The NIFTY opened just below 17000 at 16994.65 with a gap up of 22 points. The index started moving lower after the opening tick and went below 16900.Prices have found intraday support around 16850, recorded an intraday low at the same place, and started moving higher. The index went above 17000 and started finding resistance around 17050.The NIFTY recorded its intraday high at 17062.45 and moved sideways towards the end. The index finally closed at 16985.60 with a gain of just 13.45points or 0.08% up. MEDIA outperformed today and closed with a gain of over 4% followed by FMCG and REALTY. METAL under performed today and closed with a loss of 2.58% followed by IT. On the basis of these two patterns, we can conclude that a short-term low may be in place. It will fail if the index moves below 16850. We have mentioned a support zone inside the 16800-17000 range and a resistance around the 17250-17300 range. The volatility is also high as the INDIA VIX is moving above level 16 for the past three days. We are expecting a relief rally or a brief consolidation here. We should look for a trading opportunity on an intraday basis.


the BANK NIFTY opened at 39061.70 with a gap up of just 41 points. The index started moving down after the opening tick and saw a sharp dip toward 38500. Prices have recorded its intraday low at 386 13.15 and then started moving higher. Prices have moved very volatile, recorded its intraday high at 39381.40, and finally closed at 392 10.10 with a gain of 190 points. PVT BANK has underperformed today and ended lower by 0.07%. PSU BANK has outperformed today and closed with a gain of 0.57%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. The index breaks its five trading days of a lower closing streak and ended with gains today. It is possible that a short-term low may be in place and now we may see a relief rally or a consolidation here. We have to wait for confirmation first. Support is visible around 38500 while resistance is visible around 40000. The trend is still down and the volatility is also high. We should avoid taking carry-forward trade and shift our focus to intraday trading only.


HUL 2459.35 BUY The stock is about to give a breakout on the intraday and the daily chart. The stock can be bought above 2459.35 with a stop loss of 2452 and a target of 2499.
NMDC 113.15 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 112.95 with a stop loss of 114.05 and a target of 110.75.


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
SUN PHARMA  980 CE BUY 8.95 CMP 6.70 13.55 BREAKOUT


Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ZEEL.23.03 Mar 208.95 10 1.73 70821000 MOTHERSON.23.03 Mar 68.95 -10.22 33.33 80595000
ICICIPRULI.23.03 Mar 411.9 6.72 9.82 15768000 HINDALCO.23.03 Mar 387.15 -4.85 17.11 30172800
HINDPETRO.23.03 Mar 246.15 6.33 8.39 24024600 JINDALSTEL.23.03 Mar 558.5 -4.23 4.44 18181250
BPCL.23.03 Mar 351.75 6.08 18.11 16097400 TATASTEEL.23.03 Mar 105.6 -3.07 6.95 220517000
AMBUJACEM.23.03 Mar 385.9 5.48 1.12 61358400 NMDC.23.03 Mar 113.85 -2.86 0.33 49927500
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
DLF.23.03 Mar 362.75 4.77 -0.71 43992300 CUMMINSIND.23.03 Mar 1649.3 -2.11 -1.1 3393600
BERGEPAINT.23.03 Mar 605.7 3.27 -1.94 7603200 GNFC.23.03 Mar 524.45 -0.99 -0.92 7809100
INDUSTOWER.23.03 Mar 153.8 2.84 -3.64 28324800 JKCEMENT.23.03 Mar 2799.1 -0.71 -1.59 432250
PVR.23.03 Mar 1595 2.72 -2.66 2038256 METROPOLIS.23.03 Mar 1262.5 -0.59 -4.76 816400
DABUR.23.03 Mar 536.25 2.49 -2.73 10876250 BSOFT.23.03 Mar 273.45 -0.58 -0.8 7236000


Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Dabur India Ltd. 534.5 2.42 2094614 2617741 79.4 Nifty50 16985.6 0.08 86727
Hdfc Asset Management Co 1682.65 0.35 655602 816644 76.21 Niftybank 39132.6 0.21 86730
Infosys Limited 1404.1 -1.1 7323117 5753128 76.14 Nifty it 28517.25 -0.69 86730
Hdfc Life Insurance Comp 461.4 -1.14 6790599 4588291 75.27 India Vix 16.22 -0.49 86730
Ntpc Limited 179.6 0.79 9405016 6402953 74.9 Nifty Fmcg 44971.2 1.14 86730
Power Grid Corporation o 232.15 1.69 13828363 6564035 71.57 Nifty Pharma 11743.2 0.94 86730
City Union Bank Ltd. 130.1 -1.77 6886975 3017547 71.2 Nifty Realty 387.25 1.11 86730
Atul Ltd. 6945.45 1.83 58577 41185 69.12 Nifty Auto 12304.9 0.19 86730
United Spirits Limited 776.45 1.9 1429107 966494 67 Nifty Metal 5471.75 -2.58 86730
Exide Industries Ltd 176.55 -0.54 1284174 715089 66.56 Nifty Financial Services 17463.9 0.31 86730


   Domestic                                                                                                                                                  International
INR: FX Reserves, USD 17th March, 2023

INR: Infrastructure Output (YoY) (Feb) 31st March, 2023

 USD: Existing Home Sales (Feb) on 21st March, 2023

USD: Fed Interest Rate Decision on 22nd March, 2023


  • Benchmark indices ended on positive note in the highly volatile session on March 16. At close,the Sensex was up 78.94 points or 0.14% at 57,634.84, and the Nifty was up 13.40 points or 0.08% at 16,985.60. About 1377 shares advanced, 2062 shares declined, and 107 shares were unchanged.

  • Metal stocks were under pressure on March 16, with the Nifty Metal being the only sectoral index on the NSE that witnessed heavy sell off on the back of a fall in global base metal prices. Copper, Zinc, Aluminium and tin contracts saw deep cuts on the London Metal Exchange.

  • As India’s headline inflation continues to be sticky at around 6 percent and the central bank also keeping its eye on the rupee stability along with uncertainty in the US markets and Fed impending decision, the RBI is likely to for one more rate hike in its next monetary policy committee meeting in April, members of the Economic Advisory Council (EAC) to the Prime Minister said.

  • Zee Entertainment Enterprises has agreed to repay dues owed to IndusInd Bank as the company seeks to resolve insolvency proceedings initiated against it, Bloomberg reported. The move will help Zee to move forward on its merger with Sony Group unit to create a $10 billion media giant.

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


Company Name Purpose Meeting Date Company Name Purpose Meeting Date
ADCON General 17-Mar-23 RHETAN General 17-Mar-23
BEL Interim Dividend 17-Mar-23 RISHYRN General 17-Mar-23
BIGBLOC General 17-Mar-23 SILVERPRL General 17-Mar-23
FIBERWEB General 17-Mar-23 TUNITEX General 17-Mar-23
GCMCAPI General 17-Mar-23 VARIMAN General 17-Mar-23
GCMCOMM General 17-Mar-23 VBIND General 17-Mar-23
GCMSECU General 17-Mar-23 VOLLF General 17-Mar-23
GLOBALCA Bonus issue;General 17-Mar-23 ACHYUT Bonus issue;General 18-Mar-23
GMRINFRA General 17-Mar-23 CANFINHOME General 18-Mar-23
GREENCREST General 17-Mar-23 DHYAANI General 18-Mar-23
JACKSON General 17-Mar-23 FEDERALBNK General 18-Mar-23
JMDVL General 17-Mar-23 GPIL Buy Back of Shares 18-Mar-23
KENVI Stock  Split 17-Mar-23 INFRATRUST General 18-Mar-23
KHOOBSURAT General 17-Mar-23 MODULEX Quarterly Results 18-Mar-23
NCLRESE General 17-Mar-23 OONE General 18-Mar-23
PRIMECAPM General 17-Mar-23 SMEL General 18-Mar-23
PSITINFRA General 17-Mar-23 VGIL Rights Issue;General 18-Mar-23


Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
BI 17-Mar-23 E.G.M. MIDHANI 23-Mar-23 Interim Dividend – Rs. – 1.6800
CAPRIHANS 17-Mar-23 E.G.M. ABSLAMC 24-Mar-23 Interim Dividend
HITECH 17-Mar-23 Stock  Split From Rs.10/- to Rs.1/- AJANTPHARM 24-Mar-23 Buy Back of Shares
NETTLINX 17-Mar-23 Interim Dividend – Rs. – 0.4000 BEL 24-Mar-23 Interim Dividend
ROJL 17-Mar-23 Stock  Split From Rs.10/- to Rs.2/- GLS 24-Mar-23 Interim Dividend
TCMLMTD 17-Mar-23 E.G.M. SAIL 24-Mar-23 Interim Dividend
VIVANTA 17-Mar-23 Stock  Split From Rs.10/- to Rs.1/- STYRENIX 24-Mar-23 Interim Dividend
CSL 20-Mar-23 Stock  Split From Rs.10/- to Rs.2/- VIVANZA 24-Mar-23 Stock  Split From Rs.10/- to Rs.1/-
HAL 20-Mar-23 Interim Dividend – Rs. – 20.0000 VKAL 24-Mar-23 E.G.M.
SRUSTEELS 20-Mar-23 Interim Dividend – Rs. – 0.1000 BHARATAGRI 29-Mar-23 Stock  Split From Rs.10/- to Rs.1/-
UJJIVAN 20-Mar-23 Interim Dividend – Rs. – 5.0000 CRISIL 31-Mar-23 Final Dividend – Rs. – 23.0000
AGIIL 21-Mar-23 Interim Dividend – Rs. – 1.0000 DWARKESH 31-Mar-23 Interim Dividend
GAIL 21-Mar-23 Interim Dividend – Rs. – 4.0000 SCHAEFFLER 11-Apr-23 Final Dividend – Rs. – 24.0000
HUDCO 21-Mar-23 Interim Dividend – Rs. – 0.7500 HUHTAMAKI 20-Apr-23 Dividend – Rs. – 2.0000
KAMAHOLD 21-Mar-23 Interim Dividend – Rs. – 84.0000 JETINFRA 21-Apr-23 Bonus issue 1:1
KDDL 21-Mar-23 Interim Dividend – Rs. – 2.0000 NESTLEIND 21-Apr-23 Final Dividend – Rs. – 75.0000
MCLOUD 21-Mar-23 Bonus issue 3:1 VESUVIUS 26-Apr-23 Final Dividend – Rs. – 8.2500
NATIONALUM 21-Mar-23 Interim Dividend – Rs. – 2.5000 ABB 27-Apr-23 Dividend – Rs. – 5.5000
PODARPIGQ 21-Mar-23 Interim Dividend – Rs. – 3.5000 KSB 28-Apr-23 Final Dividend – Rs. – 15.0000
STANCAP 21-Mar-23 E.G.M. SANOFI 28-Apr-23 Final Dividend – Rs. – 194.0000
SUNTV 21-Mar-23 Interim Dividend – Rs. – 2.5000 SANOFI 28-Apr-23 Special Dividend – Rs. – 183.0000

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