MARKET LENS. Positional Pick. Intraday Picks NIFTY 9771 IN FOCUS STOCK IN FOCUS. Institutional Equity Research

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1 EQUITY INDICES Indices Absolute Change Percentage Change Domestic Last Trade Change 1-D 1-Mth YTD BSE Sensex 31, % 1.5% 19.1% CNX Nifty 9, % 1.1% 19.4% S&P CNX 500 8, % 1.2% 22.5% SENSEX 50 10, % 1.3% 20.3% International Last Trade Change 1-D 1-Mth YTD DJIA 21,408.5 (5.8) 0.0% 0.6% 8.3% NASDAQ 6, % -0.5% 14.7% NIKKEI 20, % 0.5% 5.2% HANGSENG 25, % -1.3% 16.7% MSCI Emerging Mkts 1, % -0.9% 17.1% STOCK IN FOCUS Indian Bank closed 1.6% higher, outperforming benchmark NIFTY by 0.6%. Despite tough operating scenario, the Bank has delivered an improved performance in 4QFY17/FY17 on key operating and asset quality parameters. Management is gradually infusing confidence through major changes in operating structure, which has started yielding desired outcome. The Bank expects further improvement in assets quality led by decline in gross NPA ratio to 5% and net NPA ratio to 3% by FY18-end from current levels of 7.5% and 4.4% respectively. Improvement in assets quality will be led by higher upgrade and recovery as compared to fresh slippages, which will help it in bringing down GNPA from current levels. For FY18E, the Management looks forward to 12-13% growth in loan book and 10-11% growth in deposits. Growth in loan book will be driven by Retail, SME and Agriculture segment We continue to reiterate our belief that the Bank is better placed when compared to its peers in terms of eicient clean up of the current loan book by its management. We maintain our BUY recommendation on the stock with a Target Price of Rs341. (PREVIOUS CLOSE: 1732) BUY For today s trade, long position can be initiated in the range of Rs for the target of Rs1834 and with a strict stop loss of Rs1660. s (PREVIOUS CLOSE: 220) BUY For today s trade, long position can be initiated at around Rs219 for the target of Rs and with a strict stop loss of Rs215. MAHINDRA &MAHINDRA LTD (PREVIOUS CLOSE: 1367) SELL For today s trade, short position can be initiated at around Rs1375 for the target of Rs and with a strict stop loss of Rs1395. ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy s Lab (ADR) % 2.3% -7.3% Tata Motors (ADR) % -3.1% 0.1% Infosys (ADR) % 2.5% 3.3% ICICI Bank (ADR) % 0.2% 32.0% HDFC Bank (ADR) % -0.5% 45.6% Axis Bank (GDR) % 0.0% 20.4% Reliance Ind (GDR) % 12.3% 46.4% COMMODITY MARKET Key Commodities Last Trade Change 1-D 1-Mth YTD Brent Crude ($/bl) % -2.1% -17.1% Silver ($/Oz) 15.6 (0.1) -0.6% -9.5% -2.2% Gold ($/Oz) 1,211.9 (2.5) -0.2% -4.3% 5.6% Copper LME ($/MT) 5,796.0 (8.0) -0.1% 0.3% 4.9% Aluminium LME ($/MT) 1,883.0 (35.3) -1.8% -1.0% 10.5% Baltic Dry (7.0) -0.8% -3.2% -14.5% CURRENCY RATES Last Trade Change 1-D 1-Mth YTD USD/INR % 0.1% -5.0% EUR/INR % 1.6% 2.5% RATES Last Trade Change 1-D 1-Mth YTD T-Bill - 91 D % 0.0% 1.1% 10 Year G-sec Yield % -0.4% -0.6% INVESTMENT ACTIVITY (RS. CR) Category BUY SELL NET Prev FII 2, , (522.1) DII 2, , EXCHANGE TURNOVER Exchange Rs Crore BSE Equity 9,919.4 BSE Derivatives NSE Equity 6,256.0 NSE Derivatives 3,33,

2 Technical Research MARKET SYNOPSIS Indian bourses has posted their highest close on Monday, tracking a rally in global markets, although trading was disrupted at the National Stock Exchange in the first half due to some technical glitch. Despite a technical glitch, NSE-NIFTY reversed after taking support of its 23.6% Fibonacci Retracement of prior up-move (from 9,449 to 9,701) and managed to record new high of 9,782 during the day. Finally, NIFTY closed the session with the rise of 105 points at 9,771 mark. NSE Cash segment reported turnover of Rs6,256 crore as compared to Rs24,161 crore earlier. Positive trend was observed across all the sectoral indices during the day, where IT and PSU Bank indices emerged as top gainers with the increase of 2.7% each. However, rest of the sectoral indices advanced in between 0.5% to 1.7%. NSE-NIFTY OUTLOOK As mentioned earlier, our view will remain positive on NSE-NIFTY and we believe that it will keep recording new life-time-highs, but some decline or sideways movement cannot be ruled out in the near-term as Stochastic reached into its overbought zone. On the higher side, the index will face major hurdles around 9,900 and then at 10,000 levels. However, in case of major declines, its shortterm and medium-term moving averages (i.e. 20-day and 50-day EMAs) will continue to work as key reversal point for the index, which are placed at 9,613 and at 9,507 levels respectively. As for the day, support is placed at around 9,640 and then at 9,590 levels, while resistance is observed at 9,840 and then around at 9,900 levels. 2

3 Technical Research : PREV.CLOSE: 1732 RECO: BUY IN: TARGET: 1834 STOP LOSS: 1660 L&T reversed after taking support of horizontal trend line and also its 20-week EMA to recover prior weekly losses. Due to recent reversal in the prices, daily technical indicators-rsi and MACD reversed from their oversold zone and has given positive cross-over, which is quite positive for the stock. As per the current daily as well as weekly set-up, we believe that stock will soon recover prior losses and will manage to revisit the 52-week high of Rs1, In case of any negative surprise, recent swing low and its long-term moving average 100-day SMA will work as key reversal point for the stock. Thus, long position can be initiated in the range of Rs for the target of Rs1834 and with a strict stop loss of Rs

4 Derivatives Snapshot Nifty opened higher at all time high and continued its strong momentum to close near the high point of the day. Nifty closed up by 105 points at 9,771 levels. Among the nifty stocks 44 stocks advanced and 7 declined during the day. Sectorally it was a positive bag with IT, PSU Banks, Metals and Pharma to gain by 2% average while other sectors gained by 0.8% average. Broader market indices remained strong with NIFTY 100,200 and 500 to up by 1% average while midcap indices and small cap indices gained by 0.8% and 0.7% respectively. Nifty July futures ends with 12 points premium at 9,777 mark, while on other hand, Bank Nifty July futures ended with the premium of 13 points at 23,663 mark. We continue to maintain our positive view, now midcaps could see some momentum as we closed at all time high. Nifty 9700 saw huge covering as it turned completely in the money and Nifty 9,600 put has seen strong addition of 10 lakh shares with OI moving to 67 lakh shares. Sectoral Activity: Amongst sectoral index, PSU Banks and IT remained in focus with positive momentum. Stock Activity: Bank of Baroda and Just Dial observed short covering in today s trade. TOP 5 PRICE GAINERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance DIVI S LABORATORIES LTD % % 12.10% RELIANCE COMMUNICATIONS L % % -2.56% PUNJAB NATIONAL BANK % 3.63% 6.22% ORIENTAL BANK OF COMMERCE % % 5.59% BANK OF INDIA % % 1.82% TOP 5 PRICE LOSERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance IDFC LIMITED % % 11.36% BIOCON LIMITED % % 4.04% SHRIRAM TRANSPORT FIN CO % % 8.13% MINDTREE LIMITED % % -0.67% GMR INFRASTRUCTURE LTD % % -0.46% TOP 5 OI GAINERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance DIVI S LABORATORIES LTD % % 12.10% TATA GLOBAL BEVERAGES LTD % % 11.89% IDFC LIMITED % % 11.36% CANARA BANK % % 9.74% JET AIRWAYS (INDIA) LTD % % 9.45% TOP 5 OI LOSERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance BERGER PAINTS (I) LTD % -2.61% % COAL INDIA LTD % % -9.28% UNION BANK OF INDIA % % -8.39% SUN PHARMACEUTICAL IND L % % -7.35% GAIL (INDIA) LTD % % -7.12%

5 Derivatives Snapshot TOP 5 RISE IN % DEL CHG Stock Name LTP % Price Chg % Vol Chg %Del Chg Support Pivot Resistance HEXAWARE TECHNOLOGIES LTD % % % IDEA CELLULAR LIMITED % 16.77% % BERGER PAINTS (I) LTD % -2.61% 79.75% JUSTDIAL LTD % % 77.93% DLF LIMITED % % 59.75% TOP 5 DECLINE IN % DEL CHG Stock Name LTP % Price Chg % Vol Chg %Del Chg Support Pivot Resistance DABUR INDIA LTD % % % COLGATE PALMOLIVE LTD % % % KPIT TECHNOLOGIES LTD % % % UNITED BREWERIES LTD % % % BHARAT FORGE LTD % % % SECTORAL ACTIVITY Value Average of OI Average of Price Total Average of Total OI Change % Change % Volume Volume Change % Consumer Discretionary % 0.6% % Consumer Staples % 0.6% % Energy % 1.0% % Financials % 1.5% % Health Care % 1.1% % Industrials % 1.0% % Information Technology % 1.4% % Materials % 0.8% % Telecommunication Services % 3.6% % Utilities % 1.4% % Grand Total % 1.1% % 5

6 Pivot Table Name LTP Support 2 Support 1 Pivot Resistance 1 Resistance 2 Nifty Nifty Bank ACC LIMITED ADANI PORT & SEZ LTD AMBUJA CEMENTS LTD ASIAN PAINTS LIMITED AUROBINDO PHARMA LTD AXIS BANK LIMITED BAJAJ AUTO LIMITED BANK OF BARODA BHARTI AIRTEL LIMITED BOSCH LIMITED BHARAT PETROLEUM CORP LT CIPLA LTD COAL INDIA LTD DR. REDDY S LABORATORIES EICHER MOTORS LTD GAIL (INDIA) LTD HCL TECHNOLOGIES LTD HDFC LTD HDFC BANK LTD HERO MOTOCORP LIMITED HINDALCO INDUSTRIES LTD HINDUSTAN UNILEVER LTD INDIABULLS HSG FIN LTD ICICI BANK LTD INDUSIND BANK LIMITED BHARTI INFRATEL LTD INFOSYS LIMITED INDIAN OIL CORP LTD ITC LTD KOTAK MAHINDRA BANK LTD LTD LUPIN LIMITED LTD MARUTI SUZUKI INDIA LTD NTPC LTD OIL AND NATURAL GAS CORP POWER GRID CORP. LTD RELIANCE INDUSTRIES LTD STATE BANK OF INDIA SUN PHARMACEUTICAL IND L TATA MOTORS LIMITED TATA MOTORS DVR A ORD TATA POWER CO LTD TATA STEEL LIMITED TATA CONSULTANCY SERV LT TECH MAHINDRA LIMITED ULTRATECH CEMENT LIMITED VEDANTA LIMITED WIPRO LTD YES BANK LIMITED ZEE ENTERTAINMENT ENT LTD

7 Simple Moving Average Scrip Name Close Rate 20-SMA 50-SMA 100-SMA 200-SMA HIGH_52WEEK LOW_52WEEK NIFTY BANK NIFTY SENSEX ACC ADANIPORTS AMBUJACEM ASIANPAINT AUROPHARMA AXISBANK BAJAJ-AUTO BANKBARODA BHARTIARTL BHEL BOSCHLTD BPCL CIPLA COALINDIA DRREDDY EICHERMOT GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK IDEA INDUSINDBK INFRATEL INFY ITC KOTAKBANK LT LUPIN M&M MARUTI NTPC ONGC POWERGRID RELIANCE SBIN SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL TCS TECHM ULTRACEMCO WIPRO YESBANK ZEEL

8 Bulk Deals Snapshot Deal Date Scrip Code Company Client Name Deal Type* Quantity Price ** 10/7/ ARAMBHAN GAURAV JAIN S 205, /7/ ARAMBHAN SANTOSH BHANSALI HUF B 185, /7/ AVONMORE MAHENDRA NENSI NENSI BHAKTA B 128, /7/ AVONMORE VISHVDEVA LEASING & INV PVT LT S 155, /7/ BCPAL VINOD VRAJLAL NIRMAL S 25, /7/ BCPAL VINOD VRAJLAL NIRMAL B 200, /7/ COMCL KALPESH DINESHBHAI PATEL S 51, /7/ COMCL KALPESH DINESHBHAI PATEL B 51, /7/ GSS AZIM F TAPIA S 160, /7/ JSHL REENA SUBHASH BHATE B 45, /7/ MTEDUCARE AMITABH SONTHALIA B 300, /7/ NELCO JAYA HEMANT GHAI. S 125, /7/ OMKARCHEM MANAV NARESHBHAI PATEL S 113, /7/ OMKARCHEM MANAV NARESHBHAI PATEL B 125, /7/ PICTUREHS SHREEKANT PHUMBHRA B 500, /7/ PICTUREHS MECHNO SALES AGENCIES (P) LTD. S 500, /7/ RAJPACK MADANCHAND PRASANCHAND B 27, /7/ RATHIGRA EXIM SCRIPS DEALERS PVT LTD S 145, /7/ RCIIND DINESH SHAH S 125, /7/ RCIIND DINESH SHAH B 126, /7/ RCIIND BON LON SECURITIES LTD S 89, /7/ RIDDHICORP SEFALI SUNIL PANDYA B 25, /7/ RPPINFRA SHREE MALLIKARJUN TRAD INVEST PRIVATE LIMITED S 116, /7/ RPPINFRA SHREE MALLIKARJUN TRAD INVEST PRIVATE LIMITED B 116, /7/ SFLINTER HUZEFA ABBAS RAJKOTWALA B 25, /7/ SFLINTER YOGESHKUMAR DALPATBHAI DHABUWALA S 50, /7/ SRIND DHWAJA COMMODITY SERVICES PRIVATE LIMITED B 100, /7/ SRIND AMIT MAHAJAN S 84, /7/ SUPREMEINF PRUDENTIAL INTERNATIONAL GROWTH TRUST S 135, /7/ SWORDNSH VAMAN SWAMY VELUDHANDI B 30, /7/ TCPLPACK SPICE COMMERCE AND TRADE PVT LTD S 47, /7/ WOMENSNEXT NIKHIL VORA S 28, *B - Buy, S - Sell, ** = Weighted Average Trade Price / Trade Price 8

9 Monthly Economic Calendar Date Time Country Event Period Prior 12-Jul-17 IN CPI YoY Jun Jul-17 IN Industrial Production YoY May Jul-17 US Initial Jobless Claims 8-Jul Jul-17 JN Industrial Production MoM May F Jul-17 US CPI MoM Jun Jul-17 IN Wholesale Prices YoY Jun Jul-17 UK CPI YoY Jun Jul-17 EC CPI YoY Jun F Jul-17 AU Employment Change Jun Jul-17 AU Unemployment Rate Jun Jul-17 EC ECB Main Refinancing Rate 20-Jul Jul-17 US Initial Jobless Claims 15-Jul Jul-17 IN Eight Infrastructure Industries Jun Jul-17 UK GDP QoQ 2Q A Jul-17 UK GDP YoY 2Q A Jul-17 US FOMC Rate Decision (Upper Bound) 26-Jul 1.3% 27-Jul-17 US Initial Jobless Claims 22-Jul Jul-17 JN Jobless Rate Jun Jul-17 US GDP Annualized QoQ 2Q A Jul-17 JN Industrial Production MoM Jun P Jul-17 IN Fiscal Deficit INR Crore Jun -- 9

10 Corporate Actions Ex-Dividend Company Name Ex-Date Purpose Alembic Pharmaceuticals Limited 11-Jul-17 Annual General Meeting/Dividend -Rs 4/- Per Share Ashok Leyland Limited 11-Jul-17 Annual General Meeting/Dividend - Rs 1.56/- Per Share KEI Industries Limited 11-Jul-17 Dividend - Re 0.60 Per Share Golden Tobacco Limited 11-Jul-17 Annual General Meeting (Bc Dates Revised) Hindustan Petroleum Corporation Limited 11-Jul-17 Bonus 1:2/ Dividend - Rs 1.10 Per Share Geojit Financial Services Limited 11-Jul-17 Annual General Meeting/Dividend - Rs 1.25/- Per Share Canara Bank 12-Jul-17 Annual General Meeting/Dividend - Re 1 Per Share Balkrishna Paper Mills Limited 12-Jul-17 Annual General Meeting Kotak Mahindra Bank Limited 12-Jul-17 Annual General Meeting/Dividend-Re 0.60 Per Share Dr. Lal Path Labs Ltd. 12-Jul-17 Annual General Meetin/Dividend - Rs 1.70 Per Share Sheela Foam Limited 12-Jul-17 Annual General Meeting Persistent Systems Limited 12-Jul-17 Annual General Meeting/Dividend - Rs 3/- Per Share SREI Infrastructure Finance Limited 12-Jul-17 Dividend - Re 0.50 Per Share Shreyas Shipping & Logistics Limited 12-Jul-17 Dividend - Re 1/- Per Share Karur Vysya Bank Limited 12-Jul-17 Annual General Meeting/ Dividend ï ½ Rs 2.60 Per Share City Union Bank Limited 13-Jul-17 Bonus 1:10 Zuari Global Limited 13-Jul-17 Dividend - Re 1 Per Share Dewan Housing Finance Corporation Limited 13-Jul-17 Annual General Meeting/Dividend - Rs 3/- Per Share Andhra Bank 13-Jul-17 Annual General Meeting Camlin Fine Sciences Limited 13-Jul-17 Annual General Meeting Atul Limited 13-Jul-17 Dividend - Rs 10/- Per Share Coromandel International Limited 13-Jul-17 Annual General Meeting/Dividend - Rs 5/- Per Share Gujarat Lease Financing Limited 13-Jul-17 Annual General Meeting Gujarat Sidhee Cement Limited 13-Jul-17 Annual General Meeting IIFL Holdings Limited 13-Jul-17 Annual General Meeting Kirloskar Brothers Limited 13-Jul-17 Dividend - Re 1/- Per Share Mahindra Lifespace Developers Limited 13-Jul-17 Annual General Meeting/ Dividend - Rs 6/- Per Share Result Calendar Company Name Board Meeting Date Purpose Amtek Auto Limited 11-Jul-17 Results CCL Products (India) Limited 11-Jul-17 Results IndusInd Bank Limited 11-Jul-17 Results Monnet Ispat and Energy Limited 11-Jul-17 Results Prime Securities Limited 11-Jul-17 Results Supreme Infrastructure India Limited 11-Jul-17 Board Meeting Postponed The South Indian Bank Limited 11-Jul-17 Results Bajaj Corp Limited 12-Jul-17 Results Cyient Limited 13-Jul-17 Results Goa Carbon Limited 13-Jul-17 Results/Others 10

11 Result Calendar Company Name Board Meeting Date Purpose Grand Foundry Limited 13-Jul-17 Results Hatsun Agro Product Limited 13-Jul-17 Results/Dividend Reliance Industrial Infrastructure Limited 13-Jul-17 Results Tata Consultancy Services Limited 13-Jul-17 Results/Dividend Bhansali Engineering Polymers Limited 14-Jul-17 Results/Others Infomedia Press Limited 14-Jul-17 Results Infosys Limited 14-Jul-17 Results DCB Bank Limited 15-Jul-17 Results Gruh Finance Limited 15-Jul-17 Results The Karnataka Bank Limited 15-Jul-17 Results ACC Limited 17-Jul-17 Results/Dividend ANG Industries Limited 17-Jul-17 Results/Others Capri Global Capital Limited 17-Jul-17 Results Hindustan Media Ventures Limited 17-Jul-17 Results Indian Metals & Ferro Alloys Limited 17-Jul-17 Results Jubilant Foodworks Limited 17-Jul-17 Results Jubilant Life Sciences Limited 17-Jul-17 Results Linde India Limited 17-Jul-17 Results Prakash Industries Limited 17-Jul-17 Results SIL Investments Limited 17-Jul-17 Results CRISIL Limited 18-Jul-17 Results/Dividend HIL Limited 18-Jul-17 Results Hindustan Unilever Limited 18-Jul-17 Results HT Media Limited 18-Jul-17 Results Jubilant Life Sciences Limited 18-Jul-17 Results Maharashtra Scooters Limited 18-Jul-17 Results Sasken Technologies Limited 18-Jul-17 Results UltraTech Cement Limited 18-Jul-17 Results Bajaj Finance Limited 19-Jul-17 Results Bajaj Finserv Limited 19-Jul-17 Results GNA Axles Limited 19-Jul-17 Results Havells India Limited 19-Jul-17 Results KPIT Technologies Limited 19-Jul-17 Results Mastek Limited 19-Jul-17 Results MindTree Limited 19-Jul-17 Results Sutlej Textiles and Industries Limited 19-Jul-17 Results ABB India Limited 20-Jul-17 Results Bajaj Auto Limited 20-Jul-17 Results Bajaj Holdings & Investment Limited 20-Jul-17 Results Kansai Nerolac Paints Limited 20-Jul-17 Results Kotak Mahindra Bank Limited 20-Jul-17 Results Mahindra CIE Automotive Limited 20-Jul-17 Results NIIT Technologies Limited 20-Jul-17 Results 11

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