Bears Came Back, The Nifty Resumed Its Down Move After One Day Of A Rally

NIFTY:

The NIFTY opened at 17421.50 with a gap down of 46 points. The index continued its early morning bearish momentum and started drifting downward from its opening tick. Prices have recorded its intraday high at 17445.80 in its initial trades, saw a sharp downside move, and then started a consolidation process which eventually broke on the downside. The index moved down again, recorded its intraday low at 17306, and spent the last hour of trading moving sideways. Prices have finally closed at 17321.90 with a loss of 129 points or 0.74% down. REALTY outperformed today and ended with a gain of over 2%. PHARMA, OIL GAS, and METAL moved sideways today. IT underperformed today and ended with a loss of 1.26%. Moreover, the index is moving sideways for the last four trading days and locked itself in a range of just 150 points between 17300-17450. A breakout from this range may give us a trading opportunity.

BANK NIFTY:

The BANK NIFTY opened at 40604.55 with a gap down of almost 100 points. The index initially moved up but soon found resistance and turned down after recording its intraday high at 40773.25. Prices moved down and then went into a consolidation which eventually broke on the downside. The index again moved down, recorded its intraday low at 40312.90, and finally closed at 40330 with a loss of 373 points. PSU BANK outperformed today and ended almost unchanged while PVT BANKS underperformed today and ended with a loss of 0.75%. Within the index, in terms of points, HDFC BANK contributed the highest on the downside followed by AXIS BANK. The short-term trend is down now. However, another lower close may change it to down again. The index is finding resistance around 40800. Tomorrow, we should look for a shorting opportunity.

TECHNICAL PICKS

DERIVATIVE PICKS

Long Buildup						Short Buildup
Stocks	Price	Price%	OI %	OI		Stocks	Price	Price%	OI %	OI
AMBUJACEM.23.03 Mar	371.95	4.41	4.38	64702800		SIEMENS.23.03 Mar	3143	-3.96	10.92	2276725
ADANIPORTS.23.03 Mar	623.6	3.07	2.04	46407500		INTELLECT.23.03 Mar	446.6	-2.94	0.44	4111000
ADANIENT.23.03 Mar	1604.9	2.12	7.51	11358250		ICICIPRULI.23.03 Mar	399.8	-2.69	5.05	14997000
BHEL.23.03 Mar	74.65	2.05	3.4	73069500		MARUTI.23.03 Mar	8562	-2.67	11.75	2497900
TORNTPHARM.23.03 Mar	1505.85	1.68	3.69	2009000		ESCORTS.23.03 Mar	2000.35	-2.52	4.24	1473725
Short Covering						Long Unwinding
Stocks	Price	Price%	OI %	OI		Stocks	Price	Price%	OI %	OI
COALINDIA.23.03 Mar	224	2.54	-1.44	38703000		FSL.23.03 Mar	111.15	-2.84	-1.1	15407600
BPCL.23.03 Mar	323.2	1.6	-1.67	14880600		CANFINHOME.23.03 Mar	570.1	-1.85	-2.59	2934750
MRF.23.03 Mar	86878.7	0.69	-1.6	56580		ABBOTINDIA.23.03 Mar	20200.05	-1.59	-0.67	47280
MARICO.23.03 Mar	496.9	0.67	-1.05	7924800		ATUL.23.03 Mar	7029.65	-1.45	-1.39	170175
EXIDEIND.23.03 Mar	180.7	0.64	-2.4	17146800		INDIAMART.23.03 Mar	4879.95	-1.22	-1.82	316350

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices ended lower on March 2 with around 17,300 amid selling across the sectors barring realty, power and oil & gas. At close, the Sensex was down 501.73 points or 0.84% at 58,909.35, and the Nifty was down 129 points or 0.74% at 17,321.90. About 1540 shares have advanced, 1824 shares declined, and 141 shares are unchanged.

• Reliance Industries and Tata Power, as well as international companies like First Solar, are competing for India’s $2.4-billion financial incentive scheme to promote domestic solar module manufacturing and reduce dependence on imported panels from China, Bloomberg reported on March 2.

• Enterprise aviation software provider Ramco Systems on March 2 announced that it has signed a pact with Etihad Airways Engineering to implement its Aviation Suite V5.9. The project was officially announced at the 2023 edition of MRO Middle East, held at Dubai World Trade Centre.

• Shares of Olectra Greentech surged 9 percent intraday on March 2 after the company said its duty electric tipper received the country’s first homologation certificate from the Indian automobile regulatory agencies

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

Corporate Action

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014Elite 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.inThe 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 ExcerptsThis 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 DisclosuresImportant 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 DisclosuresAll 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 DisclosureElite 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 DisclosuresMr. 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