The NIFTY opened at 19298.35 with a gap up of 33 points. The Index initially moved lower for the first 15 minutes of trading, found support around 19250, and then moved up. Prices have recorded Its Intraday low at 19249.70 and saw a sharp Intraday rally. Prices have moved above 19350 and recorded its intraday high at 19366.85. The index then started a consolidation process. The NIFTY moved lower in the last one and half hours of trading and finally closed at 19306.05 near Its opening tick with a gain of 40.25 points or 0.21% up.IT, FMCG, and OIL GAS underperformed and closed with a loss. BANK, AUTO, PHARMA and REALTY outperformed and closed with decent gains. The short-term trend is sideways. For the time being, we should step aside and avoid trading the index. Wait for prices to close beyond the 19250-19500 trading range.


The BANK NIFTY opened at 44253.65 with a gap up of 80 points. The Index initially started moving sideways for about an hour and then broke on the upside. Prices have seen a sharp intraday rally for the most part of the day and again moved sideways towards the end. The Index recorded its intraday low at 44201.45, its intraday high at 44610.40, and finally closed at 44507.75 with a gain of 334 points. PSU and PVT BANK both Indices have performed almost the same today, saw a mild upside move, and finally closed with a gain of 0.75% &0.61% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while BANDHAN BANK contributed the lowest. The short-term trend is sideways. A very strong support zone is visible around 43500-44000. Resistance is visible around the 44500-45000 zone.


BHARAT FORGE 1049.20 BUY The stock is about to give a breakout on the intraday and the daily chart. The stock can be bought above 1057.10 with a stop loss of 1045.00 and a target of 1076.70.
COLPAL 1935.80 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 1932.60 with a stop loss of 1946.40 and a target of 1909.30.


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
IRCTC  700 CE BUY 16.35 CMP 12.30 26.55 BREAKOUT
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
IBULHSGFIN.23.08 Aug 192.5 11.3 2.84 48863100 MPHASIS.23.08 Aug 2330.9 -2.62 6.84 2056175
LUPIN.23.08 Aug 1106.4 2.95 0.28 5098300 ZEEL.23.08 Aug 262.1 -1.26 1.16 44499000
NMDC.23.08 Aug 122.15 2.52 17.66 74817000 MCDOWELL-N.23.08 Aug 998.05 -0.82 1.53 8180900
LT.23.08 Aug 2693.25 2.23 1.58 6805800 DABUR.23.08 Aug 553.7 -0.79 8.62 15768750
INDUSTOWER.23.08 Aug 171.95 2.08 6.57 74861200 GODREJCP.23.08 Aug 1024.65 -0.41 0.34 7932000
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
PEL.23.08 Aug 1113 4.87 -0.32 5782500 GMRINFRA.23.08 Aug 60.15 -2.83 -4.04 93105000
INDIACEM.23.08 Aug 240 4.08 -3.22 18812300 PERSISTENT.23.08 Aug 5042.75 -1.64 -5.18 893375
GLENMARK.23.08 Aug 767.4 3.69 -4.21 3890350 COFORGE.23.08 Aug 5183.45 -1.35 -20.45 1054650
GNFC.23.08 Aug 590.35 3.66 -20.17 5575700 RELIANCE.23.08 Aug 2437.2 -1.3 -2.27 26691000
BHEL.23.08 Aug 109.05 3.66 -1.46 71536500 COLPAL.23.08 Aug 1942.9 -1.22 -2.72 2218650

Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Muthootfin 1288 2.27 894466 741256 86.09 Nifty50 19306.05 0.21 95424
Dabur India Ltd. 554.15 -0.7 1481763 1628797 78.18 Niftybank 44494.65 0.6 95358
Dalmia Bharat Limited 2031.85 1.4 179508 235956 74.43 Nifty it 30773.6 -0.46 95358
Alkem 3712.4 0.94 137962 99331 73.19 India Vix 12.4 2.63 103572
Pidilite Industries Ltd 2514.1 -0.55 342150 313353 72.62 Nifty Fmcg 51390.8 -0.23 95358
Tata Consumer Products l 841.8 1.11 649996 823941 71.69 Nifty Pharma 15161.8 0.91 95358
Infosys Limited 1415.65 -0.31 3133464 2992651 69.48 Nifty Realty 537.95 0.94 95358
Britannia Ind Ltd. 4510.95 -0.33 343698 230366 69 Nifty Auto 15475.25 0.73 95355
Indigo 2482.65 1 257414 491821 68.64 Nifty Metal 6533.3 0.21 95355
Navin Fluorine Internati 4509.45 0.04 53979 43052 68.37 Nifty Financial Services 19759.65 0.55 95355

Upcoming Economic Data

   Domestic                                                                                                                                                  International
INR: Federal Fiscal Deficit (Jul) on 31st August, 2023

INR: GDP Quarterly (YoY) (Q1) on 31st August, 2023

USD: JOLTs Job Openings (Jul) on 29th August, 2023

USD: CB Consumer Confidence (Aug) on 29th August, 2023

News Updates

  • The equity indices broke a two-day losing streak and ended higher on August 28 with Nifty at 19,300 amid buying across the sectors barring FMCG and Information Technology. At close, the Sensex was up 110.09 points or 0.17 percent at 64,996.60, and the Nifty was up 40.20 points or 0.21 percent at 19,306.

  • Jio Financial Services will enter the insurance segment to offer life, general, and health insurance products, said Reliance Industries’ chairman Mukesh Ambani on August 28.

  • Bharat Forge shares hit an all-time on August 28 at Rs 1,056.80 after Kalyani Rafael Advanced Systems announced an order win worth Rs 287.51 crore. Kalyani Rafael Advanced Systems is a joint venture between the former’s subsidiary Kalyani Strategic Systems and Israel’s Rafael Advanced Systems. The said order win is for supplying missile systems to the Ministry of Defence.

  • Reliance Industries Chairman Mukesh Ambani announced the Jio True5G developer program at the company’s 46th Annual General Meeting on August 28. This program combines its 5G network, edge computing, and a plethora of applications and services.

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

Board Meetings

Company Name Purpose Meeting Date Company Name Purpose Meeting Date
ADVIKLA A.G.M. 29-Aug-23 PHARMAID General 29-Aug-23
ASHIS Preferential Issue of shares;Increase in Authorised Capital;A.G.M. 29-Aug-23 PROFINC Preferential Issue of shares 29-Aug-23
BIGBLOC A.G.M. 29-Aug-23 RCCEMEN A.G.M. 29-Aug-23
BPCAP A.G.M. 29-Aug-23 REVATHI Audited Results 29-Aug-23
CIANAGRO A.G.M. 29-Aug-23 RITHWIKFMS A.G.M. 29-Aug-23
DIDL A.G.M. 29-Aug-23 RKDAGRRTL A.G.M. 29-Aug-23
ECOHOTELS Preferential Issue of shares 29-Aug-23 SABOOBR General;A.G.M. 29-Aug-23
FCSSOFT A.G.M. 29-Aug-23 SBFC General 29-Aug-23
GANHOLD General;A.G.M. 29-Aug-23 SEIL General;A.G.M. 29-Aug-23
GILLETTE Final Dividend;Audited Results 29-Aug-23 STANCAP General 29-Aug-23
GRAVITY A.G.M. 29-Aug-23 STARLENT General;A.G.M. 29-Aug-23
HMAAGRO General;Final Dividend;Audited Results;A.G.M. 29-Aug-23 SUCROSA A.G.M. 29-Aug-23
INTERDIGI A.G.M. 29-Aug-23 SUNCITYSY General 29-Aug-23
KILPEST Amalgamation 29-Aug-23 TIJARIA General 29-Aug-23
KPEL General;Employees Stock Option Plan;A.G.M. 29-Aug-23 TREL Quarterly Results 29-Aug-23
LANDMARC A.G.M. 29-Aug-23 UNIAUTO General;Preferential Issue of shares;Issue Of Warrants 29-Aug-23
MOLDTEK General;A.G.M. 29-Aug-23 UNITECH Quarterly Results 29-Aug-23
MOLDTKPAC General;A.G.M. 29-Aug-23 AVROIND General 30-Aug-23
MUFIN General;A.G.M. 29-Aug-23 CHECKPOINT A.G.M. 30-Aug-23
NOUVEAU General 29-Aug-23 CONTICON General 30-Aug-23
NUTRICIRCLE General;A.G.M. 29-Aug-23 FINKURVE General 30-Aug-23
PGFOILQ A.G.M. 29-Aug-23 GEE Audited Results;A.G.M. 30-Aug-23

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
BIRLACORPN 29-Aug-23 Final Dividend – Rs. – 2.5000 ARVINDFASN 01-Sep-23 Final Dividend – Rs. – 1.0000
DATAINFRA 29-Aug-23 Income Distribution (InvIT) BHAGIL 01-Sep-23 Final Dividend – Rs. – 1.0000
ELNET 29-Aug-23 Final Dividend – Rs. – 2.0000 BRAHMINFRA 01-Sep-23 E.G.M.
GMM 29-Aug-23 Final Dividend – Rs. – 1.0000 DMR 01-Sep-23 Final Dividend – Rs. – 0.1100
INDOUS 29-Aug-23 Bonus issue 1:1 FOODSIN 01-Sep-23 Final Dividend – Rs. – 0.2500
MYSORPETRO 29-Aug-23 Final Dividend – Rs. – 2.5000 FOODSIN 01-Sep-23 Special Dividend – Rs. – 0.2500
PILANIINVS 29-Aug-23 Dividend – Rs. – 15.0000 GALADA 01-Sep-23 Resolution Plan -Suspension
TMB 29-Aug-23 Final Dividend – Rs. – 5.0000 GANESHHOUC 01-Sep-23 Final Dividend – Rs. – 2.4000
CMSINFO 30-Aug-23 Final Dividend – Rs. – 4.7500 GNA 01-Sep-23 Dividend – Rs. – 6.0000
IONEXCHANG 30-Aug-23 Dividend – Rs. – 1.2500 GNA 01-Sep-23 Bonus issue 1:1
SKMEGGPROD 30-Aug-23 Final Dividend – Rs. – 0.5000 GSPL 01-Sep-23 Final Dividend – Rs. – 5.0000
TANLA 30-Aug-23 Final Dividend – Rs. – 4.0000 GUJTHEM 01-Sep-23 Final Dividend – Rs. – 1.0000
BAIDFIN 31-Aug-23 Final Dividend – Rs. – 0.1000 METROBRAND 01-Sep-23 Final Dividend – Rs. – 1.5000
BAPACK 31-Aug-23 Final Dividend – Rs. – 1.5000 MPILCORPL 01-Sep-23 Dividend – Rs. – 1.2000
ECLERX 31-Aug-23 Final Dividend – Rs. – 1.0000 NBCC 01-Sep-23 Final Dividend – Rs. – 0.5400
GEECEE 31-Aug-23 Final Dividend – Rs. – 2.0000 PATINTLOG 01-Sep-23 Final Dividend – Rs. – 0.1000
KAMAHOLD 31-Aug-23 Interim Dividend – Rs. – 82.0000 PGIL 01-Sep-23 Interim Dividend – Rs. – 5.0000
NMDC 31-Aug-23 Final Dividend – Rs. – 2.8500 PSPPROJECT 01-Sep-23 Final Dividend – Rs. – 2.5000
SIGACHI 31-Aug-23 Final Dividend – Rs. – 1.0000 RAMRAT 01-Sep-23 Final Dividend – Rs. – 2.5000
UNOMINDA 31-Aug-23 Final Dividend – Rs. – 1.0000 REMLIFE 01-Sep-23 Stock  Split From Rs.10/- to Rs.5/-
ZSWASTSA 31-Aug-23 Final Dividend – Rs. – 1.0000 RISHIROOP 01-Sep-23 Final Dividend – Rs. – 1.5000
APLAPOLLO 01-Sep-23 Final Dividend – Rs. – 5.0000 SANSERA 01-Sep-23 Final Dividend – Rs. – 2.5000

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)

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 regulation