The NIFTY opened at 17076.20 without any gap. The index initially moved lower but soon found support around 17000 and started a process of consolidation. That consolidation eventually broke on the downside in the afternoon after the index recorded its intraday high at 17109.45 in its initial trades. Prices have seen a sharp decline afterward which lasted till the end. The index recorded its intraday low at 16917.35 and finally closed at 16945.05 near its day’s lows with a loss of 131.85 points or 0.77% down. All the sectoral indices have closed lower. MEDIA, METAL, and REALTY led the bears today and ended with a loss of over 2%. IT and PHARMA contributed the least as they ended with a loss of just 0.25%. It was again a volatile day in the NIFTY index. The short-term trend is sideways which was down before. We have mentioned a narrow trading range with support around 16850 and resistance around 17200. This range remained intact. We may see a breakout in the next week.


The BANK NIFTY opened at 39555.25 with a gap down of just 25 points. The index initially moved lower but soon found support and turned up The index has seen a sharp intraday rally and recorded its intraday high at 39767.90. Prices then started drifting downwards and recorded its intraday low at 39294.90. The index finally closed at 39351.80 with a loss of 229 points. PSU BANK has underperformed, saw a sharp intraday decline, and closed lower by 2.14%. PVT BANK has also moved down and ended with a loss of 0.58% Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while SBIN contributed the lowest. BANK NIFTY again traded very volatile as the index has seen multiple sharp swings in both directions. In the first half, the index moved higher while in the second half, moved lower and finally ended with a loss for the second consecutive trading day. A narrow trading range remained intact for the ninth consecutive trading day with support around 38500 and resistance around 40000. On the weekly timeframe chart, the index made a pattern of DOJI after a downside move which signalled a likely reversal.


PIDILITE IND 2364.55 BUY The stock is about to give a breakout on the intraday and the daily chart. The stock can be bought above 2370 with a stop loss of 2327 and a target of 2455.
AARTI IND 496.00 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 496 with a stop loss of 519.75 and a target of 450.55.


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
RAMCOCEM.23.03 Mar 741.8 0.69 0.59 2041700 AARTIIND.23.03 Mar 494.65 -4.77 5.29 4145450
CROMPTON.23.03 Mar 292.7 0.45 10.04 6198000 HDFCAMC.23.03 Mar 1668.25 -4.61 4.79 3007800
SHREECEM.23.03 Mar 25540.05 0.33 2.14 304675 JINDALSTEL.23.03 Mar 533.9 -4.5 1.81 13090000
APOLLOHOSP.23.03 Mar 4289.15 0.17 4.65 1287125 TATAPOWER.23.03 Mar 192 -4.12 1.03 84834000
DALBHARAT.23.03 Mar 1829.45 0.16 1.26 1773000 BHEL.23.03 Mar 71.75 -3.43 0.18 59503500
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
AUROPHARMA.23.03 Mar 500.1 2.84 -9.54 9974000 ABCAPITAL.23.03 Mar 142.95 -7.51 -8.92 26524800
HAL.23.03 Mar 2560 2.78 -24.34 2719200 IBULHSGFIN.23.03 Mar 93.2 -5.48 -3.42 42440000
CIPLA.23.03 Mar 878.9 1.02 -0.8 14768000 BANDHANBNK.23.03Mar 202.45 -5 -5.56 37314000
INDIAMART.23.03 Mar 4977.1 0.81 -18.18 261300 BIOCON.23.03 Mar 197 -4.97 -1.24 35061200
HONAUT.23.03 Mar 35753.45 0.74 -8.43 17595 LICHSGFIN.23.03 Mar 320.75 -4.38 -16.17 10366000


Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Infosys Limited 1380.65 0.44 7559127 5801036 76.25 Nifty50 16945.05 -0.77 104175
Power Grid Corporation o 222.4 0.11 7778750 9560681 74.59 Niftybank 39395.35 -0.56 104100
Hindustan Unilever Ltd 2480.8 -0.17 1449326 1129370 71.54 Nifty it 27935.65 -0.23 104100
Reliance Industries Ltd 2203.3 -1.98 5711497 5254204 70.06 India Vix 15.24 5.18 104388
Marico Limited 477.2 -0.45 1031979 863327 67.59 Nifty Fmcg 45060 -0.46 104100
Bosch Limited 18452.65 0.13 21757 16307 67.11 Nifty Pharma 11755.35 -0.22 104100
Pidilite Industries Ltd 2364.55 -0.15 270195 180801 66.65 Nifty Realty 380.95 -2.33 104100
Ipca Laboratories Ltd. 781.45 -0.38 63407 151297 65.76 Nifty Auto 12113.4 -0.76 104094
Dr. Reddys Lab Ltd 4464.15 0.39 225394 316288 65.39 Nifty Metal 5372.9 -2.27 104094
Hdfc Ltd. 2559.9 -0.39 2114450 1621749 65.03 Nifty Financial Services 17623.4 -0.69 104094


   Domestic                                                                                                                                                  International
INR: Federal Fiscal Deficit (Feb) 31st March, 2023

INR: Infrastructure Output (YoY) (Feb) 31st March, 2023

 USD: CB Consumer Confidence (Mar) on 28th March, 2023

USD: Pending Home Sales (MoM) (Feb) on 29th March, 2023


  • Benchmark indices ended lower on March 24 with Nifty below 17,000. At close, the Sensex was down 398.18 points or 0.69% at 57,527.10, and the Nifty was down 131.90 points or 0.77% at 16,945. About 1030 shares advanced, 2381 shares declined, and 130 shares unchanged.

  • Five executives at Nykaa have resigned, a spokesperson said on Friday, the latest departures at the beauty company amid intensifying competition and a falling stock price.

  • In signs of protests against the 9-month-old windfall tax, mining mogul Anil Agarwal’s Vedanta Ltd has withheld about USD 91 million from the share of profit due to government from its oil and gas fields, to make up for the additional tax outgo, according to sources and correspondence on the issue.

  • State Bank of India (SBI) Chairman Dinesh Kumar Khara on March 24 said banking system deposits are not necessarily a competition to mutual funds, although overlapping in certain areas.

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


Company Name Purpose Meeting Date Company Name Purpose Meeting Date
BPL General 27-Mar-23 NHPC General 28-Mar-23
CANOPYFIN General 27-Mar-23 NINSYS General 28-Mar-23
CIGNITI General 27-Mar-23 PNBHOUSING Right Issue of Equity Shares;General 28-Mar-23
CONCORD General 27-Mar-23 PRIMIND Increase in Authorised Capital;Issue Of Warrants;Preferential Issue of shares 28-Mar-23
HALDER General 27-Mar-23 RUSHIL General;Rights Issue 28-Mar-23
HDFC General 27-Mar-23 SAMOR General 28-Mar-23
ISWL General 27-Mar-23 SCTL Preferential Issue of shares 28-Mar-23
JSTL General 27-Mar-23 SHABCHM General 28-Mar-23
MYSPAPE Quarterly Results 27-Mar-23 VEDL Interim Dividend 28-Mar-23
ORACLECR Right Issue of Equity Shares;Increase in Authorised Capital;General 27-Mar-23 WARDWIZFBL General;Preferential Issue of shares 28-Mar-23
UNJHAFOR General 27-Mar-23 ADROITINFO A.G.M. 29-Mar-23
URSUGAR General 27-Mar-23 GETALONG General 29-Mar-23
7TEC General 28-Mar-23 KAVVERITEL General 29-Mar-23
ADITYA General 28-Mar-23 MARIS General 29-Mar-23
ENCASH General 28-Mar-23 PNB General 29-Mar-23
FLOMIC General 28-Mar-23 RESPONSINF Preferential Issue of shares 29-Mar-23
GAL Issue Of Warrants;General;Preferential Issue of shares 28-Mar-23 RGRL General 29-Mar-23
IFCI Preferential Issue of shares 28-Mar-23 SIRCA Bonus issue;Increase in Authorised Capital 29-Mar-23
KREONFIN General 28-Mar-23 SUPRAP General 29-Mar-23
MODULEX Quarterly Results 28-Mar-23 TALBROSENG General 29-Mar-23
MOSCHIP Preferential Issue of shares 28-Mar-23 WEWIN General 29-Mar-23

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
BCONCEPTS 29-Mar-23 Interim Dividend – Rs. – 0.5000 MKVENTURES 03-Apr-23 Right Issue of Equity Shares
BHARATAGRI 29-Mar-23 Stock  Split From Rs.10/- to Rs.1/- TEAMLEASE 03-Apr-23 Buy Back of Shares
HINDZINC 29-Mar-23 Interim Dividend – Rs. – 26.0000 SKCIL 05-Apr-23 E.G.M.
MIRZAINT 29-Mar-23 Spin Off RVNL 06-Apr-23 Interim Dividend
SBICARD 29-Mar-23 Interim Dividend – Rs. – 2.5000 VEDL 06-Apr-23 Interim Dividend
SEPC 29-Mar-23 Right Issue of Equity Shares SCHAEFFLER 11-Apr-23 Final Dividend – Rs. – 24.0000
SYMPHONY 29-Mar-23 Buy Back of Shares MUTHOOTFIN 18-Apr-23 Interim Dividend
AEPL 31-Mar-23 Stock  Split From Rs.10/- to Rs.1/- HUHTAMAKI 20-Apr-23 Dividend – Rs. – 2.0000
ANGELONE 31-Mar-23 Interim Dividend – Rs. – 9.6000 JETINFRA 21-Apr-23 Bonus issue 1:1
AVANCE 31-Mar-23 Stock  Split From Rs.10/- to Rs.5/- NESTLEIND 21-Apr-23 Final Dividend – Rs. – 75.0000
CRISIL 31-Mar-23 Final Dividend – Rs. – 23.0000 VESUVIUS 26-Apr-23 Final Dividend – Rs. – 8.2500
DWARKESH 31-Mar-23 Interim Dividend – Rs. – 2.0000 ABB 27-Apr-23 Dividend – Rs. – 5.5000
GPIL 31-Mar-23 Buy Back of Shares HCLTECH 28-Apr-23 Interim Dividend
IGL 31-Mar-23 Interim Dividend – Rs. – 10.0000 KSB 28-Apr-23 Final Dividend – Rs. – 15.0000
SCI 31-Mar-23 Spin Off SANOFI 28-Apr-23 Final Dividend – Rs. – 194.0000
HCKKVENTURE 03-Apr-23 E.G.M. SANOFI 28-Apr-23 Special Dividend – Rs. – 183.0000

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