NIFTY:
The NIFTY opened at 17517.10 with a big gap down of almost 100 points. The index initially went lower but soon found support and started rising. The index recorded its intraday low at 17445.95, saw a sharp upside move, and filled the gap quickly. Prices started a process of consolidation afterward which lasted till the end. The NIFTY recorded its intraday high at 17653.90 and finally closed at 17610.40 near yesterday’s closing pricess’Mith a loss of just 5.90 points of 0.03% down. FMCG outperformed today and ended with a gain of over 2% followed by IT which gained over 1%. METAL again underperformed today and ended lower by more than 4% followed by OIL GAS. The NIFTY traded in a narrow range today when we compared it to the last few days of intraday range. The trend is still down. However, prices are holding its 17500 support for the past few trading days. The resistance is visible around 17800. It is possible that the index may spend a few days within this range. Moreover, the volatility is also cooling off as the INDIA VIX, a benchmark index for volatility, has seen a decline today. We were expecting the next couple of days to be choppy and narrow. The index is moving almost similar to our expectations. For the time being, we should avoid trading the index.
BANK NIFTY:
The BANK NIFTY opened at 39943.35 with a big gap down of 556 points. The index initially went up after recording its intraday low at 39761.45 in its initial trades. The gap was filled quickly and then the index started a consolidation process, Prices again rallied, recorded its intraday high at 40757.60,and finally closed at 40722.40 with a gain of 223 points. PSU BANK has underperformed today, saw a minor intraday decline, and closed lower by 0.17%. PVT BANK has outperformed today and closed higher by 0.68%. Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while HDFC BANK contributed the lowest. BANK NIFTY continued its volatile movement but today traded in a comparatively narrow range. A gap-down opening did not succeed today and the index ended on a positive note. It was a trend day today on the upside where prices have recorded its intraday low near the opening tick and intraday high near the closing tick. The index is consolidating after a recent downswing. Support is visible around 39500 while resistance is visible around 41500. We should wait for the next couple of davs and then plan our trade. Till then avoid trading the index.
TECHNICAL PICKS
| COMPANY NAME | CMP | B/S | RATIONALE |
| LTIM | 4587.75 | BUY | The stock has given a breakout on the intraday as well as the daily chart. The stock can be bought above 4591 with a stop loss of 4545 and a target of 4697. |
| JINDAL STEEL | 2364.35 | SELL | The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 571.30 with a stop loss of 576.80 and a target of 560.65. |
DERIVATIVE PICKS
| Stock Name | Strike Price | Buy/Sell | CMP | Initiation | Stop Loss | Target | Remarks |
| TCS | 3400 PE | SELL | 28 | CMP | 33 | 16 | BREAKOUT |
| Long Buildup | Short Buildup | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| IDFC.23.02 Feb | 89.55 | 5.98 | 10.27 | 133720000 | ADANIENT.23.02 Feb | 1578.85 | -26.38 | 10.36 | 15204500 | |
| CANFINHOME.2302Feb | 575.85 | 5.97 | 6.81 | 3958500 | BSOFT.23.02 Feb | 273.25 | -8.31 | 30.38 | 9656000 | |
| IDFCFIRSTB.23.02 Feb | 60.05 | 5.81 | 0.27 | 154485000 | ADANIPORTS.23.02 Feb | 461.85 | -7.17 | 12.75 | 76408125 | |
| RBLBANK.23.02 Feb | 156.75 | 5.38 | 7.79 | 31470000 | WHIRLPOOL.23.02 Feb | 1265 | -6.54 | 10.03 | 1101450 | |
| BRITANNIA.23.02 Feb | 4614.8 | 4.91 | 11.03 | 1687000 | UPL.23.02 Feb | 699.65 | -5.9 | 19.96 | 19137300 | |
| Short Covering | Long Unwinding | |||||||||
| Stocks | Price | Price% | OI % | OI | Stocks | Price | Price% | OI % | OI | |
| AMBUJACEM.23.02Feb | 354.3 | 6.13 | -0.89 | 73996200 | IOC.23.02 Feb | 78.7 | -1.93 | -0.26 | 74977500 | |
| INTELLECT.23.02 Feb | 444.9 | 3.2 | -0.32 | 4326000 | TATASTEEL.23.02 Feb | 120.25 | -1.72 | -0.27 | 162420500 | |
| LICHSGFIN.23.02 Feb | 398.1 | 2.85 | -3.76 | 9772000 | ONGC.23.02 Feb | 143.75 | -0.59 | -3.44 | 32678800 | |
| ESCORTS.23.02 Feb | 2056.8 | 2.51 | -1.19 | 683650 | TATAMOTORS.23.02 Feb | 447.05 | -0.5 | -0.2 | 72251775 | |
| ALKEM.23.02 Feb | 3072.45 | 2.16 | -2.36 | 265200 | PIIND.23.02 Feb | 3021.8 | -0.31 | -0.26 | 1990500 | |
TOP DELIVERY PERCENTAGE
| Stocks | Price | %Chg | Total Qty | Delivery | Del % | % Change | ||||
| Sectors | Price | Change % | Quantity | |||||||
| Colgate Palmolive (india | 1461.45 | 0.61 | 508244 | 0 | 75.47 | Nifty50 | 17610.4 | -0.03 | 77826 | |
| Torrent Pharma Ltd. | 1541.05 | 0.34 | 257833 | 0 | 71.5 | Niftybank | 40669.3 | 0.39 | 77826 | |
| Dr. Reddys Lab Ltd | 4370.1 | 0.43 | 389355 | 0 | 71.04 | Nifty it | 30566.75 | 1.83 | 77826 | |
| Piind | 3000.4 | -0.94 | 280866 | 0 | 70.59 | India Vix | 15.73 | -6.26 | 77826 | |
| Infosys Limited | 1583.75 | 2.1 | 6916834 | 0 | 69.28 | Nifty Fmcg | 45981.55 | 2.28 | 77826 | |
| Hcl Technologies Ltd. | 1149.6 | 1.55 | 3048359 | 0 | 68.97 | Nifty Pharma | 12306.3 | -0.4 | 77826 | |
| United Spirits Limited | 771.25 | 0.1 | 1263924 | 0 | 68.63 | Nifty Realty | 409.25 | 0.38 | 77826 | |
| Icici Bank Ltd. | 857.9 | 1.17 | 16798190 | 0 | 67.83 | Nifty Auto | 13213.25 | 0.05 | 77826 | |
| Hindustan Unilever Ltd | 2634.85 | 2.35 | 1980667 | 0 | 66.82 | Nifty Metal | 5908.2 | -4.35 | 77826 | |
| Marico Limited | 499.7 | -1.12 | 1173574 | 0 | 65.93 | Nifty Financial Services | 18022.15 | -0.35 | 77826 | |
UPCOMING ECONOMIC DATA
| Domestic International | |
| INR: Nikkei Services PMI (Jan) 03rd February, 2023
INR: FX Reserves, USD 03rd February, 2023 |
USD: Unemployment Rate (Jan) on 03rd February, 2023
USD: ISM Non-Manufacturing PMI (Jan) on 03rd February, 2023 |
NEWS UPDATES
-
Market Close: Benchmark indices ended higher in the volatile session on February 2.At Close, the Sensex was up 224.16 points or 0.38% at 59,932.24, and the Nifty was down 5.90 points or 0.03% at 17,610.40. About 1637 shares have advanced, 1759 shares declined, and 122 shares are unchanged.
-
Titan Company on February 2 reported a 9.96 percent drop in consolidated net profit for December 2022 quarter at Rs 904 crore, as against Rs 1004 crore recorded in the same quarter of last year. The total revenue came in at Rs 11,698 crore, rising 15.89 percent from Rs 10,094 crore in the year ago quarter, the company said in a stock exchange filing..
-
FMCG major Dabur India reported a 5.5 percent year-on-year fall in consolidated net profit to Rs 476.6 crore for the quarter ended December 2022. Net profit stood at Rs 504 crore in the same quarter a year ago, Dabur said in a stock exchange filing on February 2.
-
Byju’s has laid off another 1,000-1,200 employees in the latest cost-cutting initiative as the world’s most-valued edtech company is desperately aiming to achieve profitability amid slower revenue growth and a worsening funding winter.
Source: Economic Times, Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint
BOARD MEETINGS
| Company Name | Purpose | Meeting Date | Company Name | Purpose | Meeting Date |
| AARTIIND | Quarterly Results;Interim Dividend | 03-Feb-23 | MEDPLUS | Quarterly Results | 03-Feb-23 |
| BANKBARODA | Quarterly Results | 03-Feb-23 | ORIENTABRA | Quarterly Results | 03-Feb-23 |
| BOROLTD | Quarterly Results | 03-Feb-23 | ORIENTPPR | General;Quarterly Results | 03-Feb-23 |
| BRPL | Quarterly Results | 03-Feb-23 | PANCM | Preferential Issue of shares | 03-Feb-23 |
| CHEMCON | Quarterly Results;General | 03-Feb-23 | PANKAJPO | Quarterly Results | 03-Feb-23 |
| DALMIASUG | Interim Dividend;Quarterly Results | 03-Feb-23 | PAYTM* | Quarterly Results | 03-Feb-23 |
| DELTAMAGNT | Quarterly Results | 03-Feb-23 | PFS | Quarterly Results | 03-Feb-23 |
| DIVISLAB | Quarterly Results | 03-Feb-23 | PRADPME | Interim Dividend;Quarterly Results | 03-Feb-23 |
| EMAMILTD | Quarterly Results;Interim Dividend | 03-Feb-23 | PRAJIND | Quarterly Results | 03-Feb-23 |
| ENGINERSIN | Quarterly Results;Interim Dividend | 03-Feb-23 | PRIMIND | Quarterly Results | 03-Feb-23 |
| ETHOSLTD | Quarterly Results | 03-Feb-23 | PRSNTIN | Quarterly Results | 03-Feb-23 |
| GGPL | Right Issue of Equity Shares;General | 03-Feb-23 | PTIL | Quarterly Results | 03-Feb-23 |
| GUJTHEM | Quarterly Results | 03-Feb-23 | QUESS | Quarterly Results | 03-Feb-23 |
| INDIACEM | Quarterly Results | 03-Feb-23 | RELINFRA | Quarterly Results | 03-Feb-23 |
| INDIGO | Quarterly Results | 03-Feb-23 | REMSONSIND | Quarterly Results;Right Issue of Equity Shares | 03-Feb-23 |
| INTELLECT | Quarterly Results | 03-Feb-23 | RVHL | Quarterly Results | 03-Feb-23 |
| IONEXCHANG | Scheme of Arrangement;Quarterly Results | 03-Feb-23 | SALSAIN | Preferential Issue of shares | 03-Feb-23 |
| ITC | Interim Dividend;Quarterly Results | 03-Feb-23 | SAVFI | Quarterly Results | 03-Feb-23 |
| JUBLPHARMA | Quarterly Results | 03-Feb-23 | SBC | Quarterly Results | 03-Feb-23 |
| KRBL | Quarterly Results | 03-Feb-23 | SBIN | Quarterly Results | 03-Feb-23 |
| KREBSBIO | Quarterly Results | 03-Feb-23 | SUMICHEM | Quarterly Results | 03-Feb-23 |
| LAKSELEC | Quarterly Results | 03-Feb-23 | SUNSHIEL | Quarterly Results | 03-Feb-23 |
| LAKSHMIMIL | Quarterly Results | 03-Feb-23 | SUNTV | Quarterly Results;Interim Dividend | 03-Feb-23 |
| LIBORDFIN | Quarterly Results | 03-Feb-23 | SUPER | Quarterly Results | 03-Feb-23 |
| LINC | Quarterly Results | 03-Feb-23 | SUTLEJTEX | Quarterly Results | 03-Feb-23 |
| M&MFIN | Quarterly Results | 03-Feb-23 | SWORDEDGE | General;Quarterly Results | 03-Feb-23 |
| MANAPPURAM | Quarterly Results;Interim Dividend;General | 03-Feb-23 | TAAZAINT | Quarterly Results | 03-Feb-23 |
| MARICO | Quarterly Results | 03-Feb-23 | TATAPOWER | Quarterly Results | 03-Feb-23 |
| MASTERTR | Quarterly Results | 03-Feb-23 | THYROCARE | Quarterly Results | 03-Feb-23 |
| MAXVIL | Quarterly Results | 03-Feb-23 | VSL | Quarterly Results | 03-Feb-23 |
| MAYURUNIQ | Quarterly Results | 03-Feb-23 | ZYDUSLIFE | Quarterly Results | 03-Feb-23 |
CORPORATE ACTION
| Company Name | Ex-Date | Purpose | Company Name | Ex-Date | Purpose |
| COFORGE | 03-Feb-23 | Interim Dividend – Rs. – 19.0000 | KPEL | 07-Feb-23 | Interim Dividend – Rs. – 0.2500 |
| CONTROLPR | 03-Feb-23 | Interim Dividend – Rs. – 4.0000 | ROUTE | 07-Feb-23 | Interim Dividend – Rs. – 6.0000 |
| EMBASSY | 03-Feb-23 | Income Distribution RITES | SHARDACROP | 07-Feb-23 | Interim Dividend – Rs. – 3.0000 |
| EQUITAS | 03-Feb-23 | Amalgamation | SRF | 07-Feb-23 | Interim Dividend – Rs. – 3.6000 |
| IIFLSEC | 03-Feb-23 | Interim Dividend – Rs. – 3.0000 | TCI | 07-Feb-23 | Interim Dividend – Rs. – 2.5000 |
| KEI | 03-Feb-23 | Interim Dividend – Rs. – 3.0000 | AARTIDRUGS | 08-Feb-23 | Interim Dividend – Rs. – 1.0000 |
| MOTILALOFS | 03-Feb-23 | Interim Dividend – Rs. – 7.0000 | ANURAS | 08-Feb-23 | Interim Dividend – Rs. – 0.6000 |
| NTPC | 03-Feb-23 | Interim Dividend – Rs. – 4.2500 | COALINDIA | 08-Feb-23 | Interim Dividend – Rs. – 5.2500 |
| SGRL | 03-Feb-23 | Right Issue of Equity Shares | HIL | 08-Feb-23 | Interim Dividend – Rs. – 20.0000 |
| STEELCAS | 03-Feb-23 | Interim Dividend – Rs. – 1.8000 | KAJARIACER | 08-Feb-23 | Interim Dividend – Rs. – 6.0000 |
| SUNCLAYLTD | 03-Feb-23 | Interim Dividend – Rs. – 59.0000 | MOIL | 08-Feb-23 | Interim Dividend – Rs. – 3.0000 |
| TORNTPHARM | 03-Feb-23 | Interim Dividend – Rs. – 14.0000 | PGHH | 08-Feb-23 | Interim Dividend – Rs. – 80.0000 |
| VAIBHAVGBL | 03-Feb-23 | Interim Dividend – Rs. – 1.5000 | POWERGRID | 08-Feb-23 | Interim Dividend – Rs. – 5.0000 |
| VEDL | 03-Feb-23 | Interim Dividend – Rs. – 12.5000 | RADIANTCMS | 08-Feb-23 | Interim Dividend – Rs. – 1.0000 |
| ZENSARTECH | 03-Feb-23 | Interim Dividend – Rs. – 1.5000 | RAILTEL | 08-Feb-23 | Interim Dividend – Rs. – 1.5000 |
| CONCOR | 06-Feb-23 | Interim Dividend – Rs. – 4.0000 | SHANTIGEAR | 08-Feb-23 | Interim Dividend – Rs. – 3.0000 |
| MINDSPACE | 06-Feb-23 | Income Distribution RITES | SUNPHARMA | 08-Feb-23 | Interim Dividend – Rs. – 7.5000 |
| PATELENG | 06-Feb-23 | Right Issue of Equity Shares | TCIEXP* | 08-Feb-23 | Interim Dividend – Rs. – 3.0000 |
| SIYSIL | 06-Feb-23 | Interim Dividend – Rs. – 3.0000 | GILLETTE | 09-Feb-23 | Interim Dividend – Rs. – 35.0000 |
| SONACOMS | 06-Feb-23 | Interim Dividend – Rs. – 1.2800 | GREENPANEL | 09-Feb-23 | Interim Dividend – Rs. – 1.5000 |
| APCOTEXIND | 07-Feb-23 | Interim Dividend – Rs. – 2.0000 | IMPAL | 09-Feb-23 | Interim Dividend – Rs. – 9.0000 |
| EDVENSWA | 07-Feb-23 | Right Issue of Equity Shares | ORIENTELEC | 09-Feb-23 | Interim Dividend – Rs. – 0.7500 |
| IGL | 07-Feb-23 | Interim Dividend – Rs. – 3.0000 | QGO | 09-Feb-23 | Interim Dividend – Rs. – 0.1000 |
| IIFL | 07-Feb-23 | Interim Dividend – Rs. – 4.0000 | RECLTD | 09-Feb-23 | Interim Dividend – Rs. – 3.2500 |
| KIRLPNU | 07-Feb-23 | Interim Dividend – Rs. – 2.5000 | BEL | 10-Feb-23 | Interim Dividend – Rs. – 0.6000 |
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 www.elitewealth.in. 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, suhail@elitewealth.in
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 www.elitewealth.in.
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or emailing research@elitestock.com 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 research@elitestock.com.
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 https://www.elitewealth.in
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: www.elitewealth.in
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