The NIFTY opened at 19446.30 with a gap down of 82 points. The index started drifting downwards from its opening tick and saw a down move but soon started a consolidation process. That consolidation broke on the downside and prices have seen another leg of a decline. However, prices have found support in the afternoon session and saw a sharp upside rally afterward. The index first recorded its intraday high at 19457.80 just above the opening tick, then its intraday low at 19333.60, and finally closed at 19436.10 with a loss of 91.65 points or 0.47% down. FMCG and IT outperformed and ended with marginal gains. AUTO, MEDIA, PHARMA, REALTY, and METAL underperformed and ended with a more than 1% loss followed by BANK and FINANCIAL. Support is visible around 19250 while resistance is visible around 19700.


The BANK NIFTY opened at 44108.15 with a big gap down of 287 points. The index continued its ongoing bearish momentum and saw a sharp decline after recording its intraday high at 44161.35. In the afternoon session, prices started moving sideways and saw a mild recovery after recording its intraday low at 43857.50. Prices have finally closed at 43993.30 with a loss of 402 points. PSU BANK underperformed, saw a sharp down move, and ended with a loss of 2.83%. PVT BANK has also moved down and ended with a loss of nearly 1%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while AXIS BANK contributed the least. the support is visible around 44000 while the resistance is visible around 45000. Prices have reached the support level and have also broken it down. The movement is very random and volatile, so, it is wise for us to step aside and avoid trading the index.


HDFC BANK 1529.55 BUY The stock is about to give a breakout on the intraday and the daily chart. The stock can be bought above 1535.35 with a stop loss of 1521.65 and a target of 1562.70.
CHOLA FINANCE 1209.65 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 1205.95 with a stop loss of 1222.15 and a target of 1176.65.


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
ESCORTS.23.10 Oct 3213.8 2.28 21.53 2084500 AXISBANK.23.10 Oct 995.65 -4.66 31.91 55330000
INFY.23.10 Oct 1436 1.2 13 20057200 BANKNIFTY.23.10 Oct 44255.15 -0.82 30.27 2672040
TCS.23.10 Oct 3554.95 1.32 10.02 9130625 SBIN.23.10 Oct 587.5 -2.79 23.58 96753000
NESTLEIND.23.10 Oct 23054.95 2.76 9.12 332080 PNB.23.10 Oct 79.9 -4.48 16.5 293840000
RAMCOCEM.23.10 Oct 957 4.12 8.6 3735750 SIEMENS.23.10 Oct 3524.4 -1.76 15.78 2255550
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
ADANIENT.23.10 Oct 2480.7 3.5 -3.91 9411300 IBULHSGFIN.23.10 Oct 171.25 -6.95 -0.6 61276500
MPHASIS.23.10 Oct 2433.05 2.2 -0.79 2446125 GLENMARK.23.10 Oct 811.55 -4.28 -1.66 7664700
EICHERMOT.23.10 Oct 3408.05 1.56 -2.51 3543050 HINDCOPPER.23.10 Oct 156.4 -3.46 -3.72 32785800
HINDUNILVR.23.10 Oct 2510 1.32 -2.03 7611600 RBLBANK.23.10 Oct 250.2 -2.55 -1.66 59745000
CUMMINSIND.23.10 Oct 1692.2 1.11 -0.96 5094600 NATIONALUM.23.10 Oct 94.9 -2.52 -0.5 57930000

Top Delivery Percentage

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Oracle Fin Serv Soft Ltd 4041.85 -1.11 63830 131854 74.75 Nifty50 19436.1 -0.47 84624
Bharti Airtel Limited 924.25 -0.11 5603669 3262496 72.38 Niftybank 43964.05 -0.98 84624
Britannia Ind Ltd. 4532.5 0.82 318564 400180 70.46 Nifty it 31811.5 0.3 84624
Max Financial Services l 884.3 -1.14 490098 565267 70.09 India Vix 11.65 -1.15 84624
Info Edge (india) Limite 4058.65 -1.36 665902 267895 69.69 Nifty Fmcg 51435.75 0.22 84624
Bharat Petroleum Ltd 341.35 0 3024880 3667369 68.65 Nifty Pharma 15067.15 -1.4 84624
Page Industries Limited 39224.8 0.21 34721 16921 68.62 Nifty Realty 568.3 -1.73 84624
Hindustan Unilever Ltd 2507.85 1.58 1587335 1084552 68.23 Nifty Auto 15782.6 -1.3 84624
Hdfc Life Insurance Comp 625.5 -1.27 2357914 2362388 67.98 Nifty Metal 6725.95 -1.06 84624
Pidilite Industries Ltd 2406.4 -0.78 378833 261119 67.49 Nifty Financial Services 19578.05 -0.79 84624

Upcoming Economic Data

   Domestic                                                                                                                                                  International
INR: Nikkei Services PMI (Sep) on 5th October, 2023

INR: Interest Rate Decision on 6th October, 2023

USD: Initial Jobless Claims on 5th October, 2023

USD: Nonfarm Payrolls (Sep) on 6th October, 2023


News Updates

  • The equity benchmarks lost another half a percent on the second consecutive day and touched more than a month low with Nifty falling below 19,350 on October 3 amid selling across the sectors, barring IT and FMCG. At close, the Sensex was down 286.06 points or 0.44 percent at 65,226.04, and the Nifty was down 92.70 points or 0.47 percent at 19,436.10.

  • Shares of the distilleries company Piccadily Agro Industries hit the upper circuit on October 4 again, with the stock surging by another 20 percent on the back of winning a global award. Indri Diwali Collector’s Edition 2023, an Indian Whiskey made by the company, recently won the ‘Best in Show, Double Gold’ title at the 2023 Whiskies of the World Awards. The stock traded at Rs 165.45, up 19.98 percent as of 3 pm.

  • The Union cabinet on October 4 hiked the subsidy for Ujjwala Scheme beneficiaries to Rs 300 per cylinder from Rs 200 per cylinder. The government has raised the subsidy amount for Pradhan Mantri Ujjwala Yojana beneficiaries from Rs 200 to Rs 300 per LPG cylinder, said Union Minister Anurag Thakur during a briefing on Cabinet decisions.

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

Board Meetings

Company Name Purpose Meeting Date Company Name Purpose Meeting Date
BAJFINANCE General 05-Oct-23 ZHEMHOLD Quarterly Results 07-Oct-23
MEDPLUS General 05-Oct-23 AVANTEL Bonus issue;Quarterly Results 09-Oct-23
NEOGEN Preferential Issue of shares 05-Oct-23 BETALA Quarterly Results 09-Oct-23
UNISTRMU Quarterly Results 05-Oct-23 DBOL Quarterly Results 09-Oct-23
VASUDHAGAM General 05-Oct-23 EVERTEX Quarterly Results 09-Oct-23
AAPLUSTRAD General;Rights Issue 06-Oct-23 HINFLUR General 09-Oct-23
CAPRICORN General 06-Oct-23 KPIGREEN Interim Dividend;Quarterly Results 09-Oct-23
JATTAINDUS General 06-Oct-23 GMBREW Quarterly Results 10-Oct-23
JLHL Quarterly Results 06-Oct-23 NAGPI A.G.M. 10-Oct-23
SATIN General 06-Oct-23 RISHDIGA General 10-Oct-23
SCANPGEOM General;Right Issue of Equity Shares 06-Oct-23 SPECFOOD Increase in Authorised Capital;Right Issue of Equity Shares 10-Oct-23
WALCHANNAG Preferential Issue of shares;General;Issue Of Warrants 06-Oct-23 PLASTIBLEN Quarterly Results 11-Oct-23
DARSHANORNA Quarterly Results 07-Oct-23 TCS Interim Dividend;Audited Results;Quarterly Results 11-Oct-23
KENVI Quarterly Results 07-Oct-23 UNTTEMI General 11-Oct-23
OLATECH General;Increase in Authorised Capital;Bonus issue 07-Oct-23 ANANDRATHI Interim Dividend;Quarterly Results 12-Oct-23
ROJL Quarterly Results 07-Oct-23 ANGELONE Interim Dividend;Quarterly Results 12-Oct-23
SMGOLD Quarterly Results 07-Oct-23 HCLTECH Interim Dividend;Quarterly Results 12-Oct-23
SOFCOM General 07-Oct-23 HDFCAMC Quarterly Results 12-Oct-23
SYLPH General 07-Oct-23 INFY Interim Dividend;Audited Results 12-Oct-23
VEERKRUPA Half Yearly Results 07-Oct-23 ABHIJIT General 13-Oct-23
VIVIDM Quarterly Results 07-Oct-23 AMAL Quarterly Results 13-Oct-23
YUG General 07-Oct-23 BIRLAMONEY Quarterly Results 13-Oct-23

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
YUG 05-Oct-23 Bonus issue 15:100 KPIGREEN 20-Oct-23 Interim Dividend
ACCELYA 06-Oct-23 Final Dividend – Rs. – 30.0000 ICICIGI 27-Oct-23 Interim Dividend
SURYAROSNI 06-Oct-23 Stock  Split From Rs.10/- to Rs.5/- ISEC 27-Oct-23 Interim Dividend
SIGACHI 09-Oct-23 Stock  Split From Rs.10/- to Rs.1/- LTIM 27-Oct-23 Interim Dividend
GUJTHEM 10-Oct-23 Stock  Split From Rs.5/- to Rs.1/- SVRL 27-Oct-23 Bonus issue 1:1
JONJUA 10-Oct-23 Bonus issue 9:50 TALBROAUTO 27-Oct-23 Stock  Split From Rs.10/- to Rs.2/-
THEMISMED 10-Oct-23 Stock  Split From Rs.10/- to Rs.1/- NESTLEIND 01-Nov-23 Interim Dividend
ADVLIFE 13-Oct-23 Bonus issue 1:1 ASIANPAINT 03-Nov-23 Interim Dividend
RITCO 19-Oct-23 E.G.M. INSECTICID 10-Nov-23 Interim Dividend
TCS 19-Oct-23 Interim Dividend PGHL 13-Nov-23 Final Dividend – Rs. – 50.0000
ANGELONE 20-Oct-23 Interim Dividend PGHH 17-Nov-23 Final Dividend – Rs. – 105.0000
HCLTECH 20-Oct-23 Interim Dividend GILLETTE 21-Nov-23 Final Dividend – Rs. – 50.0000

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)

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