MARKET LENS. Positional Pick. Intraday Picks NIFTY 9108 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 29, % 2.1% 10.5% CNX Nifty 9, % 2.4% 11.3% S&P CNX 500 7, % 2.6% 13.2% CNX IT INDEX 10,769.0 (81.8) -0.8% 0.6% 3.6% International Last Trade Change 1-D 1-Mth YTD DJIA 20,596.7 (59.9) -0.3% -1.2% 4.2% NASDAQ 5, % -0.6% 8.3% NIKKEI 18,972.4 (290.2) -1.5% -0.7% -0.7% HANGSENG 24, % 1.9% 10.8% MSCI Emerging Mkts % 3.1% 12.4% STOCK IN FOCUS Majesco s stock price rose 3.2% in yesterday s trade, while the BSE Sensex rose by 0.3%. Majesco s 3QFY17 revenue fell 3.3% qoq in USD terms (-2.7% qoq in INR terms), owing to lack of client addition and currency headwinds, mainly GBP depreciation vs the USD. Client-specific issues continued during the quarter owing to delays in execution of a transformational project for a top-tier insurer. However, we believe key underlying industry fundamentals remain on track, with greater third party software aoption by insurers continuing to be witnessed. Majesco has entered into several strategic alliances with leading systems integrators like IBM for a joint go-to-market approach, which should boost revenue growth. After a relatively soft FY17 (around 10% USD revenue growth), we expect FY18E/FY19E revenue growth to bounce back at around 17-18% annually. We have a BUY rating on Majesco, with a target price of Rs 546. (CMP: 275) BUY For today s trade, long position can be initiated at Rs270 for target of Rs with a strict stop loss of Rs260. s (LTP: 320) BUY For today s trade, long position can be initiated at around Rs313 for target of Rs with a strict stop loss of Rs310. (LTP: 388) SELL For today s trade, short position can be initiated at around Rs392 for target of Rs with a strict stop loss of Rs396. ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy s Lab (ADR) % -8.3% -12.4% Tata Motors (ADR) % 5.1% 3.9% Infosys (ADR) 15.7 (0.0) -0.3% 3.0% 5.7% ICICI Bank (ADR) % 1.2% 12.1% HDFC Bank (ADR) 72.9 (0.2) -0.2% 1.9% 20.1% Axis Bank (GDR) 37.4 (0.1) -0.1% -2.1% 14.0% Reliance Ind (GDR) % 6.8% 24.6% COMMODITY MARKET Key Commodities Last Trade Change 1-D 1-Mth YTD Brent Crude ($/bl) 50.8 (0.0) -0.1% -9.2% -10.7% Silver ($/Oz) % -2.2% 12.3% Gold ($/Oz) 1, % 0.3% 9.5% Copper LME ($/MT) 5,777.0 (20.5) -0.4% -2.3% 4.6% Aluminium LME ($/MT) 1, % 2.3% 13.2% Baltic Dry 1, % 41.2% 29.0% CURRENCY RATES Last Trade Change 1-D 1-Mth YTD USD/INR % -2.1% -3.7% EUR/INR % 0.2% -1.4% RATES Last Trade Change 1-D 1-Mth YTD T-Bill - 91 D % -4.7% -6.0% 10 Year G-sec Yield % -1.2% 4.9% INVESTMENT ACTIVITY (RS. CR) Category BUY SELL NET Prev FII 5, , ,094.4 DII 2, , EXCHANGE TURNOVER Exchange Rs Crore BSE Equity 5,566.6 BSE Derivatives NSE Equity 26,737.5 NSE Derivatives 3,89,

2 Technical Research MARKET SYNOPSIS On Friday, NSE-NIFTY reclaimed 9,100 mark in the initial trades, but later remained sideways during the day. Finally, after oscillating in 9,089-9,134 range during the day, NIFTY finished trade with gain of 22 points at 9,108 level. NSE Cash segment has reported turnover of Rs26,737 crore as compared to Rs24,331 crore earlier. Overall market breadth remained flat to negative, where 790 stocks advanced against 833 declined stocks. Mixed trend was observed across all the sectoral indices during the day. PSU Bank index emerged as a top gainer with the increase of 3.31% and IT index emerged as a top loser with the decrease of 0.8%. NSE-NIFTY OUTLOOK In the last week, NSE-NIFTY failed to continue prior uptrend amidst profit booking at higher levels, but recovery in last two trading sessions helped index to trim the loss. As mentioned earlier we believe that overall trend will remain positive, but high volatility cannot be ruled out in market amidst negative news flow about one of the market heavyweight. On the lower side, psychological mark-9,000 will continue to work as key reversal point for NIFTY, but break-down below that mark will trigger fresh selling pressure in market and that will drag index towards 8,850-8,800 range in the near-term. On the higher side, 9,170 will remain crucial level to watch out for. As for the day, support is placed at around 9,020 and then at 8,970 levels, while resistance is observed at 9,170 and then around at 9,220 levels. 2

3 Technical Research : CMP: 275 RECO: BUY AROUND: 270 TARGET: STOP LOSS: 260 ICICI Bank reversed after taking support of its long-term moving average 200-day SMA and also the lower band of rising channel. Positive cross-over in key technical indicators-stochastic & RSI from their oversold zone is signaling that stock is on verge of turnaround and soon it will resume the uptrend. On the higher side, the stock will initially face hurdles around intermediate falling trend line and later around prior swing high, which are placed at Rs288 and Rs293 respectively. In case of major decline, long-term moving average 200-day SMA and also the lower band of rising channel (i.e. Rs260) will work as key reversal point for the stock. Thus, long position can be initiated at around Rs270 for the target of Rs with a strict stop loss of Rs260. 3

4 Derivatives Snapshot Nifty opened higher as Bank nifty led the momentum on the up move, but it declined from the high of 9,130 levels to close marginally positive for the day. Nifty ended 22 points higher at 9,108 levels. Among the nifty stocks 22 stocks advanced and 29 declined during the day. Sectorally it was a mixed bag with the highest gains in PSU Banks, FMCG and Realty to gain by 3.3%, 0.5% and 0.4% respectively while IT, Media and Pharma declined by 0.5% for the day. Broader market indices remained flat with NIFTY 100,200 and 500 to gain by 0.2% while midcap and small cap indices gained by 0.2% and 0.3% respectively. Nifty March futures end with 20 points premium at 9,118 mark while on other hand, Bank Nifty March futures ended with the premium of 18 points at 21,140 mark. Nifty has closed by 0.5% from last week, with the derivatives expiry next week we expect markets to be volatile, sustenance above 9,000 levels will be key for the up-move. Nifty 9,200 CE has the highest OI of 66 lakhs shares while on the downside multiple strikes of 8,900-8,800 PE has an average OI of 50 lakhs. Sectoral Activity: Amongst sectoral index, IT & Metals remained in focus with negative momentum. Stock Activity: TCS and Jindal Steel observed build up in short position. TOP 5 PRICE GAINERS ORIENTAL BANK OF COMMERCE % % % BANK OF INDIA % % 3.88% RURAL ELEC CORP. LTD % % 4.76% SYNDICATE BANK % % 3.92% BANK OF BARODA % % -2.34% TOP 5 PRICE LOSERS JINDAL STEEL & POWER LTD % % 15.80% GRASIM INDUSTRIES LTD % % 2.00% ADITYA BIRLA NUVO LIMITED % % -1.77% RELIANCE CAPITAL LTD % % % GAIL (INDIA) LTD % -9.89% -3.07% TOP 5 OI GAINERS JINDAL STEEL & POWER LTD % % 15.80% KAVERI SEED CO. LTD % % 11.66% TATA CONSULTANCY SERV LT % 94.60% 8.57% ADANI ENTERPRISES LIMITED % 19.13% 8.23% CG POWER AND IND SOL LTD % % 8.17% TOP 5 OI LOSERS ORIENTAL BANK OF COMMERCE % % % NIIT TECHNOLOGIES LTD % % % HINDUSTAN ZINC LIMITED % % % RELIANCE CAPITAL LTD % % % JET AIRWAYS (INDIA) LTD % 28.78% -8.42%

5 Derivatives Snapshot TOP 5 RISE IN % DEL CHG HERO MOTOCORP LIMITED % 7.78% % BANK OF INDIA % % % DISH TV INDIA LTD % % % JINDAL STEEL & POWER LTD % % % ALLAHABAD BANK % 96.71% % TOP 5 DECLINE IN % DEL CHG STRIDES SHASUN LIMITED % 49.55% % LTD % % % HEXAWARE TECHNOLOGIES LTD % % % RELIANCE CAPITAL LTD % % % PC JEWELLER LTD % % % SECTORAL ACTIVITY Value Average of OI Average of Price Total Average of Total OI Change % Change % Volume Volume Change % Consumer Discretionary % -0.02% % Consumer Staples % -0.18% % Energy % -0.35% % Financials % 1.56% % Health Care % -0.30% % Industrials % 0.27% % Information Technology % -0.23% % Materials % -0.06% % Telecommunication Services % 0.07% % Utilities % 0.01% % Grand Total % 0.32% % 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 BHEL BOSCH LIMITED BHARAT PETROLEUM CORP LT CIPLA LTD COAL INDIA LTD DR. REDDY S LABORATORIES EICHER MOTORS LTD GAIL (INDIA) LTD GRASIM INDUSTRIES LTD HCL TECHNOLOGIES LTD HDFC LTD HDFC BANK LTD HERO MOTOCORP LIMITED HINDALCO INDUSTRIES LTD HINDUSTAN UNILEVER LTD LTD IDEA CELLULAR LIMITED INDUSIND BANK LIMITED BHARTI INFRATEL LTD INFOSYS LIMITED ITC LTD KOTAK MAHINDRA BANK LTD LARSEN & TOUBRO LTD LUPIN LIMITED MAHINDRA & MAHINDRA LTD MARUTI SUZUKI INDIA LTD NTPC LTD OIL AND NATURAL GAS CORP POWER GRID CORP. LTD RELIANCE INDUSTRIES LTD STATE BANK OF INDIA SUN PHARMACEUTICALS IND 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 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 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 ** 24/03/ ADCC SHEETAL SOMANI B 270, /03/ ADCC AMIT KEDARNATH SOMANI S 270, /03/ ALORA MITESHKUMAR MANUBHAI SHARMA B 75, /03/ ALORA RIPALBEN DAHYABHAI CHAUDHARI B 75, /03/ ALORA JILLA AND MEHTA FINANCIAL SERVICES PVT LTD. B 100, /03/ AMARSEC PADMA REWACHAND ADVANI S 15, /03/ AMARSEC PADMA REWACHAND ADVANI B 15, /03/ AMRAFIN NITIN PARIKH BROKERAGE SERVICES LIMITED B 80, /03/ AMRAFIN ANMOL SHARE TRADERS LIMITED B 224, /03/ AMRAFIN AMPS GLOBAL PVT LTD S 108, /03/ AMRAFIN PRIME FINVEST B 345, /03/ AMRAFIN NITIN PARIKH S 300, /03/ AMRAFIN ORANGE MIST PRODUCTIONS PVT LTD B 177, /03/ AMRAFIN HETALBEN N VORA S 163, /03/ AMULEAS ATUL SALUJA S 72, /03/ AMULEAS ATUL SALUJA HUF B 46, /03/ BALKRISHNA MANOJ HARJIVANDAS MODI B 421, /03/ BALKRISHNA KHUSHBOO RAJIV PODDAR S 421, /03/ BALKRISIND MANOJ HARJIVANDAS MODI B 1,874,563 1, /03/ BALKRISIND KHUSHBOO RAJIV PODDAR S 1,874,563 1, /03/ BLUBLND-B GEDALIA MULTITRADING PRIVATE LIMITED S 108, /03/ CONCORD MEENAKSHI VIJAYWARGI B 57, /03/ CORALFINAC INDIA MAX INVESTMENT FUND LIMITED B 50, /03/ COSMOFILMS HANUMAN TEXTILE MFG & INVESTMENT CO LTD S 2,389, /03/ COSMOFILMS GAYATRI & ANNAPURNA B 2,389, /03/ CROWNTOURS VIPUL BHANDARI S 190, /03/ CROWNTOURS SUMAN BHANDARI S 190, /03/ CROWNTOURS SHAILA BHANDARI B 600, /03/ CROWNTOURS BHARAT RAJ BHANDARI S 600, /03/ CROWNTOURS ABHILASHA BHANDARI B 380, /03/ DELTA NAMASKAR DEALCOM PRIVATE LIMITED. S 34, /03/ DELTA LAGAN BARTER PRIVATE LIMITED. S 35, /03/ DELTA KAMAL KISHORE RATHI B 40, /03/ DRA ASHISH. S 60, /03/ DRA ASHISH. B 60, /03/ DRA RAJESH BIDHURI S 60, /03/ DRA RAJESH BIDHURI B 60, /03/ FILME GIRISHKUMAR PRABHUDAS RUPAREL B 386, /03/ FILME AMRUT SECURITIES LIMITED S 386, /03/ GANGAPA RAS POLYTEX PRIVATE LIMITED S 500, /03/ GANGAPA AMIT CHAUDHARY B 500, /03/ GARWARPOLY B D GARWARE RESERACH CENTRE B 175, /03/ GARWARPOLY GREAT VIEW REAL ESTATES PRIVATE LIMITED B 200, /03/ GARWARPOLY S. B. GARWARE FAMILY TRUST S 375, /03/ GENESYS TAIYO GREATER INDIA FUND LTD B 466, /03/ GENESYS SAJID MALIK S 510, /03/ GPTINFRA GPT Sons Private Limited. B 150, *B - Buy, S - Sell, ** = Weighted Average Trade Price / Trade Price 8

9 Monthly Economic Calendar Date Country Event Period Prior 28-Mar-17 US Conf. Board Consumer Confidence Mar Mar-17 US GDP Annualized QoQ 4Q T Mar-17 US Initial Jobless Claims Mar/ Mar-17 JN Jobless Rate Feb Mar-17 JN Industrial Production MoM Feb P Mar-17 UK GDP QoQ 4Q F 0.7% 31-Mar-17 UK GDP YoY 4Q F 2.0% 31-Mar-17 IN Fiscal Deficit INR Crore Feb -- 9

10 Corporate Actions Ex-Dividend Company Name Ex-Date Purpose Indiabulls Ventures Limited 27-Mar-17 Interim Dividend Re 1/- Per Share PTL Enterprises Limited 27-Mar-17 Scheme Of Arrangement Hindustan Zinc Limited 29-Mar-17 Interim Dividend (Date Revised) MphasiS Limited 30-Mar-17 Buyback Muthoot Finance Limited 30-Mar-17 Interim Dividend The United Nilgiri Tea Estates Company Limited 30-Mar-17 Interim Dividend Container Corporation of India Limited 5-Apr-17 Bonus 1:4 Linde India Limited 7-Apr-17 Annual General Meeting/Dividend Re 0.75 Per Share Varun Beverages Limited 7-Apr-17 Annual General Meeting KSB Pumps Limited 12-Apr-17 Annual General Meeting/Dividend - Rs 5.50 Per Share Sanofi India Limited 25-Apr-17 Annual General Meeting/Dividend Rs 50/- Per Share Rain Industries Limited 26-Apr-17 Annual General Meeting Result Calendar Company Name Board Meeting Date Purpose GM Breweries Limited 6-Apr-17 Results/Dividend Prime Securities Limited 6-Apr-17 Results GM Breweries Limited 6-Apr-17 Results Goa Carbon Limited 11-Apr-17 Results/Dividend Infosys Limited 13-Apr-17 Results/Dividend HDFC Bank Limited 21-Apr-17 Results/Dividend Persistent Systems Limited 25-Apr-17 Results Mahindra Lifespace Developers Limited 28-Apr-17 Results POLARIS CONSULTING & SERVICES LIMITED 15-May-17 Results/Others Rane (Madras) Limited 16-May-17 Results Rane Brake Lining Limited 17-May-17 Results TCI Developers Limited 17-May-17 Results Transport Corporation of India Limited 17-May-17 Results Rane Engine Valve Limited 18-May-17 Results Rane Holdings Limited 26-May-17 Results 10

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