The NIFTY opened at 19828.45 with a gap up of just 17 points. Initially, prices have moved higher but soon found intraday resistance and started drifting downwards. The index recorded its intraday high at 19875.15, saw a sharp fall, and gave up all the gains. However, the index could not go much lower and started a process of consolidation. That consolidation lasted till the end and prices have recorded its intraday low at 19786.75. The index finally closed at 19802 with a loss of just 9.85 points or 0.05% down. PHARMA underperformed and ended with a loss of over one and a half percent followed by IT. REALTY and OIL GAS outperformed and ended with a gain of over 1% followed by METAL and MEDIA. The Intermediate trend is up while the intermediate momentum has been moving inside the strength zone for the past few days.


The BANK NIFTY opened at 43452.75 without much of a gap. Prices initially moved higher but could not go much above and started a consolidation process. The range-bound session continued till the end with some volatile Intraday movement. The index recorded its intraday low at 43451.35, its intraday high at 43649.65, and finally closed at 43588.90 with a gain of 128 points. PVT BANK has outperformed, saw a mild up move, and closed with a gain of 0.38%. PSU BANK has moved sideways and ended with a loss of just 0.02%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while KOTAK BANK contributed the lowest. The short-term trend is now down but the bias is more on the sideways side. Support is visible around 43400 while resistance is visible around 44400. Prices have moved very narrow suggesting a sharp move is ahead


GRANULES 370.10 BUY The stock is about to give a breakout on the intraday and the daily chart. The stock can be bought above 371.65 with a stop loss of 367.85 and a target of 379.20.
ULTRATECH CEM 8605.25 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 8589.00 with a stop loss of 8643.00 and a target of 8484.50.


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
SBIN  560 CE BUY 5.55 CMP 4.70 8.40 BREAKOUT
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
HEROMOTOCO.23.11 Nov 3573.75 4.52 2.84 3595800 CIPLA.23.11 Nov 1174.65 -7.94 8.35 10366850
BPCL.23.11 Nov 412.55 2.59 0.01 26794800 ULTRACEMCO.23.11 Nov 8631.4 -1.57 0.2 1052800
TVSMOTOR.23.11 Nov 1778.45 2.49 0.73 6834450 HCLTECH.23.11 Nov 1331.35 -0.18 0.31 12934600
AARTIIND.23.11 Nov 531.05 1.8 1.86 10829000 NIFTY.23.11 Nov 19868.75 -0.08 3.68 10839650
BOSCHLTD.23.11 Nov 21219.9 1.71 0.63 119200 APOLLOTYRE.23.11 Nov 422.45 -0.04 1.01 11004100
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
HINDPETRO.23.11 Nov 327.05 6.98 -8.83 44069400 LALPATHLAB.23.11 Nov 2621.1 -3.2 -4.72 841500
ABFRL.23.11 Nov 227.3 5.26 -8.87 24983400 NAUKRI.23.11 Nov 4625.75 -2.76 -5.07 1405650
DEEPAKNTR.23.11 Nov 2208.9 3.13 -1.93 2137200 PERSISTENT.23.11 Nov 6365.5 -2.61 -5.74 1367275
PIIND.23.11 Nov 3765.05 3.03 -18 1691000 AUROPHARMA.23.11Nov 1032.95 -2.25 -13.25 15649700
BAJAJ-AUTO.23.11 Nov 5937.9 2.82 -4.42 2594375 POLYCAB.23.11 Nov 5217.8 -1.9 -6.5 2421600

Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Shree Cements Ltd. 25922.2 -0.29 57461 32975 83.68 Nifty50 19802 -0.05 30412851
Hindustan Unilever Ltd 2519.9 -0.08 1023670 624084 76.42 Niftybank 43577.5 0.29 13841422
Tvs Motor Company Limite 1776.05 2.11 1599755 1507322 74.75 Nifty it 32370.65 -0.59 802889
Ultratech Cement Limited 8605.25 -1.77 344271 237876 73.12 India Vix 11.32 -4.55 517203943
Maruti Suzuki India Ltd 10488.5 -0.06 453820 274404 72.42 Nifty Fmcg 52823.05 0.25 265870
Bharti Airtel Limited 976.65 0.71 2749555 2361084 71.34 Nifty Pharma 15817.45 -1.57 37792204
Infosys Limited 1449.25 -0.59 3186928 2120633 68.21 Nifty Realty 701.1 1.03 860327172
Itc Ltd. 440.35 0.15 6366606 3258964 66.69 Nifty Auto 17033.55 0.36 35390107
Power Grid Corporation o 210.9 -0.33 11382709 8597417 65.73 Nifty Metal 6828.35 0.53 88344572
Reliance Industries Ltd 2395.5 0.31 4265771 2762388 64.73 Nifty Financial Services 19587.25 0.11 2461544

Upcoming Economic Data

   Domestic                                                                                                                                                  International
INR: FX Reserves, USD on 24th November, 2023

INRGDP Quarterly (YoY) (Q2) on 30th October, 2023

USD: Services PMI (Nov) on 24th November, 2023

USD: New Home Sales (Oct) on 27th November, 2023

News Updates

  • Indian benchmark indices ended on a flat note in the volatile session on November 23. At close, the Sensex was down 5.43 points or 0.01 percent at 66,017.81, and the Nifty was down 9.80 points or 0.05 percent at 19,802. About 1748 shares advanced, 1407 shares declined, and 120 shares unchanged.

  • Titan Company crossed the Rs 3 lakh crore market share on November 21. The stock has seen a strong momentum through this year, gaining 34 percent and about 6 percent in November alone. It hit a fresh 52-week high of Rs 3,441.45 on the National Stock Exchange (NSE) on November 23.

  • Shares of Honasa Consumer, the owner of beauty and personal care brand Mamaearth hit 20 percent upper circuit to Rs 422.5 per share on November 23 after the company reported robust Q2 financial results with the net profit doubling to Rs 30 crore. Post Q2 results, Honasa Consumer earned favourable reactions from Jefferies, which has put a ‘buy’ rating on the stock. Jefferies has set a share price target of Rs 530 on the stock, which implies 25 percent upside from current levels.

  • UltraTech Cement has indicated interest in Kesoram Industries’ cement assets and is conducting due diligence at the company, sources told CNBC-TV 18 on November 23.

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

Board Meetings

Company Name Purpose Meeting Date Company Name Purpose Meeting Date
CMMHOSP General 24-Nov-23 MAPMYINDIA General 27-Nov-23
EASTWEST General 24-Nov-23 NEWGEN Bonus issue 27-Nov-23
GANECOS General;Rights Issue;Preferential Issue of shares 24-Nov-23 NITINFIRE Audited Results 27-Nov-23
KERALAYUR Preferential Issue of shares 24-Nov-23 OKPLA Preferential Issue of shares 27-Nov-23
KHADIM Issue Of Warrants 24-Nov-23 SMARTFIN General 27-Nov-23
MARUTI General;Preferential Issue of shares 24-Nov-23 BALGOPAL General 28-Nov-23
PNBHOUSING General 24-Nov-23 PODDAR Quarterly Results 28-Nov-23
RITCO General 24-Nov-23 PRITIKAUTO General 28-Nov-23
STANCAP Bonus issue;Stock  Split 24-Nov-23 RAWEDGE General 28-Nov-23
TCMLMTD General 24-Nov-23 REGTRUS General 28-Nov-23
VISTARAMAR General 24-Nov-23 SIEMENS Final Dividend;Audited Results 28-Nov-23
WARDINMOBI General 24-Nov-23 SPECFOOD General 28-Nov-23
AYOME General 25-Nov-23 BINNY Audited Results 29-Nov-23
CELLO Quarterly Results 25-Nov-23 BINNYMILLS General 29-Nov-23
GEE Audited Results 25-Nov-23 BPCL Interim Dividend 29-Nov-23
MOSCHIP Employees Stock Option Plan;Preferential Issue of shares 25-Nov-23 MANJEERA Quarterly Results 29-Nov-23
NEWINFRA Issue Of Warrants 25-Nov-23 PVVINFRA General 29-Nov-23
AMBOAGRI Half Yearly Results 27-Nov-23 SUPRAPFSL General 29-Nov-23
ESSENTIA Increase in Authorised Capital;Bonus issue;General 27-Nov-23 WORTH General 29-Nov-23
FRANKLININD General 27-Nov-23 GENNEX Increase in Authorised Capital;Preferential Issue of shares 02-Dec-23
JAINCO General 27-Nov-23 STML Issue Of Warrants;General 04-Dec-23
KINGSINFR General;Preferential Issue of shares 27-Nov-23 SBC Bonus issue;General 05-Dec-23

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
AVANTEL 24-Nov-23 Bonus issue 2:1 RAVALSUGAR 24-Nov-23 Stock  Split From Rs.50/- to Rs.10/-
BMW 24-Nov-23 Interim Dividend – Rs. – 0.2200 RIDDHICORP 24-Nov-23 Interim Dividend – Rs. – 0.4900
CAREERP 24-Nov-23 Interim Dividend – Rs. – 1.0000 SHINDL 24-Nov-23 Interim Dividend – Rs. – 0.2500
DDEVPLASTIK 24-Nov-23 Interim Dividend – Rs. – 0.5000 TCS 24-Nov-23 Buy Back of Shares
ECOBOAR 24-Nov-23 E.G.M. UNIPARTS 24-Nov-23 Interim Dividend – Rs. – 8.0000
EMSLIMITED 24-Nov-23 Interim Dividend – Rs. – 1.0000 XTGLOBAL 24-Nov-23 Interim Dividend – Rs. – 0.0500
ESABINDIA 24-Nov-23 Interim Dividend – Rs. – 32.0000 SEPC 28-Nov-23 Right Issue of Equity Shares
GNFC 24-Nov-23 Buy Back of Shares TALBROAUTO 28-Nov-23 Interim Dividend – Rs. – 0.2000
GOLDIAM 24-Nov-23 Interim Dividend – Rs. – 1.2000 VSL 28-Nov-23 Interim Dividend – Rs. – 0.0500
GPTINFRA 24-Nov-23 Interim Dividend – Rs. – 1.0000 DATAINFRA 29-Nov-23 Income Distribution (InvIT)
INDAG 24-Nov-23 Interim Dividend – Rs. – 0.9000 MLKFOOD 29-Nov-23 Interim Dividend – Rs. – 2.5000
ISCITRUST 24-Nov-23 Income Distribution (InvIT) GUJINV 30-Nov-23 E.G.M.
LOKESHMACH 24-Nov-23 E.G.M. THEBYKE 30-Nov-23 E.G.M.
MANAPPURAM 24-Nov-23 Interim Dividend – Rs. – 0.8500 NITINCAST 01-Dec-23 E.G.M.
MORGANITE 24-Nov-23 Interim Dividend – Rs. – 28.0000 JYOTISTRUC 04-Dec-23 E.G.M.
NATCOPHARM 24-Nov-23 Interim Dividend – Rs. – 1.2500 PANCHSHEEL 04-Dec-23 Interim Dividend – Rs. – 0.8000
NICCOPAR 24-Nov-23 Interim Dividend – Rs. – 0.3000 SCL 06-Dec-23 E.G.M.
PFC 24-Nov-23 Interim Dividend – Rs. – 4.5000 POOJAENT 08-Dec-23 Bonus issue 6:1

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)

Kiran Tahlani, 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 e-mailing 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
  2. 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;

  1. 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

Provided that research analyst or research entity shall not be required to make a disclosure as per sub-clauses (c), (d) and (e) of clause (ii) or sub-clauses (a) and (b) of clause (iii) to the extent such disclosure would reveal material non-public information regarding specific potential future investment banking or merchant banking or brokerage services transactions of the subject company.
(4) EWL or its proprietor has never served as an officer, director or employee of the subject company;
(5) EWL has never been engaged in market making activity for the subject company;
(6) EWL shall provide all other disclosures in research report and public appearance as specified by the Board under any other regulations.