The NIFTY opened at 17619.30 with a gap up of 97 points. The index continued moving higher for the first 15 minutes of trading, recorded its intraday high at 17685.85, and faced strong resistance there. Prices have drifted downwards and kept moving lower for almost the whole day with minor rallies in between. These rallies fizzled out quickly and brought prices to its intraday low at 17519.35. Prices filled the gap but saw some recovery in the last 30 minutes of trading and finally closed at 17558.90 with a gain of 36.45 points or 0.21% up. METAL led the bulls today and ended with a gain of 1.77%. OILGAS and AUTO followed and ended with 0.58% and 0.40% gains respectively. MEDIA underperformed today and finished with a loss of 0.66%. On a weekly timeframe chart, the NIFTY snapped five weeks of a higher closing streak and ended with a loss of more than 1% when compared to the last week’s closing price. The short-term trend is sideways. The NIFTY made a pattern of Inside Day today which represents contraction and may lead to a phase of expansion may be in the next week. We have a support level of around 17400 and a resistance level of around 18000. However, a short-term resistance is now visible around 17700. A breakout may lead prices to the 17950 – 18000 zone. We should now wait for an adequate set up to emerge for fresh trading opportunities. As of now, we should avoid trading the index.


The BANK NIFTY opened at 39129.65 with a big gap up of 282 points. The index moved further on the upside and faces strong resistance around 39300. Prices have started moving downwards after recording its intraday high at 39337.10. Another up move came in the afternoon but the rally fizzled out and prices have kept on drifting downwards to record its intraday low at 38846.80. A minor recovery came in the last 30 minutes of trading and the index finally closed at 39036.60 with a gain of 189 points. PSU BANKS have outperformed today and closed with a gain of 0.98%. PVT BANKS have underperformed today and ended with a loss of 0.28%. Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. BANK NIFTY moved very narrow and choppy today and closed a few ticks above 39000 with some gains. On the weekly timeframe char, the index closed almost on a flat note when compared to last week’s closing price. The short-term trend is sideways. We now have a support level of around 38000 and a resistance level of around 40000. This range has yet to be confirmed but it is most likely that prices may move within these boundaries for a few weeks. Avoid trading the index and wait for an adequate set up to emerge.


TATA POWER 235.10 BUY The stock is on the verge of giving the breakout on the intraday as well as the daily chart. The stock should be buy at 235.10 with a stop loss of 232.45 and for the target of 238.95.
DEEPAK NTR 1958.05 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 1965 with a stop loss of 1980.85 and target of 1942.50.


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
HINDALCO  450 CE BUY  15.95 CMP 14.60 18.65 BREAKOUT
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
CHAMBLFERT.22.09Sep 350.75 7.36 1282.61 6201000 LALPATHLAB.22.09 Sep 2390.7 -7.67 723.49 1122000
M&MFIN.22.09 Sep 207.75 4.71 437.75 23360000 COFORGE.22.09 Sep 3569.35 -3.2 1119.52 759150
JINDALSTEL.22.09 Sep 419.2 4.16 1076.23 29067500 EICHERMOT.22.09 Sep 3355.4 -3.17 1035.22 3373300
GRASIM.22.09 Sep 1683.5 3.73 1749.74 8390875 GUJGASLTD.22.09 Sep 456.6 -3.08 1466.29 5168750
TITAN.22.09 Sep 2551.2 3.61 834.12 4609875 BANDHANBNK.22.09 Sep 288.4 -2.9 588.21 27216000
                                                                        Short Covering                                                                       Long Unwinding


Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Sun Pharma  Ltd 880.15 0.32 1542618 762450 75.81 Nifty50 17558.9 0.21 30887413
United Breweries Limited 1615.5 0.17 296033 173629 73.39 Niftybank 38987.15 0.09 13904169
Alkem 2910.05 -0.36 40291 17743 71.85 Nifty it 28691.6 0.29 736093
Ultratech Cement Limited 6517.15 0.65 415698 272276 71.06 India Vix 18.22 -1.67 2.88E+08
Hcl Technologies Ltd. 945.65 0.2 2195046 1322544 70.63 Nifty Fmcg 42768.95 -0.14 330274
Bajaj Auto Limited 4054.4 -0.21 453561 252087 70.54 Nifty Pharma 12580.45 -0.1 43066871
Godrej Cons Products Ltd 897.8 -1.06 729844 389016 70.24 Nifty Realty 453.75 -0.37 1.19E+09
Power Finance Corporatio 120.5 0.25 5155790 3606422 67.51 Nifty Auto 12929.15 0.4 41927274
Power Grid Corporation o 230.45 1.83 5974534 3915025 67.14 Nifty Metal 5902.7 1.77 92130699
Icici Lombard General In 1260.05 -0.02 595664 260289 66.02 Nifty Financial Services 17933.9 0.1 2956271


   Domestic                                                                                                                                                  International
INR:  Federal Fiscal Deficit (Jul) on 31st August, 2022

INR: GDP Quarterly (YoY) (Q1) on 31st August, 2022

 USD : JOLTs Job Openings (Jul) on 29th August, 2022

USD : FOMC Member Williams Speaks on 29th August, 2022


  • India’s stock benchmarks snapped five-week winning streak, dragged by losses in information technology and pharma stocks, ahead of much anticipated address by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole annual economic symposium. Nifty PSU Bank was the top sectoral gainer while Nifty IT index fell the most.

  • India’s public sector banks are profitable and do not need further capital infusion, according to Minister of State for Finance Bhagwat Karad. “They are in a position to lend more,” the minister told BQ Prime, as non-performing assets are decreasing and all public sector banks are profitable. “There is no need to infuse capital into these banks.”

  • The initial public offering (IPO) of airport service aggregator DreamFolks Services saw 56 times subscription on the third and final day of the offer on Friday. It received bids for 53.5 crore equity shares against 94.83 lakh shares on offer, according to data available with the NSE. The quota for retail investors (RIIs) was subscribed 42.4 times, the category for non-institutional investors 37.6 times and the portion for qualified institutional buyers (QIBs) 70.5 times.

  • Risk reward is less favourable for India’s information technology services sector, given two-year earnings CAGR will moderate, according to Morgan Stanley. The financial services provider assigned key ‘overweight’ on Infosys Ltd., Tech Mahindra Ltd. and Mphasis Ltd., while it remained ‘underweight’ on Wipro Ltd., HCL Technologies Ltd. and Cyient Ltd., according to its investor presentation on technology and telecom sectors released on Thursday.

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


Company Name Purpose Meeting Date Company Name Purpose Meeting Date
AADHAARVEN A.G.M.;General 29-Aug-22 JPTRLES A.G.M.;General 29-Aug-22
ABHIFIN A.G.M. 29-Aug-22 KDML A.G.M.;General 29-Aug-22
ACIASIA A.G.M.;General 29-Aug-22 KIRANPR A.G.M. 29-Aug-22
AGOL A.G.M.;General 29-Aug-22 LODHA General 29-Aug-22
AMITSEC A.G.M. 29-Aug-22 LPDC General 29-Aug-22
ANSINDUS A.G.M.;General 29-Aug-22 MACKINN Audited Results 29-Aug-22
ARISINT A.G.M.;General;Preferential Issue of shares 29-Aug-22 MPFSL A.G.M.;General 29-Aug-22
BAMPSL General 29-Aug-22 NARBADA General 29-Aug-22
BANASFN A.G.M.;General 29-Aug-22 NEERAJ General 29-Aug-22
BCP A.G.M.;Preferential Issue of shares 29-Aug-22 NUTRICIRCLE A.G.M.;General 29-Aug-22
BIRLAPREC Scheme of Arrangement 29-Aug-22 NVENTURES A.G.M. 29-Aug-22
CASPIAN General 29-Aug-22 OPTIFIN A.G.M.;Issue Of Warrants;Preferential Issue of shares 29-Aug-22
CIANAGRO A.G.M. 29-Aug-22 PANJON A.G.M.;General 29-Aug-22
CORPOCO General 29-Aug-22 PGFOILQ A.G.M. 29-Aug-22
DECIPHER A.G.M. 29-Aug-22 PGHL Audited Results;Final Dividend 29-Aug-22
DHAMPURE A.G.M.;General 29-Aug-22 RAJTUBE A.G.M.;General 29-Aug-22
GTEIT A.G.M.;General 29-Aug-22 RGIL A.G.M. 29-Aug-22
INDINFO A.G.M. 29-Aug-22 RITCO A.G.M.;General 29-Aug-22
INDOSOLAR Audited Results 29-Aug-22 SABOOBR A.G.M.;General 29-Aug-22
JIGAR A.G.M. 29-Aug-22 SANINFRA A.G.M.;Final Dividend;General;Stock  Split 29-Aug-22


Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ALFAVIO 29-Aug-22 Split Rs. 10/- to Rs. 1/- GENUSPOWER 30-Aug-22 Dividend Rs. 0.25
DATAINFRA 29-Aug-22 Income Distribution (InvIT) HEIDELBERG 30-Aug-22 Dividend Rs. 9
DATAPATTNS 29-Aug-22 Final Dividend Rs. 3.5 JK AGRI 30-Aug-22 Dividend Rs. 1.5
ELNET 29-Aug-22 Final Dividend Rs. 2 KAKATCEM 30-Aug-22 Dividend Rs. 3
GUJTHEM 29-Aug-22 Final Dividend Rs. 4 LAMBODHARA 30-Aug-22 Dividend Rs. 1.5
INDIAGLYCO 29-Aug-22 Final Dividend Rs. 7.5 MANYAVAR 30-Aug-22 Final Dividend Rs. 5
IONEXCHANG 29-Aug-22 Dividend Rs. 10 TAMBOLI 30-Aug-22 Dividend Rs. 1
IVC 29-Aug-22 Final Dividend Rs. 0.4 BANARISUG 01-Sep-22 Dividend Rs. 10
KAMAHOLD 29-Aug-22 Interim Dividend Rs. 82 GGL 01-Sep-22 Right Issue of Equity Shares
METROBRAND 29-Aug-22 Final Dividend Rs. 0.75 GSPL 01-Sep-22 Dividend Rs. 2
POKARNA 29-Aug-22 Final Dividend Rs. 0.60 INDIAMART 01-Sep-22 Final Dividend Rs. 2
RSWM 29-Aug-22 Dividend Rs. 25 JOINDRE 01-Sep-22 Dividend Rs. 1.25
SIS 29-Aug-22 Buy Back of Shares KANCHI 01-Sep-22 Dividend Rs. 2.5
SNL 29-Aug-22 Final Dividend Rs. 6.5 LAKSHMIMIL 01-Sep-22 Final Dividend Rs. 25
STHINPA 29-Aug-22 Final Dividend Rs. 1 NBCC 01-Sep-22 Final Dividend Rs. 0.5
VIRAT 29-Aug-22 Final Dividend Rs. 1 PFC 01-Sep-22 Int. Div. Rs. 2.25
AARTECH 30-Aug-22 Dividend Rs. 0.50 PILANIINVS 01-Sep-22 Dividend Rs. 15
BENARAS 30-Aug-22 Final Dividend Rs. 10 RPIL 01-Sep-22 Split Rs. 10/- to Rs. 1/-
BENGALASM 30-Aug-22 Final Dividend Rs. 15 SOTL 01-Sep-22 Split Rs. 10/- to Rs. 2/-
BNALTD 30-Aug-22 Final Dividend Rs. 2 SUPERSHAKT 01-Sep-22 Final Dividend Rs. 1

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