DAILY MORNING NOTE

3 November 2017
Indices Current % %
Value 1D YTD Minister of Road Transport & Highways plans Rs 5 lakh crore
Sensex 33573 (0.08) 26.09 bond sale to fund large infrastructure projects
Nifty 10424 (0.16) 27.34
Asian markets are mixed tracking cues from Wall Street overnight and
BSE Mid Cap 16725 0.47 39.01
BSE Sml Cap 17769 0.41 47.51 investors take note of data from China. The Caixin services PMI for
SGX Nifty Fut 10466 0.11 27.88 October came in at 51.2. Nikkei is shut for trading due to holiday, Hang
Sectors Performance (BSE)
Healthcare 14612 2.48 (0.79) Seng was trading higher by 0.26% and Shanghai was trading lower by
Consumer Dur 18584 1.26 65.38 0.25%. The domestic markets are expected to open on a flat note. Sgx
Power 2355 0.34 18.51
Nifty is trading higher by 0.05%.
FMCG 10304 (0.93) 26.72
Auto 25209 (0.61) 24.44
The U.S. markets ended mixed in a volatile session as investors examined
Oil & Gas 16550 (0.34) 36.20
the details of the tax-reform plan proposed by Republicans ; The tax plan
Index FY17E FY18E FY19E would cut mortgage interest deductions in half, while it would keep
SensexEPS 1440 1564 1897
retirement savings plans like the popular 401(k) intact . Investors also
P/E 23.31 21.47 17.70
NiftyEPS 454 527 629 digested news that Fed Governor Jerome Powell has been nominated to
P/E 22.96 19.78 16.57
become the central bank's next chair. The Dow Jones gained 81 points, or
FII Trading activities in Cash 0.35%, to close at 23,516 while NASDAQ lost 2 points or 0.02% to close at
Date Net MTD CYTD
FII
6,715.
02/11 1033 2071 (21500)
DII 02/11 (457) (1124) 72324
What to watch
Figs. in Rs Cr., Source: Bloomberg.
Results Today: Hindalco, Power Finance Corp, Punjab National
Current % % Bank, BSE, Godrej Properties, Shipping Corp., Sical Logistics, SITI
Global Indices
Value 1D YTD Networks, Tata Power, Titan, Torrent Pharma, Trident, UCO Bank,
Dow Jones 23516 0.35 18.99 Unichem Laboratories, Union Bank of India.
Nasdaq 6715 (0.02) 24.74
Minister of Road Transport & Highways plans Rs 5 lakh crore bond
DAX 13441 (0.18) 17.07
sale to fund large infrastructure projects
Nikkei 225 22539 0.53 17.92
FTSE 100 7555 0.90 5.77 Corporate
Hang Seng 28586 0.24 29.94
Dr. Reddy's Laboratories has announced the launch of generic
Shanghai A Sha 3374 (0.27) 8.72
Azacitidine for injection in the Canadian market.
Bovespa 73824 (0.65) 22.58 AU Small Finance Bank has received approval from Reserved Bank
Strait Times 3372 (0.26) 17.04 of India (RBI) to operate as Scheduled Commercial Bank.
Source: Bloomberg; As on 8.30 am IST Lakshmi Vilas Bank: Max Life Insurance has reportedly entered into
formal negotiations to increase its stake in the bank to up to 10%.
Forex Rate Lupin has launched generic Acticlate tablet in U.S.which is used in
INR/USD
the treatment of infections caused by various microorganisms and as
64.61 0.21 5.13
an adjunctive therapy in severe acne.
INR/EUR 75.29 (0.17) (4.79)
SRF has reached a definitive agreement to acquire the HFC-125 assets
INR/GBP 85.35 0.65 (2.18)
from a global leader in the development, manufacture and supply of
INR/YEN (100) 56.66 0.02 2.56 fluoroproducts.

3 November 2017 For private circulation only

Trading Insights

Insight from trading volumes

% Chg in Qty Traded Qty Traded

Scrip Delivery % CMP*
(OverAvg 30 days) (000s)

Ujaas Energy Ltd 185 2384 56 25

D-Link India 604 5899 18 134

Biocon Ltd 106 4368 38 380

Ghcl Ltd 190 4048 34 250

Edelweiss Fin Services 111 10256 37 301

Entertainment Network 750 140 19 834

Welspun India 227 5171 60 72

Insight from delivery

Scrip Delivery % Total Volume (000s) 30 days avg Delivery % CMP*

Eros Intl Media 56 2619 48 218

Gujarat State Petronet 79 1915 75 209

Jindal Poly Film 53 180 40 414

Jm Financial Ltd 42 1949 40 173

Page Industries 55 12 38 20561

Db Corp Ltd 97 850 70 370

Rupa & Co Ltd 39 172 36 445

*CMP-Closing Market Price

3 November 2017 2
Investment Picks

Company CMP Target Price Company CMP Target Price

ABB 1388.6 1690 Jagran Prakashan 179.25 205

Advanced Enzyme 271.6 370 JK Cement 1004.4 1144
Alkem Labs 1901.4 2000 JK Lakshmi Cement 437 451
APL Apollo Tubes 1844.6 2195 Karnataka Bank 160.9 192
Apollo Hospitals 1030.1 1410 Karur Vysya Bank 127.5 132
Arvind 405.85 415 LIC Housing 605.35 790
Ashok Leyland 124.95 131 Mahindra CIE 246.35 282
Ashoka Buildcon 233.2 240 Mahindra Lifespace 433.4 508
Aurobindo Pharma 789.15 825 Manappuram Fin 100.6 122
Balkrishna Industries 1751.5 1781 Maruti Suzuki 8215.3 9298
Britannia Inds 4657.9 4700 MCX Ltd 1021.5 1280
Can Fin Homes 472.85 580 Minda Inds 901.2 920
Capital First 738.9 920 Motherson Sumi 363.35 396
CARE 1518.5 1558 Mphasis 696.5 705
Cholamandalam Invst 1242.6 1370 Narayana Hrudayalaya 305.65 363
City Union Bank 159.9 166 Natco Pharma 996.7 1240
Coromandel Intl 507.45 570 ONGC 188 200
Dhanuka Agritech 641.9 915 Phoenix Mills 539.4 601
Divi's Lab 1074.3 1080 PI Industries 819.45 980
EID Parry 364.35 480 Power Finance 145.25 150
Endurance Technologies 1191 1230 RBL Bank 522.8 620
Equitas hold 144.25 184 Reliance Inds 947.1 990
Federal Bank 118.2 139 Repco Home Fin 613.9 800
Future Retail 519.55 650 Sadbhav Engg 311 336
GlaxoSmithKline Steel Strips 842.85 1061
5360.3 6025
Consumer
Strides Arcolab 820.5 1030
Glenmark Pharma 648.55 840
Suprajit Engg 274 326
Gulf Oil Lubricants 793 1000
Supreme Ind 1164.5 1240
HDFC 1761.5 1850
Tata Motors 434.8 493
HDFC Bank 1822.2 2150
Tata Steel 706 765
Hero Motocorp 3733.1 4278
Thermax 974.75 1140
Hindalco Inds 270.15 272
Thomas Cook 250 290
Hindustan Unilever 1239.8 1400
Trident Ltd 100.95 124
Hindustan Zinc 321.6 336
Va Tech Wabag 587.9 740
ICICI Bank 316.65 350
Vedanta 340.5 362
Indusind Bank 1628.8 1920
Zee Learn 44.7 72
Infosys Tech 922.9 1200
Interglobe 1243.8 1386
ITC 265.6 330
ITD Cemenration 186.45 202
J Kumar Infra 250.75 330

3 November 2017 3
Technical View (Equity)

Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,423.80 -0.16% 10390 10405 10430 10445 10470
Sensex 33573.22 -0.08% 33455 33515 33585 33645 33715

Nifty Daily Chart

Comments:
Nifty opened on a flat note and remained in a small range throughout the day. Nifty closed at 10424 with a loss of
17 points.

On the daily chart the index has formed a small Bearish candle with shadows on either side indicating
indecisiveness amongst participants regarding the direction. The index is moving in a Higher Top and Higher
Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Nifty crosses
and sustains above 10430 levels it would witness buying which would lead the index towards 10450-10480 levels.
Important Supports for the day is around 10410 However if index sustains below 10410 then it may witness profit
booking which would take the index towards 10390-10370 levels. Nifty is trading above 20, 50 and 100 day SMA's
which are important short term moving averages, indicating positive bias in the short to medium term. Nifty
continues to remain in an uptrend in the short and medium term, so buying on dips continues to be our preferred
strategy.

The daily strength indicator RSI is moving upwards and above its reference line indicating positive bias. However
momentum oscillator Stochastic has turned negative from the overbought zone indicating a possible
consolidation or a down move in the near term.

The trend deciding level for the day is 10430. If NIFTY trades above this level then we may witness a further rally
up to 10445-10470-10485 levels. However, if NIFTY trades below 10430 levels then we may see some profit
booking initiating in the market, which may correct up to 10405-10390-10365 levels

Stocks to focus for intraday Long Biocon, Justdial, Glenmark, Aurophama, Magma, SRF,
Powergrid , Ptc

Stocks to focus for intraday Short TechM, Apollotyre, Heromotoco, Infratel, Tatachem

3 November 2017 4
Technical View (Currency)

Daily call
Index CMP % up/dn S2 S1 P R1 R2
USD/INR
64.8 -0.03% 64.57 64.68 64.78 64.89 64.99
(Future)

USDINR (Nov. Future) Daily chart

Comments:

USDINR (Nov. Future) CMP: 64.8

On the daily chart USDINR has opened with a downward gap and observed buying momentum in initial half
however selling around 64.87 levels led it close on flat note. USDINR closed at 64.8 with a loss of 0.03 %.

On the daily chart USDINR has formed a small Bullish candle with shadows on either side indicating indecisiveness
amongst participants regarding the direction USDINR is moving in a Lower Top and Lower Bottom formation on
the daily chart indicating sustained down trend. USDINR is trading below 20 and 50 day SMA's which are
important short term moving averages, indicating negative bias in the short to medium term

The chart pattern suggests that if USDINR crosses and sustains above 64.88 level it would witness buying which
would lead USDINR towards 65-65.10 levels. However if index breaks below 64.70 level it would witness selling
which would take USDINR towards 64.60-64.50.

The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their
respective reference lines indicating negative bias

3 November 2017 5
Daily Support/ Resistance of Nifty Companies

Company Pivot Point R1 R2 S1 S2 RSI-9D

AMBUJACEM 284 286 290 281 279 51
ADANIPORTS 433 437 441 429 425 81
ASIANPAINT 1180 1185 1194 1170 1165 48
AUROPHARMA 763 770 779 754 746 71
AXISBANK 535 545 554 525 515 68
BAJFINANCE 1809 1817 1828 1799 1790 45
BHARTIARTL 531 553 566 518 497 80
INFRATEL 434 445 463 415 404 42
BAJAJ-AUTO 3255 3279 3319 3215 3190 57
BOSCHLTD 21055 21157 21297 20915 20812 40
BPCL 540 545 550 534 529 73
CIPLA 627 633 639 621 615 72
COALINDIA 286 291 294 282 278 64
DRREDDY 2374 2399 2444 2329 2303 56
EICHERMOT 31443 32026 33122 30347 29765 43
GAIL 468 472 475 465 461 70
HCLTECH 846 855 869 832 824 40
HDFC 1739 1776 1797 1717 1680 63
HDFCBANK 1819 1827 1832 1814 1806 51
HEROMOTOCO 3835 3867 3914 3788 3756 42
HINDALCO 273 278 281 270 265 56
HINDPETRO 446 450 456 439 435 43
HINDUNILVR 1253 1268 1278 1243 1228 47
ICICIBANK 312 321 328 304 295 77
IBULHSGFIN 1241 1256 1266 1231 1216 34
INDUSINDBK 1638 1650 1658 1630 1617 39
INFY 927 930 933 924 920 45
IOC 417 419 422 415 413 50
ITC 269 272 274 267 264 45
KOTAKBANK 1026 1035 1046 1016 1007 39
LUPIN 1031 1036 1045 1023 1017 65
LT 1222 1230 1245 1207 1198 63
M&M 1350 1364 1377 1337 1323 44
MARUTI 8218 8277 8315 8180 8122 75
NTPC 182 183 186 179 177 57
ONGC 191 193 195 190 188 73
POWERGRID 211 213 216 208 206 61
RELIANCE 952 958 964 946 940 70
SBIN 317 324 329 312 305 69
SUNPHARMA 550 554 560 545 541 69
TATASTEEL 709 715 723 702 696 51
TCS 2603 2627 2651 2579 2555 67
TECHM 486 500 512 475 461 48
TATAMOTORS 435 442 447 431 424 59
UPL 788 799 815 771 760 39
ULTRACEMCO 4430 4452 4477 4405 4383 66
VEDL 341 348 352 336 329 60
WIPRO 294 296 298 292 291 49
YESBANK 319 321 323 317 315 34
ZEEL 537 543 551 529 523 53
Source: Axis Direct.

3 November 2017 6
Commodity snapshot

3 November 2017 7
 DAILY DERIVATIVES 03 November 2017

Nifty Futures View Volatility FII Activity

Nifty Active Futures 10455 India VIX Index 12. 00 INDEX FUTURES -760
Nifty Active Futures OI 26503800 Nifty ATM Call IV 7. 58 INDEX OPTIONS 3574
Change in OI 1081200 Nifty ATM Put IV 12. 45 STOCK FUTURES -333
Premium / Discount 31.20 PCR Index Options 0. 85 STOCK OPTIONS 63
Inference Short Build up PCR F&O Total 0. 83 FII Net Activity 2545

Nifty Options OI Distribution HIGHLIGHTS:

Nifty Futures closed at 10455 decreased by 0.21% with 4.08%
increased in open interest indicates short buildup. Nifty futures closed
with 31 points premium compared to previous day premium of 37
point.
Nifty Futures closed at
FII's were sellers in Index Futures to the tune of 760 crores and were
10455 decreased by buyers in Index Options to the tune of 3574 crores, Stock Futures were
0.21% with 4.08% sold to the tune of 333 crores. FII's were net buyers in derivative
segment to the tune of 2545 crores.
increased in open
India VIX index is at 12.00 . Nifty ATM call option IV is currently at 7.58
interest indicates short whereas Nifty ATM put option IV is quoting at 12.45.
buildup. Nifty futures Index options PCR is at 0.85 and F&O Total PCR is at 0.83.
closed
Nifty with-Change
Options 31 points
in OI
Among stock futures TITAN, POWERGRID, UBL and BERGEPAINT have
premium compared to witnessed long build up and may show strength in coming session.

previous day premium Stocks which witnessed short build up are IGL, APOLLOTYRE,
HINDALCO and MCX may remain weak in coming session.
of 37 point.
Nifty put options OI distribution shows that 10000 has highest OI
concentration followed by 9900 and may act as good support for
FII's were sellers in current expiry.

Index Futures to the Nifty call strike 10500 followed by 10600 witnessed significant OI
concentration and may act as resistance for current expiry.
tune of 760 crores and
were buyers in Index
Options toINthe
SECURITIES BANtune PERIODof Market Indsite:
3574 crores, Stock
JSWENERGY, WOCKPHARMA, HDIL, IBREALEST

Futures
Stock were
Futures soldBuild
- Long to Up Market Indsite:
Stock Futures - Short Build Up

the tune of
Symbol 333 crores.
Fut Price % Chg Open Interest % Chg Symbol Fut Price % Chg Open Interest % Chg
FII's were net660.buyers
TITAN 1 3.12in 7174500 10.46 IGL 1581. 8 -0.86 1223750 8.54

derivative segment
POWERGRID 216. 6 to
2.31 24576000 8.13 APOLLOTYRE 237. 7 -3.18 16221000 8.49
the tune of 2545
UBL 1087. 1 2.58 1893500 5.71 HINDALCO 273.05 -1.57 44901500 8.11
crores.
BERGEPAINT 268. 8 0.21 1764400 17.08 MCX 1027.35 -2.36 1953500 7.28

India VIX index is at

Source: NSE,SeeDiff,AXISDIRECT Research

12.00 . Nifty ATM call

 DAILY DERIVATIVES
Stock OI Data

S ec tor Sc ri p sp ot p ri ce % chg F u tur es OI (in 0 0 0's) % chg

O thers ADANIPO RTS 437.25 0.96 9,138 4.13
P harm a AJANTP HARM 1,252.35 3.58 1,292 4.60
Ba nking ANDHRABANK 68.30 -0.58 22,170 1.56
O thers APO LLO HOS P 1,032.85 -0.10 1,885 2.75
Autom obile APO LLO TY RE 237.15 -3.07 16,347 8.61
Autom obile ASHO KLE Y 124.60 -1.46 58,828 1.52
P harm Options
Nifty a AUROP
OI HARMA
Distribution 789.25 3.67 18,344 2.58
Ba nking BANKBARODA
Market Indsite: 169.55 -1.68 48,693 1.53
P harm a BIOCO N 380.30 4.78 10,418 3.03
P harm a CADILAHC 507.90 2.29 3,354 4.96
Ba nking CANBK 402.70 -2.38 7,604 14.91
Fina nce CANFI NHO ME 472.60 0.36 4,653 1.56
O il_G as CAST ROLIND 410.25 1.36 16,376 5.71
Autom obile CEAT LTD 1,688.55 0.27 2,011 4.87
O thers COALINDIA 291.20 1.62 18,057 3.46
Ca pital_ Goods CUMMINSIND 897.05 0.23 778 3.76
Fina nce DHFL 649.75 1.17 30,662 1.81
P harm a DRREDDY 2,411.40 2.43 4,817 3.87
Infra structure ENG INERS IN 183.55 -0.11 14,973 2.30
Fina nce EQ UITAS 144.35 -1.16 15,594 3.18
Autom obile ES CORT S 729.95 -1.48 3,643 4.48
Autom obile EX IDEIND in OI
Nifty Options -Change 208.75 -1.49 18,180 4.05
Ba nking FEDE RALBNK 118.15 -1.99 71,401 3.61
O il_G as GAIL 470.95 0.62 13,292 1.71
P harm a GLE NMARK 648.40 4.28 7,923 3.94
P harm a GRANULES 141.05 2.10 20,675 1.85
Fe rtilise rs GS FC 156.65 -1.79 21,159 2.24
Ba nking HDFCBANK 1,822.10 0.05 21,769 2.31
T echnology HEX AWARE 318.95 13.44 3,657 46.87
Re alty IBREALE ST 233.05 -0.60 49,883 3.03
Fina nce IBULHSG FIN 1,229.65 -1.27 9,552 4.13
Ba nking ICICIBANK 316.65 1.04 90,912 6.65
T extile ICIL 112.20 -3.69 10,028 3.47
Fina nce IFCI 25.00 -2.15 82,566 2.93
Ce me nt INDIACEM 189.45 -1.89 27,997 2.78
Ba nking INDIANB 335.95 3.94 4,732 6.91
Ba nking INDUSINDBK 1,627.50 -0.92 5,457 3.71
SECURITIES
FMCG IN BAN
ITC PERIOD 265.65
Market Indsite:
-1.56 69,185 4.71
O thers JISLJALE QS 107.70 5.23 50,661 6.85
Ba nking KO TAK BANK 1,019.55 -0.47 8,123 4.57
O thers KS CL 564.35 -1.10 4,512 1.72
Ca pital_ Goods LT Market Indsite:
1,210.95 -0.36 11,612 1.94
Autom obile M&M 1,335.35 -1.14 4,485 3.12
FMCG MARICO 312.40 -1.12 5,931 7.09
Me tals NATIO NALUM 93.05 -1.38 27,816 4.45
P ower NHPC 29.10 1.04 44,253 1.80
P ower NTP C 180.25 -0.28 26,688 3.33
O il_G as OIL 360.35 -2.69 2,554 1.81
Fina nce PFC 145.40 3.86 48,150 4.00
FMCG PIDILIT IND 764.55 -1.06 1,963 10.40
Ba nking PNB 197.45 -0.73 36,057 4.35

Source: NSE,SeeDiff,AXISDIRECT Research

Disclosures

Disclosures:

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the
Regulations).

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Research Team
Sr. No Name Designation E-mail
1 Rajesh Palviya Technical & Derivative Analyst - (Head) rajesh.palviya@axissecurities.in
2 Vaishnavi Jagtap Technical Analyst vaishnavi.jagtap@axissecurities.in
3 Kruti Shah Derivative Analyst kruti.shah@axissecurities.in
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3 November 2017 8
 Disclosures

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Axis Securities Limited, Corporate office: Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-
400070, Tel No. 18002100808/022-61480808, Regd. off.- Axis House, 8th Floor, Wadia International Centre, Pandurang Budhkar Marg,
Worli, Mumbai 400 025. Compliance Officer: Anand Shaha, Email: compliance.officer@axisdirect.in, Tel No: 022-42671582. SEBI-Portfolio
Manager Reg. No. INP000000654

3 November 2017 For private circulation only

Disclaimer : The views expressed / recommendations made in this report are based on Technical Analysis techniques and could be at
variance with the company's / group's views based on fundamental research. The report and information contained herein is strictly
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or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice
or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and
opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their
own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of
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Axis Securities Limited, SEBI Reg. No.- NSE-INB/INF/INE 231481632, BSE- INB/INF 011481638,MSEI-INB/INF/INE 261481635, ARN No.
64610, CDSL-IN-DP-CDSL-693-2013, SEBI-Research Analyst Reg. No. INH 000000297, SEBI Portfolio Manager Reg. No-
INP000000654, Main/Dealing off.- Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-
400070, Tel No. 18002100808, Reg. off.- Axis House, 8th Floor, Wadia International Centre, Pandurang Budhkar Marg, Worli,
Mumbai 400 025.Compliance Officer: Anand Shaha, E-Mail ID: compliance.officer@axisdirect.in,Tel No: 022-42671582.

Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.