The NIFTY opened at 19844.65 with a gap up of 50 points. The index initially moved lower for the first hour of trading, found support afterward, and then started a consolidation process. Micro Picture prices have recorded its intraday low at 19800 and eventually broke on the upside in the afternoon. The index then saw a sharp intraday rally which lasted till the end of  trading session. The NIFTY recorded its intraday high at 19916.85 almost at the end and finally closed at 19889.70 near its day’s highs with a gain of 95 points or 0.48% up. OIL GAS outperformed and ended with a gain of 2.28% followed by METAL which ended 1.85% higher. PHARMA and FMCG underperformed and ended with minor losses. The short-term trend is up. The index has broken out from the past few days of narrow trading range. Support is now visible around 19650 while resistance may emerge around 20200.


The BANK NIFTY opened at 43851.55 with a gap up of 87 points. The index initially moved down, filled the gap in no time, and then started a process of consolidation. The index recorded its intraday low at 43739.80 and eventually broke higher. Prices have seen a modest rally throughout the day with sharp intraday dips and recorded its intraday high at 43960.30. The index finally closed at 434943.95 with a gain of 179 points. PSU BANK has outperformed, saw a sharp upside move, and closed with a gain of 1.35%. PVT BANK has also moved up but ended with a gain of just 0.21%. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is up now as the index broke above six days of a narrow trading range. However, prices are still moving inside a wide range with support around 43400 and resistance around 44400.


CONCOR 766.85 BUY The stock is about to give a breakout on the intraday and the daily chart. The stock can be bought above 769.00 with a stop loss of 762.00 and a target of 783.30.
TATA COMMUNICATION 1683.50 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 1680.00 with a stop loss of 1698.50 and a target of 1643.00.


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
SBIN (28 DEC)  570 CE BUY 11.90 CMP 11.15 14.15 BREAKOUT
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
TATAMOTORS.23.11 Nov 697.8 3.65 5.52 49450350 TATACOMM.23.11 Nov 1681 -2.3 10.91 4911500
MOTHERSON.23.11 Nov 90.1 2.97 0.58 65809900 SUNPHARMA.23.11 Nov 1189.85 -0.63 1.45 20014400
HINDALCO.23.11 Nov 516.25 1.49 27.11 33027400 DABUR.23.11 Nov 534.85 -0.31 12.22 17346250
BAJAJ-AUTO.23.11 Nov 6003.35 1.31 3.66 2171875 ICICIBANK.23.11 Nov 927.1 -0.22 1.17 68536300
MUTHOOTFIN.23.11 Nov 1345.2 1.22 0.47 4687650 JUBLFOOD.23.11 Nov 545.15 -0.03 6.38 16936250
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ADANIENT.23.11 Nov 2429.6 8.94 -6.4 7610400 GRANULES.23.11 Nov 377.5 -2.37 -9.45 7340000
HINDPETRO.23.11 Nov 342.55 7.03 -0.13 38739600 DELTACORP.23.11 Nov 134.15 -2.15 -21.7 6568800
MCX.23.11 Nov 3135.25 6.84 -14.83 1918400 GLENMARK.23.11 Nov 772.95 -1.84 -10.05 7290600
TATAPOWER.23.11 Nov 271.35 4.95 -6.82 58080375 AUROPHARMA.23.11Nov 1017.55 -1.62 -3.08 13066900
ADANIPORTS.23.11 Nov 837.4 4.92 -0.68 44158400 ABBOTINDIA.23.11 Nov 23721.1 -1.59 -7.16 49800

Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Hdfc Bank Ltd. 1528.65 -0.23 14244669 5771108 70.08 Nifty50 19889.7 0.48 40801186
Shriram Finance Limited 1965.7 0.93 720833 329722 69.29 Niftybank 43880.95 0.26 18484329
Godrej Cons Products Ltd 1001.75 -0.77 1249480 492021 68.3 Nifty it 32118.45 0.2 770077
Axis Bank Limited 1021.15 1.25 6173384 4713689 67.76 India Vix 12.18 7.5 673697599
Asian Paints Limited 3148.35 0.39 647883 506937 67.03 Nifty Fmcg 52489.5 -0.17 399136
Balkrishna Ind. Ltd 2619.95 1.91 423349 197071 66.81 Nifty Pharma 15900.3 -0.34 50877408
Bharti Airtel Limited 984.9 1.21 5096984 1545613 66.56 Nifty Realty 706.95 0.57 1148577453
Kotak Mahindra Bank Limi 1742.25 -0.1 3349292 1652128 64.49 Nifty Auto 17202.75 0.95 47220357
Mahanagar Gas Limited 1027.15 0.25 196542 97963 64.37 Nifty Metal 7001.65 1.85 116013756
Atul Ltd. 6525.55 -0.23 51857 35982 64.23 Nifty Financial Services 19702.65 0.26 4160515

Upcoming Economic Data

   Domestic                                                                                                                                                  International
INR: GDP Quarterly (YoY) (Q2) on 30th November, 2023

INR: Federal Fiscal Deficit (Oct) on 30th October, 2023

USD: GDP (QoQ) (Q3) on 29th November, 2023

USD: Crude Oil Inventories on 29th November, 2023

News Updates

  • India’s benchmark stock indices ended Tuesday higher after a day’s break on Monday for Guru Nanak Jayanti. The indices were mostly mixed through the day before recovering as Adani group company stocks added as much as Rs 1,31,907 crore in investor wealth intraday, the biggest single-day surge since April 11, 2022.

  • Adani Group market value surged by over $15 billion with group stocks rallying up to 20 percent on November 28 after the Supreme Court reserved its order to probe the companies based on a US short-seller’s allegations of accounting fraud and stock manipulation.

  • SpiceJet promoter Ajay Singh is in discussions with a clutch of global private credit funds to raise up to $100 million to refinance part of promoter debt and potentially infuse fresh equity in the cash-strapped airline, sources aware of the ongoing negotiations told Moneycontrol requesting anonymity.

  • BharatPe has turned Ebitda positive in October and clocked an annualised revenue of Rs 1,500 crore, up 31 percent from the year ago period on the back of significant growth in its lending and payments business, the fintech unicorn said on November 28.

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

Board Meetings

Company Name Purpose Meeting Date Company Name Purpose Meeting Date
BINNY Audited Results 29-Nov-23 PROTEAN Quarterly Results 30-Nov-23
BINNYMILLS General 29-Nov-23 RECLTD General 30-Nov-23
BPCL Interim Dividend 29-Nov-23 SIS Buy Back of Shares 30-Nov-23
MACKINN Quarterly Results 29-Nov-23 TITAANIUM Half Yearly Results 30-Nov-23
MANINFRA Issue Of Warrants;General;Preferential Issue of shares 29-Nov-23 VASCONEQ General 30-Nov-23
MANJEERA Quarterly Results 29-Nov-23 ASKAUTOLTD Quarterly Results 01-Dec-23
PRITIKAUTO General 29-Nov-23 EFCIL General;Preferential Issue of shares 01-Dec-23
PURVA General 29-Nov-23 IRIS Employees Stock Option Plan;Increase in Authorised Capital 01-Dec-23
PVVINFRA General 29-Nov-23 GENNEX Increase in Authorised Capital;Preferential Issue of shares 02-Dec-23
RAJOOENG Buy Back of Shares 29-Nov-23 MKEXIM Increase in Authorised Capital;Bonus issue;General 02-Dec-23
SUPRAPFSL General 29-Nov-23 HINDBIO General 04-Dec-23
WORTH General 29-Nov-23 STML Issue Of Warrants;General 04-Dec-23
ADTYFRG General;Quarterly Results 30-Nov-23 SVPGLOB A.G.M. 04-Dec-23
GARGFUR General 30-Nov-23 SBC Bonus issue;General 05-Dec-23
GENCON Quarterly Results 30-Nov-23 DOLPHINOFF Stock  Split 07-Dec-23
JYOTISTRUC Rights Issue 30-Nov-23 KEYFINSER Reduction of Capital 08-Dec-23
KCDGROUP General 30-Nov-23 WARDINMOBI General 08-Dec-23
MEGASTAR General;Preferential Issue of shares 30-Nov-23 METALFORGE Quarterly Results 15-Dec-23
PENINLAND Preferential Issue of shares 30-Nov-23 STL Increase in Authorised Capital;Bonus issue 21-Dec-23

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
DATAINFRA 29-Nov-23 Income Distribution (InvIT) PANCHSHEEL 04-Dec-23 Interim Dividend – Rs. – 0.8000
MLKFOOD 29-Nov-23 Interim Dividend – Rs. – 2.5000 SCL 06-Dec-23 E.G.M.
GUJINV 30-Nov-23 E.G.M. DHYAANI 07-Dec-23 Bonus issue 9:5
THEBYKE 30-Nov-23 E.G.M. POOJAENT 08-Dec-23 Bonus issue 6:1
ALPHAIND 01-Dec-23 Bonus issue 1:1 STEELXIND 11-Dec-23 E.G.M.
NITINCAST 01-Dec-23 E.G.M. RHL 12-Dec-23 E.G.M.
JYOTISTRUC 04-Dec-23 E.G.M. RCF 13-Dec-23 Final Dividend – Rs. – 3.7000

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.