The NIFTY opened at 17066.60 with a gap down of 34 points. The index continued its bearish momentum and started drifting downwards after the opening tick. Prices have recorded its intraday high at the opening tick and saw a sharp decline towards 16800. The index found support before reaching there and then saw a sharp recovery. In the second half, the index recorded its intraday low at 16828.35, recovered more than 100 points, and finally closed at 16988.40 near its opening tick with a loss of 111.65 points or 0.65% down. FMCG outperformed today and closed with a gain of 0.79% followed by MEDIA. METAL underperformed today and closed with a loss of 2.35% followed by IT and REALTY. The boundaries of a narrow trading range are now clearly visible with 16850 on the lower side and 17200 on the higher. As far as the index is trading within this range, we should prefer trading only on an intraday basis. The volatility again rose today and it is likely to rise more as we have news events ahead. For the time being, we should step aside from taking carry-forward trades.


The BANK NIFTY opened at 395 12.10 with a gap down of 176 points. The index initially moved lower after recording its intraday high almost at the opening tick Prices found support quickly, turned up, and almost reached its morning high. The index again moved down with more pace and recorded its intraday low at 38941.90. Prices recovered smartly and finally closed at 39372.15 near its opening tick with a loss of 316 points. PSU BANK has underperformed, saw a sharp intraday decline, and closed with a loss of 1.74%. PVT BANK also moved down today and ended with a loss of 0.53% Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while SBIN contributed the lowest. As mentioned before, support is visible around 38500 while resistance is visible around 40000. The index is holding its support for the past few trading days and formed a narrow trading range. The trend is still down and the volatility is also high. We should avoid taking carry-forward trade as far as the index is trading within these two levels and shift our focus to intraday trading only. Wait for prices to break this range first.


AXIS BANK 837.55 BUY The stock is about to give a breakout on the intraday and the daily chart. The stock can be bought above 839.95 with a stop loss of 832.70 and a target of 853.25.
COFORGE 3774.65 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 3749.35 with a stop loss of 3780.6 and a target of 3686.75..


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
HERO MOTO CORP  2400 CE BUY 14.80 ABOVE 15.20 9.50 28 REVERSAL
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
HINDUNILVR.23.03 Mar 2512.25 2.07 2.67 9862500 BALRAMCHIN.23.03 Mar 364.5 -6.39 2.69 6238400
PAGEIND.23.03 Mar 38150 2.02 6.5 131655 INDIACEM.23.03 Mar 179.4 -5.28 10.95 16686600
BPCL.23.03 Mar 360.05 1.95 10.17 15251400 HAL.23.03 Mar 2655 -4.86 10.76 3373200
HINDPETRO.23.03 Mar 247.6 1.66 1.68 20636100 PEL.23.03 Mar 660.5 -4.68 11.03 10178850
ABBOTINDIA.23.03 Mar 21310.05 1.52 0.17 47080 NATIONALUM.23.03 Mar 79.65 -4.32 5.81 52897500
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
MUTHOOTFIN.23.03 Mar 948.65 1.87 -0.88 8001400 GMRINFRA.23.03 Mar 41.1 -4.31 -5.12 123525000
IOC.23.03 Mar 80.8 1.25 -1.55 73203000 ADANIENT.23.03 Mar 1817 -3.79 -1.82 8397500
MRF.23.03 Mar 83906.05 0.82 -1.97 51760 AMBUJACEM.23.03 Mar 367.15 -3.37 -0.29 59556600
DIXON.23.03 Mar 2912.2 0.58 -1.98 632500 IBULHSGFIN.23.03 Mar 99 -2.65 -0.8 45848000
SUNTV.23.03 Mar 433.9 0.57 -1.13 8692500 JINDALSTEL.23.03 Mar 560.35 -2.62 -0.96 16671250


Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Crompton Greaves Consume 280.7 -2.25 4881702 2114732 80.83 Nifty50 16988.4 -0.65 102090
United Spirits Limited 765.85 -0.62 478756 1059809 73.25 Niftybank 39361.95 -0.6 102033
Reliance Industries Ltd 2201.25 -0.98 9010595 11467951 73.06 Nifty it 28442.95 -1.43 102033
Hindustan Unilever Ltd 2511.2 2.61 1561128 1532140 72.03 India Vix 16.01 8.38 103371
Itc Ltd. 378.8 0.87 10122167 35077369 71.73 Nifty Fmcg 45213.05 0.79 102033
Sun Pharma  Ltd 961.2 0.37 1955757 1581196 71.27 Nifty Pharma 11663.3 -0.11 102033
Marico Limited 482.3 -0.78 531125 1731379 70.72 Nifty Realty 395 -1 102033
Kotak Mahindra Bank Limi 1699.65 0.39 4463937 6300354 70.57 Nifty Auto 12131.7 -0.93 102033
Titan Company Limited 2459.95 0.18 918922 1147384 70.57 Nifty Metal 5470.85 -2.35 102033
Container Corp Of India 593.05 -0.26 1188606 872088 70.41 Nifty Financial Services 17549.75 -0.69 102033


   Domestic                                                                                                                                                  International
INR: Federal Fiscal Deficit (Feb) 31st March, 2023

INR: Infrastructure Output (YoY) (Feb) 31st March, 2023

 USD: Existing Home Sales (Feb) on 21st March, 2023

USD: Fed Interest Rate Decision on 22nd March, 2023


  • Benchmark indices snapped two days of winning streak and ended lower on March 20 with Nifty around 17,000. At close, the Sensex was down 360.95 points or 0.62% at 57,628.95, and the Nifty was down 111.60 points or 0.65% at 16,988.40. About 1138 shares advanced, 2393 shares declined, and 125 shares unchanged.

  • Wilful defaulters owe major private and public sector banks Rs 88,435 crore, up from Rs 75,294 crore in a year, a Moneycontrol analysis of the latest data from banks and TransUnion CIBIL, a credit information company, showed.

  • Reliance Industries Ltd.’s ongoing capex should allow it to scale up its already industry-leading petrochem, telecom, and retail segments over the next two years, according to JPMorgan.

  • Gold rose above $2,000 an ounce for the first time in more than a year after banking crises in the US and Europe triggered a return to haven buying. Bullion surged 6.5% last week in its biggest advance since the early days of the pandemic in March 2020 amid growing fears over Credit Suisse Group AG and as several regional American lenders collapsed.

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


Company Name Purpose Meeting Date Company Name Purpose Meeting Date
ANUBHAV Increase in Authorised Capital;Issue Of Warrants;General 21-Mar-23 RADHIKAJWE Stock  Split 23-Mar-23
ARAMBHAN General 21-Mar-23 RNBDENIMS General 23-Mar-23
CILSEC General 21-Mar-23 SKIFL General 23-Mar-23
CORNE Right Issue of Equity Shares;Increase in Authorised Capital;General 21-Mar-23 DECOMIC General 24-Mar-23
CRANESSOFT Quarterly Results 21-Mar-23 MANAPPURAM General 24-Mar-23
HIMATSEIDE General 21-Mar-23 OMEGAIN General 24-Mar-23
HINDZINC Interim Dividend 21-Mar-23 SVPHOUSING General 24-Mar-23
INDOWIND General 21-Mar-23 VINTAGES General 24-Mar-23
SBICARD Interim Dividend 21-Mar-23 WARDINMOBI General 24-Mar-23
SHRINIWAS Right Issue of Equity Shares;General 21-Mar-23 CONCORD General 27-Mar-23
TWL Employees Stock Option Plan 21-Mar-23 HDFC General 27-Mar-23
ANGELONE Interim Dividend 22-Mar-23 MYSPAPE Quarterly Results 27-Mar-23
ASSOCER General 22-Mar-23 GAL Issue Of Warrants;General;Preferential Issue of shares 28-Mar-23
INDRENEW General 22-Mar-23 IFCI Preferential Issue of shares 28-Mar-23
NITINCAST General 22-Mar-23 ADROITINFO A.G.M. 29-Mar-23
PERSISTENT General 22-Mar-23 EMAMIREAL General 31-Mar-23
UNICK General 22-Mar-23 EMPOWER Consolidation of Shares;General 04-Apr-23
ZDHJERK General 22-Mar-23 INFY Audited Results;Final Dividend 13-Apr-23
AARTECH General 23-Mar-23 HCLTECH Audited Results;Interim Dividend 20-Apr-23
ANDHRACEMT Preferential Issue of shares 23-Mar-23 COFORGE Audited Results;Interim Dividend 27-Apr-23
KESARPE General 23-Mar-23 ULTRACEMCO Audited Results;Final Dividend 28-Apr-23
METROBRAND General 23-Mar-23 ABB Quarterly Results 03-May-23

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
AFEL 21-Mar-23 Right Issue of Equity Shares VIVANZA 24-Mar-23 Stock  Split From Rs.10/- to Rs.1/-
AGIIL 21-Mar-23 Interim Dividend – Rs. – 1.0000 VKAL 24-Mar-23 E.G.M.
GAIL 21-Mar-23 Interim Dividend – Rs. – 4.0000 BHARATAGRI 29-Mar-23 Stock  Split From Rs.10/- to Rs.1/-
HUDCO 21-Mar-23 Interim Dividend – Rs. – 0.7500 HINDZINC 29-Mar-23 Interim Dividend
KAMAHOLD 21-Mar-23 Interim Dividend – Rs. – 84.0000 SBICARD 29-Mar-23 Interim Dividend
KDDL 21-Mar-23 Interim Dividend – Rs. – 2.0000 SYMPHONY 29-Mar-23 Buy Back of Shares
MCLOUD 21-Mar-23 Bonus issue 3:1 ANGELONE 31-Mar-23 Interim Dividend
NATIONALUM 21-Mar-23 Interim Dividend – Rs. – 2.5000 CRISIL 31-Mar-23 Final Dividend – Rs. – 23.0000
PODARPIGQ 21-Mar-23 Interim Dividend – Rs. – 3.5000 DWARKESH 31-Mar-23 Interim Dividend
STANCAP 21-Mar-23 E.G.M. TEAMLEASE 03-Apr-23 Buy Back of Shares
SUNTV 21-Mar-23 Interim Dividend – Rs. – 2.5000 SKCIL 05-Apr-23 E.G.M.
MIDHANI 23-Mar-23 Interim Dividend – Rs. – 1.6800 SCHAEFFLER 11-Apr-23 Final Dividend – Rs. – 24.0000
ABSLAMC 24-Mar-23 Interim Dividend – Rs. – 5.0000 HUHTAMAKI 20-Apr-23 Dividend – Rs. – 2.0000
AJANTPHARM 24-Mar-23 Buy Back of Shares JETINFRA 21-Apr-23 Bonus issue 1:1
BEL 24-Mar-23 Interim Dividend – Rs. – 0.6000 NESTLEIND 21-Apr-23 Final Dividend – Rs. – 75.0000
GLS 24-Mar-23 Interim Dividend – Rs. – 21.0000 VESUVIUS 26-Apr-23 Final Dividend – Rs. – 8.2500
GROWINGTON 24-Mar-23 Bonus issue 24:100 ABB 27-Apr-23 Dividend – Rs. – 5.5000
SAIL 24-Mar-23 Interim Dividend – Rs. – 1.0000 HCLTECH 28-Apr-23 Interim Dividend
STYRENIX 24-Mar-23 Interim Dividend – Rs. – 80.0000 KSB 28-Apr-23 Final Dividend – Rs. – 15.0000
SUNCLAYLTD 24-Mar-23 Scheme of Arrangement 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