THE RALLY CONTINUED AND CLOSED HIGHER FOR THE THIRD STRAIGHT SESSION

NIFTY:

The NIFTY opened at 21287.45 with a big gap up of 105 points. The index could not sustain at the higher levels and started drifting downwards but soon found support and bounced up sharply. The rally could not last long and prices started a consolidation process in the afternoon. That range eventually broke on the upside and prices have seen a sharp upside rally till the end. The index first recorded its intraday low at 21235.20 in morning trades, then its intraday high at 21492.30 towards the end, and finally closed at 21456.65 near its intraday highs with a gain of 273.95 points or 1.29% up. The IT was the start as the sector closed with a gain of 4.56% followed by METAL and OIL GAS. REALTY underperformed and ended 0.72% lower followed by FMCG, MEDIA, and AUTO. The short-term trend is up and very strong. There is no visible resistance as the index is moving in uncharted territory. We should look for buying only as far as prices are moving above the 21000 mark.

BANK NIFTY:

The BANK NIFTY opened at 47939.90 with a gap up of 202 points. The index could not sustain at the higher levels and started drifting downwards. Prices have filled the gap, found support, and then bounced up but soon started a consolidation process. The index broke on the upside after recording its intraday low at 47632.80. A sharp rally came that lasted almost till the end. The index recorded its intraday high at 48219.95 and finally closed at 48080.45 with a gain of 343 points. PSU BANKS have outperformed, saw a sharp upside move, and closed with a gain of 2.39%. PVT BANKs have also moved up, saw a modest rally, and ended with a gain of 0.75%. Within the index, in terms of points, SBIN contributed the highest on the upside while KOTAK BANK contributed the lowest. The short-term trend is up. The index again recorded lifetime new highs at 48219.95. The support is now visible around 47500 whereas there is no visible resistance as prices are moving in uncharted territory.

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

Upcoming Economic Data

News Updates

• Bulls power Sensex 969 pts higher, Nifty above 21,400; Bank Nifty above 48,000 At close, the Sensex was up 969.55 points or 1.37 percent at 71,483.75, and the Nifty was up 274.00 points or 1.29 percent at 21,456.70. About 1,796 shares advanced, 1,473 shares declined, and 87 shares unchanged.

• The government on Friday allowed sugar mills to use both cane juice and B-heavy molasses to produce ethanol but capped the diversion of sugar for the purpose at 17 lakh tonnes for the ongoing 2023-24 supply year. The latest decision comes a week after the government prohibited the use of sugarcane juice and sugar syrup for making ethanol, amid the industry seeking reversal of the decision.

• Foreign investor positioning on India is light and hence corrections will likely get bought into, wrote Jefferies’ analysts in their Asia Pacific report. They believe that India’s economic outlook is ‘robust’ with around 7 percent multi-year GDP growth likely since the broader capex cycle is in the early stages. The analysts estimate Nifty earnings growth to remain around 15 percent for FY25.

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.