The NIFTY opened at 21990.10 with a gap down of just 33 points. The index initially moved up but failed to do so and started a consolidation process that lasted till the afternoon session. Prices started moving higher after recording its intraday low at 21916.55 but could not add much and again formed a trading range. This time the range was even narrower. The index broke higher toward the end but could not rally higher, recorded its intraday high at 22123.70, and saw a sharp dip. The NIFTY finally closed at 22055.70 with a gain of just 32.35 points or 0.15% up. METAL outperformed today, saw a sharp upside move, and closed with a gain of over 2% followed by MEDIA and AUTO. IT underperformed today and ended with a loss of 1.64% followed by FMCG. Within the NIFTY 50 index, index heavyweight RELIANCE led the gains today while IT major, INFY and TCS led the bears together with HDFCBANK. The intraday range was fairly wide today as prices have traveled within a range of 207 points


The BANK NIFTY opened at 46458.75 with a gap down of 87 points. The index tried to move higher but failed to do so and started drifting downwards. A sharp decline came and prices bounced up before reaching the 46000 support levels. A sharp rally came which found resistance around 46700. The index then started a consolidation process which lasted till the end. Prices have first recorded its intraday low at 46022.15, then its intraday high at 46739.25, and finally closed at 46617.90 with a gain of just 72 points. PSU BANKs have outperformed today, saw a mild upside move, and ended with a gain of 0.32%. PVT BANKs have underperformed today, saw a mild downside move, and finally closed with a loss of just 0.13%.


Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
BALRAMCHIN.24.03 Mar 361.1 0.03 17.44 11539200 FINNIFTY.24.03 Mar 20673.5 -0.02 30.16 73880
GODREJCP.24.03 Mar 1245.95 2.32 6.05 5828000 LALPATHLAB.24.03 Mar 2020.45 -0.58 8.61 1959600
ZYDUSLIFE.24.03 Mar 995.05 0.61 4.65 7843500 APOLLOTYRE.24.03 Mar 459.95 -2.76 7.94 14473800
OFSS.24.03 Mar 8648.15 1.88 4.06 1116600 COFORGE.24.03 Mar 5708.45 -7.07 7.57 1455450
CANBK.24.03 Mar 555.25 0.73 3.64 48907800 METROPOLIS.24.03 Mar 1589.4 -0.41 3.97 1423200
                                                                        Short Covering                                                                       Long Unwinding
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
AUROPHARMA.24.03 Mar 1021.4 1.57 -14.46 16007200 UBL.24.03 Mar 1736.15 -0.62 -5.66 2326000
TATASTEEL.24.03 Mar 149.9 5.34 -10.65 250563500 HINDCOPPER.24.03 Mar 269 -0.79 -5.14 28243700
NMDC.24.03 Mar 202.65 2.09 -4.66 70956000 ASTRAL.24.03 Mar 1977.7 -2.7 -5.09 3076928
DIVISLAB.24.03 Mar 3511.95 0.27 -4.12 3556800 BPCL.24.03 Mar 583.45 -0.6 -4.03 25623000
JINDALSTEL.24.03 Mar 808.3 4.76 -4.1 20588750 GODREJPROP.24.03 Mar 2173.35 -2.19 -4.02 3775775


Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Grasim Ind Ltd. 2203.1 0.27 508214 2093958 79.6 Nifty50 22055.7 0.15 36017178
Marico Limited 497.5 -0.53 1322999 2188038 79.53 Niftybank 46575.9 -0.04 17051925
Piind 3730.6 2.23 264945 264095 78.56 Nifty it 36886.05 -1.64 914426
Godrej Cons Products Ltd 1241.7 2.39 1091124 1005367 78.34 India Vix 13.9 1.53 566473679
Hindustan Unilever Ltd 2299.95 -1.19 2487402 2100807 76.35 Nifty Fmcg 53907.85 -0.46 420161
Dabur India Ltd. 523.6 -0.56 1247334 1295568 75.73 Nifty Pharma 18814.35 0.51 42259106
Icici Prudential Life In 565.85 -0.33 1279804 1772073 75.2 Nifty Realty 834.05 0.47 951298617
Kotak Mahindra Bank Limi 1737.9 -0.02 2314143 11640377 75.06 Nifty Auto 20446.6 1.26 38967362
Larsen & Toubro Limited 3561.2 0.68 1354787 3007135 74.17 Nifty Metal 7996.9 2.49 99953690
Icici Bank Ltd. 1081.2 0.08 8769440 49077479 74.14 Nifty Financial Services 20626.65 -0.09 3805659


   Domestic                                                                                                                                                  International
INR: Bank Loan Growth on 22nd March, 2024

INR: FX Reserves, USD on 22nd March, 2024

USD: Building Permits (Feb) on 19th March, 2024

USD: Crude Oil Inventories on 20th March, 2024


  • Sustainable energy solutions firm NexGen Energia on Monday said it will invest Rs 1,000 crore in setting up a manufacturing unit for electric vehicles (EVs) in Jammu and Kashmir.The Noida-based company said it is currently in talks with the authorities in the Union Territory and scouting for 100-acre land either in the Kathua industrial area or in the Kashmir Valley.

  • Indian benchmark indices Sensex and Nifty erased initial losses and edged higher on March 18 supported by strength in largecaps. Analysts expect markets to consolidate this week as investors await US Federal Reserve’s interest rate outcome and other macro-economic data.

  • Poonawalla Fincorp on March 18 announced HDFC Bank’s Group Head Arvind Kapil as its new Managing Director & Chief Executive Officer for a period of five years effective from June 24, 2024. Arvind Kapil serves as HDFC Bank’s Group Head overseeing the mortgage banking business with a book size of Rs 7.5 lakh crore where he is responsible for managing the entire Home Loans portfolio, Loan Against Property (LAP), and HDFC Sales Private Limited.

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


Company Name Purpose Meeting Date Company Name Purpose Meeting Date
AARTECH General 19-Mar-24 EMERALD Issue Of Warrants 20-Mar-24
DHYAANITR General 19-Mar-24 EMMESSA General 20-Mar-24
GPTHEALTH Interim Dividend;Quarterly Results 19-Mar-24 HSCL Issue Of Warrants;General;Preferential Issue of shares 20-Mar-24
IFCI Preferential Issue of shares 19-Mar-24 HUDCO Interim Dividend 20-Mar-24
KOLTEPATIL General 19-Mar-24 INDUSFINL Increase in Authorised Capital;General 20-Mar-24
MANAPPURAM General 19-Mar-24 IYKOTHITE Right Issue of Equity Shares 20-Mar-24
MOTOGENFIN General 19-Mar-24 PRITHVIEXCH Interim Dividend 20-Mar-24
RECLTD Interim Dividend 19-Mar-24 TVSMOTOR Bonus issue 20-Mar-24
RSYSTEMS Interim Dividend;General 19-Mar-24 ADVANIHOTR General 21-Mar-24
SBICARD Interim Dividend 19-Mar-24 ANKITMETAL Quarterly Results 21-Mar-24
SRGHFL General 19-Mar-24 BDL Interim Dividend;Stock  Split 21-Mar-24
TATASTEEL General 19-Mar-24 EXICOM Quarterly Results 21-Mar-24
ANSALAPI Final Dividend;Quarterly Results 20-Mar-24 KPRMILL General 21-Mar-24
BPL General 20-Mar-24 PLATIND Quarterly Results 21-Mar-24
CNIRESLTD General 20-Mar-24 UNIAUTO General 21-Mar-24
DAULAT General 20-Mar-24 APOLLOFI General 22-Mar-24


Company Name Ex-Date Purpose Company Name Ex-Date Purpose
COLABCLOUD 19-Mar-24 Stock  Split From Rs.10/- to Rs.2/- PAISALO 20-Mar-24 Bonus issue 1:1
COLABCLOUD 19-Mar-24 Bonus issue 1:1 RONI 20-Mar-24 E.G.M.
KAMAHOLD 19-Mar-24 Interim Dividend – Rs. – 19.0000 ACL 21-Mar-24 E.G.M.
KEI 19-Mar-24 Interim Dividend – Rs. – 3.5000 ALFAVIO 21-Mar-24 E.G.M.
KESAR 19-Mar-24 Bonus issue 6:1 CASTROLIND 21-Mar-24 Final Dividend – Rs. – 4.5000
RAJATH 19-Mar-24 E.G.M. INDINFR 21-Mar-24 Income Distribution (InvIT)
RAMASTEEL 19-Mar-24 Bonus issue 2:1 KSOLVES 21-Mar-24 Interim Dividend – Rs. – 5.0000
SUDARSCHEM 19-Mar-24 Interim Dividend – Rs. – 3.6000 PATANJALI 21-Mar-24 Interim Dividend – Rs. – 6.0000
TVSMOTOR 19-Mar-24 Interim Dividend – Rs. – 8.0000 VIPULLTD 21-Mar-24 E.G.M.
ADVANIHOTR 20-Mar-24 Bonus issue 1:1 AMBARPIL 22-Mar-24 E.G.M.
AGIIL 20-Mar-24 Interim Dividend – Rs. – 1.0000 BEL 22-Mar-24 Interim Dividend – Rs. – 0.7000
AXTEL 20-Mar-24 Interim Dividend – Rs. – 6.0000 MIDHANI 22-Mar-24 Interim Dividend – Rs. – 1.4100
DWARKESH 20-Mar-24 Buy Back of Shares PADALPO 22-Mar-24 E.G.M.
EASTSUGIND 20-Mar-24 E.G.M. PFC 22-Mar-24 Interim Dividend – Rs. – 3.0000
KAKATCEM 20-Mar-24 E.G.M. RACONTEUR 22-Mar-24 E.G.M.
MISHTANN 20-Mar-24 Right Issue of Equity Shares REFEX 22-Mar-24 Stock  Split From Rs.10/- to Rs.2/-

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.