The Nifty And Nifty B Both Indices Closed Lower For The Fifth Consecutive Trading Day

NIFTY:

the NIFTY opened at 17166.45 with a gap up of 123 points. The index falled to build on the opening gains and started drifting downwards after recording its intraday high at 17211.35. Prices have seen a sharp intraday decline, filled the gap, and then started a consolidation process. That consolidation broke on the downside and the index again moved down. Prices went below 17000 and recorded its intraday low at 16938.90. The index finally closed at 16972.15 near its day’s lows with a loss of 71.15 points or 0.42% down. METAL outperformed today and closed with a gain of 1.80% followed by PHARMA which ended 0.31% higher, MEDIA, BANK, and FINANCIAL led the bears today and ended with a loss. The short-term trend is down. The index is making a classical pattern of lower highs and lower lows on the daily timeframe chart. As mentioned before, the first sign of a trend reversal will come when the index crosses above the previous swing low of around 17250.A strong support zone is visible around the 16800-17000 ranges. The NIFTY is now trading within this zone. Resistance is visible around the 17250-17300 range. We should look for a trading opportunity on an intraday basis.

BANK NIFTY:

The BANK NIFTY opened at 39777.90 with a big gap up of 296 points. The index could not sustain at the higher levels and started drifting downwards after recording its intraday high at 39914.10. Prices have kept on sliding lower with minor intraday rallies and recorded its intraday low at 38934.65. The index finally closed at 39020.80 with a loss of 461 points. PSU BANK has underperformed today and ended lower by 1.21% PVT BANK has also moved down today and closed lower by 0.85% Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The trend is down as the index is making a classical pattern of lower highs and lower lows. Since the volatility is also rising so, for the time being, we should avoid taking carry-forward trade and shift our focus to intraday trading only.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: FX Reserves, USD 17th March, 2023 INR: Infrastructure Output (YoY) (Feb) 31st March, 2023	USD: Initial Jobless Claims on 16th March, 2023 USD: Building Permits (Feb) on 16th March, 2023

NEWS UPDATES

• Indian benchmark indices ended lower in the highly volatile session on March 15 with Nifty below 17000. At close, the Sensex was down 344.29 points or 0.59% at 57,555.90, and the Nifty was down 71.10 points or 0.42% at 16,972.20. About 1508 shares advanced, 1924 shares declined, and 119 shares unchanged

• India’s trade deficit came in at $17.43 billion in February 2023, which is narrower as compared to $18.75 billion in the year-ago period, as per the official data released on March 15. The numbers are also marginally lower as compared to the preceding month, as the trade deficit stood at $17.76 billion in January 2023.

• PVR-Inox has announced the opening of new multiplexes in Chennai, Hyderabad, Nalasopara and Lucknow, as part of its rapid screen expansion plan. With almost 1,650 screens to its name, the combined entity is now the fifth-largest multiplex chain in the world. It plans to add 200 every year.

• The share price of KPIT Technologies gained 7 percent on Wednesday after the company announced partnership with Honda to accelerate Honda’s software-defined mobility journey.

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

BOARD MEETINGS

Corporate Action

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