Market Outlook – 31 March 2017

March F&O Series Ends With Cheer; Bank Nifty Closed On A Lifetime High; Indian Stock Markets Are In A Bull Run; Trend Is Up, Traders And Investors Should Remain Only On The Buy Side.

daily market research analysis

NIFTY

Nifty saw choppy price actions but ultimately managed to close near the intraday high at 9175. For the first time Nifty has closed above 9170 levels which shows gaining strength in the index. March F&O expiry was a fruitful one which produces approximately 2.60 percent gains this month.

The Nifty is slowly but steadily moving higher from last three consecutive sessions. Besides that, the index consistently found buyers on dips at regular intervals (another sign of solidity). Additionally, Nifty is inching towards resistance level of 9200 and now it is at the brink of a new lifetime high.

On the other hand, Bank Nifty has made a new lifetime high almost crossing 21700 but finally closed above 21550. PSU Banks and financial stocks continue to attract buyers.

All in all bulls will be happy as there is no sign of weakness in the Nifty yet. Short term up trend is alive and kicking. Positional traders who have long positions should protect them with a proper stop loss.

Trend remains up; so intraday traders should look for a buying opportunity only on dips and consolidation patterns.

BANK NIFTY:

Bank Nifty has made a new lifetime high today near 21700. Prices started with minor gap down and made a low near 21330 initially. Index had found support there and rallied before entering in a narrow range. However, last half an hour surge on upside took index towards new highs.

March Expiry closed on a joyful note attaining 3 percent this month. Bank Nifty broke out from a trading range and traders went long above 21300 yesterday. Trend remains up in the index and we are gaining worthy amount from this trade. Now we are advising traders to hold these positions with a revised stop loss of 21300.

PSU Banking stocks like PNB, SBIN and Financial stocks like RECLTD, HDFCBANK are in a strong uptrend. Traders can also look for a buying opportunity in these stocks on dips and consolidation.

TECHNICAL PICKS

COMPANY NAME CMP B/S RATIONALE
KOTAKBANK 862 BUY Intermediate and short term trend is up in KOTAKBANK. The stock has seen a minor correction and now building a pattern of Bullish Flag. We may see a breakout here. Buy this stock above 865. If this trade executes then place your stop just below 855 and a target near 885.
BEML 1319 BUY Intermediate and short term trend is sideways in BEML. The stock has seen and upside rally and then started a process of consolidation from last two and half months. Prices are now trading very narrow suggests a breakout is very near. Buy this stock above 1322. If this trade executes then place your stop just below 1302 and a target near 1362.

DERIVATIVE PICKS

Stock Name Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
ABIRLANUVO APR FUT BUY 1543.5 CMP 1525 1570 OI Increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI   Stocks Price Price% OI % OI
HDFCBANK.17.03 Mar 1466.5 2.65 14.2 20504000 ONGC.17.03 Mar 183.9 -1.84 3.99 25395000
PTC.17.03 Mar 91.9 2.62 5.38 7528000 IDFCBANK.17.03 Mar 59.65 -1.65 8.06 34008000
EICHERMOT.17.03 Mar 25656.8 2.53 11.06 153325 Bharat Electronics Limit 153.5 -1.57 5.44 14040000
BHARTIARTL.17.03 Mar 351.15 2.06 6.95 16743300 COALINDIA.17.03 Mar 289.5 -1.51 0.16 9698500
CASTROLIND.17.03 Mar 429 1.6 27.39 4023600 BOSCHLTD.17.03 Mar 22598.55 -1.5 15.02 77325
                                                                           Short covering                                                                               Long Unwinding
IBREALEST.17.03 Mar 8.52 -14.9 11250000 87.25 IDEA.17.03 Mar 87.05 -2.25 -6.52 53718000
TORNTPOWER.17.03 Mar 5.82 -6.37 1455000 236.35 BHEL.17.03 Mar 164.4 -2.23 -19.65 13225000
HDIL.17.03 Mar 5.26 -8.16 12160000 82.05 IDBI.17.03 Mar 74.5 -2.04 -30.82 15280000
BATAINDIA.17.03 Mar 4.22 -7.57 1449800 569.55 JUSTDIAL.17.03 Mar 542.8 -1.99 -31.87 1174800
JETAIRWAYS.17.03 Mar 3.51 -26.06 1983000 532.3 M&MFIN.17.03 Mar 314.85 -1.98 -5.38 6817500

Top Delivery Percentage

Stocks Price %Chg Vol Delivery Del % % Change
Sectors Price Change % Quantity
Torrent Pharma Ltd. 1497.15 2.55 215975 8949636 99.06   Nifty 50 9173.75 0.33 79995
HAVELLS INDIA LIMITED 471 2.2 2556202 19357038 96.11 Nifty Bank 21620.7 1.07 79995
IndusInd Bank Ltd. 1422.3 1.72 1430611 7916496 94.3 Nifty IT 10730.75 -0.1 79995
Biocon Limited 1139.05 -0.99 303780 2105796 86.35   INDIA VIX 12.15 0.5 79995
Kotak Mahindra Bank Limi 865.15 0.88 3534385 4088951 85.02   Nifty Energy 11377.65 0.34 79995
Sun Pharma  Ltd 687.05 -0.09 2558208 4274679 82.96   Nifty Pharma 10407.3 -0.12 79998
HCL Technologies Ltd. 875.85 -0.2 1463739 1743125 82.17   Nifty Realty 215.3 1.84 79998
Bharti Airtel Limited 351.2 1.84 3916104 7207668 81.39   Nifty Infrastructure 3082.6 0.31 79998
HDFC Ltd. 1519.95 -0.14 8057156 2911900 80.99   Nifty PSU Bank 3514.35 0.78 79998
NTPC Limited 163.1 -0.52 8013105 3058551 79.83   Nifty Auto 9860.3 0.15 79998

Upcoming Economic Data

                                      Domestic
•Nikkei Manufacturing PMI on 03rd April , 2017.

•IIP Data on  12th April , 2017. (Tentative)

Corporate News

•Axis Bank has tied up with Wells Fargo, the third largest American bank by assets, to offer real time remittances from the Indian diaspora to their relatives back home.

•Dilip Buildcon has received letter of award from the National Highways Authority of India for three projects in a single stretch in the state of Maharashtra. Dilip Buildcon has been awarded three projects valued at Rs 3,269 crore.

•Larsen & Toubro (L&T) ‘s construction arm has recently bagged orders worth Rs 1,725 crore across two of its business segments. In the transportation infrastructure business, the company bagged contracts worth Rs 725 crore.

•Aurobindo Pharma has received final approval from the US health regulator to manufacture abacavir sulfate and lamivudine tablets, used in the treatment of HIV.

Source: Economic Times, Business Standard                             .

Board Meetings

Company Name Purpose Meeting Date Company Name Purpose Meeting Date
CHEMFALKAL Amalgamation/Merger 31-Mar-17 GUFICBIO Meeting Updates 3-Apr-17
SUMEETINDS Rights Issue 31-Mar-17 AVTNPL Others 6-Apr-17
MONNETISPA Board Meeting Postponed 31-Mar-17 PRIMESECU Results 6-Apr-17
MOLDTKPAC Dividend 31-Mar-17 AVTNPL Others 6-Apr-17
MIC Allotment of Securities 31-Mar-17 GMBREW Results/Dividend 6-Apr-17
LAKPRE Results 31-Mar-17 HINDCOMPOS Bonus/Stock Split/Dividend 10-Apr-17
APCOTEXIND Meeting Updates 31-Mar-17 GOACARBON Results/Dividend 11-Apr-17
CYBERMEDIA Meeting Updates 31-Mar-17 INFY Results/Dividend 13-Apr-17

Corporate Action

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
ASHARI Bonus issue 4:1 31-Mar-17 AEL Interim Dividend – Rs. – 0.1500 7-Apr-17
INFRATEL Interim Dividend – Rs. – 12.0000 31-Mar-17 BOCINDIA Dividend – Rs. – 0.7500 7-Apr-17
SFCL Amalgamation 31-Mar-17 MINDTREE Interim Dividend – Rs. – 2.0000 7-Apr-17
OIL Buy Back of Shares 3-Apr-17 KSBPUMPS Dividend – Rs. – 5.5000 12-Apr-17
CONCOR Bonus issue 1:4 5-Apr-17 SANOFI Final Dividend – Rs. – 50.0000 25-Apr-17
COLPAL Interim Dividend – Rs. – 3.0000 6-Apr-17 MERCK Dividend – Rs. – 11.0000 27-Apr-17
SKFINDIA Buy Back of Shares 6-Apr-17 ABB Dividend – Rs. – 4.0000 28-Apr-17

DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more


For Daily Share Market Updates, Market Research Analysis reports, Weekly Techno-Funda Report, Fundamental Analysis Report, Monthly Recommended stock Picks, Equity Trading Tips, Upcoming IPO/NFO/Bonds/Ncd’s  updates & other related information Subscribe our blog http://research.elitewealth.in

or Call us on: 011-42445800/9650901058