The NIFTY opened at 17421.90 with a minor gap up. The index initially moved higher and soon faced resistance and turned down after recording its intraday high at 17529.90. Prices have started drifting downwards and continued the bearish momentum for the whole day. The index reached around 17100 and recorded its intraday low at 17113.45. A minor recovery came in the last 30 minutes of trading and the index finally dosed at 17154.30 near its day’s lows with a loss of 258.60 points or 1.49% down. All the sectoral indices have moved down today and closed lower. The BANK, AUTO, and MEDIA led the bears today and ended with a loss of over 2% followed by REALTY and FINANCIAL. A strong support zone is visible around the 16800-17000 ranges. We are expecting prices to hold this support zone if the decline continues. Resistance is visible around the 17250-17300 range. The volatility has exceptionally risen today as the INDIA VIX, a benchmark index for volatility, has risen more than 20% and is now moving above level 16. Our view is the same. We should look for a trading opportunity on an intraday basis.


The BANK NIFTY opened at 40356.10 with a gap down of 132 points. The index initially moved higher, filled the gap but soon faced resistance. Prices have turned down after recording its intraday high at 40690.05 and it’s a sharp intraday decline that lasted till the end. The index recorded its intraday low at 39454.60 and finally closed at 39627 with a loss of 861 points. PSU and PVT BANK both indices have performed almost the same today, saw an intraday de, and losing decline, and closed lower by 2.87% & 244% respectively Within the index, in terms of points, INDUSIND BANK contributed the highest on the downside followed by ICICI BANK. The trend is down. In the last three trading days, prices have seen a down move of almost 2000 points and today broke down a wide trading range inside 39800-41800 levels. For the time being, we should avoid taking carry-forward trade and shift our focus to intraday trading only.


COLPAL 1502.05 BUY The stock is about to give a breakout on the intraday and the daily chart. The stock can be bought above 1510.50 with a stop loss of 1499.65 and a target of 1527.85.
GRASIM 1562.05 SELL The stock has given a breakdown on the intraday as well as the daily chart. The stock can be sold below 1548.75 with a stop loss of 1568.70 and a target of 1513.


Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
UPL 700 PE BUY 11.70 ABOVE 13 10 19 BREAKDOWN
Long Buildup Short Buildup
Stocks Price Price% OI % OI   Stocks Price Price% OI % OI
TECHM.23.03 Mar 1137.95 6.92 9.77 12487200 INDUSINDBK.23.03 Mar 1061.8 -7.58 13.25 28867950
ICICIGI.23.03 Mar 1082.8 0.29 2.47 3789300 AUBANK.23.03 Mar 585.35 -5.24 11.85 13493000
BRITANNIA.23.03 Mar 4321.85 0.04 0.81 1269200 PEL.23.03 Mar 708.7 -5.17 0.88 7780850
RBLBANK.23.03 Mar 147.65 -4.83 0.76 29250000
L&TFH.23.03 Mar 86.15 -4.65 3.54 70785168
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
MCDOWELL-N.23.03 Mar 755.7 0.78 -2.31 13502500 ABCAPITAL.23.03 Mar 147.65 -4.28 -3.72 31989600
APOLLOHOSP.23.03 Mar 4352.5 0.59 -1.93 1423750 COROMANDEL.23.03 Mar 879.75 -4.18 -1.5 1658300
BALRAMCHIN.23.03 Mar 401.7 0.37 -4.85 6596800 IEX.23.03 Mar 143.6 -3.79 -2.4 36206250
LALPATHLAB.23.03 Mar 1833.2 0.05 -6.98 806250 PNB.23.03 Mar 48.3 -3.5 -2.17 195200000
MGL.23.03 Mar 991.8 0.05 -9.29 2445600 BHEL.23.03 Mar 74.45 -3.5 -2.77 66832500


Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Infosys Limited 1435.1 Nifty50 17154.3 -1.49 28090529
Wipro Ltd 385.45 Niftybank 39564.7 -2.27 12146431
Reliance Industries Ltd 2284.5 Nifty it 29267 -0.94 1475124
Zee Entertain. 188.3 India Vix 16.22 20.95 312439580
Larsen & Toubro Limited 2133.85 Nifty Fmcg 44953.6 -0.84 318301
Acc Limited 1770 Nifty Pharma 11597.35 -0.74 41745091
Itc Ltd. 383.65 Nifty Realty 390.25 -1.98 1232577062
Hcl Technologies Ltd. 1098.6 Nifty Auto 12456 -2.24 38629270
Hindustan Unilever Ltd 2455.1 Nifty Metal 5585.25 -0.9 86222601
Tata Steel Limited 106.8 Nifty Financial Services 17635 -1.63 5016672


   Domestic                                                                                                                                                  International
INR: WPI Inflation (YoY) (Feb) 14th March, 2023

INR: Trade Balance 14th March, 2023

 USD: Core CPI (MoM) (Feb) on 14th March, 2023

USD: CPI (YoY) (Feb) on 14th March, 2023


  • Benchmark indices ended lower in the third consecutive session on March 13 with Nifty below 17,200 At close, the Sensex was down 897.28 points or 1.52% at 58,237.85, andNifty 50 was down 258.60 points or 1.49% at 17,154.30. About 768 shares advanced, 2745 shares declined, and 144 shares unchanged.

  • The statement from US Federal Reserve, the Treasury and the Federal Reserve Insurance Corporation (FDIC), assuring protection for depositors of Silicon Valley Bank (SVB), will be incrementally positive for risk sentiment but cannot be seen as the return of the Fed put, according to equity strategists at Nomura.

  • Tech Mahindra has selected Mohit Joshi of Infosys as its managing director and chief executive officer from December. In an uncertain macro environment, foreign brokerages see this as a neutral move at best.

  • HSBC Holdings Plc on March 13 announced that its UK ring-fenced subsidiary, HSBC UK Bank plc, is acquiring Silicon Valley Bank UK Limited (SVB UK) for £1. SVB UK had loans of around £5.5 billion and deposits of around £6.7 billion as on March 10, 2023.

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


Company Name Purpose Meeting Date Company Name Purpose Meeting Date
APOLLOPIPES General 14-Mar-23 ABSLAMC Interim Dividend 16-Mar-23
ATHENAGLO Issue Of Warrants 14-Mar-23 GLS Interim Dividend 16-Mar-23
HARDWYN General 14-Mar-23 KMSMEDI General 16-Mar-23
HCKKVENTURE Increase in Authorised Capital;General 14-Mar-23 RADHIKAJWE Stock  Split 16-Mar-23
HUDCO Interim Dividend;General 14-Mar-23 SAIL Interim Dividend 16-Mar-23
INDINFR General 14-Mar-23 SAMRATPH General 16-Mar-23
JAYATMA General 14-Mar-23 SKCIL Increase in Authorised Capital;Issue Of Warrants;Preferential Issue of shares 16-Mar-23
JAYIND General 14-Mar-23 SPRAYKING Bonus issue;General 16-Mar-23
MCLOUD Bonus issue 14-Mar-23 STYRENIX Interim Dividend 16-Mar-23
PODARPIGQ Interim Dividend 14-Mar-23 VIRATCRA Quarterly Results 16-Mar-23
PRAXIS General 14-Mar-23 BEL Interim Dividend 17-Mar-23
QGO General 14-Mar-23 FIBERWEB General 17-Mar-23
SUNGOLD General 14-Mar-23 GAL General;Preferential Issue of shares;Issue Of Warrants 17-Mar-23
XPROINDIA General 14-Mar-23 KENVI Stock  Split 17-Mar-23
CAPPIPES General 15-Mar-23 RISHYRN General 17-Mar-23
GOBLIN Increase in Authorised Capital;General;Preferential Issue of shares 15-Mar-23 MODULEX Quarterly Results 18-Mar-23
JMJFIN General 15-Mar-23 SMEL General 18-Mar-23
LYKALABS Issue Of Warrants;General;Preferential Issue of shares 15-Mar-23 INDSOYA General 20-Mar-23
MIDHANI Interim Dividend 15-Mar-23 SYLPH General;Stock  Split 20-Mar-23
MKVENTURES Right Issue of Equity Shares 15-Mar-23 IFCI Preferential Issue of shares 28-Mar-23
RLF General 15-Mar-23 ADROITINFO A.G.M. 29-Mar-23
SERA General;Stock  Split 15-Mar-23 COFORGE Audited Results;Interim Dividend 27-Apr-23

Corporate Action

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
ASTRAL 14-Mar-23 Bonus issue 1:3 AGIIL 21-Mar-23 Interim Dividend
JUMBO 14-Mar-23 E.G.M. GAIL 21-Mar-23 Interim Dividend
ALLCARGO 15-Mar-23 Interim Dividend – Rs. – 3.2500 HUDCO 21-Mar-23 Interim Dividend
CGPOWER 15-Mar-23 Interim Dividend – Rs. – 1.5000 KAMAHOLD 21-Mar-23 Interim Dividend
DICIND 15-Mar-23 Dividend – Rs. – 2.0000 KDDL 21-Mar-23 Interim Dividend – Rs. – 2.0000
DRONACHRYA 15-Mar-23 E.G.M. NATIONALUM 21-Mar-23 Interim Dividend
ENBETRD 15-Mar-23 E.G.M. PODARPIGQ 21-Mar-23 Interim Dividend
MEDICO 16-Mar-23 Stock  Split From Rs.10/- to Rs.2/- STANCAP 21-Mar-23 E.G.M.
SBILIFE 16-Mar-23 Interim Dividend – Rs. – 2.5000 SUNTV 21-Mar-23 Interim Dividend
SHREESEC 16-Mar-23 Stock  Split From Rs.10/- to Rs.1/- MIDHANI 23-Mar-23 Interim Dividend
TAPARIA 16-Mar-23 Interim Dividend – Rs. – 77.5000 ABSLAMC 24-Mar-23 Interim Dividend
TINEAGRO 16-Mar-23 Reduction of Capital AJANTPHARM 24-Mar-23 Buy Back of Shares
BI 17-Mar-23 E.G.M. BEL 24-Mar-23 Interim Dividend
CAPRIHANS 17-Mar-23 E.G.M. SAIL 24-Mar-23 Interim Dividend
HITECH 17-Mar-23 Stock  Split From Rs.10/- to Rs.1/- STYRENIX 24-Mar-23 Interim Dividend
NETTLINX 17-Mar-23 Interim Dividend – Rs. – 0.4000 VIVANZA 24-Mar-23 Stock  Split From Rs.10/- to Rs.1/-
ROJL 17-Mar-23 Stock  Split From Rs.10/- to Rs.2/- VKAL 24-Mar-23 E.G.M.
TCMLMTD 17-Mar-23 E.G.M. CRISIL 31-Mar-23 Final Dividend – Rs. – 23.0000
VIVANTA 17-Mar-23 Stock  Split From Rs.10/- to Rs.1/- SCHAEFFLER 11-Apr-23 Final Dividend – Rs. – 24.0000
CSL 20-Mar-23 Stock  Split From Rs.10/- to Rs.2/- HUHTAMAKI 20-Apr-23 Dividend – Rs. – 2.0000
GLOBALCA 20-Mar-23 Bonus issue 1:1 NESTLEIND 21-Apr-23 Final Dividend – Rs. – 75.0000
GLOBALCA 20-Mar-23 Stock  Split From Rs.10/- to Rs.1/- VESUVIUS 26-Apr-23 Final Dividend – Rs. – 8.2500
HAL 20-Mar-23 Interim Dividend – Rs. – 20.0000 ABB 27-Apr-23 Dividend – Rs. – 5.5000
SRUSTEELS 20-Mar-23 Interim Dividend – Rs. – 0.1000 KSB 28-Apr-23 Final Dividend – Rs. – 15.0000
UJJIVAN 20-Mar-23 Interim Dividend – Rs. – 5.0000 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