MARKET LENS. Positional Pick. Intraday Picks NIFTY 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 33,033.1 (284.1) -0.9% -4.0% -3.0% CNX Nifty 10,154.2 (95.0) -0.9% -4.0% -3.6% S&P CNX 500 8,936.9 (102.9) -1.2% -4.1% -5.8% SENSEX 50 10,613.1 (87.2) -0.8% -3.8% -3.3% International Last Trade Change 1-D 1-Mth YTD DJIA 24,801.4 (82.8) -0.3% 3.9% 0.3% NASDAQ 7, % 9.1% 7.1% NIKKEI 21, % -2.1% -5.8% HANGSENG 30, % -0.1% 1.7% MSCI Emerging Mkts 1,189.2 (4.7) -0.4% 2.2% 2.7% STOCK IN FOCUS Colgate-Palmolive closed 0.6% higher in trade today at Rs1046 compared to 0.9% fall in the benchmark Nifty. The company is the market leader in oral care market with volume share of 54% and derives around 40% revenues from the rural areas. Colgate reported strong set of numbers in 3QFY18 with revenue and net profit growth of 19% and 34% respectively. We expect the Company to post revenues of Rs48.3bn/Rs55bn and net profit of Rs7.7bn/Rs9.1bn in FY19E/20E respectively. Although revenue growth in recent quarters was aided by lower base, we expect the Company to sustain its growth momentum, going ahead on the back of trade stabilisation post GST, strong growth in rural markets due to two consecutive years of good monsoons, benign input cost scenario and aggressive thrust on ayurvedic portfolio. Based on expected EPS of Rs33.4, the stock currently trades at attractive valuations of 31.3x FY20E earnings. We recommend BUY on the stock with a Target Price of Rs1,323. (PREVIOUS CLOSE: 708) SELL Fresh long position can be initiated in the range of Rs for the target of Rs650 with a strict stop loss of Rs750. s (PREVIOUS CLOSE: 63) BUY For today s trade, long position can be initiated in the range of Rs for the target of Rs66-68 with a strict stop loss of Rs (PREVIOUS CLOSE: 308) SELL For today s trade, short position can be initiated in the range of Rs for the target of Rs with a strict stop loss of Rs319. ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy s Lab (ADR) 33.5 (0.3) -0.8% 1.5% -10.7% Tata Motors (ADR) 26.9 (0.2) -0.8% -5.0% -18.7% Infosys (ADR) 17.9 (0.1) -0.6% 4.6% 10.3% ICICI Bank (ADR) 9.1 (0.1) -1.4% -9.3% -6.6% HDFC Bank (ADR) 95.5 (1.8) -1.9% -2.1% -6.1% Axis Bank (GDR) 39.3 (0.2) -0.5% -11.5% -10.1% Reliance Ind (GDR) 27.5 (0.6) -2.0% -0.9% -3.9% COMMODITY MARKET Key Commodities Last Trade Change 1-D 1-Mth YTD Brent Crude ($/bl) % -0.4% -3.5% Silver ($/Oz) % 0.7% -2.4% Gold ($/Oz) 1, % 0.6% 1.9% Copper LME ($/MT) 6,909.8 (56.0) -0.8% 1.1% -4.1% Aluminium LME ($/MT) 2,075.5 (53.5) -2.5% -4.0% -8.0% Baltic Dry 1, % 9.6% -11.3% CURRENCY RATES Last Trade Change 1-D 1-Mth YTD USD/INR % 0.9% 1.6% EUR/INR % 1.6% 5.4% RATES Last Trade Change 1-D 1-Mth YTD T-Bill - 91 D % -1.8% 1.4% 10 Year G-sec Yield % 2.0% 4.8% INVESTMENT ACTIVITY (RS. CR) Category BUY SELL NET Prev FII 4, ,599.4 (719.8) DII 3, , (734.3) EXCHANGE TURNOVER Exchange Rs Crore BSE Equity 3,448.8 BSE Derivatives 0.16 NSE Equity 30,909.3 NSE Derivatives 8,70,

2 Technical Research MARKET SYNOPSIS Yesterday, NSE-NIFTY begun the session on a dull note and later extended losses amidst weak global cues, where its first intraday support of 10,170 level tried to halt further decline, but that eorts turned futile as the index breached that support level in the late trades. Finally after registering a high of 10,243 and low of 10,142 levels during the day, NIFTY finished trade with the loss of 95 points at 10,154 mark. NSE Cash segment reported turnover of Rs30,909 crore as compared to Rs29,914 crore earlier. Overall market breadth remained negative, where 190 stocks advanced against 1358 declined stocks. Negative trend was observed across all the sectoral indices during the day baring FMCG (rose by 0.7%), where Pharma and PSU Bank indices emerged as top losers with the decrease of 1.5% and 3.6%, respectively. However rest of the sectoral indices has reported fall of between 0.2% and 1.4%. NSE-NIFTY OUTLOOK NSE-NIFTY lost 10,200 mark and slipped to 3-months closing low continuing prior daily down-trend, where the index has formed back to back Bearish Candlestick Patterns on the daily scale. As mentioned earlier, our negative view will remain intact, but near-term rebound or some sideways movement cannot be ruled out before NIFTY resumes its southward journey as the index reached to its 200-day moving averages (placed at 10,100 mark) and major key technical indicators moved into their oversold zone. On the higher, NIFTY will face hurdles at 10,350 and then at 10,500 levels. However in case of further decline, its psychological level-10,000 will work as a strong support for the index. As for the day, support is placed at around 10,100 and then at 10,030 levels, while resistance is observed at 10,275 and then at 10,350 levels. 2

3 Technical Research : PREV.CLOSE: 708 RECO: SELL IN: RANGE TARGET: 650 STOP LOSS: 750 The stock reversed after facing resistance of prior break-down line and also, its medium-term moving averages (all are placed around Rs740). Due to recent turnaround, (i) RSI reversed from 50-mark and given negative cross-over, (ii) MACD failed to head above the neutral line and given bearish cross-over and, (iii) Stochastic has continued its down-move. We believe the stock will remain in pressure for the short-term, where it will find support around upward slopping trend line. In case of rebound, its medium-term moving averages will cap the up-side. Though our view is negative, a bounce back from its long-term moving averages cannot be ruled out. Hence, fresh short position can be initiated only in the range of Rs for the target of Rs650 with a stop loss of Rs750. 3

4 Derivatives Snapshot Nifty opened lower and traded weak throughout the day with sharp profit booking across sectors and stocks correcting by 300 points in the last 3 days. Nifty closed down by 95 points at 10,154 levels. Among the nifty stocks 14 stocks advanced and 36 declined during the day. Sectorally, all sectors witnessed profit booking with the highest decline in PSU Banks, Metals, and Pharma to decline by 3.6%, 1.2% and 1.5% respectively while FMCG gained by 0.6% for the day. Broader market indices remained weak with NIFTY 100,200 and 500 to close down by 0.9% average while midcap indices and small cap indices declined by 1.5% and by 2.2% respectively. Nifty March futures ends with 17 point premium at 10,171 mark, while on other hand, Bank Nifty March futures ended with the premium of 80 points at 24,214 mark. Nifty has closed near to its 200 day average on the downside and we believe markets could see some bounce from lower levels post the breakdown from its long term average. Nifty 10,300 CE and 10,500 CE has seen fresh addition of 4 lakhs shares moving the OI higher and now the supports of 10,300 will act as strong resistance. Sectoral Activity: Amongst sectoral index, Infra and PSU Banks remained in focus with negative momentum. Stock Activity: NCC and Indian Bank have observed some amount of short build up in today s trade. TOP 5 PRICE GAINERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance HEXAWARE TECHNOLOGIES LTD % 83.66% 0.77% NIIT TECHNOLOGIES LTD % % 5.42% HCL TECHNOLOGIES LTD % 94.39% -2.05% ORACLE FIN SERV SOFT LTD % % -6.88% DALMIA BHARAT LIMITED % % -1.50% TOP 5 PRICE LOSERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance FORTIS HEALTHCARE LTD % 21.18% % JAIPRAKASH ASSOCIATES LTD % 77.71% 5.90% KARNATAKA BANK LIMITED % % 9.97% ANDHRA BANK % % 8.47% ADANI ENTERPRISES LIMITED % % 29.48% TOP 5 OI GAINERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance ADANI ENTERPRISES LIMITED % % 29.48% TORRENT PHARMACEUTICALS L % % 14.98% CANARA BANK % % 14.19% ADANI PORT & SEZ LTD % % 12.57% ICICI BANK LTD % 66.07% 11.06% TOP 5 OI LOSERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance FORTIS HEALTHCARE LTD % 21.18% % ORACLE FIN SERV SOFT LTD % % -6.88% ORIENTAL BANK OF COMMERCE % 61.01% -5.23% HOUSING DEV & INFRA LTD % 90.25% -5.22% MUTHOOT FINANCE LIMITED % 40.23% -4.93%

5 Derivatives Snapshot TOP 5 RISE IN % DEL CHG Stock Name LTP % Price Chg % Vol Chg %Del Chg Support Pivot Resistance IDFC LIMITED % % % KARNATAKA BANK LIMITED % % % DABUR INDIA LTD % % % DALMIA BHARAT LIMITED % % % PTC INDIA LIMITED % 80.12% % TOP 5 DECLINE IN % DEL CHG Stock Name LTP % Price Chg % Vol Chg %Del Chg Support Pivot Resistance AJANTA PHARMA LIMITED % % % UNITED BREWERIES LTD % % % WIPRO LTD % % % CG POWER AND IND SOL LTD % % % JUBILANT FOODWORKS LTD % % % SECTORAL ACTIVITY Value Average of OI Average of Price Total Average of Total OI Change % Change % Volume Volume Change % Consumer Discretionary % -1.1% % Consumer Staples % -0.5% % Energy % -1.1% % Financials % -2.8% % Health Care % -2.1% % Industrials % -2.9% % Information Technology % -0.4% % Materials % -1.9% % Telecommunication Services % -2.4% % Utilities % -3.3% % Grand Total % -1.9% % 5

6 Pivot Table Name LTP Support 2 Support 1 Pivot Resistance 1 Resistance 2 Nifty NIFTY100 LowVol Nifty GS Compsite ADANI PORT & SEZ LTD AMBUJA CEMENTS LTD ASIAN PAINTS LIMITED AUROBINDO PHARMA LTD AXIS BANK LIMITED BAJAJ AUTO LIMITED BAJAJ FINANCE LIMITED 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 PETROLEUM CORP 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 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 PHARMACEUTICAL IND L TATA MOTORS LIMITED TATA STEEL LIMITED TATA CONSULTANCY SERV LT TECH MAHINDRA LIMITED ULTRATECH CEMENT LIMITED UPL LIMITED VEDANTA LIMITED

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 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 7/3/ FANCOS TRADEMART PRIVATE LIMITED B 100, /3/ JAYNEEL SECURITIES PRIVATE LIMITED B 76, /3/ GUINESS SECURITIES LIMITED B 48, /3/ IDEAL MOTOR FINANCE PRIVATE LIMITED S 176, /3/ IDEAL MOTOR FINANCE PRIVATE LIMITED B 72, /3/ JOHNSON AND ANDREW PROPERTIES PVT LTD B 248, /3/ SHIMTH AND THOMSON REALTY PVT LTD B 244, /3/ TRUPTI KETAN KARANI B 35, /3/ ANSHUL KETAN KARANI S 35, /3/ SHITAL P DALAL S 10, /3/ SALIM MOHAMMED HUSSEIN PUNJANI B 11, /3/ ENRICH CONSULTING PRIVATELIMITED B 128, /3/ GOENKA BUSINESS &FINANCE LIMITED S 128, /3/ TAXUS ENTERPRISES PRIVATE LIMITED B 104, /3/ USHA GUPTA S 53, /3/ BAKIBUR RAHAMAN B 39, /3/ WAY2WEALTH SECURITIES P LTD S 91, /3/ WAY2WEALTH SECURITIES P LTD B 91, /3/ ESSAR TRADING COMPANY S 93, /3/ ESSAR TRADING COMPANY B 93, /3/ SHILPHY STEEL PRIVATE LIMITED S 94, /3/ SHILPHY STEEL PRIVATE LIMITED B 94, /3/ VAYU UDAAN AIRCRAFT LLP B 1,300, /3/ CARNIWAL INVESTMENT LTD S 1,300, /3/ DEEPAK PARSHARAM SALVI S 75, /3/ DEEPAK PARSHARAM SALVI B 75, /3/ AJAY DHIRAJLAL NATHWANI S 35, /3/ AJAY DHIRAJLAL NATHWANI B 35, /3/ PREETI AJAY NATHWANI S 58, /3/ PRANAV VORA B 500, /3/ AMAR MUKESH SHAH S 670, /3/ NIDHI ABHINAV AGGARWAL B 7, /3/ NIRMAL KUMAR SETHIA S 8, /3/ IDBI BANK LIMITED S 800, /3/ BP COMTRADE PVT LTD S 167, /3/ BP COMTRADE PVT LTD B 75, /3/ BP FINTRADE PRIVATE LIMITED S 136, /3/ BP FINTRADE PRIVATE LIMITED B 135, /3/ SUKHBIR SINGH DAHIYA B 500, /3/ PRERNA AHLAWAT B 500, /3/ BHAVNA DARSHAN MEHTA S 37, /3/ BHAVNA DARSHAN MEHTA B /3/ SHERWOOD SECURITIES PVT LTD B 68, /3/ GUINESS SECURITIES LIMITED B 70, /3/ MANISH S 70, /3/ GOLDEN GOENKA CREDIT PVT LTD B 28, /3/ DEVKINANDAN CORPORATION LLP S 231, /3/ RADHE SHYAM SARAF S 100, *B - Buy, S - Sell, ** = Weighted Average Trade Price / Trade Price 8

9 Monthly Economic Calendar Date Time Country Event Period Prior6k 8-Mar-18 EC ECB Main Refinancing Rate 8-Mar 0.0% 8-Mar-18 US Initial Jobless Claims 3-Mar 210k 8-Mar-18 CH CPI YoY Feb 1.5% 9-Mar-18 US Change in Nonfarm Payrolls Feb 200k 9-Mar-18 IN BoP Current Account Balance 4Q -$7.20b 12-Mar-18 IN CPI YoY Feb 5.1% 12-Mar-18 IN Industrial Production YoY Jan 7.1% 12-Mar-18 IN Manpower Survey 2Q 21.0% 13-Mar-18 US CPI MoM Feb 0.5% 13-Mar-18 JN Core Machine Orders MoM Jan -11.9% 14-Mar-18 IN Wholesale Prices YoY Feb 2.8% 14-Mar-18 IN Trade Balance Feb -$ m 14-Mar-18 IN Exports YoY Feb 9.1% 14-Mar-18 IN Imports YoY Feb 26.1% 15-Mar-18 US Initial Jobless Claims 10-Mar Mar-18 JN Industrial Production MoM Jan F -6.6% 16-Mar-18 EC CPI YoY Feb F 1.3% 16-Mar-18 US U. of Mich. Sentiment Mar P Mar-18 UK CPI MoM Feb -0.5% 20-Mar-18 UK CPI YoY Feb 3.0% 21-Mar-18 US FOMC Rate Decision (Upper Bound) 21-Mar 1.5% 21-Mar-18 AU Employment Change Feb 16.0k 21-Mar-18 AU Unemployment Rate Feb 5.5% 22-Mar-18 UK Bank of England Bank Rate 22-Mar 0.5% 22-Mar-18 US Initial Jobless Claims 17-Mar Mar-18 US Durable Goods Orders Feb P Mar-18 IN Eight Infrastructure Industries Feb 6.7% 27-Mar-18 US Conf. Board Consumer Confidence Mar Mar-18 US GDP Annualized QoQ 4Q T 2.5% 28-Mar-18 IN Fiscal Deficit INR Crore Feb 55, Mar-18 UK GDP QoQ 4Q F 0.4% 29-Mar-18 UK GDP YoY 4Q F 1.4% 29-Mar-18 US Initial Jobless Claims 24-Mar Mar-18 US U. of Mich. Sentiment Mar F Mar-18 JN Jobless Rate Feb 2.4% 29-Mar-18 JN Industrial Production MoM Feb P -- 2-Apr-18 US ISM Manufacturing Mar Apr-18 IN Nikkei India PMI Mfg Mar Apr-18 AU RBA Cash Rate Target 3-Apr -- 3-Apr-18 HK Retail Sales Value YoY Feb 4.1% 3-Apr-18 AU Building Approvals MoM Feb 17.1% 4-Apr-18 US Durable Goods Orders Feb F -- 5-Apr-18 US Initial Jobless Claims 31-Mar -- 9

10 Corporate Actions Ex-Dividend Company Name Ex-Date Purpose CESC Limited 8-Mar-18 Interim Dividend - Rs 12 Per Share (Purpose Revised) Housing & Urban Development Corporation Limited 8-Mar-18 Interim Dividend - Re 0.55 Per Share (Purpose Revised) IDFC Bank Limited 8-Mar-18 Interest Payment Standard Chartered PLC 8-Mar-18 Dividend Gammon India Limited 12-Mar-18 Annual General Meeting DIC India Limited 13-Mar-18 Annual General Meeting Oil & Natural Gas Corporation Limited 13-Mar-18 Interim Dividend - Rs 2.25 Per Share (Purpose Revised) Coal India Limited 14-Mar-18 Interim Dividend Indian Oil Corporation Limited 15-Mar-18 Bonus 1:1 NBCC (India) Limited 15-Mar-18 Interim Dividend Engineers India Limited 19-Mar-18 Interim Dividend Colgate Palmolive (India) Limited 20-Mar-18 Interim Dividend La Opala RG Limited 22-Mar-18 Bonus 1:1 Sundaram Clayton Limited 22-Mar-18 Interim Dividend The United Nilgiri Tea Estates Company Limited 23-Mar-18 Interim Dividend 10

11 Guided Allocation Towards Research Products Product Allocation (%) Max. Allocation in 1 stock (%) Number of Calls Frequency Call Duration Trading Products Intraday stocks Daily Daily Positional Calls/weekly calls/btst stocks Weekly Fortnightly TradEdge stocks Fortnightly Monthly Option Strategies stocks Weekly Weekly Cash 10 Total 100 Investment Products Product Allocation (%) Max. Allocation in 1 stock (%) Number of Calls Frequency Call Duration Rsec Model Portfolio stocks Monthly Half Yearly Stock In Focus stock Daily Quarterly Fundamental Calls Quarterly Yearly Initiating Coverage As and When Yearly Cash 5 Total

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