THE NIFTY CONTINUED MOVING NARROW FOR THE SECOND DAY

NIFTY:

The NIFTY opened at 18612 with a gap up of 78 points. The index initially moved lower but quickly turnaround and started an upside move. Prices saw a mild rally and found resistance around 18650. The index recorded its intraday high at 18640.15 and started a consolidation process that lasted till the afternoon. The index saw a sharp decline in the last hour of trading and recorded its intraday low at 18582.80. Prices have finally closed at 18593.85 with again of 59.75 points or 0.32% up. All the sectoral indices have moved up today and ended with gains except FMCG and IT which ended with a loss of nearly half percent AUTO outperformed today by gaining over 1% followed by MEDIA. The short-term trend is sideways now however, the bias is bullish as prices have resumed its up move after a mild correction. The support is visible around 18400-18450 zones while the resistance is visible around 18650-18700 zones.

BANK NIFTY:

The BANK NIFTY opened at 44103.25 with a gap up 223 points. The index initially moved higher but soon found resistance and then started a consolidation process. The sideways movement continued till the end. In this process, prices have recorded its intraday high at 44266.15 and its intraday low at 44074.20. Prices have finally closed at 44099.75 with a gain of 219 points. PVT BANK outperformed today, saw an upside move, and closed with a gain of 0.68%. PSU BANK underperformed today, saw an intraday decline and closed lower by 0.43% Within the index, in terms of points, AXIS BANK contributed the highest on the upside while AU BANK contributed the lowest. The short-term trend is sideways however, the bias is bullish as prices have bounced up after a minor correction Support is visible around 43700 while resistance is visible around 44500. We should look for buying only as far as prices are moving above 43700.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Interest Rate Decision on 08th June, 2023 INR: Cash Reserve Ratio on 08th June, 2023	USD: Initial Jobless Claims on 08th June, 2023 USD: CPI (MoM) (May) on 13th June, 2023

NEWS UPDATES

• On Monday, The Indian equity market extended its gains from the previous session and ended higher on June 5, with the Nifty closing around 18,600 supported by buying across sectors, barring FMCG and IT. At close, the Sensex was up 240.36 points or 0.38 percent at 62,787.47, and the Nifty was up 59.70 points or 0.32 percent at 18,593.80.

• Indian corporate earnings recorded healthy growth, with many beating street estimates in the quarter ended March 2023, according to Nomura and Jefferies. The aggregate March quarter earnings of 127 companies analysed by Nomura rose 8% year-on-year and were 4% above the Bloomberg consensus estimates, Nomura said. Net earnings grew 13.3% year-on-year after adjusting for extraordinaries and were 11.8% ahead of the estimates, it said.

• Edtech giant Byju’s, announced on Monday that it will launch the initial public offering (IPO) of its subsidiary, Aakash Education Services Limited (AESL) mid next year. The IPO will mark a milestone in the continued growth and expansion of Aakash + Byju’s, creating a comprehensive portfolio of products that caters to a broader range of students, said the company.

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)

Kiran Tahlani, Elite Wealth Limited, kirantahlani@elitestock.com

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 e-mailing 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
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;

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

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.