TECHNICAL MORNING CALL

Wednesday, March 22, 2023

Market Review:
Bank Nifty
Indian markets jumped on Tuesday, tracking positive global cues.
Morni ng Cal l for 22-Mar-23

Banks and financial services stocks were in demand. The S&P BSE
Sensex rose 445.73 points or 0.77% to 58,074.68. The Nifty 50 index
added 119.10 points or 0.70% to 17,107.50. Reliance Industries, ICICI
Bank, Bajaj Finance, HDFC Bank and Titan Company were major Nifty
50 index movers, rising between 1.17% to 3.11.%.
Bank Nifty faces an immediate resistance around 40280 levels on the
upside and on a decisive close above expect a rise to 40580-40870
There is an immediate support at 39640-39250 levels.

Nifty Technical Outlook

Nifty is expected to open positive and likely to witness positive move

during the day. On technical grounds, Nifty has an immediate
resistance at 17140 If nifty closes above that, further upside can be
expected towards 17230-17300 mark. On the flip side 17040-16960
will act as strong support levels. It’s a stock specific market trade calls
with strict stop loss.

Action: Nifty has an immediate resistance placed at 17140 and on a

decisive close above expect a rise to 17240-17300 levels.

Stocks With Positive Bias Stocks With Negative Bias

AXISBANK, RELIANCE, TITAN BRITANNIA, INFY , POWERGRID

Page 1 of 5
VIKAS SALUNKHE SWATI A HOTKAR AYUSH MEHTA
Sr. AVP- TECHNICAL RESEARCH ANALYST AVP TECHNICAL RESEARCH ANALYST TECHNICAL RESEARCH ANALYST
 TECHNICAL MORNING CALL
Wednesday, March 22, 2023
Nifty 50 Stocks: SUPPORT / RESISTANCE LEVELS
Name CLOSE S2 S1 Pivot R1 R2
Name CLOSE S2 S1 Pivot R1 R2
Morni ng Cal l for 22-Mar-23

ICICIBANK 852.4 820.28 828.37 833.08 841.17 845.88

NIFTY 17107.50 17960 17030 17070 17140 17200
INDUSINDBK 1022.85 974.37 988.33 1004.17 1018.13 1033.97
BANKNIFTY F 40046.85 39250 39640 39880 40280 40530
INFY 1390.7 1367.88 1385.77 1402.73 1420.62 1437.58
FINNIFTY 17806.80 17500 17650 17740 17890 17980
ITC 376.95 369.37 374.08 376.72 381.43 384.07
ADANIENT 1824.25 1738.22 1771.58 1810.77 1844.13 1883.32
JSWSTEEL 665.75 654.12 661.13 667.02 674.03 679.92
ADANIPORTS 664.8 649.48 658.12 667.93 676.57 686.38
KOTAKBANK 1706.85 1672.65 1686.15 1694.55 1708.05 1716.45
APOLLOHOSP 4274 4128.4 4220.7 4287.3 4379.6 4446.2
LT 2208.45 2125.18 2151.37 2178.18 2204.37 2231.18
ASIANPAINT 2839.1 2783.12 2819.13 2867.07 2903.08 2951.02
M&M 1160.3 1129.78 1148.72 1163.93 1182.87 1198.08
AXISBANK 855.6 819.25 828.4 834.7 843.85 850.15
MARUTI 8228.4 8035.3 8127.45 8222.15 8314.3 8409
BAJAJ-AUTO 3905.7 3758.5 3781.75 3808.35 3831.6 3858.2
NESTLEIND 18927.4 18522.08 18729.96 18859.98 19067.87 19197.88
BAJAJFINSV 1268.1 1184.5 1214.95 1261.45 1291.9 1338.4
NTPC 177.1 173.57 174.78 176.17 177.38 178.77
BAJFINANCE 5710.1 5337.57 5444.18 5592.32 5698.93 5847.07
ONGC 151.55 150.13 151.22 152.68 153.77 155.23
BHARTIARTL 756.95 743.47 749.13 754.47 760.13 765.47
POWERGRID 223.15 223.3 225.4 227.4 229.5 231.5
BPCL 358.55 346.55 353.1 357.05 363.6 367.55
RELIANCE 2269.7 2160.42 2180.83 2200.42 2220.83 2240.42
BRITANNIA 4264.7 4216.22 4274.03 4320.32 4378.13 4424.42
SBILIFE 1097.7 1036.73 1055.42 1072.68 1091.37 1108.63
CIPLA 862.35 853.37 860.03 868.47 875.13 883.57
SBIN 521.85 508.67 513.93 520.27 525.53 531.87
COALINDIA 217.05 212.22 214.63 218.12 220.53 224.02
SUNPHARMA 956.2 941.77 951.48 957.07 966.78 972.37
DIVISLAB 2767.9 2762.97 2781.58 2805.77 2824.38 2848.57
TATACONSUM 700.9 684.37 693.48 700.12 709.23 715.87
DRREDDY 4419.35 4380.48 4409.97 4451.98 4481.47 4523.48
TATAMOTORS 412.55 399.62 405.18 411.07 416.63 422.52
EICHERMOT 2934.8 2869.73 2910.87 2950.38 2991.52 3031.03
TATASTEEL 104.75 102.33 103.42 104.93 106.02 107.53
GRASIM 1606.2 1532.93 1562.87 1580.93 1610.87 1628.93
TCS 3106.1 3061.4 3102.35 3136 3176.95 3210.6
HCLTECH 1083.9 1073.08 1081.97 1095.13 1104.02 1117.18
TECHM 1095.65 1073.13 1091.07 1113.93 1131.87 1154.73
HDFC 2580.7 2509.7 2532.2 2554.6 2577.1 2599.5
TITAN 2514.05 2425.42 2442.68 2458.82 2476.08 2492.22
HDFCBANK 1579.45 1535.72 1548.73 1558.42 1571.43 1581.12
ULTRACEMCO 7352.75 7022.13 7132.67 7208.53 7319.07 7394.93
HDFCLIFE 482.75 451.62 458.43 464.92 471.73 478.22
UPL 708.15 693.23 700.67 707.68 715.12 722.13
HEROMOTOCO 2349.05 2280.82 2310.08 2333.27 2362.53 2385.72
WIPRO 366.4 358.62 362.88 369.42 373.68 380.22
HINDALCO 388.55 373.88 379.82 386.93 392.87 399.98
HINDUNILVR 2462.6 2392.63 2451.92 2484.28 2543.57 2575.93
Source: Nirmal Bang Research
Page 2 of 5
VIKAS SALUNKHE SWATI A HOTKAR AYUSH MEHTA
Sr. AVP- TECHNICAL RESEARCH ANALYST AVP TECHNICAL RESEARCH ANALYST TECHNICAL RESEARCH ANALYST
 TECHNICAL MORNING CALL
Wednesday, March 22, 2023

Technical Call Updates

Morni ng Cal l for 22-Mar-23

Reco

Stock Name (Buy/Sell) Entry price Targets Stop Loss Duration Status
COLPAL Buy 1504.4 1560 1480 1-2 Days OPEN
IEX Buy 151.7 164 145 1-2 Days OPEN
RITES Buy 357 372 349 1-2 Days OPEN
DIXON Buy 2935 3040 2890 1-2 Days OPEN
GPPL Buy 113.4 123 107.5 1-2 Days OPEN
ICICIPRULI Buy 417.4 440 407 1-2 Days OPEN
MCX Buy 1505 1565 1478 1-2 Days OPEN
LT Buy 2220.4 2300 2180 1-2 Days OPEN
HDFCBANK Buy 1575 1625 1550 1-2 Days OPEN

Page 3 of 5
VIKAS SALUNKHE SWATI A HOTKAR AYUSH MEHTA
Sr. AVP- TECHNICAL RESEARCH ANALYST AVP TECHNICAL RESEARCH ANALYST TECHNICAL RESEARCH ANALYST
 TECHNICAL MORNING CALL
Wednesday, March 22, 2023

FROM THE EQUITY TECHNICAL DESK:

Morni ng Cal l for 22-Mar-23

VIKAS SALUNKHE SWATI A. HOTKAR AYUSH MEHTA

Sr. AVP- TECHNICAL RESEARCH ANALYST AVP TECHNICAL RESEARCH ANALYST TECHNICAL RESEARCH ANALYST
E-Mail: vikas.salunkhe@nirmalbang.com E-Mail: swati.hotkar@nirmalbang.com E-Mail: ayush.mehta@nirmalbang.com
Tel no: 6273-8254/8000 Tel no: 6273-8255/8000 Tel no: 6273-8061/8000

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VIKAS SALUNKHE SWATI A HOTKAR AYUSH MEHTA
Sr. AVP- TECHNICAL RESEARCH ANALYST AVP TECHNICAL RESEARCH ANALYST TECHNICAL RESEARCH ANALYST
 TECHNICAL MORNING CALL
Wednesday, March 22, 2023

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Morni ng Cal l for 22-Mar-23

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Page 5 of 5
VIKAS SALUNKHE SWATI A HOTKAR AYUSH MEHTA
Sr. AVP- TECHNICAL RESEARCH ANALYST AVP TECHNICAL RESEARCH ANALYST TECHNICAL RESEARCH ANALYST