DAILY MORNING NOTE

25 September 2018
Current % %
Indices Value 1D YTD India Monsoon Rainfall 9% below Normal as of Sept. 24
Sensex 36305 (1.46) 6.60
Nifty 10967 (1.58) 4.15 Asian markets are trading mixed tracking cues from Wall
BSE – Mid Cap 15221 (2.40) (14.60)
Street overnight. Nikkei is trading higher by 0.17%
BSE – Sml Cap 15334 (2.72) (20.26)
SGX Nifty Fut 11046 0.17 - Shanghai is trading lower by 0.42% while Hang Seng is shut
Sectors –Performance (BSE)
for trading due to holiday. Indian indices are expected to
IT 15788 2.06 39.99
Teck 7829 1.37 22.17 open marginally higher. Sgx Nifty is trading higher by
Oil & Gas 14903 (0.96) (8.48)
0.20%
Realty 1841 (5.10) (29.41)
Auto 22403 (3.75) (16.26)
The U S markets ended mixed amid concerns over of more political turmoil
Telecom 1082 (3.30) (35.42)
in the US after reports said Deputy Attorney General was resigning from
Index FY18E FY19E FY20E
his post. The Dow Jones lost 181 points or 0.68% to close at 26,562 and the
SensexEPS 1,436 1,806 2,276
P/E 25 20 16 NASDAQ gained6 points or 0.08% to close at 7,993.
NiftyEPS 458 559 696
What to watch
P/E 24 20 16
 India Monsoon Rainfall 9% Below Normal as of Sept. 24
FII Trading activities in Cash
Date Net MTD CYTD  Government plans to raise $2.8 bn by merging Power Firms
FII 21/09 825 (3107) (8399)
DII 24/09 1528 5595 75033
Corporate
Figs. in Rs Cr., Source: Bloomberg.
 Infosys has been awarded contract worth CAD $80.3 mn by Public
Current % %
Global Indices Services and Procurement Canada (PSPC) to modernize and automate
Value 1D YTD
Dow 30 26562 (0.68) 7.46
Nasdaq 7993 0.08 15.79 their procurement processes.
DAX 12351 (0.64) (4.39)
Nikkei 225 23916 0.10 5.06
 Dilip Buildcon announced that it has been selected as lowest bidder
FTSE 100 7458 (0.42) (2.98)
for new EPC project worth Rs 601 cr in Rajasthan.
Hang Seng 27499 (1.62) (8.09)
Shanghai 2783 (0.53) (15.86)
 Kajaria Ceramics board has approved buying 3m shares in unit
Bovespa 77984 (1.84) 2.07
STI Index 3231 0.36 (5.06)
Kajaria Floera; To invest up to $1m for incorporation U.S. unit.
Source: Bloomberg; As on 8.30 am IST

 Mangalam Drugs and Organics received approval from World

Forex Rate
INR/USD 72.66 (0.67) (11.81) Health Organization for its drug Efavirenz.
INR/EUR 85.47 (0.49) (10.54)
 Zensar Technologies was chosen by U.K. based investment company
INR/GBP 95.42 (0.13) (9.77)
INR/YEN (100) 64.50 (0.65) (11.95)
Ruffer LLP to manage its end to end infrastructure requirements.

25 September 2018 For private circulation only

Trading Insights

Insight from trading volumes

% Chg in Qty Traded Qty Traded

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

Dewan Hsg. Fin. 468 86785 16 393

Kansai Nerolac 303 759 88 448

ITD Cem 279 629 23 126

IL&FS Transport 124 2483 34 23

Allcargo Logist. 109 381 68 105

Lak. Vilas Bank 106 1464 31 90

TI Financial 104 147 93 560

Insight from delivery

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

TI Financial 93 147 80 560

Kansai Nerolac 88 759 74 448

La Opala RG 72 52 58 225

Ashoka Buildcon 71 427 53 114

Ipca Labs. 69 182 58 717

Allcargo Logist. 68 381 56 105

City Union Bank 67 542 68 180

*CMP-Closing Market Price

25 September 2018 2
Investment Picks

Target % Target %
Company CMP Company CMP
Price Upside Price Upside

ABB 1387 1513 9 Narayana Hrudayalaya 240 276 15

Alkem Labs 2034 2450 20 Natco Pharma 759 940 24
APL Apollo Tubes 1493 2075 39 Nestle 9651 12000 24
Apollo Hospitals 1017 1223 20 Oriental Carbon 968 1343 39
Arvind 360 503 40 Petronet LNG 227 280 23
Ashok Leyland 120 160 33 Phoenix Mills 589 742 26
Bajaj Auto 2756 3473 26 Power Finance 79 95 20
Bata India 968 1020 5 RBL Bank 532 650 22
Biocon 665 800 20 SBI 265 350 32
BPCL 368 470 28 SBI Life 588 850 45
Britannia Inds 5601 7000 25 Sheela Foam 1697 2039 20
Carborundum Universal 377 426 13 Shriram City Union Fin 1734 2400 38
CARE Ratings 1217 1660 36 Shriram Transport 1130 1650 46
CDSL 255 360 41 Steel Strips 1048 1520 45
Cholamandalam Invst 1180 1725 46 Sterlite Technologies 319 400 25
Coromandel Intl 399 582 46 Sundaram Finance Ltd 1488 2090 40
CRISIL 1740 2172 25 Suprajit Engg 233 314 35
Cummins 693 775 12 Tata Motors 240 342 42
Dabur 433 550 27 Tata Power 69 92 33
Dalmia Bharat 2403 3361 40 Tata Steel 607 687 13
Dilip Buildcon 711 1037 46 Tech Mahindra 750 1000 33
Endurance Technologies 1370 1690 23 Thermax 922 1113 21
Equitas Holdings 129 185 43 Trident Ltd 61 88 44
Finolex Industries 526 729 39 UPL 648 710 10
GAIL 382 415 9 Varun Beverages 768 900 17
Gujarat Borosil Ltd 110 146 33 Westlife Devlp 335 480 43
Gulf Oil Lubricants 767 1068 39 Zee Ent 447 630 41
HDFC 1721 2400 39
HDFC Bank 1926 2550 32
Hero MotoCorp 3106 3755 21
Hindalco Inds 240 275 15
Hindustan Unilever 1591 1720 8
ICICI Bank 309 360 17
ICRA 3564 4300 21
Indian Oil 155 210 36
IndusInd Bank 1675 2200 31
Infosys Tech 717 840 17
IPCA 717 880 23
ITC 298 335 12
J Kumar Infra 231 321 39
Jagran Prakashan 115 150 31
JK Cement 776 1040 34
Jubilant Foodworks 1271 1600 26
Jyothy Lab 196 230 17
Karnataka Bank 101 136 34
Lumax Inds 2000 2701 35
Maruti Suzuki 7796 11187 43
Minda Inds 363 501 38
Mold-Tek Pack 315 423 34

25 September 2018 3
Technical View (Equity)

Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,974.90 -1.51% 10805 10890 11030 11115 11255
Sensex 36305.02 -1.46% 35760 36035 36490 36760 37220

Nifty Daily Chart

Comments:
Nifty opened on a flat note but selling led the index downwards to end near the low of the day. Nifty closed at
10975 with a loss of 168 points.
On the daily chart the index has formed a long bearish candle and remained restricted within previous session’s
High-Low range indicating indecisiveness at current levels. The index is moving in a Lower Top and Lower
Bottom formation on the daily chart indicating negative bias. The chart pattern suggests that if Nifty breaks and
sustains below 10940 level it would witness selling which would lead the index towards 10900-10860 levels.
However if index crosses above 11020 level it would witness pullback rally which would take the index towards
11100-11150. Nifty is trading below 20 ,50 and 100 day SMA's which are important short term moving averages,
indicating negative bias in the short to medium term. Nifty continues to remain in a downtrend in the short term,
so exit on small pullback rallies to be our preferred strategy.
The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative
bias. However momentum oscillator Stochastic has turned positive from the oversold zone indicating a possible
consolidation or an up-move in the near term.
The trend deciding level for the day is 11030. If NIFTY trades above this level then we may witness a further rally
up to 11115-11255-11340 levels. However, if NIFTY trades below 11030 levels then we may see some profit
booking initiating in the market, which may correct up to 10890-10805-10660 levels

Stocks to focus for intraday Long Igl, Infy, Kansainer, Reliance, LTI, Lalpathlab, TCS

Stocks to focus for intraday Short Adanipower, Bank of India, BEML, Bhartiairtel, CCL,
Dmart,Tatasponge, VRLLOG, Jswsteel

25 September 2018 4
Technical View (Currency)

Daily call
Index CMP % up/dn S2 S1 P R1 R2
USD/INR
72.65 0.67% 72.14 72.40 72.58 72.84 73.02
(Future)

USDINR Daily Chart

Comments:
USDINR opened with a upward gap and remained in positive terrain throughout the day. USDINR
closed at 72.65 with a gain of 0.67 %.

On the daily chart USDINR has formed a small bullish candle forming higher High-Low formation
compare to previous session indicating positive bias. Since past couple of weeks USDINR continue to
consolidate within 73-71.60 levels indicating short term sideways trend and hence any either side
breakout will indicating further direction. USDINR is sustaining above its 20 and 50 day SMA which
signals bullish sentiments in near term.

The chart pattern suggests that if USDINR crosses and sustains above 72.70 level it would witness
buying which would lead USDINR towards 72.85-73 levels. However if USDINR breaks below 72.50
level it would witness selling which would take USDINR towards 72.30-72.20 levels.

The daily strength indicator RSI and the momentum oscillator Stochastic both are in negative territory
which supports bearish bias ahead.

25 September 2018 5
Daily Support/ Resistance of Nifty Companies

Company CMP Pivot Point R1 R2 S1 S2

NIFTY 50 10975 11030 11116 11256 10889 10803
ADANIPORTS 347 350 362 378 335 323
ASIANPAINT 1276 1283 1310 1344 1249 1222
AXISBANK 596 597 605 615 588 579
BAJAJ-AUTO 2753 2772 2794 2836 2730 2708
BAJFINANCE 2235 2275 2382 2529 2128 2022
BAJAJFINSV 6062 6125 6243 6425 5944 5826
BPCL 368 372 379 390 361 354
BHARTIARTL 356 360 369 382 347 337
INFRATEL 278 278 283 289 273 267
CIPLA 644 651 662 679 633 623
COALINDIA 282 280 285 289 277 272
DRREDDY 2562 2564 2599 2636 2527 2492
EICHERMOT 26000 26570 27529 29059 25041 24082
GAIL 381 384 390 399 375 370
GRASIM 1019 1028 1043 1066 1005 991
HCLTECH 1095 1094 1107 1119 1082 1068
HDFCBANK 1922 1936 1958 1994 1901 1879
HEROMOTOCO 3120 3128 3175 3231 3072 3025
HINDALCO 241 241 245 250 236 232
HINDPETRO 248 253 260 271 241 234
HINDUNILVR 1593 1599 1634 1674 1558 1523
HDFC 1724 1758 1813 1901 1669 1614
ICICIBANK 308 310 315 322 304 299
IBULHSGFIN 985 1010 1108 1231 887 789
IOC 155 156 159 163 153 150
INDUSINDBK 1681 1705 1751 1820 1635 1589
INFY 720 719 731 742 708 695
ITC 299 299 306 313 292 285
KOTAKBANK 1145 1157 1171 1196 1132 1119
LT 1319 1320 1338 1357 1301 1284
LUPIN 860 872 892 923 840 820
M&M 898 914 942 987 869 841
MARUTI 7793 7818 8045 8297 7566 7339
NTPC 168 168 171 173 166 164
ONGC 181 182 184 188 178 176
POWERGRID 198 198 200 203 195 192
RELIANCE 1235 1226 1248 1262 1213 1191
SBIN 263 266 270 277 260 256
SUNPHARMA 624 628 639 655 612 601
TCS 2208 2172 2246 2285 2134 2060
TATAMOTORS 241 244 248 256 237 232
TATASTEEL 607 610 624 640 593 579
TECHM 749 750 763 777 736 724
TITAN 791 790 806 821 775 758
ULTRACEMCO 3965 3984 4041 4117 3908 3851
UPL 655 656 672 688 639 624
VEDL 230 232 236 241 226 223
WIPRO 332 333 337 341 329 326
YESBANK 226 226 237 248 215 205
ZEEL 446 448 454 463 439 432
Source: Axis Direct.

25 September 2018 6
EPS changes during the week

25 September 2018 7
 DAILY DERIVATIVES 25 September 2018

Nifty Future s Vie w Vola tility FII Activity

Nif ty A c tiv e Futures 10997.95 India V IX Index 17.43 INDEX FUTURES 522
Nif ty A c tiv e Futures OI 20627400 Nif ty A TM Call IV 22.09 INDEX OPTIONS 212
Change in OI -2754675 Nif ty A TM Put IV 18.8 STOCK FUTURES -1310
Premium / Dis c ount 30.55 PCR Index Options 1.05 STOCK OPTIONS -2
Inf erenc e Long Unw inding PCR F&O Total 0.43 FII Net Activity -577

Nifty Options OI Distribution HIGHLIGHTS:

Nifty futures closed at 10997.95 on a negative note with -11.78%
decrease in open interest indicating Long Unwinding.Nifty Futures
closed at a premium of 31 points compared to previous day
premium of 23 points.

FII's were Buyers in Index Futures to the tune of 522 crores and were
Buyers in Index Options to the tune of 212 crores, Stock Futures
were Sellers to the tune of 1310 crores. FII's were Net Sellers in
derivative segment to the tune of 577 crores.

India VIX index is at 17.43. Nifty ATM call option IV is currently at

22.09 whereas Nifty ATM put option IV is quoting at 18.80.
Nifty Options -Change in OI
Index options PCR is at 1.05 and F&O Total PCR is at 0.43.

Among stock futures CUMMINSIND ,TCS ,OIL & HCLTECH have

witnessed long build up and may show strength in coming session.

Stock which witnessed short build up are PIDILITIND ,MUTHOOTFIN

,RBLBANK & PVR and may remain weak in coming session.

Nifty Put options OI distribution shows that 11000 has highest OI

concentration followed by 10800 & 11200 which may act as support for
current expiry.

SECURITIES IN BAN PERIOD Market Indsite:

ADANIENT,ADANIPOWER,WOCKPHARMA
Stock Futures - Long Build Up Market Indsite:
Stock Futures - Short Build Up

Sym bol Fut Price % Chg Open Interes t % Chg Sym bol Fut Price % Chg Open Interes t % Chg

CUMMINSIND 694.15 0.01 1060500.00 0.17 PIDILITIND 1095.20 -0.03 3913000.00 0.19

TCS 2206.00 0.05 9381000.00 0.11 MUTHOOTFIN 433.00 -0.05 3829500.00 0.18

OIL 218.50 0.00 4428897.00 0.08 RBLBANK 530.15 -0.06 5916000.00 0.13

HCLTECH 1100.55 0.01 9560600.00 0.05 PVR 1284.55 -0.04 1088800.00 0.11

Source: NSE,SeeDiff,AXISDIRECT Research

 MONDAY ROLLOVER Market Indsite: 25 September 2018

NIFTY HIGHLIGHTS
Ÿ The Nifty September rollover stands at 17.98% on Monday compared to 23.02% on same day of previous expiry. The
Market wide September rollover stands at 28.59% on Monday as compared to 32.2% on same day of previous expiry.

Ÿ The rollover cost in the September series stands at 0.4 on Monday compared to 0.31 on same day of previous expiry.

Ÿ The Nifty September rollover is lower than its Three months average of 20.78% and lower than its six months average of
18.8% as on today. The market wide rollover is lower than its three months average of 30.8% and lower than its six months
average of 27.93%.months average of 59.96%.

SECTOR HIGHLIGHTS

Ÿ Telecom, FMCG, Finance, Banking and Infrastructure sectors saw

higher rollovers on Monday compared to same day of previous expiry.
Sector Wise Rollover Percentage Change
Strong Weak
Ÿ Technology, Fertilisers, Textile, Cement and Realty sectors saw lower Sector % Change* Sector % Change*
rollovers on Monday compared to same day of previous expiry. Telecom 9.44 Technology -40.47
FMCG 0.07 Fertilisers -40.13
Ÿ Higher rollover in current expiry: Power, Telecom, Finance, Banking and Finance -3.44 Textile -38.34
Pharma. Banking -7.39 Cement -29.64
Infrastructure -10.07 Realty -27.96
* % Rollover change compared to same day of previous expiry
Ÿ Lower rollover in current expiry: Cement, Textile, Technology, Automobile
and Oil_Gas.

Source: NSE,SeeDiff,AXISDIRECT Research

1
 STOCK HIGHLIGHTS

Ÿ M&MFIN, HINDALCO, ASIANPAINT, NTPC and ADANIENT saw higher

rollovers on Monday compared to same day of previous expiry. Stock Wise Rollover Percentage Change
Strong Weak
Ÿ INFY, DISHTV, LICHSGFIN, SRTRANSFIN and CENTURYTEX saw Stock % Change* Stock % Change*
lower rollovers on Monday compared to same day of previous expiry. M&MFIN 181.99 INFY -60.39
HINDALCO 67.77 DISHTV -56.33
ASIANPAINT 60.00 LICHSGFIN -53.71
Ÿ Higher rollover in current expiry: ADANIENT, ADANIPOWER, HCC,
NTPC 47.42 SRTRANSFIN -53.17
RPOWER and PIDILITIND. ADANIENT 46.65 CENTURYTEX -49.96
* % Rollover change compared to same day of previous expiry
Ÿ Lower rollover in current expiry: ACC, GAIL, BOSCHLTD, COLPAL and
TORNTPHARM.RPOWER, TORNTPOWER and CANFINHOME.

COMPREHENSIVE ROLLOVERS
% Rollover Roll Cost % Rollover Roll Cost % Rollover on Same day of previous expiries L6 Months % Rise /
NSE Symbol
Today Last Expiry Mar Feb Jan Dec Nov Avg Fall
NIFTY 17.98 0.40 23.02 0.31 21.35 15.18 17.35 17.94 40.59 22.57 -20.34
BANKNIFTY 15.57 0.45 18.61 0.32 14.19 12.02 17.19 13.54 24.23 16.63 -6.37
CNXIT
ACC 8.16 0.54 14.75 0.44 18.13 19.53 24.87 26.14 30.59 22.34 -63.47
ADANIENT 69.22 0.48 47.20 0.35 41.13 13.98 14.27 19.69 37.23 28.92 139.38
ADANIPORTS 19.46 0.43 20.24 0.49 26.64 6.39 16.69 8.92 30.48 18.23 6.77
ADANIPOWER 58.15 1.01 62.80 0.74 67.41 27.45 38.14 31.05 48.92 45.96 26.52
AJANTPHARM 30.10 0.49 34.80 0.54 53.75 15.36 15.10 19.07 38.15 29.37 2.48
ALBK 40.18 -0.41 38.21 0.86 44.11 30.25 25.85 26.33 37.29 33.67 19.32
AMARAJABAT 20.90 -0.22 14.53 0.42 22.87 24.10 17.34 10.07 25.28 19.03 9.82
AMBUJACEM 10.98 0.59 12.42 0.45 13.09 13.09 14.12 9.12 33.50 15.89 -30.90
ANDHRABANK 41.24 0.76 39.51 31.78 24.08 24.93 41.57 33.85 -100.00
APOLLOHOSP 18.51 0.49 18.76 0.13 30.32 22.06 30.53 20.06 33.57 25.88 -28.49
APOLLOTYRE 15.36 0.42 14.81 0.45 18.32 20.04 17.35 15.90 21.11 17.92 -14.29
ARVIND 19.49 0.57 30.10 0.50 20.44 17.22 23.30 25.89 41.32 26.38 -26.11
ASHOKLEY 17.49 0.62 25.23 0.49 23.33 25.85 24.13 15.42 32.56 24.42 -28.38
ASIANPAINT 22.96 0.47 14.35 0.46 28.93 16.23 17.57 13.45 34.84 20.90 9.88
AUROPHARMA 34.85 0.52 47.56 0.50 28.48 44.82 26.21 26.87 40.65 35.77 -2.56
AXISBANK 26.51 0.48 32.81 0.53 36.34 19.25 38.27 18.94 42.86 31.41 -15.60
BAJAJ-AUTO 14.09 0.45 23.00 0.50 28.69 27.35 19.02 10.37 39.38 24.64 -42.80
BAJAJFINSV 14.26 0.49 20.66 0.46 21.32 24.08 24.97 10.47 18.90 20.07 -28.94
BAJFINANCE 39.15 0.51 24.88 0.51 25.42 20.21 27.94 15.88 27.40 23.62 65.74
BALKRISIND 19.17 0.46 15.51 0.56 18.99 26.22 33.60 17.17 36.61 24.68 -22.34
BALRAMCHIN 39.25 0.61 37.38 22.16 25.95 17.38 33.47 29.27 -100.00
BANKBARODA 34.23 0.46 29.40 0.50 23.59 26.19 23.51 21.41 36.83 26.82 27.62
BANKINDIA 31.92 0.54 32.65 0.53 26.50 25.28 28.63 25.55 42.47 30.18 5.77
BATAINDIA 15.55 0.57 28.04 0.08 24.48 17.42 14.20 17.06 29.01 21.70 -28.35
BEL 23.88 0.51 25.04 0.51 29.02 26.92 17.93 22.91 35.02 26.14 -8.65
NOTE : Blank fields represents stocks not in F&O list in respective expiries.

Source: NSE,SeeDiff,AXISDIRECT Research

2
 Market Indsite:
% Rollover Roll Cost % Rollover Roll Cost % Rollover on Same day of previous expiries L6 Months % Rise /
NSE HIGHLIGHTS
NIFTY Symbol
Today Last Expiry Mar Feb Jan Dec Nov Avg Fall
BEML 33.08 0.49 40.37 -0.26 52.38 15.31 15.35 20.88 44.75 31.51 4.99
BERGEPAINT 41.68 -1.35 33.48 0.39 34.35 16.50 24.74 19.46 33.78 27.05 54.08
BHARATFIN 28.77 0.54 30.00 0.48 21.88 25.01 42.62 13.86 55.29 31.44 -8.50
BHARATFORG 24.98 0.51 32.95 0.50 22.70 35.43 35.36 20.63 58.39 34.24 -27.05
BHARTIARTL 31.91 0.52 39.23 0.51 62.79 41.39 47.82 37.86 60.30 48.23 -33.84
BHEL 23.28 0.64 35.45 -0.81 19.37 22.98 26.60 16.42 37.80 26.44 -11.94
BIOCON 40.12 0.58 28.27 0.49 22.68 32.38 37.77 30.09 53.67 34.14 17.50
BOSCHLTD 9.13 0.50 12.49 0.58 14.74 25.00 28.08 4.78 40.25 20.89 -56.29
BPCL 20.04 0.56 37.64 -1.42 17.06 33.80 23.19 19.89 33.80 27.56 -27.29
BRITANNIA 24.19 0.52 21.98 0.50 15.42 14.40 19.53 12.32 32.30 19.33 25.17
CADILAHC 27.58 0.52 32.76 0.53 33.69 13.49 35.53 30.98 31.05 29.58 -6.77
CANBK 26.87 0.43 28.30 0.54 17.81 17.19 34.98 20.63 43.44 27.06 -0.70
CANFINHOME 43.73 0.59 46.09 0.58 53.29 21.84 27.34 24.08 36.32 34.83 25.56
CAPF 34.38 0.70 38.81 0.57 32.01 29.66 27.23 23.11 57.66 34.75 -1.06
CASTROLIND 20.26 0.43 27.67 0.53 26.96 26.14 25.91 25.93 47.62 30.04 -32.55
CEATLTD 22.70 0.47 14.62 0.49 20.28 25.06 25.97 20.42 29.89 22.71 -0.03
CENTURYTEX 17.01 0.60 33.99 0.46 29.96 51.08 37.60 41.53 53.11 41.21 -58.73
CESC 17.83 0.59 31.80 0.44 25.48 34.70 33.82 35.16 41.20 33.69 -47.08
CGPOWER 32.05 0.81 45.07 0.75 56.36 23.38 18.47 18.27 34.57 32.69 -1.95
CHENNPETRO 34.89 0.73 26.90 0.52 40.81 21.50 12.41 16.95 34.56 25.52 36.71
CHOLAFIN 29.50 0.60 19.27 0.52 15.01 15.22 17.47 17.64 26.63 18.54 59.12
CIPLA 16.43 0.48 12.18 0.58 8.49 10.47 10.77 7.95 49.78 16.61 -1.06
COALINDIA 16.88 -0.04 18.38 -0.19 20.96 26.14 19.99 19.70 39.93 24.18 -30.20
COLPAL 10.27 0.23 15.31 0.46 7.30 8.96 9.97 12.97 36.31 15.14 -32.15
CONCOR 19.88 0.59 31.79 -0.23 5.64 5.57 10.22 14.08 37.25 17.43 14.09
CUMMINSIND 15.91 0.37 11.29 0.52 22.82 21.56 16.29 14.43 35.47 20.31 -21.66
DABUR 17.84 0.50 19.82 0.48 10.86 13.84 15.47 11.34 33.97 17.55 1.65
DALMIABHA 17.52 0.50 14.87 0.47 24.80 9.88 9.52 7.64 32.40 16.52 6.06
DCBBANK 39.14 -0.39 37.50 0.58 50.50 15.65 15.85 21.75 31.63 28.81 35.84
DHFL 29.43 0.15 34.12 0.56 47.68 5.93 58.89 58.42 60.79 44.31 -33.57
DISHTV 15.35 0.34 35.15 0.56 21.81 25.64 26.49 29.54 54.45 32.18 -52.30
Statistic:
DIVISLAB 29.18 0.54 34.48 -0.27 9.15 15.91 22.97 18.51 33.51 22.42 30.14
DLF 16.88 0.46 22.48 0.19 17.29 18.73 32.65 23.07 35.26 24.91 -32.25
DRREDDY 20.63 0.51 21.01 0.44 28.74 26.57 30.36 19.96 31.10 26.29 -21.53
EICHERMOT 21.50 0.46 16.77 0.42 20.52 19.05 13.76 19.07 27.72 19.48 10.36
ENGINERSIN 18.11 0.49 44.71 -0.69 23.70 22.24 29.38 28.60 37.86 31.08 -41.73
EQUITAS 20.82 0.62 15.34 0.52 16.38 26.35 47.96 9.25 53.04 28.05 -25.78
ESCORTS 24.83 0.51 14.33 0.55 18.37 20.55 24.55 13.82 33.47 20.85 19.10
EXIDEIND 16.24 0.53 19.90 0.46 13.60 17.61 23.49 25.50 35.25 22.56 -28.01
FEDERALBNK 22.20 0.56 31.00 0.50 27.75 20.49 19.69 18.05 34.42 25.23 -12.02
GAIL 8.40 0.55 11.68 0.48 10.24 13.00 8.19 11.73 60.60 19.24 -56.34
GLENMARK 18.65 0.49 26.32 0.20 19.72 28.34 23.42 16.82 40.42 25.84 -27.83
GMRINFRA 21.29 1.20 24.56 0.78 23.07 26.64 25.51 16.26 29.24 24.21 -12.07
GODFRYPHLP 23.06 0.29 35.04 -0.30 51.49 16.29 17.57 19.04 28.33 27.96 -17.53

NOTE : Blank fields represents stocks not in F&O list in respective expiries.

Source: NSE,SeeDiff,AXISDIRECT Research

3
 Market Indsite:
% Rollover Roll Cost % Rollover Roll Cost % Rollover on Same day of previous expiries L6 Months % Rise /
NSEHIGHLIGHTS
NIFTY Symbol
Today Last Expiry Mar Feb Jan Dec Nov Avg Fall
GODREJCP 14.42 0.66 12.19 0.49 9.86 15.71 23.22 11.84 34.08 17.82 -19.06
GODREJIND 30.59 0.65 41.80 0.57 40.27 22.71 15.23 22.24 26.44 28.12 8.80
GRANULES 37.47 0.63 37.80 0.57 37.75 23.05 26.84 17.29 30.65 28.90 29.67
GRASIM 11.62 0.57 22.39 -0.05 19.84 18.64 34.55 17.30 31.98 24.12 -51.82
GSFC 22.11 0.54 62.21 -1.23 43.12 25.54 23.19 19.07 38.35 35.25 -37.27
HAVELLS 16.83 0.55 25.34 0.53 14.71 11.24 22.80 15.11 17.83 17.84 -5.65
HCC 52.28 0.43 44.89 0.68 38.36 25.67 25.65 20.47 41.25 32.72 59.80
HCLTECH 33.26 0.40 23.10 0.39 30.96 20.77 25.34 24.68 35.51 26.73 24.44
HDFC 40.12 0.61 47.27 0.52 44.96 44.12 50.66 32.25 47.25 44.42 -9.68
HDFCBANK 23.65 0.43 19.13 0.24 19.17 17.92 22.99 18.62 38.90 22.79 3.78
HEROMOTOCO 12.63 0.52 14.34 0.49 23.76 15.87 22.90 17.63 37.63 22.02 -42.65
HEXAWARE 29.56 0.61 33.84 0.48 24.47 13.26 14.85 32.68 32.10 25.20 17.30
HINDALCO 23.74 0.54 14.15 -0.02 19.51 20.72 15.26 13.99 35.47 19.85 19.60
HINDPETRO 25.94 0.48 24.44 0.49 16.79 19.18 31.38 21.48 24.13 22.90 13.28
HINDUNILVR 23.45 0.43 16.41 0.45 17.61 12.05 11.66 18.08 32.64 18.08 29.74
HINDZINC 20.07 -1.58 17.92 -1.24 17.08 12.64 29.25 10.42 41.77 21.51 -6.71
IBULHSGFIN 35.75 0.39 50.99 0.54 15.84 34.87 47.81 22.67 47.51 36.62 -2.36
ICICIBANK 28.44 0.53 34.26 0.53 35.30 27.98 23.92 18.71 40.69 30.14 -5.65
ICICIPRULI 24.53 0.54 27.65 0.47 23.77 18.79 31.72 22.54 20.34 24.14 1.64
IDBI 36.34 0.66 36.63 0.57 40.60 14.81 14.52 16.21 27.19 24.99 45.40
IDEA 31.93 0.59 24.29 0.48 44.90 29.99 38.12 34.51 34.92 34.46 -7.33
IDFC 26.36 0.58 23.42 0.58 22.78 25.71 25.08 20.17 47.17 27.39 -3.75
IDFCBANK 34.98 0.65 32.86 0.53 30.58 27.16 31.97 26.47 52.67 33.62 4.05
IFCI 41.57 0.70 41.28 0.91 52.37 20.40 31.17 18.67 28.94 32.14 29.35
IGL 23.17 0.54 32.15 -0.12 16.74 19.08 25.20 14.95 38.32 24.41 -5.07
INDIACEM 22.77 0.43 33.72 -0.16 22.94 24.23 27.11 30.70 40.84 29.92 -23.91
INDIANB 29.66 0.45 27.62 0.57 20.00 19.53 25.60 12.53 40.30 24.26 22.24
INDIGO 22.55 -0.42 27.35 -0.69 31.22 17.81 12.57 27.50 29.11 24.26 -7.05
INDUSINDBK 24.70 0.38 34.84 -0.20 23.65 27.55 31.96 23.71 54.42 32.69 -24.44
INFIBEAM 11.79 -1.34 51.66 -2.96 48.19 44.12 67.65 48.65 61.85 53.69 -78.04
INFRATEL 18.81 0.45 17.79 0.45 25.51 16.20 14.65 15.90 32.52 20.43 -7.92
INFY Statistic: 11.76 -0.44 29.69 0.50 23.39 26.55 36.34 37.67 49.37 33.84 -65.24
IOC 25.70 0.55 28.55 0.48 24.80 19.98 28.36 20.99 51.82 29.08 -11.63
IRB 28.04 0.67 37.64 0.53 29.15 24.70 26.96 22.01 60.04 33.42 -16.09
ITC 23.55 0.50 22.71 0.49 25.40 23.27 49.25 20.91 41.64 30.53 -22.86
JETAIRWAYS 31.09 0.05 24.75 0.21 25.11 19.79 16.00 12.03 20.99 19.78 57.19
JINDALSTEL 30.96 0.56 21.57 0.51 20.41 17.04 23.85 23.70 27.78 22.39 38.27
JISLJALEQS 19.20 0.33 37.76 -0.71 34.65 25.72 24.49 21.91 32.86 29.57 -35.06
JPASSOCIAT 28.51 1.28 39.07 0.93 42.78 22.02 21.95 13.68 43.63 30.52 -6.59
JSWSTEEL 27.09 0.34 41.75 0.53 43.06 57.16 57.16 58.08 57.12 52.39 -48.29
JUBLFOOD 20.50 0.61 17.76 0.46 12.50 26.90 31.88 19.75 36.30 24.18 -15.23
JUSTDIAL 37.22 0.01 32.63 0.10 45.85 13.10 17.84 18.28 33.59 26.88 38.46
KAJARIACER 29.89 0.80 16.63 0.54 18.82 9.53 15.98 8.99 37.84 17.97 66.38
KOTAKBANK 15.82 0.52 23.46 0.36 25.06 16.59 24.08 24.26 38.78 25.37 -37.65

NOTE : Blank fields represents stocks not in F&O list in respective expiries.

Source: NSE,SeeDiff,AXISDIRECT Research

4
 Market Indsite:
% Rollover Roll Cost % Rollover Roll Cost % Rollover on Same day of previous expiries L6 Months % Rise /
NSE
NIFTY Symbol
HIGHLIGHTS Today Last Expiry Mar Feb Jan Dec Nov Avg Fall
KPIT 45.69 0.63 29.44 0.57 38.69 13.36 27.22 17.96 24.56 25.21 81.27
KSCL 30.52 -0.33 22.81 -0.04 50.25 19.99 26.78 11.34 18.34 24.92 22.48
KTKBANK 23.88 0.59 31.38 0.54 26.68 26.71 20.43 30.23 45.09 30.09 -20.63
L&TFH 32.37 0.50 29.87 0.58 29.44 26.26 28.65 20.45 48.42 30.52 6.08
LICHSGFIN 14.98 0.55 32.36 0.41 19.34 15.21 23.12 15.95 24.33 21.72 -31.03
LT 19.80 0.36 20.76 0.42 19.86 26.53 15.22 11.55 32.20 21.02 -5.80
LUPIN 23.99 0.56 24.36 0.44 31.84 15.25 18.10 18.81 43.87 25.37 -5.45
M&M 13.06 0.46 17.06 0.46 20.16 16.51 32.66 15.78 37.41 23.26 -43.86
M&MFIN 33.36 0.62 11.83 0.48 10.73 11.71 13.21 14.11 35.62 16.20 105.90
MANAPPURAM 29.60 0.58 20.53 0.49 15.69 14.74 26.83 10.37 24.99 18.86 56.96
MARICO 14.06 0.42 13.42 0.49 10.40 8.45 20.93 7.24 44.59 17.51 -19.68
MARUTI 25.26 0.53 18.02 0.47 15.07 21.76 25.63 15.48 28.27 20.71 22.00
MCDOWELL-N 29.52 0.57 33.00 0.56 28.44 19.88 34.64 19.20 40.18 29.22 1.02
MCX 27.87 0.57 31.36 0.54 48.34 27.08 23.66 15.01 45.43 31.81 -12.40
MFSL 31.36 0.58 35.68 0.55 31.76 25.13 19.26 18.52 36.32 27.78 12.89
MGL 23.51 0.56 41.23 -0.73 57.63 16.33 20.00 22.14 24.84 30.36 -22.57
MINDTREE 34.00 0.66 26.62 0.52 22.18 20.61 17.90 19.96 28.69 22.66 50.04
MOTHERSUMI 22.62 0.51 19.66 0.46 19.51 14.99 16.09 10.02 26.42 17.78 27.21
MRF 15.91 0.61 29.18 0.50 14.31 39.36 22.72 13.54 48.38 27.92 -43.01
MRPL 32.66 0.61 28.57 0.53 53.12 40.67 24.98 18.96 25.07 31.90 2.40
MUTHOOTFIN 19.74 0.53 24.03 0.52 19.87 19.18 25.00 16.75 43.58 24.74 -20.19
NATIONALUM 26.65 0.61 27.34 0.54 21.70 26.27 19.85 14.38 31.05 23.43 13.73
NBCC 24.10 0.56 36.31 -0.14 22.88 24.37 26.83 20.80 40.73 28.65 -15.89
NCC 22.87 0.50 19.95 0.55 35.24 24.06 24.31 20.06 34.40 26.34 -13.16
NESTLEIND 20.16 0.62 18.24 0.54 9.76 11.08 18.68 11.97 16.18 14.32 40.80
NHPC 29.93 0.64 40.19 -0.39 46.16 27.72 23.96 22.10 28.87 31.50 -4.98
NIITTECH 36.85 0.74 44.78 -0.47 33.38 18.80 15.84 18.05 41.89 28.79 28.00
NMDC 17.99 0.53 28.71 0.51 18.66 22.10 24.05 21.48 33.72 24.79 -27.42
NTPC 19.68 0.30 13.35 -1.11 29.84 17.63 8.64 9.08 37.65 19.37 1.63
OFSS 21.56 0.64 18.32 0.57 32.52 4.85 4.96 16.44 10.76 14.64 47.25
OIL 34.15 0.50 30.34 0.09 30.20 16.85 22.17 15.29 28.20 23.84 43.24
ONGC Statistic: 13.80 0.47 15.24 -0.34 17.78 16.70 29.49 25.83 42.82 24.64 -44.00
ORIENTBANK 35.77 -0.23 40.70 0.49 46.66 25.07 31.15 25.12 37.67 34.40 4.00
PAGEIND 23.31 0.18 30.97 -1.70 9.51 11.58 22.48 10.55 24.16 18.21 28.02
PCJEWELLER 30.26 0.48 27.91 0.61 31.73 23.81 21.96 18.69 47.24 28.56 5.96
PEL 33.74 0.60 42.64 0.52 31.00 44.21 28.44 24.97 40.50 35.29 -4.40
PETRONET 12.48 0.26 21.17 -1.40 14.34 20.70 14.44 13.45 38.06 20.36 -38.70
PFC 23.74 0.57 31.34 0.53 19.56 16.17 28.17 23.63 43.79 27.11 -12.43
PIDILITIND 47.43 0.06 47.99 0.15 30.41 12.09 20.87 9.93 19.89 23.53 101.57
PNB 25.73 0.50 29.84 0.47 24.33 32.62 31.14 17.05 35.98 28.49 -9.70
POWERGRID 43.62 -0.10 33.93 -1.44 31.66 16.92 7.85 10.42 25.13 20.99 107.86
PTC 19.55 0.63 30.38 0.47 35.77 14.44 13.42 17.39 38.91 25.05 -21.96
PVR 40.60 0.74 37.91 0.51 38.97 14.66 21.38 16.62 21.42 25.16 61.37
RAMCOCEM 23.29 -0.38 22.85 0.24 46.58 15.17 18.70 17.37 19.96 23.44 -0.63
NOTE : Blank fields represents stocks not in F&O list in respective expiries.

Source: NSE,SeeDiff,AXISDIRECT Research

5
 Market Indsite:
% Rollover Roll Cost % Rollover Roll Cost % Rollover on Same day of previous expiries L6 Months % Rise /
NSE Symbol
NIFTY HIGHLIGHTS Today Last Expiry Mar Feb Jan Dec Nov Avg Fall
RAYMOND 19.76 0.55 26.61 0.48 43.57 27.38 31.08 20.95 52.71 33.72 -41.39
RBLBANK 27.14 0.33 30.32 0.52 21.11 22.68 22.09 16.55 43.55 26.05 4.18
RCOM 35.81 0.82 33.56 0.80 41.27 17.91 14.46 19.39 36.55 27.19 31.70
RECLTD 30.21 0.46 44.43 -1.04 24.39 22.18 22.35 15.65 37.55 27.76 8.83
RELCAPITAL 31.26 0.68 32.56 -1.75 31.20 24.75 20.99 24.83 36.63 28.49 9.71
RELIANCE 28.50 0.50 40.80 0.50 39.68 41.16 17.05 8.08 45.95 32.12 -11.27
RELINFRA 37.22 0.44 36.49 -1.73 34.18 26.33 25.57 26.19 50.45 33.20 12.10
REPCOHOME 26.89 -0.56 25.54 0.12 32.42 35.23 14.35 6.40 27.91 23.64 13.74
RNAVAL 14.83 21.13 31.14 22.37
RPOWER 48.10 0.90 49.83 0.74 44.60 27.03 26.72 26.65 39.16 35.67 34.87
SAIL 25.99 0.68 26.03 0.45 24.71 22.76 23.30 25.74 32.17 25.79 0.80
SBIN 21.60 0.49 27.16 0.47 28.76 30.72 28.44 20.18 45.05 30.05 -28.12
SHREECEM 18.85 0.57 13.99 0.42 9.50 17.03 14.38 10.43 12.32 12.94 45.65
SIEMENS 25.57 0.59 29.99 0.52 33.35 12.33 11.90 19.07 22.55 21.53 18.76
SOUTHBANK 31.60 0.69 29.63 0.57 36.35 34.58 24.24 22.21 33.62 30.11 4.97
SREINFRA 28.86 0.61 38.49 0.59 49.63 26.52 15.98 12.36 40.02 30.50 -5.38
SRF 19.77 0.60 33.78 0.53 53.90 24.26 19.29 23.48 42.66 32.90 -39.90
SRTRANSFIN 14.27 0.48 30.47 0.48 20.42 18.01 25.15 5.58 19.23 19.81 -27.97
STAR 30.82 0.67 24.99 0.12 20.12 15.78 26.78 24.29 43.61 25.93 18.87
SUNPHARMA 25.51 0.54 37.47 0.18 28.23 42.58 39.60 27.20 46.78 36.98 -31.01
SUNTV 30.81 0.61 34.79 0.51 11.07 33.92 42.36 37.76 50.70 35.10 -12.22
SUZLON 30.14 0.76 38.72 0.70 30.09 29.42 33.71 18.81 28.98 29.96 0.62
SYNDIBANK 37.94 0.75 39.10 0.75 43.99 27.26 27.72 20.05 48.07 34.37 10.40
TATACHEM 23.19 0.48 29.26 0.53 18.80 20.36 15.97 9.61 29.18 20.53 12.96
TATACOMM 15.44 0.54 27.61 0.48 43.78 25.11 15.95 24.61 35.74 28.80 -46.39
TATAELXSI 19.20 0.61 15.18 17.15 16.72 26.69 29.90 21.13 -9.13
TATAGLOBAL 16.42 0.54 18.67 22.21 35.48 21.70 32.65 26.14 -37.19
TATAMOTORS 22.00 0.52 26.33 29.50 30.36 24.22 40.14 30.11 -26.93
TATAMTRDVR 30.02 0.55 33.54 30.85 26.08 25.63 49.49 33.12 -9.35
TATAPOWER 15.10 0.29 16.05 21.57 17.13 10.09 25.80 18.13 -16.70
TATASTEEL 31.42 0.48 42.42 45.60 32.83 20.44 30.94 34.45 -8.78
TCS 23.73 0.33 33.41 12.41 34.90 13.20 31.80 25.14 -5.62
TECHM 23.32 0.58 15.20 23.37 19.57 26.45 38.09 24.54 -4.96
TITAN 37.84 0.55 44.28 36.74 43.99 22.97 28.35 35.27 7.30
TORNTPHARM 10.36 0.48 7.65 10.79 9.81 6.91 27.87 12.61 -17.82
TORNTPOWER 36.18 -0.17 52.26 12.47 15.71 16.82 40.03 27.46 31.76
TV18BRDCST 29.56 0.51 46.73 18.21 23.68 11.11 38.80 27.71 6.69
TVSMOTOR 38.40 -1.66 21.97 20.80 18.80 17.63 29.85 21.81 76.07
Statistic:
UBL 42.87 0.59 41.79 19.17 23.49 12.65 47.30 28.88 48.44
UJJIVAN 14.69 0.56 17.25 22.47 18.89 19.16 38.18 23.19 -36.65
ULTRACEMCO 12.76 0.38 23.33 22.36 18.41 19.66 56.35 28.02 -54.46
UNIONBANK 21.27 0.21 29.13 33.53 27.41 32.00 49.80 34.37 -38.12
UPL 28.89 0.48 23.11 28.55 16.89 20.85 28.58 23.60 22.44
VEDL 21.41 0.37 27.46 36.87 41.08 23.82 44.29 34.70 -38.31
VGUARD 30.92 0.43 44.43 19.01 19.02 16.36 34.06 26.58 16.35
VOLTAS 17.04 -0.35 24.71 18.11 21.37 13.60 28.69 21.30 -19.98
WIPRO 30.80 0.47 24.28 20.60 33.01 36.06 54.95 33.78 -8.82
WOCKPHARMA 21.42 0.71 53.51 27.51 34.29 27.61 48.74 38.33 -44.12
YESBANK 32.74 0.48 17.41 33.68 43.58 19.77 44.76 31.84 2.83
ZEEL 16.07 0.48 13.04 31.79 19.79 8.33 31.87 20.96 -23.34

NOTE : Blank fields represents stocks not in F&O list in respective expiries.

Source: NSE,SeeDiff,AXISDIRECT Research

5
Disclosures

Disclosures:

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

1. Axis Securities Ltd. (ASL) is a SEBI Registered Research Analyst having registration no. INH000000297. ASL, the Research Entity (RE)
as defined in the Regulations, is engaged in the business of providing Stock broking services, Depository participant services &
distribution of various financial products. ASL is a subsidiary company of Axis Bank Ltd. Axis Bank Ltd. is a listed public company
and one of India’s largest private sector bank and has its various subsidiaries engaged in businesses of Asset management, NBFC,
Merchant Banking, Trusteeship, Venture Capital, Stock Broking, the details in respect of which are available on www.axisbank.com.
2. ASL is registered with the Securities & Exchange Board of India (SEBI) for its stock broking & Depository participant business activities
and with the Association of Mutual Funds of India (AMFI) for distribution of financial products and also registered with IRDA as a
corporate agent for insurance business activity.
3. ASL has no material adverse disciplinary history as on the date of publication of this report.
4. I/We, authors (Research team) and the name/s subscribed to this report, hereby certify that all of the views expressed in this research
report accurately reflect my/our views about the subject issuer(s) or securities. I/We also certify that no part of my/our compensation
was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. I/we or my/our relative or
ASL does not have any financial interest in the subject company. Also I/we or my/our relative or ASL or its Associates may have
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or ASL or its associate does not have any material conflict of interest. I/we have not served as director / officer, etc. in the subject
company in the last 12-month period.
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 Miraj Vora Derivative Analyst miraj.vora@axissecurities.in
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5. ASL has not received any compensation from the subject company in the past twelve months. ASL has not been engaged in market
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ASL or any of its associates have not received compensation or other benefits from the subject company of this research report or any
other third-party in connection with this report

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25 September 2018 8
 Disclosures

Disclaimer:
Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable
or appropriate to the recipient’s specific circumstances. The securities and strategies discussed and opinions expressed, if any, in this report
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The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be
treated as endorsement of the views expressed in the report. The Company reserves the right to make modifications and alternations to this
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may or may not subscribe to all the views expressed therein.

Copyright in this document vests with Axis Securities Limited.

Axis Securities Limited, SEBI Single Reg. No.- NSE, BSE & MSEI – INZ000161633, 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
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compliance.officer@axisdirect.in,Tel No: 022-42671582.

25 September 2018 For private circulation only

Disclaimer : The views expressed / recommendations made in this report are based on Technical Analysis techniques and could be
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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 independent judgment by any recipient. Each recipient of this
document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the
securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors
to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all
investors. Certain transactions -including those involving futures, options another derivatives as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made
as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of
Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as
endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company
reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior
approval. Axis Securities Ltd. (ASL), its affiliates, their directors and the employees may from time to time, effect or have effected an
own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or
seek to perform investment banking or other services for, or solicit investment banking or other business from, any company
referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should
take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of ASL. The views expressed are those of the analyst and the
Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely for your
information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied,
in whole or in part, for any purpose. Neither this document nor any copy of it may be taken or transmitted into the United State (to
U.S. Persons), Canada, or Japan or distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in
Japan or to any resident thereof. This report is not directed or intended for distribution to, or use by, any person or entity who is a
citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability
or use would be contrary to law, regulation or which would subject ASL to any registration or licensing requirement within such
jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors.
Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect,
incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the
information.

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 Market Indsite:

RETAIL RESEARCH TEAM

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 confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or
distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This
report and information herein is solely for informational purpose and may not be used or considered as an offer document or
solicitation of offer to buy or sell 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 independent judgment by any recipient. Each recipient of this
document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the
securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors
to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all
investors. Certain transactions -including those involving futures, options another derivatives as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made
as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of
Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as
endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company
reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior
approval. Axis Securities Ltd. (ASL), its affiliates, their directors and the employees may from time to time, effect or have effected an
own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or
seek to perform investment banking or other services for, or solicit investment banking or other business from, any company
referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should
take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of ASL. The views expressed are those of the analyst and the
Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely for your
information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied,
in whole or in part, for any purpose. Neither this document nor any copy of it may be taken or transmitted into the United State (to
U.S. Persons), Canada, or Japan or distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in
Japan or to any resident thereof. This report is not directed or intended for distribution to, or use by, any person or entity who is a
citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability
or use would be contrary to law, regulation or which would subject ASL to any registration or licensing requirement within such
jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors.
Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect,
incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the
information.

Axis Securities Limited, SEBI Reg. No.- NSE-INB/INF/INE 231481632, BSE- INB/INF 011481638,MSEI-INB/INF/INE 261481635, ARN

Source: NSE,SeeDiff,AXISDIRECT Research

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