Morning-outlook-4 march


The NIFTY opened at 1745125 with a big gap up of 130 points. The index continued its early morning bullish momentum and started moving higher from its opening tick. Prices have recorded its intraday low at 17427.70 in its initial trades and saw a sharp upside move for the whole day with minor dips in between which traders use to as or take a fresh position. Prices have seen a minor correction towards the end after recording its high at 17644.75. The index finally closed at 17594.35 with a gain of 272.45 points or 1.52% up. All the sectoral Indices have moved higher today and closed with gains. METAL led the bulls today by ending 3.55% higher followed by BANK which ended with a gain of 2.13%. The short-term trend is sideways to up now. We have mentioned a narrow trading range inside 17300-17450. This range has broken out decisively on the upside and prices have met with the pattern target.


The BANK NIFTY opened at 40671.40 with a big gap up of 341 points. The index continued its early morning bullish momentum and started moving higher after recording its intraday low at 40605.35 in its initial trades. The index kept on rising for the whole day, recorded its intraday high at 41390.15, and finally closed at 41236.85 with a gain of 906 points. PSU BANK outperformed today, saw a sharp intraday rally, and ended with a gain of 5.40%. PVT BANKS have also moved up and ended with a gain of 1.64% Within the index, in terms of points, HDFC BANK contributed the highest on the upside while BANDHAN BANK contributed the least. The short-term trend is sideways to up now as the index breaks above 40800 resistance and ended well above 41000 marks. It was a trend day on the upside where prices have recorded its intraday low near the opening tick and intraday high near the closing tick.


INDIAN HOTEL 318.05 BUY The stock is about to give a breakout on the intraday and the daily chart. The stock can be bought above 319.95 with a stop loss of 316.95 and a target of 324.45.
ICICI GI 1079.10 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 1075.95 with a stop loss of 1085.75 and a target of 1060.90.



Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
RELIANCE.23.03 Mar 2567 6.98 0.46 37112000 ADANIENT.23.03 Mar 1785.4 -5.59 141.38 25271500
BANKNIFTY.23.03 Mar 43700 5.5 8.8 2618075 OBEROIRLTY.23.03 Mar 862 -3.6 0.01 5987100
HAL.23.03 Mar 2750.7 2.47 31 3880500 VEDL.23.03 Mar 280.85 -3.52 7.72 40944000
TECHM.23.03 Mar 1117.2 2.26 14.31 12213600 ADANIPORTS.23.03 Mar 665 -3.22 32.66 55851875
BEL.23.03 Mar 97.2 1.36 2.5 103569000 RBLBANK.23.03 Mar 163.05 -2.77 7.58 27810000
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
BHARATFORG.23.03 Mar 829.7 0.21 -0.04 7613000 BRITANNIA.23.03 Mar 4418.25 -0.33 -0.78 1292200
SHRIRAMFIN.23.03 Mar 1223 0.47 -1.12 3973200


Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Infosys Limited 1478.9 Nifty50 17594.35 1.57 31086
Wipro Ltd 390.35 Niftybank 41251.35 2.13 31086
Reliance Industries Ltd 2379.05 Nifty it 29817.05 0.34 31086
Zee Entertain. 198.7 India Vix 12.18 -6.09 31086
Larsen & Toubro Limited 2149.6 Nifty Fmcg 45410 1.29 31086
Acc Limited 1897.95 Nifty Pharma 11781.8 0.18 31086
Itc Ltd. 380.1 Nifty Realty 412 1.49 31086
Hcl Technologies Ltd. 1123.85 Nifty Auto 12787.05 0.38 31086
Hindustan Unilever Ltd 2479.6 Nifty Metal 5667.9 3.55 31086
Tata Steel Limited 105.65 Nifty Financial Services 18264.5 1.77 31086


   Domestic                                                                                                                                                  International
INR: Manufacturing Output (MoM) (Jan)10th March, 2023

INR: Industrial Production (YoY) (Jan) 10th March, 2023

 USD: Crude Oil Inventories on 8th March, 2023

USD: JOLTs Job Openings (Jan) on 8th March, 2023


  • Benchmark indices ended higher on March 3 with Nifty around 17,600. At Close, the Sensex was up 899.62 points or 1.53% at 59,808.97, and the Nifty was up 272.40 points or 1.57% at 17,594.30. About 2118 shares have advanced, 1299 shares declined, and 125 shares are unchanged.

  • Adani Green Energy’s operating renewable portfolio reached 8,024 MW, the largest in India, after the company’s fourth wind-solar hybrid power plant in Rajasthan’s Jaisalmer got operational.

  • Macrotech Developers continued its northward journey for the fifth session in a row, rising nearly 7 percent on March 3, as benchmark indices traded over 1.5 percent higher in the late afternoon. The stock has formed a long bullish candlestick pattern on the daily charts, with significantly higher volumes, making higher highs and higher lows for the third straight session.

  • Tata Motors is currently in Generation 1 EVs and will soon be rolling out the Generation 2 EVs, Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd, told CNBC-TV18 in an interview.

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


Company Name Purpose Meeting Date Company Name Purpose Meeting Date
ALLCARGO Interim Dividend 06-Mar-23 IFL Bonus issue;General;Stock  Split 09-Mar-23
ANG General;Preferential Issue of shares 06-Mar-23 INDOWIND General 09-Mar-23
BALGOPAL General 06-Mar-23 INLANPR General 09-Mar-23
BERYLSE General 06-Mar-23 POWERGRID General 09-Mar-23
INDAGIV Quarterly Results 06-Mar-23 PRIMEFRESH General 09-Mar-23
NETTLINX Bonus issue;Interim Dividend 06-Mar-23 SMAUTO General 09-Mar-23
NIHARINF General;Preferential Issue of shares 06-Mar-23 VIRPOLY General 09-Mar-23
SVPHOUSING General 06-Mar-23 GAMMONIND Quarterly Results 10-Mar-23
BINDALEXPO General 07-Mar-23 HAL Interim Dividend 10-Mar-23
GLOBALCA General 07-Mar-23 KPT General 10-Mar-23
INTENTECH Employees Stock Option Plan 07-Mar-23 OISL Audited Results;General 10-Mar-23
SICAPIT General 07-Mar-23 SRUSTEELS Bonus issue;Increase in Authorised Capital;Interim Dividend 10-Mar-23
SUPRAP General 07-Mar-23 AFFORDABLE General 11-Mar-23
DEKSON General 08-Mar-23 GOLDLEG General 13-Mar-23
NATCOPHARM Buy Back of Shares 08-Mar-23 HUDCO Interim Dividend 14-Mar-23
PBGLOBAL General 08-Mar-23 QGO General 14-Mar-23
SANCF General;Preferential Issue of shares 08-Mar-23 MIDHANI Interim Dividend 15-Mar-23
SBILIFE Interim Dividend 08-Mar-23 RADHIKAJWE Stock  Split 16-Mar-23
VICTENT A.G.M.;General 08-Mar-23 SAMRATPH General 16-Mar-23
EVEXIA General 09-Mar-23 BEL Interim Dividend 17-Mar-23
GOBLIN General;Preferential Issue of shares 09-Mar-23 ULTRACEMCO Audited Results;Final Dividend 28-Apr-23

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
FRASER 06-Mar-23 E.G.M. ENBETRD 15-Mar-23 E.G.M.
GUJTLRM 06-Mar-23 Stock  Split From Rs.10/- to Rs.1/- SBILIFE 16-Mar-23 Interim Dividend
HGS 06-Mar-23 Buy Back of Shares SHREESEC 16-Mar-23 Stock  Split From Rs.10/- to Rs.1/-
HGS 06-Mar-23 Interim Dividend – Rs. – 2.5000 TAPARIA 16-Mar-23 Interim Dividend
MPILCORPL 06-Mar-23 E.G.M. TCMLMTD 17-Mar-23 E.G.M.
GOKULAGRO 08-Mar-23 Right Issue of Equity Shares VIVANTA 17-Mar-23 Stock  Split From Rs.10/- to Rs.1/-
MARICO 08-Mar-23 Interim Dividend – Rs. – 4.5000 HAL 20-Mar-23 Interim Dividend
RAMAPPR-B 08-Mar-23 E.G.M. SRUSTEELS 20-Mar-23 Interim Dividend
TRIVIKRAMA 08-Mar-23 E.G.M. HUDCO 21-Mar-23 Interim Dividend
JSLHISAR 09-Mar-23 Amalgamation MIDHANI 23-Mar-23 Interim Dividend
KPEL 10-Mar-23 Stock  Split From Rs.10/- to Rs.5/- CRISIL 31-Mar-23 Final Dividend – Rs. – 23.0000
RHETAN 10-Mar-23 Bonus issue 11:4 SCHAEFFLER 11-Apr-23 Final Dividend – Rs. – 24.0000
RHETAN 10-Mar-23 Stock  Split From Rs.10/- to Rs.1/- HUHTAMAKI 20-Apr-23 Dividend – Rs. – 2.0000
ASTRAL 14-Mar-23 Bonus issue 1:3 NESTLEIND 21-Apr-23 Final Dividend – Rs. – 75.0000
JUMBO 14-Mar-23 E.G.M. VESUVIUS 26-Apr-23 Final Dividend – Rs. – 8.2500
ALLCARGO 15-Mar-23 Interim Dividend ABB 27-Apr-23 Dividend – Rs. – 5.5000
CGPOWER 15-Mar-23 Interim Dividend – Rs. – 1.5000 KSB 28-Apr-23 Final Dividend – Rs. – 15.0000
DRONACHRYA 15-Mar-23 E.G.M. SANOFI 28-Apr-23 Final Dividend – Rs. – 194.0000

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