DAILY MORNING NOTE

29 December 2017
Indices Current % %
Value 1D YTD SEBI Allows Convergence of Stock, Commodity Exchanges
Sensex 33848 (0.19) 27.12
Asian markets were trading mixed tracking cues from Wall Street
Nifty 10478 (0.12) 28.00
BSE – Mid Cap 17692 0.10 47.05 overnight and lack of any triggers for the markets. Nikkei was trading
BSE – Sml Cap 19109 0.32 58.63 higher by 0.25%, Hangseng was trading higher by 0.20% while Shanghai
SGX Nifty Fut 10503 (0.06) 28.32
was trading lower by 0.04%. Indian indices are expected to open on a flat
Sectors –Performance (BSE)
Realty 2596 2.97 105.42 note. Sgx Nifty is trading lower by 0.04%.
Metal 15005 2.04 48.43
IT 11144 0.11 9.51 The U.S. Markets ended higher as investors focused on re-adjusting their
Oil & Gas 16359 (0.46) 34.62 portfolios going into the end of the year. On the data front , initial jobless
Auto 26444 (0.35) 30.54
claims came in at 245,000, unchanged from the previous week while a
Bankex 28754 (0.27) 38.58
report from MNI Indicators showed Chicago-area business activity
Index FY17E FY18E FY19E
unexpectedly expanded at a faster rate in the month of December. The
SensexEPS 1439 1595 1926
P/E 23.52 21.22 17.57 Dow Jones gained 63 points or 0.28% to close at 24,838 while Nasdaq
NiftyEPS 456 509 612
gained 11 points or 0.16% to close at 6950.
P/E 22.98 20.59 17.12
What to watch
FII Trading activities in Cash
Date Net MTD CYTD  Government to release fiscal deficit data for April-Nov
FII 28/12 563 (7007) (44093)
 SEBI Allows Convergence of Stock, Commodity Exchanges
DII 28/12 (774) 7682 90373
Figs. in Rs Cr., Source: Bloomberg. Corporate

 Lupin announced it has received final approval for its Calcipotriene

Current % %
Global Indices
Value 1D YTD Topical Solution, 0.005% from US FDA) to market a generic version of
Dow Jones 24838 0.26 25.68
Dovonex Scalp Solution.
Nasdaq 6950 0.16 29.11
DAX 12980 (0.69) 13.06  Bank of Baroda has announced that it will purchase its JV partner
Nikkei 225 22843 0.26 19.51
UniCredit’s entire 51 % stake in Baroda Pioneer AMC and Baroda
FTSE 100 7623 0.03 6.72
Hang Seng 29905 0.14 35.93 Pioneer Trustee Company Private Ltd (Trustee).
Shanghai A Sha 3296 (0.01) 6.20  Dilip Buildcon has raised Rs 600 cr via issue of non-convertible
Bovespa 76402 0.43 26.86
debentures bearing a coupon rate of 8.9%.
Strait Times 3396 (0.08) 17.90
Source: Bloomberg; As on 8.30 am IST  Reliance Communications will sell wireless assets to RIL’s Jio; The

company has signed binding agreement with Reliance Jio (RIL) for
Forex Rate
Sell of valuable wireless spectrum.
INR/USD 64.08 (0.00) 6.00
INR/EUR 76.46 (0.23) (6.25)  Aurobindo Pharma has been granted USFDA approval for
INR/GBP 86.10 (0.04) (3.03) Fondaparinux Sodium injection
INR/YEN (100) 56.79 (0.23) 2.32
 Alkem Labs has been granted USFDA approval for Triamcinolone

Acetonide topical cream.

29 December 2017 For private circulation only

Trading Insights

Insight from trading volumes

% Chg in Qty Traded Qty Traded

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

Techno Ele & Eng 762 1125 99 404

Alkem Laboratories 701 403 92 2198

Jaiprakash Power 500 34973 44 8

Gmr Infrastructure 427 202831 39 20

Deepak Fertilisers 415 1509 25 426

Bse Ltd 379 402 47 925

Mahindra Cie Automotive 377 3365 54 259

Insight from delivery

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

Idea Cellular 45 15845 23 102

Tata Steel 58 12255 35 736

Hindustan Construction 42 18959 26 41

Gail India Ltd 70 10262 46 511

Indo Count Inds 38 4846 26 126

Mcleod Russel 52 361 36 208

Srf Ltd 31 108 22 1950

*CMP-Closing Market Price

29 December 2017 2
Investment Picks

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

ABB 1388 1690 22 Minda Corp 219 246 12

Advanced Enzyme 279 370 33 Mold-Tek Pack 325 347 7
APL Apollo Tubes 1985 2195 11 Motherson Sumi 372 403 8
Apollo Hospitals 1229 1453 18 Narayana Hrudayalaya 299 348 16
Ashok Leyland 118 133 13 Natco Pharma 957 1150 20
Can Fin Homes 476 580 22 ONGC 193 215 11
Capital First 691 920 33 Persistent Systems 697 740 6
CARE 1337 1558 17 Power Finance 120 160 33
Cholamandalam Invst 1285 1400 9 PPAP Automotive Ltd 653 700 7
Dhanuka Agritech 731 915 25 RBL Bank 508 620 22
Dilip Buildcon 999 1227 23 Reliance Inds 924 990 7
Divi's Lab 1114 1200 8 Repco Home Finance 680 800 18
EID Parry 371 520 40 Salzer Electronics 228 256 12
Endurance Technologies 1368 1550 13 SBI 308 380 23
Equitas Holdings 149 168 13 SBI Life Insurance 697 850 22
Federal Bank 109 139 27 Shopper's Stop 553 610 10
Future Retail 517 680 31 Strides Arcolab 830 940 13
Gateway Distriparks 243 280 15 Tata Motors 418 520 24
Glenmark Pharma 593 765 29 Tata Steel 735 795 8
Godrej Agrovet 561 648 16 Tech Mahindra 498 605 21
Gulf Oil Lubricants 987 1075 9 Trident Ltd 89 108 22
HDFC 1695 1980 17
HDFC Bank 1875 2150 15
Hero MotoCorp 3714 4333 17
ICICI Bank 314 350 11
IGPetrochemicals 759 860 13
IndusInd Bank 1650 1920 16
Infosys Tech 1034 1120 8
InterGlobe Aviation 1208 1505 25
ITC 261 320 22
J Kumar Infra 303 330 9
Jagran Prakashan 178 190 7
JK Cement 1104 1220 11
Karnataka Bank 150 195 30
LIC Housing 562 740 32
Lumax Inds 2100 2245 7
Mahindra CIE 259 282 9
Mahindra Lifespace 465 489 5
MCX Ltd 938 1280 36

29 December 2017 3
Technical View (Equity)

Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,477.90 -0.12% 10415 10445 10490 10520 10565
Sensex 33848.03 -0.19% 33605 33725 33875 33995 34145

Nifty Daily Chart

Comments:
Nifty opened on a flat note and witnessed extreme volatility on either side for most part of the session. However
later hour selling pressure dragged index lower to end in red. Nifty closed at 10478 with a loss of 13 points.
On the daily chart the index has formed a Bearish candle with a long upper shadow indicating selling at higher
levels. The index is moving in a lower Top and lower Bottom formation on the hourly chart indicating short term
down trend. The chart pattern suggests that if Nifty breaks and sustains below 100460 level it would witness
selling which would lead the index towards 10430-10410 levels. However if index crosses above 10500 level it
would witness pullback rally which would take the index towards 10530-10550. 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 10490. If NIFTY trades above this level then we may witness a further rally
up to 10520-10565-10595 levels. However, if NIFTY trades below 10490 levels then we may see some profit
booking initiating in the market, which may correct up to 10445-10415-10375 levels

Stocks to focus for intraday Long Nationalum, Deepakfert,Cox&kings, Icil, Oil,

Chambalfert, Manppuram, CGpower

Stocks to focus for intraday Short Ioc, Dabur, Canbank, Sbin , MGL

29 December 2017 4
Technical View (Currency)

Daily call
Index CMP % up/dn S2 S1 P R1 R2
USD/INR
64.28 -0.08% 64.15 64.21 64.33 64.39 64.51
(Future)

USDINR (Jan. Future) Daily chart

Comments:

USDINR (Jan. Future) CMP: 64.33

USDINR opened on a flat note and traded with positive bias in initial hour however selling pressure at
higher levels erased all the earlier gain which led USDINR to close at 64.28 with a loss of 0.08 %.

On the daily chart USDINR has formed a Bearish candle with a long upper shadow indicating selling at
higher levels USDINR is moving in a Lower Top and Lower Bottom formation on the daily chart
indicating sustained down trend. USDINR is trading below its important moving averages of 20 and 50
day SMA’s indicating negative bias in the short to medium term

The chart pattern suggests that if USDINR crosses and sustains above 64.35 level it would witness
buying which would lead USDINR towards 64.45-64.60 levels. However if index breaks below 64.25
level it would witness selling which would take USDINR towards 64.20-64.10.

The daily strength indicator RSI and momentum oscillator Stochastic both are in positive territory which
supports upside strength.

29 December 2017 5
Daily Support/ Resistance of Nifty Companies

Company Pivot Point R1 R2 S1 S2 RSI-9D

AMBUJACEM 271 274 277 269 266 60
ADANIPORTS 404 407 410 401 398 46
ASIANPAINT 1149 1157 1164 1142 1134 55
AUROPHARMA 692 700 710 682 673 49
AXISBANK 555 560 565 550 546 49
BAJFINANCE 1777 1792 1812 1756 1741 52
BHARTIARTL 538 545 554 528 521 57
INFRATEL 368 371 374 365 362 50
BAJAJ-AUTO 3348 3376 3413 3311 3283 54
BOSCHLTD 20147 20296 20498 19945 19796 56
BPCL 535 539 545 529 525 54
CIPLA 616 621 629 607 602 54
COALINDIA 263 265 267 261 260 40
DRREDDY 2395 2429 2458 2367 2333 71
EICHERMOT 30204 30307 30424 30087 29984 49
GAIL 510 512 517 505 502 74
HCLTECH 885 890 896 879 874 52
HDFC 1709 1714 1719 1704 1699 47
HDFCBANK 1859 1868 1879 1849 1840 60
HEROMOTOCO 3793 3828 3870 3751 3715 57
HINDALCO 267 269 272 264 262 78
HINDPETRO 426 429 433 423 420 44
HINDUNILVR 1353 1363 1374 1342 1332 68
ICICIBANK 314 316 320 311 308 57
IBULHSGFIN 1194 1200 1208 1186 1180 53
INDUSINDBK 1657 1664 1678 1643 1636 45
INFY 1034 1040 1045 1028 1022 66
IOC 404 407 412 398 395 33
ITC 263 264 265 261 260 50
KOTAKBANK 1015 1021 1027 1009 1004 40
LUPIN 877 884 892 868 862 72
LT 1262 1272 1286 1247 1237 62
M&M 747 755 762 739 732 60
MARUTI 9675 9720 9796 9599 9553 73
NTPC 178 180 182 176 174 39
ONGC 193 195 198 191 189 73
POWERGRID 202 204 206 200 198 33
RELIANCE 927 935 945 916 908 53
SBIN 316 319 323 312 309 35
SUNPHARMA 567 591 606 552 528 72
TATASTEEL 724 729 735 718 712 72
TCS 2630 2649 2678 2601 2582 52
TECHM 500 509 514 494 486 53
TATAMOTORS 424 427 432 419 416 55
UPL 741 746 752 735 730 68
ULTRACEMCO 4294 4322 4366 4249 4221 50
VEDL 325 329 333 322 317 79
WIPRO 305 310 313 302 297 77
YESBANK 316 318 321 313 310 54
ZEEL 585 593 598 579 571 67

Source: Axis Direct.

29 December 2017 6
Commodity snapshot

29 December 2017 7
DAILY DERIVATIVES 29 December 2017

Nifty Futures View Volatility FII Activity

Nifty Active Futures 10512 India VIX Index 12.29 INDEX FUTURES 1621
Nifty Active Futures OI 22224750 Nifty ATM Call IV #N/A INDEX OPTIONS -458
Change in OI 8928075 Nifty ATM Put IV - STOCK FUTURES -1476
Premium / Discount 9.40 PCR Index Options 1.03 STOCK OP TIONS 234
Inference Short Build up PCR F&O T otal 0.98 FII Net Activity -79

Nifty Options OI Distribution HIGHLIGHTS:

Nifty Jan Futures closed at 10512 losing 0.20% with 67.15%
increase in open interest indicating short build up of positions. Nifty
futures closed with 34 points premium.

Nifty Jan Futures closed at 10512 FII's were buyers in Index Futures to the tune of 1621 crores and were
sellers in Index Options to the tune of 458 crores, Stock Futures were
losing 0.20% with 67.15% increase in sellers to the tune of 1476 crores. FII's were net sellers in derivative
open interest indicating short build segment to the tune of 79 crores.

up of positions. Nifty futures closed India VIX index is at 12.29. Nifty ATM call option IV is currently at 7.31
whereas Nifty ATM put option IV is quoting at 10.99.
with 34 points premium.
Index options PCR is at 1.03 and F&O Total PCR is at 0.98.

Among stock futures TATASTEEL, HINDALCO, LUPIN and GAIL have

FII's were buyers in Index Futures to
Nifty Options -Change in OI
witnessed long build up and may show strength in coming session.
the tune of 1621 crores and were
Stocks which witnessed short build up are BAJAJ-AUTO,
sellers in Index Options to the tune of HEROMOTOCO, IOC and SBIN may remain weak in coming session.

458 crores, Stock Futures were Nifty put options OI distribution shows that 10300 has highest OI
concentration followed by 10000 and may act as good support for
sellers to the tune of 1476 crores. current expiry.
FII's were net sellers in derivative Nifty call strike 11000 witnessed significant OI concentration and may
segment to the tune of 79 crores. act as resistance for current expiry.

India VIX index is at 12.29. Nifty ATM

call optionINIVBAN
SECURITIES is currently
PERIOD at 7.31
Market Indsite:
NIL whereas Nifty ATM put option IV is

quoting
Stock at 10.99.
Futures - Long Build Up Market Indsite:
Stock Futures - Short Build Up

Symbol Fut Price % Chg Open Interest % Chg Symbol Fut Price % Chg Open Interest % Chg

Index options
TAT ASTEEL PCR0.0153
738.05 is at 1.03 and F&O
20328000 0.43 BAJAJ-AUTO 3310.5 -0.0136 1823250 0.33

Total PCR is at
HINDALCO 276.60.98.
0.0334 35455000 0.89 HEROMOTOCO 3748.6 -0.0126 1390200 0.37

LUPIN 890 0.0091 14608200 0.65 IOC 393.3 -0.0232 9417000 0.94
Among stock508.2
GAIL
futures
0.0006 11990000 0.89 SBIN 310.3 -1.93 73830000 0.56
TATASTEEL, HINDALCO, LUPIN and
Source:GAIL have witnessed
NSE,SeeDiff,AXISDIRECT Research long build up
and may show strength in coming
 DAILY DERIVATIVES
Stock OI Data
Fut ure s OI (in
S ector S cr i p spot pri ce % chg % chg
000' s)
O thers ADANIP OR TS 385.90 -0.46 7,368 2.86
Ba nk ing ALBK 67.35 -2.18 12,930 7.04
Autom obile AMARAJAB AT 796.10 2.04 1,573 34.95
Ba nk ing ANDHRABA NK 50.70 -1.65 19,780 4.88
O thers AP OLLO HOS P 1,093.05 -1.07 1,356 2.03
T extile ARV IND 406.85 2.34 6,088 5.80
Autom
Nifty obile
Options OI BALK RIS IND
Distribution 1,627.05 -0.89 602 3.22
Ba nk ing BANK BAROIndsite:
Market DA 136.80 -1.97 69,717 1.64
Ba nk ing BANK INDIA 141.55 -1.60 17,274 2.31
FMCG BAT AINDIA 692.30 0.01 2,287 1.66
Ca pita l_G oods BE L 188.15 -3.04 15,291 1.98
Ca pita l_G oods BHE L 127.60 -1.81 29,010 3.79
O il_G as BP CL 513.35 -2.05 13,027 3.56
P harm a CADILAHC 501.75 -1.84 3,066 3.46
Ba nk ing CANBK 331.70 -1.07 9,597 3.35
P ower CG PO WE R 87.10 -1.69 18,300 4.38
FMCG DABUR 306.85 -0.95 13,150 2.24
Fina nce DHFL 544.30 -1.21 26,279 2.70
Me dia DIS HT V 75.55 -4.43 16,212 10.29
P harm a DRRE DDY 2,162.50 -2.81 3,802 3.05
Autom obile E ICHE RMOT 32,617.75 -0.74 144 4.10
P harm a G LENMARK 580.25 -2.99 7,368 4.51
Nifty Options -Change in OI
FMCG G ODRE JCP 923.30 -0.18 1,959 2.68
O thers HAV ELLS 488.30 -0.99 3,236 2.86
Ba nk ing HDFCBANK 1,787.65 1.19 22,807 6.12
Re al ty HDIL 64.15 -2.95 33,144 4.12
Autom obile HE ROM OT OCO 3,956.05 -0.67 1,052 2.28
T extile ICIL 117.65 -3.41 12,079 8.05
T ele com IDE A 79.60 -1.36 58,513 1.77
O il_G as IG L 1,374.90 4.85 999 6.13
Ba nk ing INDUS INDBK 1,695.90 -0.47 4,300 2.47
T echno logy INFIBE AM 145.65 -0.68 47,800 3.28
O thers K AJARIACE R 712.95 1.13 699 13.95
Ba nk ing K OT AKB ANK 1,007.55 1.41 8,808 4.65
T echno logy K PIT 112.65 -2.68 10,964 3.55
O thers K SCL 578.25 4.75 4,169 4.87
Ba nk ing K TK BANK 149.85 -0.93 22,808 1.83
SECURITIES
Fina nce IN BAN
L&T FHPERIOD 202.40
Market Indsite: -1.96 21,276 6.37
Fina nce LICHS GFIN 659.15 -2.20 8,514 8.62
Fina nce MANAP P URAM 108.35 3.39 31,080 2.15
FMCG MARI CO 325.25 1.36 4,358 3.20
O thers MCX Market Indsite:
1,106.45 -0.48 1,157 1.67
Fina nce MUT HOO T FIN 489.95 -0.53 2,904 8.89
Me tal s NAT IONALUM 81.10 -2.29 15,032 8.49
T echno logy NIIT T ECH 495.35 -2.02 1,407 3.88
Me tal s NMDC 134.55 -2.18 27,882 1.95
O il_G as O IL 315.35 3.16 3,320 34.65
Ba nk ing O RIE NTBANK 124.40 -1.85 14,766 2.84
T extile P AGE IND 18,630.40 1.31 25 2.64
O thers P CJE WE LLER 351.65 -1.92 9,195 6.17
P ower P TC 116.45 -1.27 15,064 1.84

Source: NSE,SeeDiff,AXISDIRECT Research

THURSDAY ROLLOVER Market Indsite: 29 December 2017

NIFTY HIGHLIGHTS
Ÿ The Nifty Dec rollover stands at 73.19% on Thursday compared to 63.28% on same day of previous expiry. The Market wide Dec
rollover stands at 85.79% on Thursday as compared to 86.55% on same day of previous expiry.

Ÿ The rollover cost in the Dec series stands at 0.38 on Thursday compared to 0.51 on same day of previous expiry.

Ÿ The Nifty Dec rollover is higher than its three months average of 69.72% and higher than its six months average of 67.57% as on
today. The market wide rollover is in-line with its three months average of 86.12% and higher than its six months average of
84.57%.

Ÿ The option data of January series depicts highest Call OI at 11000 and largest put base at 10000. Option traders of January series can
get the benefit of vega by forming short strangle with range of 10000-11000.

SECTOR HIGHLIGHTS
Ÿ. Fertilisers, Textile, Media, Automobile and Finance sectors saw higher
rollovers on Thursday compared to same day of previous expiry.
Sector Wise Rollover Percentage Change
Ÿ Capital_Goods, Oil_Gas, Telecom, Technology and Metals sectors saw Strong Weak
Sector % Change* Sector % Change*
lower rollovers on Thursday compared to same day of previous expiry.
Fertilisers 6.53 Capital_Goods -5.12
. Textile 5.32 Oil_Gas -4.43
Ÿ Highest rollover in current expiry: Fertilisers, Textile, Media, Pharma and Media 1.13 Telecom -4.42
Infrastructure. Automobile 0.59 Technology -4.06
Finance 0.16 M etals -2.73

Ÿ Lowest rollover in current expiry: Telecom, Oil_Gas, FMCG, Technology and * % Rollover change compared to same day of previous expiry

Capital_Goods.

Source: NSE,SeeDiff,AXISDIRECT Research

1
 STOCK HIGHLIGHTS

Ÿ APOLLOHOSP, PETRONET, JUSTDIAL, UNIONBANK and TITAN saw higher

rollovers on Thursday compared to same day of previous expiry. Stock Wise Rollover Percentage Change
. Strong Weak
Ÿ GAIL, ICICIBANK, M&MFIN, BPCL and TATASTEEL saw lower rollovers on Stoc k % Change* Stock % Change*
APOLLOHOSP 56.67 GAIL -27.81
Thursday compared to same day of previous expiry.
PETRONET 25.01 ICICIBANK -23.65
JUSTDIAL 21.51 M&MFIN -21.54
Ÿ Higher rollover in current expiry: JSWSTEEL, RAYMOND, CENTURYTEX, UNIONBANK 16.84 BPCL -20.90
DABUR and FORTIS. TITAN 15.05 TATASTEEL -20.80
* % Rollover change compared to same day of previous expiry

Ÿ Lower rollover in current expiry: RAMCOCEM, GAIL, CUMMINSIND, BPCL

and ICICIBANK.

COMPREHENSIVE R OL LOVERS
% Rollover Roll Cost % Rollover Roll Cost % Rollover on Same day of previous expiries L6 Months % Rise /
NSE Symbol
Today Last Expiry Oct Sept Aug July June Avg Fall
NIFTY 7 3.19 0.38 63.28 0.5 1 72.69 69.87 57.96 68.41 72.97 67.53 8.38
BANKNIFTY 7 4.70 0.22 55.62 0.4 6 68.63 64.64 68.26 76.12 68.67 66.99 11.51
CNXIT
ABIRLANUVO 59.29 59.29
ACC 8 5.81 0.36 90.14 0.4 9 79.56 72.46 81.02 66.24 83.52 78.82 8.86
ADANIENT 8 8.07 0.51 89.83 0.6 8 89.15 85.36 83.55 86.33 86.97 86.87 1.39
ADANIPORTS 7 9.89 0.66 85.66 0.6 5 81.26 82.65 77.37 71.77 80.15 79.81 0.10
ADANIPOWER 9 3.80 0.98 91.84 0.7 0 93.59 92.84 89.29 85.67 89.38 90.44 3.72
ALBK 8 6.07 0.61 79.55 0.5 9 80.16 83.59 78.07 80.00 77.71 79.85 7.79
AMBUJACEM 8 0.29 0.22 88.62 0.4 6 79.41 73.36 80.14 81.05 76.17 79.79 0.62
ANDHRABANK 8 4.06 0.68 79.78 0.4 8 83.38 83.02 76.77 82.11 82.75 81.30 3.39
APOLLOHOSP 7 5.42 0.32 48.14 0.5 4 87.55 83.76 86.26 65.13 76.88 74.62 1.07
APOLLOTYRE 7 6.42 0.15 77.28 0.0 2 75.10 80.17 86.78 84.78 84.44 81.43 -6.15
ARVIND 8 6.76 0.90 84.10 0.6 0 85.46 82.78 62.18 80.86 73.19 78.10 11.10
ASHOKLEY 9 0.55 0.55 91.35 0.8 5 86.50 87.27 86.55 81.91 83.59 86.20 5.05
ASIANPAINT 7 7.84 0.37 82.43 0.6 7 75.11 77.24 79.03 73.89 85.94 78.94 -1.39
AUROPHARMA 8 9.45 0.73 88.28 0.7 2 93.09 91.36 88.52 85.84 79.95 87.84 1.83
BAJAJ-AUTO 8 4.68 0.60 89.73 0.4 5 85.66 85.70 81.65 71.25 86.83 83.47 1.45
BANKBARODA 8 9.00 0.77 88.64 0.6 2 80.68 80.24 89.86 83.24 85.42 84.68 5.10
BANKINDIA 8 4.82 0.82 85.14 0.3 6 73.88 79.17 78.07 77.49 80.23 79.00 7.37
BATAINDIA 8 3.75 0.70 74.14 0.7 3 64.98 82.12 79.34 75.72 88.41 77.45 8.13
BHARATFORG 8 7.57 0.32 89.70 0.5 7 85.23 83.62 86.57 79.69 79.44 84.04 4.20
BHARTIARTL 8 5.34 0.77 80.38 0.4 5 86.79 91.07 86.07 74.66 83.64 83.77 1.88
BHEL 8 6.17 0.54 89.75 0.5 4 85.06 83.01 86.27 83.60 86.86 85.76 0.48
BIOCON 8 4.53 0.19 89.69 0.8 7 80.71 88.41 84.43 75.54 75.32 82.35 2.65
BPCL 6 2.03 -1.06 78.42 0.4 4 65.49 84.05 86.78 74.54 83.48 78.79 -21.28
CAIRN
CANBK 8 1.12 0.60 80.95 0.6 6 74.42 82.63 80.79 71.34 86.32 79.41 2.16

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

Source: NSE,SeeDiff,AXISDIRECT Research

2
 % Rollover Roll Cost
Market
% Rollover
Indsite:
Roll Cost % Rollover on Same day of previous expiries L6 Months % Rise /
NSE Symbol
NIFTY HIGHLIGHTS Today Last Expiry Oct Sept Aug July June Avg Fall
CENTURYTEX 9 5.03 0.76 90.63 0.6 2 91.58 91.33 92.77 95.54 94.05 92.65 2.57
CESC 8 4.52 0.78 85.70 0.2 4 88.73 78.84 89.19 90.71 91.46 87.44 -3.34
CIPLA 8 4.47 0.41 88.54 0.7 1 86.02 80.43 76.67 76.23 84.10 82.00 3.01
COALINDIA 8 0.85 0.23 80.71 -0.6 2 67.36 79.07 86.90 79.79 87.07 80.15 0.87
COLPAL 6 9.16 -0.06 79.10 0.1 3 83.20 83.06 77.41 72.86 84.98 80.10 -13.66
CROMPGREAV
DABUR 9 4.80 0.80 89.33 0.5 8 89.11 90.18 89.73 78.65 91.65 88.11 7.59
DISHTV 9 0.08 0.80 87.41 0.8 0 85.18 87.46 71.30 65.50 80.64 79.58 13.19
DIVISLAB 8 4.54 0.79 85.29 0.4 9 82.98 81.41 91.19 82.81 85.06 84.79 -0.29
DLF 8 4.79 0.72 89.56 0.6 2 88.23 80.64 86.00 80.85 76.92 83.70 1.30
DRREDDY 8 7.57 0.72 82.26 0.6 6 90.74 83.48 82.32 87.35 87.29 85.57 2.33
EICHERMOT 8 2.02 0.65 85.70 0.6 4 84.98 81.86 79.60 58.39 84.03 79.09 3.70
EXIDEIND 8 8.17 0.57 83.70 0.5 1 79.32 88.98 87.50 87.18 88.44 85.85 2.70
FEDERALBNK 8 8.09 0.55 82.39 0.5 0 83.79 86.67 82.31 85.70 86.12 84.50 4.25
GAIL 5 7.32 -1.10 79.40 -0.3 9 67.50 86.58 86.04 84.30 85.80 81.60 -29.76
GLENMARK 8 9.38 0.44 89.15 0.5 1 86.33 88.93 90.89 84.07 88.71 88.01 1.55
GMRINFRA 9 0.09 0.99 90.64 0.8 2 91.28 89.76 88.17 91.13 83.67 89.11 1.10
GODREJIND 8 7.53 0.54 83.92 0.6 1 79.41 88.42 87.43 82.90 86.29 84.73 3.31
GRASIM 8 8.27 0.62 87.32 0.5 5 91.29 85.68 83.36 89.55 72.54 84.96 3.90
HAVELLS 8 6.13 0.64 79.29 0.6 9 83.58 81.14 83.25 75.20 82.22 80.78 6.62
HCLTECH 8 1.68 0.44 84.64 0.4 7 88.38 77.62 84.80 78.96 79.88 82.38 -0.85
HDFC 8 3.62 0.62 84.88 0.6 0 75.54 75.13 77.80 68.35 83.41 77.52 7.87
HDFCBANK 8 0.23 -0.32 81.00 0.2 0 84.34 72.91 82.69 76.61 82.62 80.03 0.25
HDIL 8 4.54 0.59 88.43 0.8 0 85.84 86.24 85.20 81.61 81.57 84.82 -0.32
HEROMOTOCO 7 9.58 0.68 75.01 0.4 5 78.87 83.20 81.10 70.19 84.92 78.88 0.89
HEXAWARE 7 3.87 -0.78 74.55 0.5 8 74.35 73.19 74.29 79.15 70.29 74.30 -0.58
HINDALCO 7 6.87 0.67 84.94 0.5 0 84.56 72.72 74.87 80.61 87.42 80.85 -4.93
HINDPETR O 8 7.14 0.31 87.43 0.3 6 84.46 83.34 82.00 87.63 91.35 86.04 1.28
HINDUNILVR 7 9.68 0.74 88.18 0.4 8 88.79 83.17 88.98 77.13 87.29 85.59 -6.91
HINDZINC 9 1.07 0.75 82.93 0.6 5 82.62 88.50 67.57 85.77 91.01 83.07 9.63
IBREALEST 96.37 95.27 93.20 91.90 84.15 76.82
ICICIBANK 6 4.33 0.38 84.26 0.7 0 82.81 74.06 83.11 82.81 74.16 80.20 -19.79
IDBI Statistic: 9 1.54 0.83 88.84 0.6 6 80.36 85.77 88.42 88.63 88.75 86.80 5.47
IDEA 7 9.31 0.39 70.02 0.5 8 76.48 81.78 71.81 72.96 82.63 75.95 4.43
IDFC 9 3.56 0.64 93.03 0.2 4 79.52 84.85 82.53 86.22 84.41 85.09 9.95
IFCI 8 6.14 0.52 87.15 0.6 0 89.19 91.26 87.86 85.39 86.70 87.93 -2.03
IGL 8 2.43 0.56 88.12 0.6 7 80.40 78.55 85.11 70.31 85.56 81.34 1.34
INDIACEM 9 0.53 0.70 89.13 0.4 3 92.21 86.05 89.74 85.66 88.85 88.61 2.17
INDUSINDBK 8 1.83 0.13 79.37 -0.1 7 83.94 71.29 70.78 77.13 84.39 77.82 5.16
INFY 8 1.18 0.54 83.12 0.1 6 74.26 84.33 83.60 81.35 85.83 82.08 -1.10
IOB
IOC 6 5.53 0.42 61.68 0.0 6 71.63 87.81 80.33 85.98 89.82 79.54 -17.62
IRB 8 8.24 0.77 86.77 0.6 1 79.59 69.26 86.97 86.24 91.26 83.35 5.87
ITC 7 7.45 0.52 83.21 0.6 8 82.52 84.74 72.31 71.77 84.19 79.79 -2.93

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

Source: NSE,SeeDiff,AXISDIRECT Research

3
 % Rollover Roll Cost Market
% Rollover Indsite:
Roll Cost % Rollover on Same day of previous expiries L6 Months % Rise /
NSE Symbol
NIFTY HIGHLIGHTS Today Last Expiry Oct Sept Aug July June Avg Fall
JINDALSTEL 8 5.13 0.84 83.64 0.7 3 81.32 89.11 86.15 86.62 93.39 86.71 -1.82
JISLJALEQS 9 3.87 1.05 93.30 0.6 7 88.75 91.10 89.59 87.85 88.23 89.80 4.53
JPASSOCIAT 8 6.60 0.65 90.54 1.1 0 88.91 86.21 90.37 87.34 88.54 88.65 -2.31
JPPOWER
JSWENERGY 8 8.45 0.90 87.29 0.9 0 95.83 92.46 93.48 92.26 93.82 92.52 -4.40
JSWSTEEL 9 5.52 0.77 94.40 0.6 3 94.32 94.80 89.06 83.76 78.64 89.16 7.13
JUBLFOOD 9 2.14 0.80 83.46 0.7 2 81.50 81.99 74.71 72.29 83.68 79.61 15.75
JUSTDIAL 8 3.27 0.82 68.53 0.5 9 82.42 81.19 59.10 80.75 84.76 76.13 9.39
KOTAKBANK 7 3.68 0.68 72.82 0.6 3 78.27 70.34 67.81 77.25 80.08 74.43 -1.01
KTKBANK 8 8.55 0.70 85.57 0.5 8 88.89 82.86 89.47 84.65 85.17 86.10 2.84
L&TFH 8 5.32 0.61 84.96 0.7 5 90.87 87.22 81.31 80.08 81.73 84.36 1.14
LICHSGFIN 8 7.10 0.53 86.07 0.7 5 90.53 87.48 84.24 79.05 74.16 83.59 4.20
LT 7 7.72 0.66 83.23 0.5 4 80.62 85.66 83.09 67.88 71.20 78.61 -1.14
LUPIN 8 8.55 0.65 83.09 0.6 8 84.78 83.17 82.20 81.86 67.64 80.46 10.06
M&M 7 2.48 0.50 81.50 0.6 7 83.22 83.55 77.95 70.18 87.58 80.66 -10.15
M&MFIN 6 7.60 0.79 86.16 0.5 7 87.81 79.64 75.74 82.06 78.91 81.72 -17.28
MARUTI 7 7.39 0.74 80.84 0.3 2 85.15 85.41 83.57 83.76 82.41 83.52 -7.34
MCLEODRUSS
MINDTREE 7 6.84 0.64 80.86 0.5 7 87.63 81.35 85.74 83.29 75.57 82.41 -6.76
MOTHERSUMI 8 2.92 0.77 85.13 0.3 7 88.37 79.27 90.92 73.77 67.49 80.83 2.59
MRF 9 3.05 0.43 94.85 0.7 7 88.71 88.35 85.55 85.80 88.98 88.71 4.90
NHPC 7 5.37 0.63 80.77 0.3 5 84.71 80.53 85.21 78.18 81.36 81.79 -7.85
NMDC 8 8.80 0.72 87.26 0.5 1 84.09 85.05 88.61 86.16 89.30 86.75 2.37
NTPC 6 5.77 0.34 78.44 0.5 5 69.61 80.08 59.63 65.28 79.00 72.01 -8.66
OFSS 7 0.42 0.81 77.99 0.7 2 76.98 83.68 73.90 83.50 68.52 77.43 -9.05
ONGC 7 0.87 0.67 87.58 0.7 2 74.71 88.43 82.06 79.03 86.03 82.97 -14.59
ORIENTBANK 8 6.52 0.82 82.08 0.6 3 81.56 76.18 76.68 83.48 86.21 81.03 6.77
PETRONET 8 7.41 0.62 69.92 0.3 6 83.32 84.36 74.49 75.80 61.91 74.97 16.60
PFC 8 5.80 0.54 84.20 0.8 3 81.20 85.26 76.03 84.41 86.17 82.88 3.53
PNB 8 2.82 0.53 81.38 0.7 1 70.67 79.23 72.70 72.43 83.03 76.57 8.16
POWERGRID 8 1.05 0.78 78.73 0.5 8 61.30 70.26 66.29 40.08 85.26 66.99 20.99
PTC 8 5.13 0.61 84.11 0.6 0 88.74 79.81 84.86 79.71 84.08 83.55 1.89
Statistic:
RANBAXY
RCOM 7 0.75 -0.49 87.18 0.4 0 88.68 86.66 91.16 73.39 83.71 85.13 -16.89
RECLTD 8 7.10 0.68 88.56 0.6 8 73.89 89.13 88.74 84.43 78.16 83.82 3.92
RELCAPITAL 8 8.97 0.25 87.73 0.6 3 90.53 84.18 77.55 87.38 72.77 83.36 6.73
RELIANCE 8 1.77 0.52 88.42 0.6 7 86.16 79.33 80.17 73.75 82.21 81.67 0.12
RELINFRA 8 4.85 0.78 85.82 0.5 3 91.84 85.31 92.28 80.84 89.86 87.66 -3.20
RPOWER 9 0.66 0.78 91.46 0.7 9 90.64 88.36 87.08 91.79 88.69 89.67 1.10
SAIL 8 6.93 0.81 88.66 0.7 2 86.98 85.83 89.40 87.09 84.87 87.14 -0.24
SBIN 8 2.98 0.75 75.38 0.5 8 75.23 85.55 79.31 73.35 69.65 76.41 8.60
SIEMENS 7 9.27 0.55 84.48 0.5 5 87.61 81.95 79.18 81.35 73.33 81.32 -2.52
SKSMICR O
SRTRANSFI N 6 9.93 0.79 84.53 0.5 8 85.91 76.96 88.91 86.09 86.01 84.74 -17.47

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

Source: NSE,SeeDiff,AXISDIRECT Research

4
 % Rollover Roll Cost % Rollover Roll Cost % Rollover on Same day of previous expiries L6 Months % Rise /
NSE Symbol
Today Last Expiry Oct Sept Aug July June Avg Fall
SSLT
SUNPHARMA 9 0.02 0.54 94.04 0.6 9 93.74 90.97 87.07 73.09 85.61 87.42 2.97
SUNTV 8 4.13 0.76 90.61 0.5 4 87.12 81.23 86.33 87.83 88.58 86.95 -3.24
SYNDIBANK 8 6.08 0.89 89.72 0.6 5 80.80 77.66 80.66 82.86 80.75 82.08 4.88
TATACHEM 9 2.66 0.82 90.88 0.7 4 86.66 74.53 84.56 90.18 86.65 85.58 8.28
TATACOMM 8 8.54 0.79 90.44 0.4 9 88.71 87.21 89.73 90.40 83.33 88.30 0.27
TATAGLOBAL 9 0.30 0.82 86.59 0.5 9 90.69 89.30 90.34 90.15 92.77 89.97 0.36
TATAMOTORS 8 7.60 0.44 83.15 0.6 4 87.18 79.87 84.71 80.04 83.02 83.00 5.55
TATAMTR DVR 9 1.32 0.69 88.50 0.5 6 94.00 82.09 85.15 89.03 82.21 86.83 5.17
TATAPOWER 8 8.59 0.60 82.83 0.6 9 85.56 69.65 86.43 85.45 89.49 83.24 6.43
TATASTEEL 7 1.53 0.34 90.32 0.5 5 82.84 78.16 81.59 86.96 86.66 84.42 -15.27
TCS 8 2.35 0.17 85.75 0.5 3 83.50 85.40 87.13 71.79 84.90 83.08 -0.88
TECHM 8 4.48 0.23 91.19 0.7 2 83.84 86.03 80.07 60.76 88.55 81.74 3.35
TITAN 8 9.42 0.55 77.72 0.5 7 86.19 80.72 74.99 78.21 71.81 78.27 14.24
TVSMOTOR 7 7.55 0.49 78.13 0.7 5 78.92 89.82 79.97 68.40 78.57 78.97 -1.80
UBL 8 8.30 0.65 79.45 0.4 8 82.22 70.32 81.83 84.71 72.54 78.51 12.47
UCOBANK
ULTRACEMCO 8 5.65 0.50 87.17 0.5 2 83.67 88.30 87.71 84.18 77.37 84.73 1.08
UNIONBANK 8 7.41 0.75 74.81 0.0 6 75.90 86.53 81.76 80.62 85.07 80.78 8.21
UNITECH
UPL 8 9.02 0.61 83.15 0.3 1 89.21 78.09 88.31 85.54 86.08 85.06 4.65
VOLTAS 7 8.49 78.89 0.2 4 81.76 75.95 66.46 56.84 73.62 72.25 8.63
WIPRO 8 3.46 -2.86 86.41 -0.5 5 87.62 88.75 82.95 78.88 89.91 85.75 -2.67
YESBANK 8 7.15 0.53 83.45 0.4 1 89.47 85.23 83.39 76.18 83.22 83.49 4.38
ZEEL 7 5.23 0.49 81.41 0.6 8 86.08 88.92 81.47 72.11 90.28 83.38 -9.77

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

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 Kruti Shah Derivative Analyst kruti.shah@axissecurities.in
4 Soni Patnaik Derivative Analyst soni.patnaik@axissecurities.in
5 Hiren Trivedi Research Associate hiren.trivedi@axissecurities.in
6 Kiran Gawle Associate kiran.gawle@axissecurities.in
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making activity for the subject company.

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ASL or any of its associates may have:
i. Received compensation for investment banking, merchant banking or stock broking services or for any other services from the
subject company of this research report and / or;
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from the subject company of this research report;
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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29 December 2017 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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This report may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this report should
make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies
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Axis Securities Limited, Corporate office: Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-
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Worli, Mumbai – 400 025. Compliance Officer: Anand Shaha, Email: compliance.officer@axisdirect.in, Tel No: 022-42671582. SEBI-Portfolio
Manager Reg. No. INP000000654

29 December 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
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
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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 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.

5
 Market Indsite:

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 No.
64610, CDSL-IN-DP-CDSL-693-2013, SEBI-Research Analyst Reg. No. INH 000000297, 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.

Source: NSE,SeeDiff,AXISDIRECT Research

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