The NIFTY opened at 17593.85 with a gap down of just 36 points. Prices moved further on the downside after recording its intraday high at 17642.15 within the first 5 minutes of trading. The index broke down below 17500 and then started a process of consolidation. Prices have moved sideways, eventually breaking on the downside, and prices have seen another leg of decline. A minor correction came after the index recorded its intraday low at 17291.65 in the late hour of trading and prices have finally dosed at 17327.35 which a loss of 302.45 points or 1.72% down. All the sectoral indices have contributed to the downside and dosed lower. PHARMA outperformed today and closed without much of a change. BANK and FINANCIAL led the bears today and dosed with more than a 2% loss. The short-term trend is down now. We have been tracking a trading range inside 17500 – 18000. This range is broken decisively on the downside giving us a pattern target of around 17000. The volatility again rose today exceptionally. The INDIA VIX, a benchmark index for volatility, is now moving above 20 suggesting high volatility, which is unfavourable for the bulls. After a wide range day today, we may see a few days of chop Pf and narrow trading. We should avoid trading the index for one or two days more. Support is now visible around 17200 and resistance is visible around 17500.


The BANK NIFTY opened at 40429.5 with a big gap down of 208 points. The index moved further on the downside after recording its intraday high at 40528.40 and broke below 40000. The index then consolidated and again broke on the downside. Prices have seen another leg of decline, recording its intraday low at 39412.70 and finally closing at 39555.35 with a loss of 1082 points. PVT and PSU BANKS both indices have performed almost the same today, saw a sharp decline, and closed lower by 2.62 % & 3.97 % respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the downside followed by ICICIBANK. BANK NIFTY continued moving lower for the third consecutive trading day and closed with a big loss of almost 3%. It was a trend day today on the downside where prices have recorded its intraday high near the opening tick and intraday low near the closing tick. We have been tracking a trading range in the BANK Index inside 40000 – 42000. Prices have broken down decisively on the downside and giving us a pattern target of around 38000. The short-term trend is down. After such a wide range day, prices tend to consolidate or move narrow. As of now, we should avoid trading the index and wait for an adequate setup to emerge.


CHOLAMANDALAM 738.50 SELL The stock has given the breakdown on the intraday as well as the daily chart. The stock can be sold at 731.65 with a stop loss of 747.20 and for the target of 708.25.
GRANULES 323.45 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 at 325.20 with a stop loss of 319.40 and for the target of 333.90.


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
CIPLA.22.09 Sep 1062.75 0.25 0.29 7677150 POWERGRID.22.09 Sep 203.1 -8 5.12 37662300
APOLLOHOSP.22.09 Sep 4425.2 -4.33 0.92 1467625
GUJGASLTD.22.09 Sep 487.2 -4.17 1.24 5737500
MFSL.22.09 Sep 780.25 -4 4.21 1882400
NAUKRI.22.09 Sep 3893.65 -3.91 0.45 1671750
                                                                        Short Covering                                                                       Long Unwinding
LALPATHLAB.22.09 Sep 2497.1 3.2 -7.83 1086500 M&MFIN.22.09 Sep 195.15 -13.07 -1.12 21104000
DIVISLAB.22.09 Sep 3645.8 1.49 -5.12 2430900 PNB.22.09 Sep 38 -6.29 -12.29 189200000
SUNPHARMA.22.09Sep 920.4 1.18 -2.02 21573300 IBULHSGFIN.22.09 Sep 118 -6.16 -11.01 26112000
AMBUJACEM.22.09Sep 540.45 1.04 -7.29 39956400 CHOLAFIN.22.09 Sep 737.35 -6.03 -6.07 6136250
METROPOLIS.22.09 Sep 1457.55 0.66 -5.37 804000 CANBK.22.09 Sep 229.25 -5.77 -8.73 37079100


Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Abbott India Limited 17853.75 -0.3 24724 17450 86.01 Nifty50 17327.35 -1.72 32383259
Infosys Limited 1365.45 -0.18 10426200 6033837 69.47 Niftybank 39546.25 -2.67 14141113
Honeywell Auto India Ltd 40167.7 -1.58 4146 2202 68.56 Nifty it 26592.35 -0.71 1392323
Nestleind 18495.9 -0.76 35842 20681 68.27 India Vix 20.59 9.4 280066999
Syngene 556 -1.4 484966 259884 67.19 Nifty Fmcg 44854.65 -0.5 497149
Icici Bank Ltd. 882.25 -2.34 15927517 10633901 66.85 Nifty Pharma 12610.65 -0.02 44760649
Zydus Lifesciences Limit 356.75 -1.78 734684 273817 64.77 Nifty Realty 436.75 -2.96 1275271802
Power Grid Corporation o 202.55 -7.97 65372042 36732551 62.94 Nifty Auto 13093.5 -1.71 42779796
Indian Oil Corp. Ltd. 67.45 -0.52 13578280 8480883 62.94 Nifty Metal 6027.35 -1.2 92873251
Power Finance Corporatio 110.2 -1.78 5478864 3266890 61.79 Nifty Financial Services 17947.25 -2.48 4910037


   Domestic                                                                                                                                                  International
INR: RBI MPC Meeting Minutes on 28th September, 2022

INR: Interest Rate Decision on 30th September, 2022

 USD: Core Durable Goods Orders (MoM) (Aug) on 27th September, 2022

USD: New Home Sales (Aug) on 27th September, 2022


  • Indian benchmark indices made a gap down opening and closed in red for the third consecutive session. Nifty50 closed at 17327.30 (-1.72%) and Sensex closed at 58098.92 (-1.73%). Among sectors, Selling was visible in Banks, Financials, Capital goods, and Reality whereas Nifty pharma closed in green.

  • The Indian rupee weakened past 81 against the U.S. dollar for the first time. The Indian rupee has depreciated 40 paise over its previous close to a fresh record low of 81.26 against the greenback early on Friday.

  • Nestle SA plans to invest Rs 5,000 crore in India by 2025, The capital expenditure is earmarked for setting up new plants, expansion of the product portfolio, and acquisitions, Schneider said. Nestle India Ltd., currently operates nine plants across the country. The investment, which would be subject to clearances and approvals, will also aid job creation.

  • Mahindra & Mahindra Financial Services Ltd. hit the lower circuit after the company said it would repossess fewer vehicles than its usual flow, as the RBI in its order had said the company must suspend all recovery and repossession actions through third-party arrangements. The order had come after a tractor repossession action in Jharkhand had allegedly led to the death of a pregnant woman.

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


Company Name Purpose Meeting Date Company Name Purpose Meeting Date
CORALAB General 26-Sep-22 ITI Preferential Issue of shares 28-Sep-22
EUROLED General 26-Sep-22 KINGSINFR General 28-Sep-22
GENNEX General 26-Sep-22 PHYTO General 28-Sep-22
GOVAI General 26-Sep-22 ROLTA Audited Results 28-Sep-22
HOTLSILV General 26-Sep-22 ANJANIFOODS Stock  Split 29-Sep-22
ROLTA Audited Results 26-Sep-22 JAINCO General 29-Sep-22
SMEL Issue Of Warrants;General 26-Sep-22 KAARYAFSL General 29-Sep-22
STARHFL Increase in Authorised Capital;Preferential Issue of shares;General 26-Sep-22 HERITGFOOD Right Issue of Equity Shares;General 30-Sep-22
TTFL General 26-Sep-22 INTETHR A.G.M. 30-Sep-22
VISVEN General 26-Sep-22 MDRNSTL Quarterly Results 30-Sep-22
DDIL Stock  Split;General 27-Sep-22 NAYSAA A.G.M. 30-Sep-22
DHANFAB General 27-Sep-22 SAGARSOFT Quarterly Results 30-Sep-22
GPTINFRA Bonus issue 27-Sep-22 SCANPRO A.G.M. 30-Sep-22
IFCI Preferential Issue of shares 27-Sep-22 SUPREMEINF Quarterly Results 11-Oct-22
LANCER General 27-Sep-22 INFY Quarterly Results;Audited Results;Interim Dividend 13-Oct-22
OCEANIC Quarterly Results;General 27-Sep-22 BAJAJ-AUTO* Quarterly Results 14-Oct-22
VALECHAENG Audited Results 27-Sep-22 HDFCBANK Quarterly Results 15-Oct-22
GAL Rights Issue 28-Sep-22 ICICIBANK Quarterly Results 22-Oct-22
GUJINV General 28-Sep-22 ABB Quarterly Results 11-Nov-22


Company Name Ex-Date Purpose
SCFL 26-Sep-22 Buy Back of Shares
BHARATGEAR 27-Sep-22 Bonus issue 1:2
EXCEL 28-Sep-22 Bonus issue 1:2
EXCEL 28-Sep-22 Stock  Split From Rs.10/- to Rs.1/-
PONDYOXIDE 28-Sep-22 Bonus issue 1:1
RAMRAT 28-Sep-22 Bonus issue 1:1
WESTLEIRES 28-Sep-22 Dividend – Rs. – 0.1000
ALFAVIO 29-Sep-22 Dividend – Rs. – 0.0500
THAMBBI 29-Sep-22 E.G.M.
LEHAR 04-Oct-22 E.G.M.
ACCELYA 06-Oct-22 Final Dividend – Rs. – 45.0000
SPAL 06-Oct-22 Buy Back of Shares
RUCHIRA 07-Oct-22 Bonus issue 1:10
PGHH 04-Nov-22 Final Dividend – Rs. – 65.0000
GILLETTE 10-Nov-22 Final Dividend – Rs. – 36.0000
PGHL 15-Nov-22 Final Dividend – Rs. – 11.5000

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