Morning-Outlook-Feature-Image
Outlook

NIFTY:

Nifty opened at 17405.05 with a gap up of 80 points. The index first moved up and recorded its intraday high at 17442.40 but soon prices started drifting downwards. Prices have seen a sharp decline of more than 200 points till the afternoon and then started a process of consolidation. The index recorded its intraday low at 17199.60. Prices have found strong support there and consolidated about two hours. The index finally closed at 17245.65 near its day low with a loss of 69.85 points or 0.40% down. The METAL sector outperformed today and ended with a gain of more than 1% while AUTO underperformed today and ended with a loss of more than 1%. The IT ended on a flat note.

It was a trend day today but on the downside. After opening with a gap up, the index recorded its intraday high near the opening tick and intraday low near the closing tick and ended on a negative note. Prices have seen an intraday decline of almost 250 points from its intraday highs to intraday lows. However, the short­ term trend is up and prices have been moving sideways for the last four trading days. A strong support zone is visible inside the 17000 ­17100 range while resistance is visible inside the 17400 ­ 17500 range. Any dip towards the support levels is a buying opportunity if find support there.

BANK NIFTY:

BANK NIFTY opened at 36627.70 with a gap up of 188 points. The index continued moving higher for the first ten minutes of trading and recorded its intraday high at 36827.60. Prices then turned down and kept on moving lower for almost the whole day. The index consolidated in the last two hours of trading, recorded its intraday low at 36064.75 and finally closed at 36084.95 with a loss of 355 points. PSU and PVT BANKS both indices have seen intraday decline today and closed lower by nearly half percent.

A strong resistance zone is now clearly visible inside 36500 ­ 37000 ranges. Since the short ­term trend is up so we should be on long side of the markets. Buying opportunity will come either on a sharp dip or on a breakout above the mentioned resistance zone. However, intraday traders should keep on taking long trades on any sharp dip.

TECHNICAL PICKS

COMPANY NAME CMP B/S RATIONALE+
ESCORTS 1856 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 1840 and for the target of 1900.
MUTHOOTFIN 1336 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 1355 with a stop loss of 1350 and target  of 1300.

DERIVATIVE PICKS

Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
MINDTREE 4200 CE BUY 65 CMP 40 100 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
BHEL.Mar 31 51.15 0 5.48 93817500 JKCEMENT.Mar 31 2317.85 -3.15 12.15 463575
TVSMOTOR.Mar 31 610.9 0.02 1.35 7481600 SRF.Mar 31 2563 -2.96 3.05 2935500
NAM-INDIA.Mar 31 336.5 0.09 8.13 2809600 KOTAKBANK.Mar 31 1759.8 -2.91 17.9 13720400
CANFINHOME.Mar 31 605.3 0.12 0.03 2939625 NAUKRI.Mar 31 4631.85 -2.83 1.1 1548250
PVR.Mar 31 1758 0.15 0.2 2818475 GMRINFRA.Mar 31 37.2 -2.75 1.54 77040000
                                                                        Short Covering                                                                       Long Unwinding
EICHERMOT.Mar 31 2390.05 0.02 -1.07 3109050 CHAMBLFERT.Mar 31 416.65 -4.79 -0.57 2620500
INDIGO.Mar 31 1838.8 0.04 -0.02 3010000 ATUL.Mar 31 9675.6 -2.9 -1.17 101250
RELIANCE.Mar 31 2540.35 0.05 -0.29 31993000 PIIND.Mar 31 2732.95 -2.07 -0.21 1668500
GSPL.Mar 31 268.7 0.07 -2.86 2312000 BHARTIARTL.Mar 31 707.65 -1.82 -1.03 46769450
DELTACORP.Mar 31 305.2 0.08 -2.65 11826600 BAJAJ-AUTO.Mar 31 3586.4 -1.82 -0.96 1839500

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hdfc Ltd. 2346.3 -2.35 3173223 0 80.64 Nifty50 17245.65 -0.4 82521
Dr. Reddys Lab Ltd 4127.3 2.41 1044114 0 76.66 Niftybank 36147.35 -0.55 82521
Alkem 3649.25 2.78 173064 0 69.82 Nifty it 36082 0.03 82521
Mah & Mah Ltd. 774.1 -1.46 3277274 0 68.35 India Vix 24.75 2.81 82521
Escorts India Ltd. 1856.4 0.86 722768 0 67.73 Nifty Fmcg 35789.85 -0.27 82521
Container Corp Of India 614.95 -0.04 716804 0 66.64 Nifty Pharma 13569.65 0.42 82521
Tata Consultancy Serv Lt 3712.4 0.31 1596195 0 66.44 Nifty Realty 441.55 -0.35 82524
Icici Lombard General In 1252.5 0.17 628795 0 65.62 Nifty Auto 10463.45 -1.04 82524
Hcl Technologies Ltd. 1180.7 0.37 2338886 0 65.15 Nifty Metal 6399.95 1.21 82524
Torrent Pharma Ltd. 2831.1 2.49 408885 0 64.12 Nifty Media 2192.25 0.21 82524
Oracle Fin Serv Soft Ltd 3559.6 -1.05 118421 0 63.11 Nifty Financial Services 16936.75 -0.88 82524

UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR: FX Reserves, USD on 25th March, 2022

INR: Banks Loan and Deposit Growth on 25th Match, 2022

•USD:  Initial Jobless Claims Stock on 24th March, 2022

•USD:  Manufacturing PMI (Mar) on 24th March, 2022

NEWS UPDATES

  • The Income Tax Department on Wednesday conducted raids at multiple premises of Hero Motorcorp as part of a tax evasion investigation. The company called it a “routine inquiry, which is not uncommon before the end of the financial year”.Offices and residential premises of the company including that of chairman and CEO of the group Pawan Munjal located in Gurugram (Haryana), Delhi and few other locations were being covered, they said.
  • The Rs 18,000-crore share buyback programme of Tata Consultancy Services, India’s second-most valuable firm, was subscribed over 7.5 times. According to data provided by stock exchanges, 300 million shares were tendered against the offer size of 40 million shares.
  • Leading spice maker MDH Ltd has refuted the reports of a possible sale of its business to FMCG maker HUL. The reports suggested that MDH promoters are in talks to sell their business to HUL. Terming such reports as “completely false, fabricated and baseless”, MDH in a message posted on its official Twitter account urged people “not to believe such rumours”.
  • Bajaj Electricals Ltd (BEL) on Wednesday announced the extension of its trademark agreement with the United Kingdom-based Morphy Richards for a further 15 years with effect from July 1, 2022. This licence extension will enable BEL to continue using the trademark Morphy Richards for producing, marketing and selling home appliances in India and neighbouring territories such as Nepal, Bhutan, Bangladesh, Maldives and Sri Lanka, a joint statement said.

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

BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
BIRLACAP Quarterly Results 24-Mar-22 ASRL General 25-Mar-22
CHLOGIST General 24-Mar-22 HPAL General 25-Mar-22
GICRE General 24-Mar-22 ISTRNETWK Issue Of Warrants;General 25-Mar-22
IFL Pref.Issue of shares;Issue Of Warrants 24-Mar-22 JSTL General 25-Mar-22
KOHINOOR General 24-Mar-22 JYOTISTRUC Increase in Authorised Capital;Results 25-Mar-22
LT General 24-Mar-22 MIC General 25-Mar-22
MARG Quarterly Results 24-Mar-22 NGIL Right Issue of Equity Shares;General 25-Mar-22
METALFORGE Quarterly Results 24-Mar-22 PUNJCOMMU General 25-Mar-22
OCEANIC Quarterly Results 24-Mar-22 SAGCEM Preferential Issue of shares 25-Mar-22
RAJTV Increase in Authorised Capital;General 24-Mar-22 TRANSCOR General 25-Mar-22
SHANKARA Increase in Auth. Cap.;Issue Of Warrants 24-Mar-22 WIPRO Interim Dividend 25-Mar-22
WEBELSOLAR General 24-Mar-22 CEINSYSTECH ESOP;Increase in Authorised Capital;General 26-Mar-22
APOLLO General 25-Mar-22 EUROTEXIND General 26-Mar-22

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ALLCARGO 24-Mar-22 Interim Dividend – Rs. – 3.0000 DATAINFRA 25-Mar-22 Income Distribution (InvIT)
BEL 24-Mar-22 Interim Dividend – Rs. – 1.5000 DILIGENT 25-Mar-22 E.G.M.
DJML 24-Mar-22 Bonus issue 1:1 TIJARIA 25-Mar-22 E.G.M.
NDL 24-Mar-22 Bonus issue 2:1 TVSMOTOR 25-Mar-22 Interim Dividend – Rs. – 3.7500
RITES 24-Mar-22 Interim Dividend – Rs. – 7.5000 GOLDIAM 28-Mar-22 Stock  Split From Rs.10/- to Rs.2/-
RVNL 24-Mar-22 Interim Dividend – Rs. – 1.5800 SAIL 28-Mar-22 Interim Dividend – Rs. – 2.5000
VTL 24-Mar-22 Stock  Split From Rs.10/- to Rs.2/- ARCFIN 29-Mar-22 Stock  Split From Rs.10/- to Rs.1/-
CENTEXT 25-Mar-22 E.G.M. BEML 29-Mar-22 Interim Dividend – Rs. – 5.0000

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