NARROW TRADING BREAKS ON THE UPSIDE

NIFTY:

The NIFTY opened at 17707.55 with a gap up of 103 points. The index did not sustain at the higher levels and started drifting downwards from the opening tick. Prices have filled the gap and then found support there. The index recorded its intraday low at 17612.50 and saw a breakout on the upside. Prices have rallied sharply afterward. The index continued its upside momentum till the end and recorded its intraday high at 17754.50. The NIFTY finally closed at 17743.40 with a gain of 119.35 points or 0.68% up. The BANK, FINANCIAL, and REALTY outperformed today and closed with a gain of more than 1% followed by IT and FMCG. MEDIA and PHARMA underperformed today and ended with a loss. The short-term trend is up. Moreover, the index is developing a pattern of Bullish Head & Shoulder on the daily timeframe chart. The pattern will be confirmed when the index closes above 17800. If confirmed then the pattern target will come around 18800. The target may or may not reach but still, it suggests higher levels. The support is now visible around 17550 which is also the recent swing high while resistance may emerge around 17800.

BANK NIFTY:

The BANK NIFTY opened at 42469.95 with a gap up of 387 points. The index initially moved higher but soon faced resistance and started moving downside. Prices have recorded its intraday low at 42269.10 and then started a consolidation process. The index broke it on the upside and saw a sharp intraday rally. The intraday high was recorded at 42714.15 and prices then spent the rest of the day sideways. BANK NIFTY finally closed at 42641.85 with a gain of 559 points. PSU BANK has outperformed today, saw a sharp intraday rally, and closed with a gain of 2.61%. PVT BANK has also moved up today and closed with a gain of 1.10% Within the index, in terms of points, ICICI BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. The index did not hit either level so the trade remained intact. Stay long with a modified stop at 42300 and a target at 43300. Support is now visible around 42000 which is also the recent swing low while resistance is visible around 43000.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices settled the session near the day’s high, with Nifty around 17,750. The Sensex settled 401.04 points or 0.67 percent higher at 60,056.10, and the Nifty gained119.40 points or 0.68 percent at 17,743.40. About 1,847 shares advanced, 1,643 shares declined, and 159 shares were unchanged.

 

• IndusInd Bank beat estimates on April 24 with a standalone net profit of Rs 2040.51 crore for the March quarter of 2022-23, up 49.88 percent over the last year’s figure of Rs 1361.37 crore. Brokerages had predicted a 43.3 percent on-year rise in bottomline. Net interest income of the lender came in at Rs 4669.46 crore, registering a rise of 17 percent year-on-year.

 

• Rail Vikas Nigam (RVNL) delivered solid returns on April 24, the first day of the week, rising more than 13 percent to hit a record high of Rs 88. The stock has formed robust bullish candlestick pattern on the daily, weekly as well as monthly charts, with strong volumes.

 

• Mankind Pharma, the first biggest IPO in terms of issue size, will be opening for subscription this week. This would be the second initial public offering in the current calendar year after Avalon Technologies.

 

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

BOARD MEETINGS

Corporate Action

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 www.elitewealth.in. 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, suhail@elitewealth.in

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 www.elitewealth.in.
Company-Specific Disclosures

Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or emailing research@elitestock.com 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 research@elitestock.com.
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 https://www.elitewealth.in
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: www.elitewealth.in
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