The NIFTY opened at 18288.80 with a gap up of 89 points. The index could not sustain at the higher levels and started drifting downwards after the opening tick. Prices recorded its intraday high at 18318.75 in its initial trades, saw a sharp intraday decline, and went below 18100 to record its intraday low at 18068.60. The index then started a consolidation process. An attempt to recover the losses failed quickly and the consolidation continued till the end. The index closed at 18127.35 near its day lows with a loss of 71.75 points or 0.39% down. All the sectoral indices have closed with a loss today except IT which ended without any changes. AUTO, METAL, and REALTY have led the bears today and ended with a loss of more than 1%. Volatility is high now as the INDIA VIX remains above level 15. This is still a normal level but the index reached here after recording a swing low below the 12 levels. We are expecting a consolidation process here within the 18000-18500 range. It is very early to say this as prices have not confirmed the support level yet. So we should wait for confirmation first. As of now, we should step aside and avoid trading the index.


the BANK NIFTY opened at 42864 with a gap up of 206 points. Prices did not sustain at the higher level and started drifting downwards from the opening tick after recording its intraday high at 42933.50. A sharp decline brought prices to its intraday low at 42231.35 and then the index started a consolidation process. Prices finally closed at 42357.90 with a loss of 301 points. PSU and PVT BANKS both performed almost the same today, saw a sharp intraday decline, and closed with a loss of 1.23% &0.84% respectively. Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while AXIS BANK contributed the lowest. The short-term trend is down as we have seen a breakdown from a trading range. The last couple of days were wide and volatile so its is possible that the next few days may be choppy and narrow. Our recommendation, “step aside and avoid trading the index” continues. We should wait for the volatility to subsidize first and then we will plan our trade.


ASTRAL 1966.15 BUY The stock has reversed with the hammer candle at the bottom. The stock can be bought at 1972 with a stop loss of 1957.80 and a target of 1998.10.
MCX 1577.70 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold at 1570.45 with a stop loss of 1584.45 and a target of 1542.50.


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
HAL 2500 PE BUY 23.65 CMP 16 38 BREAKDOWN
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
RECLTD.22.12 Dec 112.7 2.22 0.22 61000000 LALPATHLAB.22.12 Dec 2357 -2.99 0.33 1080250
M&MFIN.22.12 Dec 228.3 0.33 3.25 20456000 METROPOLIS.22.12 Dec 1333.8 -2.78 2.18 1333200
TORNTPHARM2212Dec 1591.65 0.09 3.58 1735000 EICHERMOT.22.12 Dec 3220.45 -2.02 0.7 2759750
AUBANK.22.12 Dec 668.7 0.07 0.13 7480000 TORNTPOWER.22.12 Dec 501.05 -1.75 0.36 2938500
POLYCAB.22.12 Dec 2627.1 -1.74 0.7 905400
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
JUBLFOOD.22.12 Dec 534.35 2.25 -1.65 14885000 BANDHANBNK.22.12 Dec 231.95 -4.98 -8.92 43453800
LUPIN.22.12 Dec 766.65 1.87 -4.01 5819100 GUJGASLTD.22.12 Dec 496.4 -3.64 -1.6 4221250
MPHASIS.22.12 Dec 1990.35 1.32 -7.62 2037350 UPL.22.12 Dec 731.45 -3.46 -0.6 15754700
ALKEM.22.12 Dec 3093.55 1.27 -0.75 239000 IDFCFIRSTB.22.12 Dec 57.15 -3.46 -3.84 136515000
ABBOTINDIA.22.12 Dec 21825.85 1.24 -4.25 36960 RAIN.22.12 Dec 168.95 -3.37 -1.59 9534000


Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Torrent Pharma Ltd. 1585.95 0.19 299358 187608 74.36 Nifty50 18127.35 -0.39 29566440
Oracle Fin Serv Soft Ltd 3007.6 -0.56 54368 30506 70.41 Niftybank 42408.8 -0.49 12626534
Voltas Ltd. 807.35 -0.78 787550 338329 65.71 Nifty it 28763.85 0 887101
Samvardhana Motherson 69 -1.71 26903798 21112293 64.87 India Vix 15.19 -2.38 3.46E+08
Infosys Limited 1522.05 0.83 6302640 3744916 64.86 Nifty Fmcg 45085.55 -0.44 292079
Icici Prudential Life In 450.2 -0.88 766591 382929 64.59 Nifty Pharma 12892.75 -0.21 41528878
Hdfc Bank Ltd. 1612.05 -0.34 4873548 3242753 64.06 Nifty Realty 424.5 -1.42 1.26E+09
Icici Lombard General In 1239.75 1.25 533499 345125 63.92 Nifty Auto 12554.7 -1.11 42578227
Hdfc Ltd. 2644.45 -0.47 2337299 1658544 62.64 Nifty Metal 6519.25 -1.13 81843223
Icici Bank Ltd. 890.65 -0.18 9788367 5677336 62.25 Nifty Financial Services 18858.6 -0.35 3119534


   Domestic                                                                                                                                                  International
INR: Federal Fiscal Deficit (Nov) on 30th December, 2022

INR: Infrastructure Output (YoY) (Nov) on 30th December, 2022

 USD: Core PCE Price Index (MoM) (Nov) on 23rd  December, 2022

USD: New Home Sales (Nov) on 23rd  December, 2022


  • Sensex closed 241.02 points lower at 60,826. Nifty ended 71.80 points lower at 18,127.30. About 754 shares advanced, 2699 shares declined, and 86 shares were unchanged.All sectors ended the day in red, barring Nifty IT index which ended flat.

  • The initial public offering (IPO) of Elin Electronics was fully subscribed by the afternoon of December 22, the final day of bidding. The offer has been subscribed 2.94 times, with bids coming for 4.17 crore shares against an IPO size of 1.42 crore shares, data available with exchanges.

  • Amid climate concerns, coal is again living up to its reputation of ‘black gold’ as the global demand for the fossil fuel is set to hit a record high with a bulk of it coming from India.The International Energy Agency (IEA), in its latest report, has forecast the global coal demand to grow by 1.2 percent in 2022 and surpass 8 billion tonne for the first time.

  • Reliance Industries opened higher on December 22 after the company announced the acquisition of 100 percent equity stake in Metro Cash and Carry India Pvt Ltd (Metro India) for a cash consideration of Rs 2,850 crore.

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


Company Name Purpose Meeting Date Company Name Purpose Meeting Date
ELEFLOR General 23-Dec-22 ASHNI General 27-Dec-22
HITTCO General 23-Dec-22 INDOWIND Right Issue of Equity Shares 27-Dec-22
MACINTR General 23-Dec-22 MODCL General 27-Dec-22
MIRCH Increase in Authorised Capital;Issue Of Warrants;General 23-Dec-22 SEPC Right Issue of Equity Shares;General 27-Dec-22
OISL Audited Results 23-Dec-22 ALEXANDER Preferential Issue of shares 28-Dec-22
PARMCOS-B General 23-Dec-22 GENPHARMA General 28-Dec-22
SATIA General 23-Dec-22 SSWRL General 28-Dec-22
SELAN Employees Stock Option Plan 23-Dec-22 RGRL Increase in Authorised Capital;Preferential Issue of shares;General 29-Dec-22
TRIVENIGQ General 23-Dec-22 ROJL Bonus issue;Stock  Split 29-Dec-22
UNICK Rights Issue;General 23-Dec-22 GGL General 30-Dec-22
VIVANTA Preferential Issue of shares;Issue Of Warrants;General 23-Dec-22 COASTCORP Right Issue of Equity Shares;General 02-Jan-23
BILLWIN Right Issue of Equity Shares 24-Dec-22 INVENTURE Rights Issue;General 02-Jan-23
BRANDBUCKT General 24-Dec-22 SANGHIIND General 02-Jan-23
GRANDMA Quarterly Results 24-Dec-22 KARNAVATI Stock  Split 03-Jan-23
KCDGROUP General 24-Dec-22 IRB Stock  Split 04-Jan-23
SHRIRAMFIN Interim Dividend;General 24-Dec-22 KPEL Stock  Split;General 05-Jan-23
CENTRALBK General 26-Dec-22 INOXGREEN General 06-Jan-23
CHEMOPH General 26-Dec-22 HCLTECH Interim Dividend;Quarterly Results 12-Jan-23
CRSTCHM General 26-Dec-22 INFY* Quarterly Results 12-Jan-23
DHRUVCA Increase in Authorised Capital;Preferential Issue of shares 26-Dec-22 HDFCBANK Quarterly Results 14-Jan-23
ENERGYDEV General 26-Dec-22 KSOLVES Quarterly Results 15-Jan-23
KAPILRAJ Preferential Issue of shares;General 26-Dec-22 MPHASIS Quarterly Results 19-Jan-23
KUNSTOFF General 26-Dec-22 COFORGE Interim Dividend;Quarterly Results 20-Jan-23
RMCL General 26-Dec-22 JSWSTEEL Quarterly Results 20-Jan-23
SHAREINDIA General 26-Dec-22 NRAGRINDQ Quarterly Results 23-Jan-23
SJCORP General 26-Dec-22 TTKPRESTIG Quarterly Results 31-Jan-23
ARCFIN Right Issue of Equity Shares;Rights Issue 27-Dec-22 UTIAMC Quarterly Results;General 01-Feb-23
ASAHIINDIA General 27-Dec-22 ABB A.G.M.;Audited Results;Quarterly Results;Dividend 10-Feb-23


Company Name Ex-Date Purpose Company Name Ex-Date Purpose
GAL 23-Dec-22 Right Issue of Equity Shares RAJPALAYAM 30-Dec-22 Right Issue of Equity Shares
LAFFANSQ 23-Dec-22 E.G.M. SMLT 30-Dec-22 Interim Dividend – Rs. – 1.0000
NATHIND 23-Dec-22 E.G.M. TIPSINDLTD 30-Dec-22 Buy Back of Shares
SAGARPROD 23-Dec-22 E.G.M. VISAGAR 30-Dec-22 Right Issue of Equity Shares
TRIVIKRAMA 23-Dec-22 E.G.M. TIJARIA 02-Jan-23 E.G.M.
ECLERX 26-Dec-22 Buy Back of Shares SHRIRAMFIN 03-Jan-23 Interim Dividend
SECURCRED 26-Dec-22 Bonus issue 3:1 SPLPETRO 05-Jan-23 Stock  Split From Rs.4/- to Rs.2/-
FILATEX 27-Dec-22 Stock  Split From Rs.2/- to Rs.1/- GLCL 06-Jan-23 Bonus issue 1:1
ADVAIT 28-Dec-22 Bonus issue 1:1 OMKAR 09-Jan-23 E.G.M.
ADVANIHOTR 29-Dec-22 Interim Dividend – Rs. – 2.0000 VIVANTA 09-Jan-23 E.G.M.
TIIL 29-Dec-22 Buy Back of Shares VISHNU 13-Jan-23 Stock  Split From Rs.10/- to Rs.2/-
NAYSAA 30-Dec-22 Bonus issue 15:10 KPIGREEN 18-Jan-23 Bonus issue 1:1

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