NIFTY:
Nifty opened at 16876.65 with a big gap up of 213 points. The index recorded its intraday low at 16837.85 and moved up. However. the raIly fizzled out quickly. Prices have seen a decline and came very close to the opening tick. The index finds support there and again bounced up. However, the rally soon converted into a consolidation. The consolidation then broke on the upside and prices have recorded its intraday high at 16987.90. The index finally closed at 16975.35 near its day highs w it h a ga in of 312.35 points or 1.87%u p. All the sectoral indices have performed well today and closed higher. REALTY closed higher by 3.64% while BANK, AUTO,METAL ended with a gain of more than 2%.
A pattern of Bullish Head & Shoulder on the daily time with a pattern target of around 17850 remained intact and it will get canceled if prices close below 16450. For the time being, we should focus on trading intraday only. We should prefer buying on a dip or any intraday consolidation breakouts. Carry forward traders should now wait for a dip towards 16900 to buy.
BANK NIFTY:
BANK NIFTY opened at 35555.75 wit h a big gap up of 611 points. The index continued its bullish momentum after the opening tick and rallied higher to record its intraday high at 35806.35. Prices have recorded its intraday low at 35461.55. Prices have spent almost the whole day moving within these two levels and finally closed at 35688.05 with a gain of 744 points. PVT BANKS have outperformed today and closed higher by 2.44%. PSU BANKS have also performed better today and closed higher by 1.41%. Within the index, in terms of points, AXIS BANK contributed the highest while PNB contributed the lowest. The short-term trend is now up. The index resumes its up move after one day of decline and broken above 35500 resistances. However, we did not see a follow through here. For the next few trading days, we should avoid taking carry forwards trades and shift our focus on trading intraday. For tomorrow, we should look for an Opening range Breakout trade.
TECHNICAL PICKS
| COMPANY NAME |
CMP |
B/S |
RATIONALE+ |
| INDHOTEL |
211 |
BUY |
The stock is on the verge of giving the breakout on the intraday as well as the daily chart. The stock can be bought with a stop loss of 208 and for the target of 220. |
| GUJGAS |
502 |
SELL |
The immediate trend of the script is bearish. There is a negative cross over of moving averages as well as of the indicators therefore it can be sell below 500 with a stop loss of 510 and target of 485. |
DERIVATIVE PICKS
| Stock Name |
Strike Price |
Buy/Sell |
CMP |
Initiation |
Stop Loss |
Target |
Remarks |
| VOLTAS |
1280 CE |
BUY |
37 |
CMP |
25 |
60 |
OI Increase |
| Long Buildup |
|
Short Buildup |
| Stocks |
Price |
Price% |
OI % |
OI |
|
Stocks |
Price |
Price% |
OI % |
OI |
| MOTHERSUMI.Mar 31 |
133.8 |
0 |
3.94 |
37530500 |
|
MPHASIS.Mar 31 |
3084 |
-3.2 |
22.21 |
1880375 |
| LTI.Mar 31 |
6050 |
0.01 |
5.83 |
1025850 |
|
PFIZER.Mar 31 |
4359.6 |
-1.24 |
6.22 |
113125 |
| CUMMINSIND.Mar 31 |
1031.2 |
0.11 |
0.11 |
1625400 |
|
GUJGASLTD.Mar 31 |
504.5 |
-1.08 |
18.45 |
3411250 |
| POWERGRID.Mar 31 |
210.65 |
0.14 |
3.05 |
32984605 |
|
CHAMBLFERT.Mar 31 |
404.15 |
-0.9 |
6.6 |
2302500 |
| NAVINFLUOR.Mar 31 |
3965 |
0.19 |
2.52 |
374625 |
|
HONAUT.Mar 31 |
39928.35 |
-0.4 |
10.59 |
8925 |
| Short Covering |
|
Long Unwinding |
|
|
|
|
|
|
|
|
|
|
|
| DIVISLAB.Mar 31 |
4409.9 |
0.26 |
-0.57 |
2285200 |
|
CIPLA.Mar 31 |
1056 |
-0.64 |
-1.75 |
9738950 |
| ESCORTS.Mar 31 |
1735 |
0.41 |
-1.93 |
2456850 |
|
PNB.Mar 31 |
36.05 |
-0.14 |
-1.92 |
1.71E+08 |
| MRF.Mar 31 |
68450 |
0.48 |
-1.77 |
75510 |
|
TATACONSUM.Mar 31 |
751 |
-0.03 |
-0.37 |
9531000 |
| ABBOTINDIA.Mar 31 |
17339.55 |
0.54 |
-0.87 |
31400 |
|
|
|
|
|
|
| DRREDDY.Mar 31 |
3937.35 |
0.69 |
-0.68 |
3035750 |
|
|
|
|
|
|
TOP DELIVERY PERCENTAGE
| Stocks |
Price |
%Chg |
Total Qty |
Delivery |
Del % |
|
|
% Change |
|
|
|
|
|
|
|
Sectors |
Price |
Change % |
Quantity |
| Tata Consultancy Serv Lt |
3655.9 |
1.73 |
3090475 |
0 |
80.46 |
|
Nifty50 |
16975.35 |
1.87 |
77433 |
| Escorts India Ltd. |
1827.35 |
0.97 |
1457895 |
0 |
69.88 |
|
Niftybank |
35748.25 |
2.07 |
77433 |
| Crompton Greaves Consume |
393.5 |
0.11 |
1475668 |
0 |
69.27 |
|
Nifty it |
35729.65 |
1.8 |
77433 |
| Icici Lombard General In |
1219.2 |
0.7 |
1180168 |
0 |
68.97 |
|
India Vix |
24.12 |
-9.76 |
77433 |
| Infosys Limited |
1889.4 |
2.72 |
5233979 |
0 |
67.87 |
|
Nifty Fmcg |
36273.6 |
1.75 |
77433 |
| Power Grid Corporation o |
209.35 |
-0.14 |
8950331 |
0 |
66 |
|
Nifty Pharma |
13374.5 |
0.42 |
77433 |
| Hindustan Unilever Ltd |
2072.15 |
1.67 |
2808685 |
0 |
65.28 |
|
Nifty Realty |
437.05 |
3.64 |
77433 |
| Hdfc Bank Ltd. |
1448.15 |
1.7 |
6682054 |
0 |
63.87 |
|
Nifty Auto |
10350.1 |
2.16 |
77433 |
| Icici Bank Ltd. |
708 |
1.53 |
14621688 |
0 |
63.53 |
|
Nifty Metal |
6065.7 |
2.63 |
77433 |
| Itc Ltd. |
242.6 |
2 |
21629521 |
0 |
63.23 |
|
Nifty Media |
2147.45 |
0.66 |
77433 |
UPCOMING ECONOMIC DATA
| Domestic International |
| INR: FX Reserves, USD on 18th March, 2022 |
•USD: Building Permits (Feb) on 17th March, 2022
•USD: Initial Jobless Claims on 17th March, 2022 |
NEWS UPDATES
- Future Retail said on Wednesday it was committed to taking back its stores which were seized by rival Reliance, saying it had been surprised by the move. Reliance, India’s biggest retailer, stunned Future on Feb 25 with its staff suddenly showing up at many of Future’s biggest stores to assume control, in what was seen as a de facto takeover. The takeover occurred even though Future’s sparring partner, Amazon.com Inc, says it had legal injunctions in place prohibiting such store transfers.
- India’s Bharat Petroleum Corp has deferred a maintenance shutdown of a crude unit at a 240,000 barrels per day (bpd) Mumbai refinery to May as its seeks to gain from strong fuel cracks, two sources aware of the plan said. India’s second-biggest state refiner had plans to shut a 120,000 bpd crude unit and some secondary units including a diesel hydro desulphuriser and a hydrogen generation unit for 20-25 days from the end of this month, they said.
- US Coffee chain Starbucks, the company which has a joint venture with Tata Consumer Products in India, has announced that it is planning to open eight airport stores in six cities to expand its network in the country.
- Tata Motors hot-selling electric SUV, Nexon EV, price has been increased across range. Tata Nexon EV comes in five variants and a maximum hike of ₹25,000 has been imposed on them. There is no official comment from the Mumbai-based automaker on the price hike yet. Tata Nexon EV comes in XM, XZ Plus, XZ Plus Luxury, Dark XZ Plus, and the Dark XZ Plus Luxury variants. Lastly, Tata Nexon EV was priced at ₹14.29 lakh (ex-showroom) but now it will cost ₹14.54 lakh (ex-showroom).
Source: Economic Times, Indian Express ,Business Today, Livemint, Business Standard, Bloomberg Quint.
BOARD MEETINGS
| Company Name |
Purpose |
Ex-Date |
Company Name |
Purpose |
Ex-Date |
| BEL |
Interim Dividend |
17-Mar-22 |
RISHDIGA |
General |
17-Mar-22 |
| CAPACITE |
General |
17-Mar-22 |
BIRLACAP |
Quarterly Results |
18-Mar-22 |
| DATAINFRA |
General |
17-Mar-22 |
KABRADG |
General |
18-Mar-22 |
| DHANBANK |
Right Issue of Equity Shares |
17-Mar-22 |
PUNITCO |
General |
18-Mar-22 |
| DIKSAT |
General |
17-Mar-22 |
TVSMOTOR |
Interim Dividend |
18-Mar-22 |
| EASTWEST |
General |
17-Mar-22 |
LACTOSE |
General |
19-Mar-22 |
| EMBASSY |
General |
17-Mar-22 |
WHITEORG |
Right Issue of Equity Shares |
19-Mar-22 |
| ENCASH |
General |
17-Mar-22 |
AARTECH |
General |
21-Mar-22 |
| J&KBANK |
General |
17-Mar-22 |
ALANKIT |
General |
21-Mar-22 |
| KALLAM |
Right Issue of Equity Shares |
17-Mar-22 |
BENARA |
General |
21-Mar-22 |
| MANAPPURAM |
General |
17-Mar-22 |
DHAMPURSUG |
Interim Dividend |
21-Mar-22 |
| MISQUITA |
General |
17-Mar-22 |
DSSL |
General |
21-Mar-22 |
| POWERGRID |
General |
17-Mar-22 |
FEDDERELEC |
Audited Results;General |
21-Mar-22 |
CORPORATE ACTION
| Company Name |
Ex-Date |
Purpose |
Company Name |
Ex-Date |
Purpose |
| ASMTEC |
17-Mar-22 |
Right Issue of Equity Shares |
VIRINCHI |
21-Mar-22 |
Bonus issue 1:1 |
| AYOME |
17-Mar-22 |
E.G.M. |
AGIIL |
22-Mar-22 |
Interim Dividend – Rs. – 1.0000 |
| INNOVATIVE |
17-Mar-22 |
E.G.M. |
BCLIL |
22-Mar-22 |
Interim Dividend – Rs. – 2.0000 |
| SUNTV |
17-Mar-22 |
Interim Dividend – Rs. – 5.0000 |
DCW |
22-Mar-22 |
E.G.M. |
| ADVIKLA |
21-Mar-22 |
E.G.M. |
MIDHANI |
22-Mar-22 |
Interim Dividend – Rs. – 1.5600 |
| BPCAP |
21-Mar-22 |
E.G.M. |
VSL |
22-Mar-22 |
E.G.M. |
| GAIL |
21-Mar-22 |
Interim Dividend – Rs. – 5.0000 |
MOLDTEK |
23-Mar-22 |
Interim Dividend – Rs. – 1.7000 |
| SPVGLOBAL |
21-Mar-22 |
Right Issue of Equity Shares |
ALLCARGO |
24-Mar-22 |
Interim Dividend – Rs. – 3.0000 |
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 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
