Nifty opened at 17073.35 wit ha big gap down of 127 points. The index first consolidated for the first 15 minutes of trading and recorded its intraday high at 17110.70.Prices found strong resistance there and started moving on the downside. A sharp decline of more than 100 points brought prices to its intraday low at 16958.45 and then finds support there. A rally started from that level which brought prices to its early morning highs and the index finally closed at 17073.35 above its opening tick with a loss of 162.40 points or 0.94% down. All the sectoral indices have seen a downside move today except the MEDIA which ended with minor gains. BANK, FINANCIAL and OOIL GAS led the bears today and ended more than 1% lower.

A trading range inside 17000 – 17500 remained intact and today was the eighth day when prices have moved within these levels. A pattern of NR7 can be seen on the daily timeframe chart from the last three trading days indicating a phase of contraction which should eventually lead prices to a phase of expansion. The short-term trend sideways now suggests a move can come one either side of the market. As of now, we should avoid trading the index and wait for a decisive breakout from the current trading range.


Bank Nifty opened at 36067.55 wit h a gap down of 323 points. The index first moved up but did not sustain higher, and faced strong resistance. Prices have recorded its intraday high at 36175.90 and then drifted downwards. A sharp decline brought prices to its intraday low at 35747.15 and then prices bounced up from there. The index finally closed at 36045.85 wit ha loss of 345 points.

The short-term trend is sideways. We have mentioned a narrow trading range inside the 36000 – 37000 zone. Prices have remained inside this range. The support levels are now shifting at 35800. intraday movement continued to be volatile. We may see a direction move in the next few trading days.


INDUSINDBK 974 BUY The stock is on the verge of giving the breakout on the intraday as well as the daily chart. The stock can be buy  with a stop loss of 965 and for the target of  1000.
DRREDDY 4077 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 4070 with a stop loss of 4100 and target of 4000.


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
BAJAFINANCE 6700 PE BUY 42 CMP 25 80 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
LICHSGFIN.Apr 28 382.45 0 8.47 10012000 BAJFINANCE.Apr 28 6730.4 -7.12 20.05 1846875
INDUSINDBK.Apr 28 981.5 0.01 39.69 10794600 TRENT.Apr 28 1219.65 -4.6 22.44 1491325
CIPLA.Apr 28 977.75 0.06 23.37 5593250 MINDTREE.Apr 28 3538.65 -4.45 0.75 1054600
TORNTPOWER.Apr 28 548.25 0.08 35.29 3007500 INDIGO.Apr 28 1796.2 -4.01 26.2 1335500
BIOCON.Apr 28 380.8 0.12 26.61 10011900 HINDPETRO.Apr 28 281.5 -3.71 0.11 4884300
                                                                        Short Covering                                                                       Long Unwinding
COFORGE.Apr 28 4049.95 0.05 -4.24 370400 IDEA.Apr 28 9.6 -4.48 -13.65 1.83E+08
ASTRAL.Apr 28 2143.5 0.08 -3.96 253550 NAVINFLUOR.Apr 28 3944.75 -4.1 -16.04 171900
MFSL.Apr 28 754.3 0.15 -1.05 549250 AUBANK.Apr 28 1365.75 -3.55 -20.99 933500
JSWSTEEL.Apr 28 720.4 0.17 -0.9 10953900 ATUL.Apr 28 8996 -3.53 -53.18 27075
LTI.Apr 28 4841.5 0.28 -1.32 720150 NAM-INDIA.Apr 28 319.25 -3.1 -8.64 1724800


Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Sbi Cards And Payment Se 827.05 1.03 2236402 0 74.85 Nifty50 17038.4 -0.94 83220
Crompton Greaves Consume 374.15 0 632259 0 74.52 Niftybank 36028.85 -1.03 83226
Metropolis Healthcare Li 2380.3 -0.44 167063 0 74.07 Nifty it 31594.35 -0.77 83226
Dabur India Ltd. 559.85 -0.01 1704589 0 71.21 India Vix 20.61 7.37 83226
Asian Paints Limited 3148.35 0.73 963536 0 70.72 Nifty Fmcg 37634.5 -0.61 83226
Infosys Limited 1552.8 -1.78 8819356 0 68.79 Nifty Pharma 13358.15 -0.64 83226
Sbi Life Insurance Compa 1074.2 -1.89 1202603 0 67.87 Nifty Auto 11158.85 -0.56 83226
Hcl Technologies Ltd. 1095.6 0.12 3288792 0 67.76 Nifty Metal 6321.55 -0.24 83226
Persistent 4076.95 0.49 205919 0 66.7 Nifty  Pvt Bank 18302.45 -0.95 83226
Indus Towers Limited 207.45 -2.65 3061918 0 65.43 Nifty Financial Services 16557.7 -1.47 83226


   Domestic                                                                                                                                                  International
INR: Federal Fiscal Deficit (Mar) on 29th April, 2022

INR: Infrastructure Output (YoY) (Mar) on 29th April, 2022

•USD:  GDP (QoQ) (Q1) on 28th April, 2022

•USD:  Initial Jobless Claims on 28th April, 2022


  • Life Insurance Corporation of India (LIC) will come out with its IPO on May 4. The company has set a price band at Rs 902 to Rs 949 per equity share, said Dipam Secretary Tuhin Kanta Pandey. He added that it will be called LIC 3.0 phase. In a press conference he said, “LIC IPO will not crowd out capital and monetary supply in the market. The IPO is right sized, given the constraints in the market. Despite the reduced size, LIC IPO is the biggest in India yet LIC is likely to list on the stock exchanges on May 17.

  • Hindustan Unilever (HUL) on Wednesday said its standalone net profit for the quarter ended March 2022 stood at Rs 2,327 crore, up 8.58 per cent from Rs 2,143 crore posted in the same quarter last year. In an analyst poll conducted by ET Now, the projection of net profit stood at Rs 2,180 crore. The company said its revenue from sale of products during Q4FY22 came in at Rs 13,190 crore, up 10.40 per cent from Rs 11,947 crore in the year-ago quarter.

  • Telecom operator Bharti Airtel has acquired around 7 per cent stake in cloud-based networking solutions provider Cnergee Technologies under the Airtel Startup Accelerator Program. The stake acquisition will enable Airtel to sharpen its NaaS proposition for Small and Medium Businesses (SMBs), who are looking to accelerate their shift to cloud-based applications, Airtel said in a statement.

  • Chennai-based two-wheeler major TVS Motor Company has entered into a strategic partnership with Rapido, a leading on-demand delivery and mobility platform. As part of the deal, TVS Motor and Rapido will look to collaborate by leveraging synergies of their respective businesses in the fast-moving mobility market in India.

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


Company Name Purpose Ex-Date Company Name Purpose Ex-Date
AMBUJACEM Quarterly Results 28-Apr-22 INDIAMART ;Buy Back of Shares;Final Dividend;Results 28-Apr-22
ASHNI General;Stock  Split 28-Apr-22 INDORAMA Audited Results 28-Apr-22
ATFL Dividend;Final Dividend; Results 28-Apr-22 KIRLPNU Final Dividend;Quarterly Results 28-Apr-22
AXISBANK Audited Results;Final Dividend;General 28-Apr-22 LAURUSLABS Audited Results;Interim Dividend 28-Apr-22
BAJAJFINSV Audited Results;Dividend 28-Apr-22 MAYUKH Audited Results 28-Apr-22
BAJAJHLDNG Audited Results;Final Dividend 28-Apr-22 MOSCHIP Results;Employees Stock Option Plan 28-Apr-22
BIOCON Audited Results;Dividend 28-Apr-22 MOTILALOFS Audited Results;Dividend;General 28-Apr-22
CAPACITE General 28-Apr-22 MPHASIS Audited Results;Dividend 28-Apr-22
CHEMCON General 28-Apr-22 NETLINK Audited Results;General 28-Apr-22
COLPAL Interim Dividend 28-Apr-22 OBCL General 28-Apr-22
COROMANDEL Audited Results;Final Dividend 28-Apr-22 ORIRAIL Audited Results;Dividend 28-Apr-22
DATAMATICS Audited Results;Final Dividend 28-Apr-22 PGHH Quarterly Results 28-Apr-22
DHRUV General;Preferential Issue of shares 28-Apr-22 PNBHOUSING Audited Results;Quarterly Results 28-Apr-22
EMBASSY Audited Results;Dividend 28-Apr-22 SBILIFE Audited Results 28-Apr-22
FCL Audited Results;Final Dividend 28-Apr-22 SRTRANSFIN Audited Results;General 28-Apr-22
GOKULAGRO Audited Results;General 28-Apr-22 STLTECH Audited Results;Final Dividend 28-Apr-22
HUHTAMAKI Quarterly Results 28-Apr-22 VBL Quarterly Results 28-Apr-22
IIFL Audited Results 28-Apr-22 VEDL Audited Results;Interim Dividend 28-Apr-22


Company Name Ex-Date Purpose Company Name Ex-Date Purpose
DCMFINSERV 28-Apr-22 E.G.M. MOLDTKPAC 28-Apr-22 Interim Dividend – Rs. – 6.0000
HCLTECH 28-Apr-22 Interim Dividend – Rs. – 18.0000 PROFINC 28-Apr-22 Bonus issue 2:1
KSB 28-Apr-22 Dividend – Rs. – 12.5000 PROFINC 28-Apr-22 Stock  Split From Rs.10/- to Rs.1/-
MANINDS 28-Apr-22 Interim Dividend – Rs. – 2.0000 REGENCERAM 28-Apr-22 E.G.M.

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