The NIFTY opened at 18594.20 with a gap down of 39 points. The index recorded its intraday high at 18603.90 in its initial trade and just above the opening tick. Prices continued early morning weak momentum and moved down sharply. The index went below 18500 and found support there. Prices have recorded its intraday low at 18483.65.The index formed a trading range that broke upside and has seen some recovery in the late hour of trading. The NIFTY finally closed at 18534.40 with a loss of 99.45 points or 0.53% down. REALTY and PHARMA outperformed today by gaining over half percent followed by MEDIA and FMCG. OIL GAS underperformed today and ended lower by over 1% followed by FINANCIAL, METAL, and BANK. The long-term trend is sideways now while the long-term momentum is moving within the strength zone but the direction is down.


The BANK NIFTY opened at 44318 with a gap down of 139 points. The index recorded its intraday high at 44339.05 just above the opening tick and then continued moving lower. Prices have found intraday support around 43800 and started consolidating there. The index broke on the upside after recording its intraday low at 43822.70 and saw a sharp recovery to finally close at 44147.80 with a loss of 310 points. PSU and PVT BANK both indices have performed almost the same today, saw a mild downside move, and finally closed with a loss of 0.24% &0.50% respectively. Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while HDFC BANK contributed the lowest. It was a tale of two halves today in the BANK Index. After opening with a gap down, the index moved lower in the first half while saw a sharp rally in the second half. The short-term trend is up. Support is now visible around 43400 while resistance is visible around 44500.


BSOFT 343.50 BUY The stock is about to give a breakout on the intraday and the daily chart. The stock can be bought above 345.05 with a stop loss of 341.35 and a target of 352.45.
HINDALCO 975.35 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 404.20 with a stop loss of 409.65 and a target of 398.20.


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
SUN PHARMA   980 CE BUY 21.05 ABOVE 23.50 19 32.30 BREAKOUT
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
TORNTPHARM.23.06 Jun 1814.5 6.38 58.98 2036500 ONGC.23.06 Jun 155.5 -2.51 5.94 48925800
DIXON.23.06 Jun 3881.6 4.63 6.87 1157125 COALINDIA.23.06 Jun 240.4 -2.32 2.33 37959600
PIIND.23.06 Jun 3623.95 3.58 2.01 1836000 VEDL.23.06 Jun 271.65 -2.04 9.32 52308000
ESCORTS.23.06 Jun 2183.65 3.06 4.33 1160775 AXISBANK.23.06 Jun 922.3 -1.89 2.62 48489600
BHARTIARTL.23.06 Jun 845 2.94 15.67 41234750 NTPC.23.06 Jun 174.6 -1.83 0.49 70509000
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
INTELLECT.23.06 Jun 588.5 2.57 -0.93 3100000 LICHSGFIN.23.06 Jun 374.5 -1.8 -1.47 14790000
BALKRISIND.23.06 Jun 2288.35 2.3 -12.56 1808100 SHRIRAMFIN.23.06 Jun 1390.35 -1.23 -3.46 3987600
IPCALAB.23.06 Jun 706.8 2.28 -3.95 3274700 ABFRL.23.06 Jun 202.5 -1.22 -1.28 27388400
CANFINHOME.23.06 Jun 710.05 2.08 -6.96 3521700 SHREECEM.23.06 Jun 25319.6 -1.18 -14.09 269700
MCDOWELL-N.23.06 Jun 887.1 1.86 -1.07 10301250 JUBLFOOD.23.06 Jun 484.05 -0.88 -2.62 14640000


Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Torrent Pharma Ltd. 1835.8 7.13 4659481 237517 66.71 Nifty50 18534.4 -0.53 73183982
Dixon Technologies (indi 3878.75 5.33 1643397 74629 22.42 Niftybank 44128.15 -0.69 30722088
Piind 3616.8 4.17 2061711 141590 53.63 Nifty it 29319.75 0.08 2415082
Bharti Airtel Limited 849.9 3.84 47342125 3572341 69.39 India Vix 11.97 -0.33 1122444872
Coforge Limited 4555.1 3.52 706949 164533 60.78 Nifty Fmcg 51042.75 0.23 959633
Escorts Kubota Limited 2176.3 3.4 535402 29787 20.42 Nifty Pharma 12678.4 0.58 107154988
Intellect 586 2.92 872996 98540 30.71 Nifty Realty 478.8 0.76 2147483500
Can Fin Homes Ltd 707.2 2.45 1383366 113675 33.21 Nifty Auto 14199 0.15 95663195
Abb Limited 4125.9 2.39 1169176 85726 47.81 Nifty Metal 5890.05 -0.78 230230180
Balkrishna Ind. Ltd 2273.8 2.17 781049 603401 58.57 Nifty Financial Services 19445.75 -0.82 19201987


   Domestic                                                                                                                                                  International
INR: Nikkei Services PMI (May) on 1st June, 2023

INR: Deposit Growth on 2nd June, 2023

 USD: ADP Nonfarm Employment Change (May) on 1st June, 2023

USD: ISM Manufacturing PMI (May) on 1st June, 2023


  • Benchmark indices ended lower on May 31 with Nifty around 18,550. At close, the Sensex was down 346.89 points or 0.55% at 62,622.24, and the Nifty was down 99.40 points or 0.53% at 18,534.40. About 1679 shares advanced, 1733 shares declined, and 133 shares unchanged.

  • Analysts see 42% upside in Adani Ports but stock falls post Q4 results, CLSA has maintained its ‘buy’ rating on the Adani Group company and hiked its target price to Rs 878 from 792. Meanwhile, Nomura has also retained its ‘buy’ call on the stock with a target price of Rs 1,025..

  • Welspun Corp shares up 5% despite muted profit in Q4; board recommends 100% dividend, The share touched a 52-week high of Rs 298.35 and a 52-week low of Rs 177.85 on September 22, 2022 and February 27, 2023, respectively.

  • Suzlon Energy shares jump 9% after on the back of strong Q4 numbers, The wind energy solutions provider posted a consolidated net profit of Rs 320 crore for the quarter ended March quarter on the back of lower expenses.

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


Company Name Purpose Meeting Date Company Name Purpose Meeting Date
ABCAPITAL Preferential Issue of shares 01-Jun-23 GENPHARMA General 05-Jun-23
ESTER Final Dividend 01-Jun-23 SBICARD General 05-Jun-23
HOCL General 01-Jun-23 ALFATRAN General 06-Jun-23
SKYGOLD Final Dividend 01-Jun-23 GARNETINT General;Rights Issue 06-Jun-23
WEWIN General 01-Jun-23 JINDCOT Audited Results 06-Jun-23
ANMOL Bonus issue;General 02-Jun-23 MACH Audited Results;General 06-Jun-23
BANKBARODA General 02-Jun-23 NEWINFRA Audited Results 06-Jun-23
COSPOWER Audited Results;General 02-Jun-23 SBLI Audited Results;General 06-Jun-23
INTECH Rights Issue 02-Jun-23 UNISTRMU General;Quarterly Results 06-Jun-23
KICL Audited Results 02-Jun-23 VIPUL Audited Results;Dividend 06-Jun-23
MINDACORP Right Issue of Equity Shares;General;Preferential Issue of shares;Rights Issue 02-Jun-23 GENCON Audited Results;Dividend 07-Jun-23
OONE Audited Results 02-Jun-23 LASA Audited Results;Quarterly Results 07-Jun-23
SETCO Audited Results;General;Quarterly Results 02-Jun-23 NATURO Audited Results 07-Jun-23
SPANDANA General 02-Jun-23 ORISSAMINE Audited Results 08-Jun-23
YOGI Increase in Authorised Capital;Preferential Issue of shares 02-Jun-23 SANINFRA Final Dividend;General 08-Jun-23
AVG Audited Results;Final Dividend;Issue Of Warrants 03-Jun-23 VAPIPPR Audited Results 09-Jun-23
GAL Audited Results;General 03-Jun-23 WANBURY Audited Results 09-Jun-23
GOYALASS Audited Results;General 03-Jun-23 ZGOLDINV Audited Results;General 09-Jun-23
MANAKSIA Final Dividend 03-Jun-23 MENAMANI General;Stock  Split 12-Jun-23
NMSRESRC Audited Results;General;Quarterly Results 03-Jun-23 DPL Audited Results;Quarterly Results 15-Jun-23
OTCO General 03-Jun-23 INDSUCR Audited Results 15-Jun-23
SHIVALIK Preferential Issue of shares 03-Jun-23 RASSIREF Audited Results 15-Jun-23
ACFL Audited Results 05-Jun-23 DLCL Audited Results 16-Jun-23
DHANCOT General 05-Jun-23 DRONACHRYA General 10-Aug-23

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
APTECHT 01-Jun-23 Interim Dividend – Rs. – 6.0000 MARKSANS 07-Jun-23 Final Dividend
SHREECEM 01-Jun-23 Interim Dividend – Rs. – 55.0000 OPTIEMUS 07-Jun-23 Interim Dividend – Rs. – 1.5000
SIL 01-Jun-23 Interim Dividend – Rs. – 0.8000 SESHAPAPER 07-Jun-23 Dividend – Rs. – 6.0000
TRIDENT 01-Jun-23 Interim Dividend – Rs. – 0.3600 TATAPOWER 07-Jun-23 Final Dividend – Rs. – 2.0000
ANZEN 02-Jun-23 Income Distribution (InvIT) UNIPARTS 07-Jun-23 Interim Dividend – Rs. – 6.0000
AXITA 02-Jun-23 Buy Back of Shares BIKAJI 08-Jun-23 Final Dividend – Rs. – 0.7500
EDELWEISS 02-Jun-23 Spin Off NIITLTD 08-Jun-23 Spin Off
HAVELLS 02-Jun-23 Final Dividend – Rs. – 4.5000 PONNIERODE 08-Jun-23 Final Dividend – Rs. – 6.5000
INDUSINDBK 02-Jun-23 Final Dividend – Rs. – 14.0000 QGO 08-Jun-23 Interim Dividend – Rs. – 0.1000
INFY 02-Jun-23 Final Dividend – Rs. – 17.5000 RCL 08-Jun-23 Stock  Split From Rs.10/- to Rs.1/-
JSWENERGY 02-Jun-23 Final Dividend – Rs. – 2.0000 ASIANPAINT 09-Jun-23 Final Dividend – Rs. – 21.2500
MAHINDCIE 02-Jun-23 Final Dividend – Rs. – 2.5000 BEPL 09-Jun-23 Final Dividend – Rs. – 1.0000
NECCLTD 02-Jun-23 Right Issue of Equity Shares BEPL 09-Jun-23 Special Dividend – Rs. – 14.0000
PAGEIND 02-Jun-23 Interim Dividend CAPPL 09-Jun-23 Interim Dividend – Rs. – 2.0000
STEELCAS 02-Jun-23 Special Dividend – Rs. – 3.1500 CIGNITI 09-Jun-23 Final Dividend – Rs. – 3.0000
SYLPH 02-Jun-23 Stock  Split From Rs.10/- to Rs.1/- DYNAMATECH 09-Jun-23 Final Dividend – Rs. – 7.0000
HARDWYN 05-Jun-23 Bonus issue 1:3 ELECON 09-Jun-23 Final Dividend – Rs. – 2.0000
HARDWYN 05-Jun-23 Stock  Split From Rs.10/- to Rs.1/- ELPROINTL 09-Jun-23 Interim Dividend – Rs. – 0.2300
SHYAMMETL 05-Jun-23 Interim Dividend – Rs. – 1.8000 HDFCAMC 09-Jun-23 Dividend – Rs. – 48.0000
SKMEGGPROD 05-Jun-23 Interim Dividend – Rs. – 2.0000 HSCL 09-Jun-23 Final Dividend – Rs. – 0.2500
NELCO 06-Jun-23 Dividend – Rs. – 2.0000 INDHOTEL 09-Jun-23 Final Dividend – Rs. – 1.0000
PRIMESECU 06-Jun-23 Dividend – Rs. – 0.5000 MILEFUR 09-Jun-23 E.G.M.

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 regulations.