MARKET LENS. Positional Pick. Intraday Picks NIFTY 9504 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 30, % -0.9% 15.9% CNX Nifty 9, % -1.2% 16.1% S&P CNX 500 8, % -0.6% 18.9% SENSEX 50 9, % -1.0% 17.0% International Last Trade Change 1-D 1-Mth YTD DJIA 21,287.0 (167.6) -0.8% 1.3% 7.7% NASDAQ 6,144.4 (90.1) -1.5% -0.9% 14.1% NIKKEI 20,006.3 (214.0) -1.1% 1.8% 4.7% HANGSENG 25,739.6 (225.9) -0.9% 0.3% 17.0% MSCI Emerging Mkts 1, % 0.9% 17.6% STOCK IN FOCUS Pidilite Industries closed 1.8% up for the day at Rs796 compared to 0.1% increase in the benchmark Nifty. Pidilite posted decent set of numbers in 4QFY17 with impressive volume growth of 8% YoY vs. 1.5% YoY volume decline witnessed in the preceding quarter. We expect the company to benefit post GST roll-out, as the proposed GST rate for adhesives at 18% is lower than the current indirect tax rate of 23% for the company. Pidilite is estimated to post consolidated revenues of Rs64.6bn and Rs74.1bn and net profit of Rs10.1bn and Rs11.8bn in FY18E and FY19E, respectively. Based on expected EPS of Rs23, the stock currently trades at P/E multiple of 34.6x FY19E earnings. f f Expecting Pidilite to command premium multiples on account of strong brands, market leadership, superior management bandwidth, stable input cost and GST roll-out, we recommend BUY on the stock with a Target Price of Rs874. (PREVIOUS CLOSE: 259.3) BUY For today s trade, long position can be initiated at Rs259 for target of Rs284 and with a strict stop loss of Rs242. s HERO MOTOCORP LTD (PREVIOUS CLOSE: ) BUY For today s trade, long position can be initiated at around Rs3700 for target of Rs and with a strict stop loss of Rs3660. (PREVIOUS CLOSE: 1454) SELL For today s trade, short position can be initiated at around Rs1470 for target of Rs and with a strict stop loss of Rs1500. ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy s Lab (ADR) 41.1 (0.4) -1.0% 6.4% -9.2% Tata Motors (ADR) 33.3 (0.8) -2.3% -9.5% -3.1% Infosys (ADR) 14.9 (0.0) -0.2% -1.4% 0.4% ICICI Bank (ADR) 8.9 (0.2) -1.9% -1.4% 30.6% HDFC Bank (ADR) 86.1 (2.1) -2.3% -2.0% 41.9% Axis Bank (GDR) % 0.5% 19.8% Reliance Ind (GDR) % 4.4% 36.5% COMMODITY MARKET Key Commodities Last Trade Change 1-D 1-Mth YTD Brent Crude ($/bl) % -5.1% -16.0% Silver ($/Oz) % -3.8% 4.8% Gold ($/Oz) 1, % -1.8% 8.6% Copper LME ($/MT) 5, % 5.2% 7.4% Aluminium LME ($/MT) 1, % -1.9% 12.1% Baltic Dry % 5.8% -3.3% CURRENCY RATES Last Trade Change 1-D 1-Mth YTD USD/INR % 0.2% -4.9% EUR/INR % 2.1% 2.8% RATES Last Trade Change 1-D 1-Mth YTD T-Bill - 91 D % 0.3% 1.3% 10 Year G-sec Yield % -2.4% -0.2% INVESTMENT ACTIVITY (RS. CR) Category BUY SELL NET Prev FII 6, , , DII 4, , EXCHANGE TURNOVER Exchange Rs Crore BSE Equity 3,956.0 BSE Derivatives NSE Equity 29,698.0 NSE Derivatives 13,79,

2 Technical Research MARKET SYNOPSIS Yesterday, NSE-NIFTY moved higher gradually post gap up opening on back of firm global cues, but in the second half, index reversed from 9,576 level facing resistance of its short-term moving average 20-day EMA and slipped to sub 9,500 mark. Later, index tried to recover initial gain with a corresponding bounce back, but it failed and registered new low of 9,494 level. Finally, NIFTY ended the session with trimmed gain (just 13 points) at 9,504 level. NSE Cash segment reported turnover of Rs29,698 crore as compared to Rs21,804 crore earlier. Overall market breadth remained positive, where 1100 stocks advanced against 549 declined stocks. Mixed trend was observed across all the sectoral indices during the day, where once again Metal index emerged as a top gainer with the increase of 2%. However, on the other hand PSU Bank index reported the highest loss (i.e.0.8%) during the day. NSE-NIFTY OUTLOOK In the last expiry, NSE-NIFTY has breached six series old positive closing trend forming indecisive pattern-doji. In June series, NIFTY managed to record new high of 9,709.3 level in the initial week, but later due to lack of market participation and higher level profit booking index remained in pressure and slipped to 9,473 mark. As mentioned earlier, we continue to believe that NIFTY will remain in pressure till the time it settles below the short-term moving average 20-day EMA (now placed around 9,570 mark). On the higher side, major hurdle is observed around its life-time-high of 9,710 mark. However, in case of any decline, NIFTY will find support at around 9,400 and then at 9,300 levels. As for the day, support is placed at around 9,430 and then at 9,340 levels, while resistance is observed at 9,570 and then around at 9,650 levels. 2

3 Technical Research : PREV.CLOSE: RECO: BUY AT: 259 TARGET: 284 STOP LOSS: 242 Wipro Ltd continued prior consolidation after witnessing sharp decline from its multi month high of Rs284. Due to recent consolidation in the price, key technical indicator-rsi reversed from its bull market support zone (i.e.40-33) and given positive cross-over. As per the current daily set-up, we believe that stock is on the verge of turnaround and soon it will resume the uptrend. On the higher side, major hurdle is observed around Rs284, which is the prior swing high. In case of any negative surprise, lower band of that channel will save the stock from falling, but major support is placed around Rs242, which is coinciding with the long-term moving average 200-day SMA and April month s low. Thus, long position can be initiated at Rs259 for the target of Rs284 and with a strict stop loss of Rs242. 3

4 Derivatives Snapshot Nifty opened higher on back of global cues, but failed to cross 9,580 as mentioned and swing to close near the low point of the day. Nifty closed up by 13 points at 9,504 levels. Among the nifty stocks 25 stocks advanced and 26 declined during the day. Sectorally it was a mixed bag with Metals, Realty and FMCG to gain by 2.0%, 0.9% and 0.6% respectively while PSU Banks and Pharma declined by 0.6% average for the day. Broader market indices remained flat with NIFTY 100,200 and 500 to close up by 0.2% average while midcap indices and small cap indices gained by 0.5% and 1% respectively. Nifty June futures ends with 15 points premium at 9,519 mark, while on other hand, Bank Nifty June futures ended with the premium of 4 points at 23,231 mark. Nifty has ended flat down by 6 points from previous expiry and ended in a Doji pattern on the monthly candle, an either side breakout of the range could be expected in the next series. A breakout above 9,650 only build positive momentum across sectors and stocks while on the downside supports exists at ,420 levels. Sectoral Activity: Amongst sectoral index, FMCG and Metals remained in focus with positive momentum. Stock Activity: ITC and VEDL observed build up in long position. TOP 5 PRICE GAINERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance JAIPRAKASH ASSOCIATES LTD % 47.87% % RELIANCE COMMUNICATIONS L % 34.28% % DISH TV INDIA LTD % % % THE INDIA CEMENTS LIMITED % 22.58% % AXIS BANK LIMITED % -6.59% % TOP 5 PRICE LOSERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance HAVELLS INDIA LIMITED % 43.81% % PAGE INDUSTRIES LTD % % % KOTAK MAHINDRA BANK LTD % % % ORIENTAL BANK OF COMMERCE % 45.78% % INTERGLOBE AVIATION LTD % % % TOP 5 OI GAINERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance MRF LTD % 49.59% -6.02% JSW ENERGY LIMITED % 65.77% -7.69% IDFC BANK LIMITED % % -7.73% RBL BANK LIMITED % 68.83% % CESC LTD % 58.90% % TOP 5 OI LOSERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance SINTEX INDUSTRIES LTD % -8.73% % JET AIRWAYS (INDIA) LTD % % % RELIANCE CAPITAL LTD % 30.39% % TITAN COMPANY LIMITED % 23.66% % HEXAWARE TECHNOLOGIES LTD % 9.99% %

5 Derivatives Snapshot TOP 5 RISE IN % DEL CHG Stock Name LTP % Price Chg % Vol Chg %Del Chg Support Pivot Resistance MINDTREE LIMITED % % % TVS MOTOR COMPANY LTD % % % TORRENT POWER LTD % % % MAX FINANCIAL SERV LTD % % % MARICO LIMITED % % % TOP 5 DECLINE IN % DEL CHG Stock Name LTP % Price Chg % Vol Chg %Del Chg Support Pivot Resistance APOLLO TYRES LTD % % % NATIONAL ALUMINIUM CO LTD % % % UNITED SPIRITS LIMITED % % % ASIAN PAINTS LIMITED % % % SHRIRAM TRANSPORT FIN CO % % % SECTORAL ACTIVITY Value Average of OI Average of Price Total Average of Total OI Change % Change % Volume Volume Change % Consumer Discretionary % 0.34% % Consumer Staples % 0.31% % Energy % 0.36% % Financials % 0.29% % Health Care % 0.09% % Industrials % -0.12% % Information Technology % 0.20% % Materials % 1.49% % Telecommunication Services % 1.80% % Utilities % 1.08% % Grand Total % 0.50% % 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 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 MOTORS DVR A ORD TATA POWER CO LTD TATA STEEL LIMITED TATA CONSULTANCY SERV LT TECH MAHINDRA LIMITED ULTRATECH CEMENT LIMITED VEDANTA LIMITED 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 ** 29/06/ ATHARVENT VINOD KUAMR DALAL S 1,050, /06/ CARERATING CANARA BANK S 2,593,446 1,660 29/06/ CARERATING CRISIL LIMITED B 2,622,430 1, /06/ GANESHBE PURITY TRADEMAX LLP S 396, /06/ GANESHBE PURITY TRADEMAX LLP B 396, /06/ GANGAPA AJCON FINANCE LIMITED S 99, /06/ GANGAPA UMA DEVI GARODIA B 99, /06/ GOACARBON ILLUMINATI TRADING PRIVATE LIMITED S 52, /06/ GOACARBON ILLUMINATI TRADING PRIVATE LIMITED B 52, /06/ INDOWIND SOURA CAPITAL PRIVATE LIMITED B 525, /06/ INDOWIND COMMENDAM INVESTMENTS PVT LTD S 500, /06/ ITL UTSAV PRAMODKUMAR SHRIVASTAV B 19, /06/ MNIL ASCENT DEALMARK PRIVATE LIMITED B 45, /06/ PVVINFRA DIPAK KANAYALAL SHAH B 40, /06/ RAFL SHILPI AGARWAL B 75, /06/ SFLINTER VINOD VRAJLAL NIRMAL S 101, /06/ SFLINTER VINOD VRAJLAL NIRMAL B 15, /06/ SHIVACEM JSW CEMENT LIMITED B 1,234, /06/ SITINET DIGITAL SATELLITE HOLDINGS PRIVATELIMITED B 32,662, /06/ SITINET ESSEL MEDIA VENTURES LIMITED S 32,662, *B - Buy, S - Sell, ** = Weighted Average Trade Price / Trade Price 8

9 Monthly Economic Calendar Date Time Country Event Period Prior 30-Jun-17 JN Jobless Rate May 2.8% 30-Jun-17 JN Industrial Production MoM May P -3.2% 30-Jun-17 UK GDP QoQ 1Q F Jun-17 UK GDP YoY 1Q F Jun-17 IN Fiscal Deficit INR Crore May -- 3-Jul-17 US ISM Manufacturing Jun Jul-17 IN Nikkei India PMI Mfg Jun -- 4-Jul-17 AU RBA Cash Rate Target 4-Jul 1.5% 5-Jul-17 IN Nikkei India PMI Services Jun -- 5-Jul-17 IN Nikkei India PMI Composite Jun -- 6-Jul-17 US Initial Jobless Claims 1-Jul -- 7-Jul-17 US Change in Nonfarm Payrolls Jun -- 9-Jul-17 IN Local Car Sales Jun Jul-17 JN BoP Current Account Balance May Jul-17 CH CPI YoY Jun Jul-17 IN Trade Balance Jun Jul-17 IN Exports YoY Jun Jul-17 IN Imports YoY Jun 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 Tata Coee Limited 30-Jun-17 Annual General Meeting/Dividend - Re 1.50 Per Share/Special Dividend Re 0.25 Per Share JSW Energy Limited 30-Jun-17 Annual General Meeting/ Dividend - Re 0.0 Per Share Hero MotoCorp Limited 30-Jun-17 Annual General Meeting/Dividend - Rs 30/- Per Share Jyothy Laboratories Limited 3-Jul-17 Annual General Meeting/Dividend - Rs 6/- Per Share Sanwaria Agro Oils Limited 3-Jul-17 Bonus 1:1 Petronet LNG Limited 3-Jul-17 Bonus 1:1 The Federal Bank Limited 3-Jul-17 Annual General Meeting/Dividend - Re 0.90 Per Share The South Indian Bank Limited 3-Jul-17 Annual General Meeting/Dividend Per Share Asian Hotels (West) Limited 3-Jul-17 Dividend - Re 1/- Per Share Plastiblends India Limited 3-Jul-17 Bonus 1:1 Mayur Uniquoters Ltd 4-Jul-17 Annual General Meeting/Dividend - Re 0.25 Per Share Essel Propack Limited 4-Jul-17 Dividend - Rs 2.40 Per Share CCL Products (India) Limited 4-Jul-17 Dividend - Rs 2.50 Per Share (Book Closure Dates Revised) Sundaram Finance Limited 4-Jul-17 Annual General Meeting/Dividend - Rs 6.50/- Per Share MSP Steel & Power Limited 5-Jul-17 Extra Ordinary General Meeting Zee Entertainment Enterprises Limited 5-Jul-17 Annual General Meeting/Dividend - Rs 2.50 Per Share Result Calendar Company Name Board Meeting Date Purpose Deepak Fertilizers and Petrochem Corporation Limited 30-Jun-17 Results/Dividend Deepak Fertilizers and Petrochem Corporation Limited 30-Jun-17 Results Easun Reyrolle Limited 30-Jun-17 Results Raj Television Network Limited 30-Jun-17 Results/Others ABG Shipyard Limited 4-Jul-17 Results Bhushan Steel Limited 5-Jul-17 Results GM Breweries Limited 6-Jul-17 Results Sanwaria Agro Oils Limited 7-Jul-17 Results/Others Cyient Limited 13-Jul-17 Results Goa Carbon Limited 13-Jul-17 Results/Others Gruh Finance Limited 15-Jul-17 Results Hindustan Media Ventures Limited 17-Jul-17 Results HT Media Limited 18-Jul-17 Results Maharashtra Scooters Limited 18-Jul-17 Results Bajaj Finance Limited 19-Jul-17 Results Bajaj Finserv Limited 19-Jul-17 Results Bajaj Auto Limited 20-Jul-17 Results Bajaj Holdings & Investment Limited 20-Jul-17 Results Kotak Mahindra Bank Limited 20-Jul-17 Results Tata Sponge Iron Limited 21-Jul-17 Results 3i Infotech Limited 22-Jul-17 Results 10

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