outlook

NIFTY:

The Nifty opened at 14855.50 with a big gap up of 134 points. The index recorded its intraday high at 14875.20 in its initial trades. In the first half, the index traded very choppy, narrow and sideways. In the second half around1:00 PM, prices started drifting downwards and recorded its intraday low at 14478.60. However in the last one and half hours trading prices, prices have seen some recovery and finally closed at 14557.85 with a loss of 163.45 points. The FMCG and Metal sector has performed better and closed with minor gains. The remaining sector indices have closed lower led by IT and Pharma. It was a trend day on the downside where the intraday high was near the opening tick and intraday low was near the closing tick. We have mentioned a trading range breakdown.  A sharp fall brought prices to the pattern target of this breakdown near 14600.

The last few volatile session along with slight cooling towards the end of yesterday might bring us the next couple of days to be choppy and narrow.

We had suggested a short trade. The trade was to wait till 9:30 am and then look to see if break the first 15 minutes low. Prices recorded that low at 14808. Around 10:15 the low was broken and we took a short position. Our target of 220 points was hit around 2:00 PM.

BANK NIFTY:

Bank Nifty opened at 34577.50 with a gap up of 446 points. The index recorded its intraday high at 34759.85 and then traded sideways in the firsts half. Prices have seen a sharp decline in the second half and closed lower with a loss of more than 200 points. PSU Banks have continued to underperform and closed lower by 3%. Private Banks also closed lower by 1.54%. Within the index Bank Baroda contributed highest while ICICI Bank the lowest. We had suggested a sharp trade below the low of the first 15 minutes. We went short around 3500 with a stop of 400 points and target of 1000 points.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
INDIGO 1719.95 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 1695 and for the target 1755
DRREDDY 4212.75 SELL The stock has given a breakdown from a narrow trading range. The stock can be sold at CMP with a stop at 4280 and for the target 4100

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
JSWSTEEL 420 CE BUY 13 CMP 10 19 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
INDIGO.21.03 Mar 1717 1.62 8.21 3170000 ASHOKLEY.21.03 Mar 114 -2.77 15.99 53919000
ONGC.21.03 Mar 109.55 0.6 7.72 41379800 BANKNIFTY.21.03 Mar 33959.75 -1.17 15.16 1612700
EICHERMOT.21.03 Mar 2663.1 0.48 6.69 2474150 HCLTECH.21.03 Mar 957 -3.58 11.89 17896900
SRTRANSFIN.21.03 Mar 1332.65 0.72 6.1 4204800 M&MFIN.21.03 Mar 202.25 -0.66 11.08 12228000
IDEA.21.03 Mar 10 1.52 5.33 873810000 GAIL.21.03 Mar 134 -1.87 8.5 29658200
                                                                        Short Covering Long Unwinding
Stocks Price Price% OI% OI Stocks Price Price % OI % OI
CUMMINSIND.21.03 Mar 852.1 1.72 -4.8 1426800 FINNIFTYW.21.03 Mar 15849.55 -1.16 -68.49 4840
CONCOR.21.03 Mar 549.35 1.58 -3.38 6217614 CHOLAFIN.21.03 Mar 530.95 -0.24 -9.83 3740000
PNB.21.03 Mar 38.1 0.26 -2.28 178016000 AUBANK.21.03 Mar 1169.65 -0.09 -4.78 847000
MARUTI.21.03 Mar 7110.05 0.42 -1.86 2236500 MINDTREE.21.03 Mar 1965.15 -1.93 -4.66 1488000
BANDHANBNK.21.03 Mar 339.5 0.68 -1.83 17962200 TCS.21.03 Mar 3050.45 -2.36 -3.99 6687600

Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hindustan Unilever Ltd 2215.2 -0.5 2597091 2867130 77.42 Nifty Fmcg 33222.6 0.08 84474
Aarti Industries Ltd. 1240.75 -3.74 119276 117103 64.71 Nifty Metal 3754.35 0.04 84474
Petronet Lng Limited 225.6 -1.42 7222957 3382374 63.99 Nifty Media 1638.5 -0.02 84474
Icici Prudential Life In 422.05 -1.05 2464248 3446683 61.67 Nifty Auto 10143.95 -0.15 84474
Dr. Reddys Lab Ltd 4212.75 -3.29 1210907 584437 61.26 Nifty Bank 33856.8 -1.09 84474
Nestleind 16201.25 -1.55 96365 93656 59.59 Nifty 50 14557.85 -1.11 84474
Alembic Pharmaceuticals 887.65 -1.61 218621 111947 57.99 Nifty Realty 330.8 -1.47 84474
Berger Paints (i) Ltd 704.9 -1.38 608978 477342 57.27 Nifty Energy 18404.4 -1.55 84474
Balkrishna Ind. Ltd 1582.65 -3.22 634847 244784 56.22 Nifty Pharma 11514.45 -2.32 84474
Sbi Life Insurance Compa 890.45 0.17 2657918 2138305 56.13 Nifty it 25373.35 -3.09 84474

Upcoming Economic Data

   Domestic                                                                                                                                                  International
INR:  FX Reserves, USD on 19th  March, 2021 •USD : Existing Home Sales (Feb) on 22nd March, 2021

•USD:  New Home Sales (Feb) on 23rd March, 2021

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News Updates

•Billionaire Mukesh Ambani’s retail unit is already worth at least $100 billion, according to Jefferies, as the Asia’s richest man continues to build a tech behemoth. Of the overall valuation of Reliance Retail Ltd., $71 billion is contributed by core retail business, $4 billion by the connectivity or Jio stores, and $19 billion comes from the new e-commerce business, Jefferies said in its report.

•Moody’s Analytics on Thursday upgraded its GDP growth projection for India to 12% for calendar year 2021 from 9% estimated earlier holding that near-term prospects for Asia’s third largest economy have turned more favourable even while maintaining that a second wave of covid-19 remains a key risk to recovery.

•A Bill raising the foreign investment limit in insurance to 74 per cent ensures that control, ownership and money collected from policyholders stays in the country, Finance Minister Nirmala Sitharaman told Parliament on Thursday. Every insurance product, pricing, investment and marketing is regulated in the country, she said in reply to a debate in the Rajya Sabha, which passed the Bill.

•Investment firm TPG’s Rise Fund will invest USD 200 million in Airtel Africa’s mobile money business at a valuation of $2.65 billion, Bharti Airtel said on Thursday. Airtel Mobile Commerce BV is currently the holding company for several of Airtel Africa’s mobile money operations.

Source: Economic Times,  Moneycontrol  ,Business Today, Livemint, Business Standard, Bloomberg Quint

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Board Meetings

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
AARTIDRUGS Buy Back of Shares 19-Mar-21 SMCGLOBAL Voluntary Delisting of Shares 19-Mar-21
ASHIANA General 19-Mar-21 TIRUSTA General 19-Mar-21
BINANIIND Quarterly Results 19-Mar-21 TRIVENIGQ General 19-Mar-21
CHROMATIC Quarterly Results 19-Mar-21 ZSARACOM General;Preferential Issue 19-Mar-21
DIGJAMLTD General 19-Mar-21 ALKASEC General 20-Mar-21
EMAMIPAP General 19-Mar-21 BMAL A.G.M.;Final Dividend 20-Mar-21
KABRADG General 19-Mar-21 HKG General 20-Mar-21
MANAPPURAM General 19-Mar-21 NAHARINDUS Amalgamation;General 20-Mar-21
MAYUKH Stock  Split 19-Mar-21 OSWALOR General 20-Mar-21
SHINEFASH General 19-Mar-21 VEDAVAAG General 20-Mar-21

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
AMBUJACEM 19-Mar-21 Final Dividend – Rs. – 1.00 NATIONALUM 22-Mar-21 Interim Dividend – Rs. – 2.00
PFC 19-Mar-21 Interim Dividend – Rs. – 8.00 NMDC 22-Mar-21 Interim Dividend – Rs. – 7.7600
ALLCARGO 22-Mar-21 Interim Dividend – Rs. – 2.00 RAMCOCEM 22-Mar-21 Interim Dividend – Rs. – 3.00
GAIL 22-Mar-21 Interim Dividend – Rs. – 2.50 RAMCOIND 22-Mar-21 Interim Dividend – Rs. – 1.00
GRMOVER 22-Mar-21 Interim Dividend – Rs. – 20.00 RGL 22-Mar-21 Interim Dividend – Rs. – 4.50
MIDHANI 22-Mar-21 Interim Dividend – Rs. – 1.20 SWASTIKA 22-Mar-21 Interim Dividend – Rs. – 2.00

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