The NIFTY opened at 18120.60 with a gap up of 65 points. The index initially moved higher sharply after recording its intraday low at 18100.30 in its initial trades. For the first one and a half hours of trading, the index moved up sharply and afterward continued moving higher but with a slow pace towards 18300 Towards the end, the index started moving sideways. The index recorded its intraday high at 18286.95 and finally closed at 18264.40 near its day’s highs with a gain of 195.40 points or 1.08% up. All the sectoral indices have moved up except MEDIA which ended with a loss of 0.60% BANK, FINANCIAL, AUTO, and REALTY led the bulls today and closed with more than a 1% gain. The short-term trend is still up as the index recorded new swing highs for the current upside move. We have been following a resistance level of around 18200. The index broke higher decisively. The support is now visible around 18050 while resistance may emerge around 18400.


The BANK NIFTY opened at 42796.85 with a gap up of 127 points. The index initially moved up after recording its intraday low at 42780.30 in its initial trades. Prices have moved sharply and reached nearly 43300 within the first hour of trading. A process of consolidation then started and that consolidation continued till the end. The index recorded its intraday high at 43418.55 and finally closed at 43314.40 with a gain of 645 points. PSU BANK has underperformed today, saw a sharp intraday decline, and closed with a loss of 0.93% PVT BANK has outperformed and closed with a gain of 1.70%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while PNB contributed the lowest. The short-term trend is still up. However, the index is still moving within a narrow trading range inside 42500 as support and 43500 as resistance.


PERSISTENT SYSTEM 4697.30 BUY The stock is about to give a breakout on the intraday and the daily chart. The stock can be bought above 4697 with a stop loss of 4643 and a target of 4820.
SUN PHARMA 961.85 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 960.75 with a stop loss of 966.50 and a target of 948.


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
LTIM  4600 CE BUY 78 ABOVE 87 70 136 BREAKOUT
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
MARICO.23.05 May 534.7 7.84 20.76 11613600 ABFRL.23.05 May 208.2 -3.05 23.14 26980200
INDUSINDBK.23.05 May 1136 5.24 5.13 25002000 COALINDIA.23.05 May 233.7 -1.81 2.89 36943200
TATAMOTORS.23.05 May 503.4 5.03 2.29 56016750 ADANIENT.23.05 May 1903 -1.54 0.57 8761000
METROPOLIS.23.05 May 1348 4.61 9.44 1465200 CANBK.23.05 May 316 -1.39 14.23 41407200
MFSL.23.05 May 664 4.34 0.83 3942250 POLYCAB.23.05 May 3277.95 -1.21 15.26 1531800
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
MANAPPURAM.23.05 May 111.2 5.8 -2.97 42126000 MRF.23.05 May 98345 -0.52 -1.86 58490
BAJAJFINSV.23.05 May 1411.65 3.51 -2.9 8599000 HAVELLS.23.05 May 1265 -2.04 -0.06 5555000
AUROPHARMA.23.05 May 621 3.09 -1.28 9892000 IDEA.23.05 May 6.95 0 -0.2 485520000
RBLBANK.23.05 May 153.8 2.98 -2.53 39845000
HINDCOPPER.23.05 May 107.8 2.86 -0.4 19060800


Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Honeywell Auto India Ltd 36442.6 0.31 2012 6385 88.11 Nifty50 18264.4 1.08 107724
Mah & Mah Ltd. 1231.8 1.7 3513667 3585036 75.42 Niftybank 43284 1.46 107664
Hindustan Unilever Ltd 2516.3 0.62 972810 992398 73.25 Nifty it 27920.95 0.73 107664
Crompton Greaves Consume 257.4 0.61 2597672 2549345 71.88 India Vix 12.63 2.72 107949
Cipla Ltd 933.3 0.92 3877794 1572596 69.52 Nifty Fmcg 48538.45 0.73 107664
Maruti Suzuki India Ltd 9076.25 1.43 678780 652452 68.56 Nifty Pharma 12663.1 0.43 107664
Samvardhana Motherson 76.05 1 11044478 7332985 67.65 Nifty Realty 452.35 1.64 107664
Hdfc Ltd. 2735.6 1.23 5921220 5821283 65.97 Nifty Auto 13584.25 1.79 107664
Balkrishna Ind. Ltd 2175.2 1.68 316743 212106 65.88 Nifty Metal 5845.65 0.66 107664
Cummins India Limited 1618 1.38 769059 280189 64.47 Nifty Financial Services 19303.95 1.47 107664


   Domestic                                                                                                                                                  International
INR: Thomson Reuters IPSOS PCSI (MoM) (May) on 12th May, 2023

INR: CPI (YoY) (Apr) on 12th May, 2023

 USD: CPI (YoY) (Apr) on 10th May, 2023

USD: Core CPI (MoM) (Apr) on 10th May, 2023


  • Benchmark indices sustained their early gains and ended over 1 percent higher. Tata Motors, Bajaj Finance and IndusInd Bank stole the limelight, notched 4-5 percentgains. The Sensex was up 709.96 points or 1.16 percentat 61,764.25, and the Nifty was up 202.80 points or 1.12 percentat 18,271.80. About 2,006 shares advanced, 1,525 shares declined, and 152 shares were unchanged.

  • Mankind Pharma is likely to start the first day’s first trade with a double-digit premium on May 9, said market observers. This is largely attributed to the strong demand seen from qualified institutional buyers (QIBs) to the initial public offering (IPO) and healthy market conditions.

  • Rajasthan government officials and the Geological Survey of India (GSI), substantial reserves of lithium have been identified in the Degana municipality of Nagaur district in Rajasthan.These reserves are said to contain significantly more lithium than the 5.9 million tonnes found in Jammu and Kashmir recently.

  • The National Company Law Tribunal (NCLT) on May 8 issued a notice to budget carrier SpiceJet to respond to a plea claiming unpaid dues.

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


Company Name Purpose Meeting Date Company Name Purpose Meeting Date
ABANSENT Audited Results 09-May-23 MATRIMONY Audited Results;Final Dividend 09-May-23
ADROITINFO General 09-May-23 MRO-TEK Audited Results 09-May-23
AGRITECH A.G.M.;Audited Results 09-May-23 MTPL Increase in Authorised Capital;Issue Of Warrants;General 09-May-23
AKI Quarterly Results;Stock  Split 09-May-23 NAZARA Audited Results 09-May-23
ALPSINDUS Audited Results 09-May-23 NETLINK Audited Results 09-May-23
ANMOL General 09-May-23 NUVOCO Audited Results 09-May-23
APOLLOTYRE Audited Results;Dividend 09-May-23 OSEASPR Audited Results 09-May-23
BALUFORGE Audited Results 09-May-23 PASUPTAC Audited Results;General 09-May-23
BIRLACORPN Audited Results;Final Dividend;General 09-May-23 POLYMED Audited Results;Final Dividend;General 09-May-23
CAPPIPES Half Yearly Results 09-May-23 RAIN Interim Dividend;Quarterly Results 09-May-23
CASTROLIND Quarterly Results 09-May-23 RAYMOND Audited Results;Final Dividend;General 09-May-23
CHALET Audited Results 09-May-23 RELINFRA Audited Results 09-May-23
DELPHIFX Audited Results;General 09-May-23 RTNINDIA General 09-May-23
DUTRON Audited Results 09-May-23 SAGARSYST Audited Results;Quarterly Results 09-May-23
EIKO Audited Results 09-May-23 SANTOSHF General 09-May-23
ELANTAS Quarterly Results 09-May-23 SCI Audited Results;Dividend 09-May-23
EVEREADY Audited Results;Dividend;General 09-May-23 SHANTIGEAR Audited Results;Final Dividend 09-May-23
FIVESTAR Audited Results 09-May-23 SHEMAROO Audited Results 09-May-23
GANESHHOUC Audited Results;Final Dividend 09-May-23 SRAMSET Audited Results 09-May-23
GODREJAGRO Audited Results;Final Dividend;Quarterly Results 09-May-23 SRF Audited Results;Final Dividend 09-May-23
HATSUN Audited Results;General 09-May-23 STOVACQ Quarterly Results 09-May-23
IFL Audited Results;Quarterly Results 09-May-23 SUVEN Audited Results;Quarterly Results 09-May-23
IGL Audited Results;Final Dividend 09-May-23 SWASTIKA Audited Results;Final Dividend 09-May-23
JMFINANCIL Audited Results;Final Dividend 09-May-23 SWISSMLTRY Audited Results;Final Dividend 09-May-23
JPPOWER Audited Results 09-May-23 SWOEF Audited Results 09-May-23
KAYCEEI Audited Results;Final Dividend 09-May-23 TDPOWERSYS Audited Results 09-May-23
KLBRENG-B Audited Results;Dividend 09-May-23 TECHCON Audited Results 09-May-23
KSB Quarterly Results 09-May-23 TFL Audited Results 09-May-23
LATENTVIEW Audited Results 09-May-23 THEINVEST Audited Results;Quarterly Results 09-May-23
LUPIN Audited Results;Final Dividend;General 09-May-23 TTLEL General 09-May-23
MAGADHSUGAR Audited Results;Dividend 09-May-23 UHZAVERI General 09-May-23
MANINFRA Audited Results;Interim Dividend 09-May-23 WESTLIFE Audited Results 09-May-23
MANORAMA Audited Results;Final Dividend;Quarterly Results 09-May-23 WINSOMTX Audited Results 09-May-23

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
OFSS 09-May-23 Interim Dividend – Rs. – 225.0000 LEX 18-May-23 E.G.M.
RKFORGE 09-May-23 Interim Dividend – Rs. – 0.5000 TATACONSUM 19-May-23 Final Dividend – Rs. – 8.4500
COFORGE 10-May-23 Interim Dividend – Rs. – 19.0000 ROSSARI 24-May-23 Final Dividend – Rs. – 0.5000
ENBETRD 10-May-23 Right Issue of Equity Shares TRENT 25-May-23 Dividend – Rs. – 2.2000
LAURUSLABS 10-May-23 Interim Dividend – Rs. – 1.2000 RALLIS 30-May-23 Final Dividend – Rs. – 2.5000
MINDSPACE 10-May-23 Income Distribution RITES INFY 02-Jun-23 Final Dividend – Rs. – 17.5000
WELSPUNIND 10-May-23 Buy Back of Shares MAHABANK 02-Jun-23 Final Dividend – Rs. – 1.3000
CLARA 11-May-23 Right Issue of Equity Shares MAHINDCIE 02-Jun-23 Final Dividend – Rs. – 2.5000
INDIAMART 11-May-23 Final Dividend – Rs. – 20.0000 PAGEIND 02-Jun-23 Interim Dividend
KKCL 11-May-23 Interim Dividend – Rs. – 2.0000 HARDWYN 05-Jun-23 Bonus issue 1:3
SIRCA 11-May-23 Bonus issue 1:1 HARDWYN 05-Jun-23 Stock  Split From Rs.10/- to Rs.1/-
360ONE 12-May-23 Interim Dividend – Rs. – 4.0000 SESHAPAPER 07-Jun-23 Dividend – Rs. – 6.0000
APTUS 12-May-23 Interim Dividend – Rs. – 2.0000 TATAPOWER 07-Jun-23 Final Dividend – Rs. – 2.0000
IRBINVIT 12-May-23 Income Distribution (InvIT) PONNIERODE 08-Jun-23 Final Dividend – Rs. – 6.5000
RISHYRN 12-May-23 E.G.M. RCL 08-Jun-23 Stock  Split From Rs.10/- to Rs.1/-
STEELXIND 12-May-23 E.G.M. SOLARINDS 09-Jun-23 Final Dividend – Rs. – 8.0000
ANURAS 15-May-23 Interim Dividend – Rs. – 1.5000 VOLTAS 09-Jun-23 Final Dividend – Rs. – 4.2500
DRAGARWQ 15-May-23 Interim Dividend HIGHENE 16-Jun-23 Final Dividend – Rs. – 3.5000
SULA 15-May-23 Final Dividend – Rs. – 5.2500 SHRIRAMFIN 16-Jun-23 Final Dividend – Rs. – 20.0000
TATACOFFEE 15-May-23 Dividend – Rs. – 3.0000 HINDUNILVR 19-Jun-23 Final Dividend – Rs. – 22.0000
VISAKAIND 15-May-23 Stock  Split From Rs.10/- to Rs.2/- NEWGEN 20-Jun-23 Final Dividend – Rs. – 5.0000
GMBREW 16-May-23 Final Dividend – Rs. – 6.0000 INDIAMART 21-Jun-23 Bonus issue 1:1
HDFC 16-May-23 Interim Dividend – Rs. – 44.0000 SUPREMEIND 21-Jun-23 Final Dividend – Rs. – 20.0000
HDFCBANK 16-May-23 Final Dividend – Rs. – 19.0000 EMUDHRA 22-Jun-23 Final Dividend – Rs. – 1.2500
INDINFR 16-May-23 Income Distribution (InvIT) TATASTEEL 22-Jun-23 Final Dividend – Rs. – 3.6000
SUNDRMFAST 16-May-23 Interim Dividend – Rs. – 3.0600 VTMLTD 22-Jun-23 Final Dividend – Rs. – 0.7000
FOSECOIND 17-May-23 Final Dividend – Rs. – 25.0000 DBOL 23-Jun-23 Dividend – Rs. – 3.5000
INDIGRID 18-May-23 Income Distribution (InvIT) NATHBIOGEN 23-Jun-23 Final Dividend – Rs. – 2.0000

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