Building Wealth Over Generations...

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1 Building Wealth Over Generations... Daily Research Reports Disclosures and Disclaimer : This report must be read with the disclosures in the Disclosure appendix, and with the Disclaimer, which forms part of it. This document does not contain any investment views or opinions.

2 A Legacy of Wealth Building Plan. Wednesday 21st February, 2018 Welcome Note Welcome to India Cements Investment Services Ltd works!! The world out there is uncertain. On this backdrop, the market volatility is bound to increase. Believe us, even the big investors sentiment will oscillate and that is why it is important for us to safely navigate these difficult times. To do so, India Cements Investment Services Ltd brings you this daily market commentary which will help you to sharpen your instincts on investments in equity markets, gold, silver, crude-oil, USD/INR, the Dow Jones index, Hang Seng index, Euro-Dollar, etc. On the next few pages, you can learn more about the same. We would love to answer any further questions you may have in a one-one discussion. We are pleased to inform you that this report features contributions from the finest analytical minds in the business and are distinguished by our proactive consulting approach, timely advice, and specific recommendations. We take satisfaction in seeing clients realize their dreams. The India Cements Investment Services Ltd team would like to take this opportunity to thank our readers for their support and feedback over the years. We hope you enjoyed reading this daily newsletter. Above all, we wish that this experience is both professionally and personally rewarding. If you have any queries please do contact me or any member of India Cements Investment Services Ltd team and we would be glad to assist. Best Regards, Team India Cements Investment Services Ltd Call Us:

3 CONTENTS Title Page No. Top of the Morning Top Picks Equity Derivatives 09 Top of the Morning TOP PICKS Daily Pivot Table (Equities) 10 Compass & Navigator Daily Pivot Table (Commodities) 14 COMPASS & NAVIGATOR Disclaimer 15

4 ICISL Invest Top of the Morning Top of the Morning ICISL Invest Top of the Morning newsletter provides insights and themes for Indian equity markets. We also try and cover international themes for the day. This newsletter is quite popular with traders as it covers the most preferred trading strategy for Sensex/Nifty for the day. In Chart of the day section, we recommend a stock which is likely to move significantly in the short term, clearly defining the supports, the resistances and bias for the stock. In a nutshell, ICISL Invest Top of the Morning covers themes and insights for the day.

5 ICISL Invest Top of the Morning Dear Valued Investor, Good Morning & Welcome to Wednesday s trading session at Dalal Street, dated 21st of February This Wednesday morning, judging from early trends at SGX Nifty, which is up 49 points at 10415, the bulls camp will be smiling a bit, hoping that the market correction will not last long. But, our call of the day says that before jumping into risk on trades, before diving into momentum stocks, it is worth taking at other aspects of stock markets. The downtrend at Dalal Street is hardly out of the woods, so investors will find safety only if they are more conservative. The recent sell-off at Dalal Street may have been the first test for investors in a while, but, we suspect, more waterfall of selling are coming. What Technical Tells Us on Nifty: In Tuesday s trade, the benchmark Nifty ended on a negative note, well below the psychological mark. Technically, the make or break support levels on Nifty now are at If Nifty is able to hold the mentioned support levels on closing basis, then any panic/any crash will provide a buying opportunity for intraday traders. Having said that, this market has much work to do for the bulls camp to be on the bullish side again. Makes sense to wait it out. Wait it out until Nifty closes above hurdles. Remember that cash is a position until Nifty clears hurdles. So, until then even if there is a rebound, going all in long is not advisable until Nifty has closed in bullish territory ( above 10621) and confirming to the upside the following day. We need to see significant buying before we will buy into a rally. Until then, it's just a dead can bounce. Aggressive buying advised only on any move above mark on Nifty. Long story short: Our stock markets are little vulnerable to further drops. Technically, confirmation of weakness if Nifty slips below Please note, the massive PNB fraud is still weighing on investors sentiment. The PNB stock is down around 27% since the date when the bank announced that it had discovered fraudulent transactions of Rs 11,400 crore -- by far one of the biggest. Last evening, the Reserve Bank of India (RBI) said that it will set up an expert committee to address the rising incidences of frauds and divergences in classification of bad loans. "In view of large divergences observed in asset classification and provisioning in the credit portfolio of banks as well as the rising incidence of frauds in the Indian banking system, it has been decided to constitute an Expert Committee under the chairmanship of Shri Y H Malegam, a former member of the Central Board of Directors of RBI," We still continue to remain negative on PSU Banks space and expect investors sentiment to remain dampened and amid this backdrop, PSU Banks should continue to underperform severely and most importantly, will keep the sentiments down for the broader markets as well. We strongly feel, investors should scramble for safety. We say so because; there is more discouraging news on the crude-oil front. An escalation in tensions in the Middle East is seen drving oil prices upward, with Israel s Prime Minister Benjamin Netanyahu on Sunday warning that his country will directly strike oil producer Iran if Tehran uses Syria to test his country. Higher oil prices will dampen sentiments at Dalal Street as a rebound in global crude oil prices will have an adverse impact on fiscal deficit and also on the inflation. As per recent reports, India s trade deficit touched a three-year high of USD16.3 bn primarily on backdrop of an increase in crude oil imports. There is also no much cheer from foreign institutional investors who have pulled out a staggering $1 billion or Rs 6,850 crore from the Indian stock market in Feb This is against the total inflow of over Rs 13,780 crore by foreign portfolio investors (FPIs) in January, latest data with depositories showed. INDICES Nifty Bank Nifty Nifty Auto Index Nifty FMCG Index Nifty Infra Index Nifty IT Index Nifty Media Index Nifty Midcap Index Nifty Metal Index Nifty Pharma Index Nifty Reality Index Nifty Smallcap Index Sensex SGX Nifty % -0.73% -0.13% -0.21% 0.03% 0.33% 0.68% -0.13% 1.10% -0.08% -0.53% 0.15% -0.21% 0.48% Outlook for the Day Choppy session likely. Nifty Outlook Intraday Neutral ( ) Medium Term Positive ( ) Long Term Positive (11500) Key Levels to Watch Nifty Support & Nifty Resistance & Pivot Level Nifty 10901

6 ICISL Invest Top of the Morning Meanwhile, all anxious eyes will continue to keep a close eye on the following key catalysts: 1. F&O expiry: The street is likely to trade volatile as traders roll over positions in the F&O segment from the near month February 2018 series to March 2018 series. The February 2018 F&O contracts expire on Thursday, February FOMC minutes: The minutes of Federal Reserve's last monetary policy review will be released on February 21, 2017 (Wednesday). Outlook for Wednesday: Sell on strength. Downside risk for Nifty remains at Overnight, Wall Street investors found few reasons to keep pushing shares higher following a six-session rally that gave indexes their biggest one-week percentage gain in years. Market participants are continuing to watch a rising dollar and climbing bond yields, both of which could make equities less attractive at current levels, even as macroeconomic conditions and corporate earnings are still seen as strong. Amid this backdrop, we suspect, our stock markets are likely to be relatively subdued, as banking stocks are likely to drift lower. Only if Nifty s Tuesday s negative session is met with some buying will that indicate that the underpinnings of the bull market are still intact. Else, it s safe to assume that the bears have the ball. Bullish stocks: VEDANTA, Hindustan Zinc, Ashok Leyland, KPIT, Tata Chemical, Tata Elxsi, SAIL, BHEL, Vedanta, Hindustan Zinc. Bearish stocks: SBI, PNB, Allahabad Bank, Hexaware, OBC, Bank of India, HDIL, PFC, OBC. SHOW ME THE MONEY: Buy Vedanta on early weakness (CMP 328). Vedanta is signaling a major breakout on the daily charts. Key intraday support seen at 323. Interweek Strategy: Buy between zone, targeting and then at zone. Stop below STOCKS BANNED IN F&O SEGMENT FOR TODAY: BALRAMPUR CHINI, DISH TV, FORTIS,GMR INFRA, IFCI,JAIN IRRIGATION, JP ASSOCIATES. New In Ban: IFCI Out of Ban: HDIL, ORIENTAL BANK. BANK NIFTY Action Target Technical Strategy BANK NIFTY: CMP 24874: Sell on Strength Technically, Bank Nifty s stock price pattern appears ugly at current levels. The index price is signaling a break down from a higher consolidation zone on daily charts. Immediate downside risk is at The index is moving down after consolidating between zone for past 2-weeks. The momentum oscillators are in sell mode signaling further sharp down move. Also the sequence of lower highs / lows is intact in intraday chart, indicating further weakness. Also, a probable reverse flag pattern on the weekly charts. Preferred Strategy: Sell between zone, targeting and then at zone with stop at Bulls Vs. Bears: Time to Pick a Side!! Preferred trade on Nifty: Nifty ( ): Sell between zone, targeting and then at zone with stop at Preferred trade on Bank Nifty: Bank Nifty ( ): Sell between zone, targeting and then at zone with stop at Daily Chart of Nifty: Supports & Resistance &

7 TOP PICKS (F & O) It's like having investment binoculars! There are always flowers, for those who want to feel them. ICISL Invest Top Picks: It's like having Investment binoculars!! When we want to see what's happening far off, we will reach for the binoculars. The binocular helps us to steer out of danger and also accurately spots our targets. When it comes to trading / investing, that's exactly how ICISL Invest Top Picks helps us to identify the best five momentum stocks for the week. This daily newsletter introduces to the momentum stocks from the list of Future & Option segment, defining their support and resistance levels, and attempts to forecast their movement with a short /medium term perspective.

8 TOP PICKS (F & O) It's like having investment binoculars! Nifty May Stumble, But Hopes Lingers On Vedanta. STOCKS LTP S1 S2 R1 R2 BIAS TRADING STRATEGY VEDANTA Positive Vedanta is signaling a major breakout on the daily charts. Key intraday support seen at 323. Interweek Strategy: Buy between zone, targeting and then at zone. Stop below BAJAJ FINANCE Negative Major breakdown seen from a probable Head & Shoulder pattern on monthly charts. Interweek Strategy: Sell at zone, targeting 1621 and then more aggressive targets located at zone. Stop above FEDERAL BANK Negative Momentum oscillators signaling weakness. Interweek Strategy: Establish short positions between zone, targeting 89 and then aggressive targets located at zone. Stop above ICICI BANK Negative The interweek risk is on the downside with immediate targets at 301. Momentum oscillators signaling major weakness. Interweek Strategy: Sell between zone, targeting 311 and then at zone with stop above SUN PHARMA Negative The stock is signaling a breakdown from a higher consolidation zone on daily charts. Momentum oscillators signaling major weakness, confirmation below 551. Interweek Strategy: Sell at CMP, targeting 551 and then at zone with stop above

9 EQUITY DERIVATIVES Looking into the future from present. Wednesday 21st February, 2018 Derivatives Strategies Future Call: Sell BANK NIFTY February Futures at CMP, targeting and then at zone with stop at Holding Period: 2 days. (BANK NIFTY FEBRUARY FUTURES CMP ). Changes in Open Interest (OI) in yesterday s trade. Nifty Spot Bank Nifty Future (-0.17%) (-0.73%) Option Call: Sell VEDANTA FEBRUARY PE strike price 320 at CMP Maximum profit per lot: Rs. 3,150/-. Loss: Unlimited. Stop Loss: Exit PUT option if VEDANTA moves below 320. (VEDANTA FEBRUARY FUTURES CMP ). Market Summary: VIX Premium Nifty Future OI Bank Nifty Spot OI (+1.20%) -02 vs crores (-6.42%) lakhs (-0.17%) The benchmark Nifty ended Tuesday s trade on a subdued note despite positive global cues. The primary negative catalyst turned out to be the massive PNB s fraud episode hurting sentiments. Also, the latest reports suggesting a loan fraud case in PSU banks by now defunct Rotomac Pens also marred sentiment. On backdrop remained India's widening trade deficit in January 2018 which weighed on sentiment. The negative takeaway was that the market breadth indicating health of the market was negative. The BSE Mid-Cap index fell 0.06%. The BSE Small-Cap index declined 0.15%. Both these indices outperformed the Sensex. Amongst the sectoral indices, outperforming the Sensex/Nifty were the BSE IT index (up 0.31%), the BSE Telecom index (up 0.77%) and the BSE Metal index (up 1.19%). Meanwhile, underperforming the Sensex were BSE Bankex index (down 0.61%), the BSE Realty index (down 0.64%) and the BSE Capital Goods index (down 0.3%). Going forward, Nifty 10,400 will be crucial pivot level to watch as maximum Call open interest (OI) stands at that Strike Price, followed by 10,500. Call writing was seen at the strike price of 10,400. Call unwinding was seen at the strike of 10,600, followed by 10,700. Nifty must watch support levels would be 10,300 mark as maximum Put OI contracts were seen at strike price 10,300 followed by 10,000 strike price. Put writing was seen at strike prices 10,300. Put unwinding was seen at strike prices of 10,700 followed by 10,600. The intraday bias continues to be neutral/negative amid volatile movement being witnessed at Dalal Street. We strongly recommend keeping books light and that should be the preferred trading strategy. The crucial support for Nifty is at zone. The bias will shift to positive in Nifty clear immediate hurdles at mark. Any close above mark will lead to further short covering, targeting mark. For the day, aggressive traders can look to sell Nifty on any excessive strength with targets at zone. As per Tuesday s provisional data available on the NSE, foreign institutional investors (FIIs) sold shares worth Rs crore, while domestic institutional investors bought shares worth Rs crore in the Indian equity market. Change in Stock Open Interest (OI) in previous day s trade. Long Buildup: INFY, WIPRO, ASHOK LEYLAND, HIND ZINC Short Buildup: ITC, FEDBANK, AXIS BANK, RELIANCE, REC LTD Calls Major Changes in Nifty Options (OI): in lakhs (% Change) (+40%) (+10%) (+19%) (+10%) (-15%) Puts in lakhs (% Change) (+6%) (+39%) (+20%) (+9%) (+4%) Short Covering: SBIN, SUZLON, ONGC, TATA MOTORS Long Unwinding: RELIANCE, PFC, INDIA CEM, IBHSGFIN Stocks banned in F&O segment for today:balrampur CHINI, DISH TV, FORTIS,GMR INFRA, IFCI,JAIN IRRIGATION, JP ASSOCIATES. New In Ban: IFCI Out of Ban: HDIL, ORIENTAL BANK. Highest OI Nifty: Calls : L - Puts 10300: L Highest OI Bank Nifty: Calls 25500: 7.69 L - Puts 24500: 5.54 L

10 DAILY PIVOT TABLE Wednesday 21st February, 2018 Instrument Close S1 S2 R1 R2 200 Day SMA Reversal Point Trend NIFTY UP BANKNIFTY UP NIFTYMID UP ACC DOWN ADANIENT UP ADANIPORTS UP AJANTPHARM DOWN ALBK DOWN AMARAJABAT UP ANDHRABANK DOWN APOLLOTYRE UP ARVIND DOWN ASHOKLEY UP ASIANPAINT DOWN AUROPHARMA DOWN AXISBANK UP BAJAJ-AUTO UP BAJAJFINSV UP BAJFINANCE DOWN BALKRISIND UP BALRAMCHIN DOWN BANKBARODA DOWN BANKINDIA DOWN BATAINDIA UP BEL DOWN BEML DOWN BERGEPAINT DOWN BHARATFORG UP BHARTIARTL DOWN BHEL UP BIOCON UP BPCL DOWN BRITANNIA UP CANBK DOWN CANFINHOME DOWN CAPF DOWN CASTROLIND DOWN CEATLTD DOWN CENTURYTEX DOWN CESC DOWN CGPOWER DOWN CHENNPETRO DOWN CHOLAFIN UP CIPLA UP COALINDIA UP COLPAL UP CONCOR UP CUMMINSIND DOWN DABUR UP DALMIABHA UP DCBBANK DOWN DHFL UP DISHTV DOWN DIVISLAB UP DLF UP DRREDDY DOWN EICHERMOT DOWN ENGINERSIN DOWN EQUITAS DOWN ESCORTS UP EXIDEIND DOWN FEDERALBNK DOWN FORTIS DOWN GAIL UP GLENMARK DOWN GMRINFRA DOWN GODREJCP UP GODREJIND DOWN GRASIM UP GSFC DOWN HAVELLS UP HCC DOWN HCLTECH UP HDFC UP HDFCBANK UP HDIL DOWN HEROMOTOCO DOWN HEXAWARE UP HINDALCO UP HINDPETRO UP HINDUNILVR UP HINDZINC UP IBREALEST UP IBULHSGFIN UP ICICIBANK UP ICICIPRULI DOWN ICIL DOWN IDBI UP IDEA DOWN IDFC DOWN IDFCBANK DOWN IFCI DOWN IGL UP INDIACEM DOWN INDIANB DOWN INDIGO UP INDUSINDBK UP INFIBEAM UP INFRATEL DOWN INFY UP IOC DOWN IRB DOWN ITC DOWN JETAIRWAYS UP JINDALSTEL UP JISLJALEQS UP JPASSOCIAT DOWN JSWENERGY UP JSWSTEEL UP JUBLFOOD UP JUSTDIAL DOWN KOTAKBANK UP KPIT UP KSCL DOWN KTKBANK DOWN L&TFH DOWN LICHSGFIN DOWN LT UP LUPIN DOWN M&M UP M&MFIN UP MANAPPURAM UP MARICO DOWN MARUTI UP MCDOWELL-N UP DOWN MGL DOWN MOTHERSUMI DOWN MRF UP MUTHOOTFIN DOWN NATIONALUM DOWN NBCC DOWN NCC UP NMDC UP NTPC DOWN OFSS UP OIL UP ONGC UP ORIENTBANK DOWN PCJEWELLER DOWN PEL DOWN PETRONET UP PFC DOWN PIDILITIND UP PNB DOWN POWERGRID DOWN PTC DOWN PVR UP RAMCOCEM UP RAYMOND UP RBLBANK DOWN RCOM UP RECLTD DOWN RELCAPITAL DOWN RELIANCE UP RELINFRA DOWN REPCOHOME DOWN RPOWER UP SAIL UP SBIN DOWN SHREECEM DOWN SIEMENS DOWN SOUTHBANK DOWN SREINFRA DOWN SRF UP SRTRANSFIN UP STAR DOWN SUNPHARMA UP SUNTV UP SUZLON DOWN SYNDIBANK DOWN TATACHEM UP TATACOMM DOWN TATAELXSI UP TATAGLOBAL UP TATAMOTORS DOWN TATAMTRDVR DOWN TATAPOWER UP TATASTEEL UP TCS UP TECHM UP TITAN UP TV18BRDCST UP TVSMOTOR UP UBL UP UJJIVAN UP UNIONBANK DOWN UPL DOWN VEDL UP VGUARD UP VOLTAS UP WIPRO UP WOCKPHARMA UP YESBANK DOWN ZEEL UP All level indicated above are based on cash market prices. Pivot Point PP : Pivot Point : This is trigger point for weekly buy/sell based on the price range of the previous week. R1 : Resistance one : 1st Resistance over PP. R2 : Resistance two : 2nd Resistance over R1. S1 : Support one : 1st support after PP. S2 : Support Two : 2nd support after S1. As per the tool, the trader should take BUY position just above PP and keep the stop loss of PP and the first target would be R1. If R1 is crossed then R2 becomes the next target with the stop loss at R1. Similarly if price goes below PP the trader should SELL and keep the PP as Stop loss and the first target would be S1. If S1 is crossed then S2 becomes the next target with the stop loss at S1. This is a trading tool. The key to use of this tool is the use of STOP LOSS.

11 Compass & Navigator Sailing Global & Trends with ICISL Compass & Navigator Compass & Navigator is a daily newsletter that provides technical update on all the major instruments of the world like Gold, Silver, Crude Oil, US Dollar Index and USD/INR. We define their support and resistance levels and attempt to forecast their movement with a short / medium term perspective. Also in the report, a trader will find bias for the mentioned instruments. This newsletter is also quite popular with a market participant who loves to have insight & theme on Gold, Silver as well Crude-Oil.

12 The Compass Direction at a glance Copper: Buy on any early dips. Major momentum above 461 zone. Instrument LTP S1 S2 R1 R2 Bias TRADING STRATEGY GOLD Positive Gold was seen consolidating in yesterday's trade. Interweek Strategy: Establish long positions positions between zone, targeting zone and then at zone with stop at SILVER Positive Silver was seen consolidating in yesterday's trade, tracking rangebound movemnet in gold prices. Bias continues to be positive. Establish long positions at CMP, targeting and then at zone with stop at CRUDE OIL Positive Oil was seen trading with positive bias in line with buy call. Confirmation of strength now above The biggest support level to watch is at Interweek strategy: Buy at CMP, targeting 4150 zone and then at zone with stop at COPPER Positive Copper prices were seen trading sideways in yesterday's trade. Copper now faces major hurdles at 461 zone. Support now seen at 445. Interweek strategy: Establish long positions between zone, targeting and then at zone with stop at 449. NATURAL GAS Neutral Natural Gas prices were seen trading sideways. Oversold conditions prevail. Key supports now at 151. Interweek strategy: Establish long positions only above , targeting 183 and then aggressive targets at zone with stop at 157. USD-INR Neutral USD/INR flared up in yesterday's trade amid nervousness witnessed in local stock markets. The bias continues to be neutral. Key intraday support seen at Interweek Strategy: Buy at CMP, targeting and then at with stop below

13 The Navigator Sailing global trend Wall Street subdued as investors found few reasons to keep pushing shares higher. Instrument LTP S1 S2 R1 R2 Bias TRADING STRATEGY GOLD $ Neutral In yesterday's trade, gold prices were seen consolidating. Major weakness now below Interweek strategy: Establish long positionons at CMP, targeting 1349 zone and then at zone with stop at SILVER ($) Neutral Silver was trading sideways amid lacklustre yellow metal prices. Bias shifts to positive. Interweek strategy: Establish long positions zone, targeting and then at zone with stop at WTI CRUDE OIL ($ ) Neutral Crude-Oil prices was seen trading with positive bias in yesterday's trade. Bias continues to be positive. Major strength above Interweek strategy: Buy at CMP, targeting zone and then at zone with stop at EUR/USD Positive The EUR/USD was seen trading sideways. Technically, the bias continues to be bullish. Hurdles seen at and support seen at US Dollar Index Negative The U.S. dollar was seen consolidating with slight positive bias in yesterday's trade. Technically, bias continues to be neutral/negative. Hurdles at Immediate downside risk at DOW JONES Neutral At Wall Street, Dow traded mostly lower on Tuesday, with investors finding few reasons to keep pushing shares higher following a six-session rally that gave indexes their biggest oneweek percentage gain in years. Technically, overbought technical conditions prevail.

14 DAILY PIVOT TABLE Wednesday 21st February, 2018 Exchange Commodity Close S1 S2 R1 R2 200 Day SMA Reversal Point Trend ALUMINUM CARDAMOM CASTOR CHANA COPPER COTTON CRUDE-OIL GOLD GAUR GUM GAUR SEED JEERA LEAD MENTHA OIL NATURAL GAS NICKLE RM SEED SILVER SUGAR SOYA BEAN ZINC UP UP UP UP UP DOWN UP UP DOWN DOWN DOWN DOWN DOWN DOWN UP UP DOWN UP UP UP

15 India Cements Investment Services Ltd India Cements Investment Services Ltd #827, III Floor, DHUN Building, Anna Salai, Chennai Tel: Fax : DISCLAIMER: This is solely for information of clients of India Cements Investment Services Ltd and does not construe to be an investment advice. It is also not intended as an offer or solicitation for the purchase and sale of any financial instruments. Any action taken by you on the basis of the information contained herein is your responsibility alone and India Cements Investment Services Ltd its subsidiaries or its employees or associates will not be liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of the information contained in this recommendation, but India Cements Investment Services Ltd or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this recommendation or any action taken on basis of this information. Technical analysis studies market psychology, price patterns and volume levels. It is used to forecast future price and market movements. Technical analysis is complementary to fundamental analysis and news sources. The recommendations issued herewith might be contrary to recommendations issued by India Cements Investment Services Ltd in the company research undertaken as the recommendations stated in this report is derived purely from technical analysis. India Cements Investment Services Ltd has based this document on information obtained from sources it believes to be reliable but which it has not independently verified; India Cements Investment Services Ltd makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. The opinions contained within the report are based upon publicly available information at the time of publication and are subject to change without notice. The information and any disclosures provided herein are in summary form and have been prepared for informational purposes. The recommendations and suggested price levels are intended purely for trading purposes. The recommendations are valid for the day of the report however trading trends and volumes might vary substantially on an intraday basis and the recommendations may be subject to change. The information and any disclosures provided herein may be considered confidential. Any use, distribution, modification, copying, forwarding or disclosure by any person is strictly prohibited. The information and any disclosures provided herein do not constitute a solicitation or offer to purchase or sell any security or other financial product or instrument. The current performance may be unaudited. Past performance does not guarantee future returns. There can be no assurance that investments will achieve any targeted rates of return, and there is no guarantee against the loss of your entire investment. POTENTIAL CONFLICT OF INTEREST DISCLOSURE (as on date of report) Disclosure of interest statement Analyst interest of the stock /Instrument(s): - No. Firm interest of the stock / Instrument (s): - No.