;Quarterly Results 25-Jan-23
JCHAC Quarterly Results 25-Jan-23 VSTIND Quarterly Results 25-Jan-23
JFL Half Yearly Results 25-Jan-23 VTL Quarterly Results 25-Jan-23
JINDALSAW Quarterly Results 25-Jan-23 ZPARICIN General;Quarterly Results 25-Jan-23
JYOTHYLAB Quarterly Results 25-Jan-23 ZWELCAST Quarterly Results 25-Jan-23
Company Name Ex-Date Purpose Company Name Ex-Date Purpose
HAVELLS 25-Jan-23 Interim Dividend – Rs. – 3.0000 VIPIND 02-Feb-23 Interim Dividend
NATIONALUM 25-Jan-23 Interim Dividend – Rs. – 1.0000 CONCOR 03-Feb-23 Interim Dividend – Rs. – 4.0000
PERSISTENT 25-Jan-23 Interim Dividend – Rs. – 28.0000 CONTROLPR 03-Feb-23 Interim Dividend – Rs. – 4.0000
ABIRAFN 27-Jan-23 Buy Back of Shares EQUITAS 03-Feb-23 Amalgamation
HINDZINC 27-Jan-23 Interim Dividend – Rs. – 13.0000 IIFLSEC 03-Feb-23 Interim Dividend – Rs. – 3.0000
METROBRAND 27-Jan-23 Interim Dividend – Rs. – 2.5000 KEI 03-Feb-23 Interim Dividend – Rs. – 3.0000
PBAINFRA 27-Jan-23 E.G.M. MINDSPACE 03-Feb-23 Income Distribution RITES
PGINVIT 27-Jan-23 Income Distribution (InvIT) STEELCAS 03-Feb-23 Interim Dividend – Rs. – 1.8000
SURYAROSNI 27-Jan-23 Interim Dividend – Rs. – 3.0000 SUNCLAYLTD 03-Feb-23 Interim Dividend
360ONE 30-Jan-23 Interim Dividend – Rs. – 17.0000 VAIBHAVGBL 03-Feb-23 Interim Dividend
ASCENSIVE 30-Jan-23 E.G.M. ZENSARTECH 03-Feb-23 Interim Dividend – Rs. – 1.5000
BANARBEADS 30-Jan-23 Interim Dividend – Rs. – 2.0000 SIYSIL 06-Feb-23 Interim Dividend
BAZELINTER 30-Jan-23 E.G.M. SRF 06-Feb-23 Interim Dividend
LTIM 30-Jan-23 Interim Dividend – Rs. – 20.0000 COALINDIA 07-Feb-23 Interim Dividend
SIEMENS 30-Jan-23 Final Dividend – Rs. – 10.0000 IIFL 07-Feb-23 Interim Dividend
CCL 31-Jan-23 Interim Dividend – Rs. – 3.0000 KPEL 07-Feb-23 Interim Dividend
MONIND 31-Jan-23 E.G.M. PGHH 07-Feb-23 Interim Dividend
RKFORGE 31-Jan-23 Interim Dividend – Rs. – 0.5000 POWERGRID 07-Feb-23 Interim Dividend
WENDT 31-Jan-23 Interim Dividend – Rs. – 30.0000 SUNPHARMA 07-Feb-23 Interim Dividend
ACGL 01-Feb-23 Interim Dividend – Rs. – 2.5000 TCI 07-Feb-23 Interim Dividend
DCMSHRIRAM 01-Feb-23 Interim Dividend – Rs. – 5.8000 MOIL 08-Feb-23 Interim Dividend
MASTEK 01-Feb-23 Interim Dividend – Rs. – 7.0000 TCIEXP* 08-Feb-23 Interim Dividend
MFL 01-Feb-23 Interim Dividend – Rs. – 2.5000 CLEAN 09-Feb-23 Interim Dividend
THANGAMAYL 01-Feb-23 Interim Dividend – Rs. – 6.0000 GILLETTE 09-Feb-23 Interim Dividend
TVSMOTOR 01-Feb-23 Interim Dividend QGO 09-Feb-23 Interim Dividend
ZENITHEXPO 01-Feb-23 E.G.M. PHCAP 10-Feb-23 Dividend
ACCELYA 02-Feb-23 Interim Dividend ENGINERSIN 13-Feb-23 Interim Dividend
COFORGE 02-Feb-23 Interim Dividend – Rs. – 19.0000 PGHL 13-Feb-23 Interim Dividend
EMBASSY 02-Feb-23 Income Distribution RITES TVTODAY 13-Feb-23 Interim Dividend
NTPC 02-Feb-23 Interim Dividend CAMS 15-Feb-23 Interim Dividend
SAREGAMA 02-Feb-23 Interim Dividend – Rs. – 3.0000 SHREECEM 15-Feb-23 Interim Dividend
SHUKRAPHAR 02-Feb-23 Right Issue of Equity Shares STL 15-Feb-23 Stock  Split From Rs.10/- to Rs.2/-
TANAA 02-Feb-23 Interim Dividend MAANALU 16-Feb-23 Interim Dividend
TORNTPHARM 02-Feb-23 Interim Dividend PAGEIND 16-Feb-23 Interim Dividend
VEDL 02-Feb-23 Interim Dividend RITES 17-Feb-23 Interim Dividend

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 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,
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
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting, or emailing 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
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
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:
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