MARKET LENS. Positional Pick. Intraday Picks NIFTY 9786 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, % 2.1% 19.2% CNX Nifty 9, % 1.8% 19.5% S&P CNX 500 8,544.9 (12.1) -0.1% 1.6% 22.4% SENSEX 50 10, % 1.9% 20.4% International Last Trade Change 1-D 1-Mth YTD DJIA 21, % 0.8% 8.3% NASDAQ 6, % 0.3% 15.1% NIKKEI 20,125.0 (70.5) -0.4% 1.1% 5.3% HANGSENG 26, % 1.2% 18.2% MSCI Emerging Mkts 1, % 0.9% 18.1% STOCK IN FOCUS IndusInd Bank closed flat, outperforming benchmark Bank NIFTY by 0.4%. The bank has delivered a healthy performance on operating as well as assets quality front in 1QFY18. Its profit after tax grew by 26.5% YoY and 11.3% QoQ to Rs8.4bn led by robust growth in balance sheet and healthy improvement in NII and fee-based income Saving deposit growth further accelerated to 65.3% YoY and 16.7% QoQ to Rs316bn. As a result CASA ratio improved to 37.8% in 1QFY18 v/s 36.9% in 4QFY17 and 34.4% in 1QFY17. Under newly introduced Planning Cycle-IV, the Bank will look forward to double its loan book over next three years. Major growth will come from organic route with corporate and consumer division will have approximately a 50:50 mix. We expect that the Bank is likely to sustain strong growth in CASA deposits and fee-based income as its total branch count is expected to reach 2,000 FY20-end. We reiterate our BUY recommendation on the stock with an unrevised Target Price of Rs1,716 based on 3.7x FY19E Adjusted book value. (PREVIOUS CLOSE: 637) SELL For today s trade, short position can be initiated in the range of Rs for the target of Rs590 and with a strict stop loss of Rs670. s (PREVIOUS CLOSE: 1863) SELL FOR TODAY S TRADE, SHORT POSITION CAN BE INITIATED AT AROUND RS1890 FOR THE TARGET OF RS AND WITH A STRICT STOP LOSS OF RS1915. (PREVIOUS CLOSE: 258) SELL For today s trade, short position can be initiated at around Rs259 for the target of Rs and with a strict stop loss of Rs264. ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy s Lab (ADR) 41.5 (0.4) -1.0% 1.6% -8.3% Tata Motors (ADR) % -0.3% 1.5% Infosys (ADR) % 2.7% 4.3% ICICI Bank (ADR) 8.9 (0.1) -1.0% 1.3% 30.7% HDFC Bank (ADR) % 0.9% 45.7% Axis Bank (GDR) 39.0 (0.5) -1.3% 0.5% 18.9% Reliance Ind (GDR) 45.8 (0.5) -1.0% 12.7% 45.0% COMMODITY MARKET Key Commodities Last Trade Change 1-D 1-Mth YTD Brent Crude ($/bl) % -0.2% -15.2% Silver ($/Oz) % -6.2% 0.0% Gold ($/Oz) 1, % -3.8% 6.2% Copper LME ($/MT) 5, % 1.2% 5.9% Aluminium LME ($/MT) 1, % -0.9% 10.5% Baltic Dry (2.0) -0.2% -5.7% -14.7% CURRENCY RATES Last Trade Change 1-D 1-Mth YTD USD/INR % 0.2% -4.9% EUR/INR % 1.7% 2.7% RATES Last Trade Change 1-D 1-Mth YTD T-Bill - 91 D % 0.1% 1.2% 10 Year G-sec Yield % -0.5% -0.4% INVESTMENT ACTIVITY (RS. CR) Category BUY SELL NET Prev FII 5, , DII 3, , EXCHANGE TURNOVER Exchange Rs Crore BSE Equity 4,488.2 BSE Derivatives NSE Equity 26,456.5 NSE Derivatives 3,33,

2 Technical Research MARKET SYNOPSIS Yesterday, NSE-NIFTY has crossed 9,800 mark post a stable opening and later gradually moved higher, but in the second half, index reversed from 9,830 and slipped to 9,779 levels amidst higher level profit booking. Finally, NIFTY ended the day with trimmed gain at 9,786 mark, with rise of 15 points. NSE Cash segment reported turnover of Rs26,457 crore. Overall market breadth remained negative, where 647 stocks advanced against 1038 declined stocks. Mixed trend was observed across all the sectoral indices during the day, where IT and Auto indices emerged as top gainers with the increase of 0.7% each. However, on the hand, PSU Bank and Realty indices reported the highest loss (i.e.1.3% and 1.5% respectively). NSE-NIFTY OUTLOOK Though NSE-NIFTY managed to record new life-time-high, index ended ~0.5% down from the day s high, signaling near-term sluggish in the market. As mentioned earlier, our view will remain positive on NIFTY, but some decline or sideways movement cannot be ruled out, as RSI reached to the prior reversal point and Stochastic has given negative cross-over around its overbought zone. In case of major declines, its short-term 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 9,630 and at 9,518 levels respectively. However, on the higher side, NIFTY will face major hurdles around 9,900 and then at 10,000 levels. As for the day, support is placed at around 9,700 and then at 9,630 levels, while resistance is observed at 9,840 and then around at 9,900 levels. 2

3 Technical Research : PREV.CLOSE: 637 RECO: SELL IN: TARGET: 590 STOP LOSS: 670 Tata Chemicals witnessed sharp rebound from Rs585, but later the stock reversed after facing resistance of its life-time-high (Rs666.5) and slipped to 5-day closing low. Due to recent decline in the prices, key technical indicators-stochastic and RSI reversed from their overbought zone and bear market resistance area (60-67) respectively, signaling near-term weakness in the stock. As per the current daily set-up, we believe that Tata Chemicals will remain in pressure for next couple of days, where it will find major support around resistance-turned-support trend line, placed around Rs590. In case of any rebound, the stock will continue to face strong hurdle around its life-time-high. Thus, short position can be initiated in the range of Rs for the target of Rs590 and with a strict stop loss of Rs670. 3

4 Derivatives Snapshot Nifty rose to 9,830 level post strong opening, but later reversed in the second half due to profit booking and finally, closed the day at 9,786 mark with gain of 15 points. Among the Nifty stocks 28 stocks advanced and 23 stocks declined during the day. Sectorally it was a mixed bag with IT and Auto to gain by on an average 0.7% while PSU Bank and Realty sectors declined by 1.3% and 1.5% respectively. Broader market indices remained flat to negative with NIFTY 100,200 and 500 ended down by on an average 0.1% while Mid-cap and Small-cap indices decreased by 0.8% each. Nifty July future ended with 7 points of premium at 9,793 mark, while on other hand, Bank Nifty July future ended with the premium of 19 points at 23,603 level. Our positive stance on Nifty will remain intact, but either a time-wise or a price-wise correction cannot be ruled in the market till the time index closes below 9,800 mark, as Nifty 9,800 put has added 18 Lac shares in the OI. On the lower side, Nifty will find support around 9,600 level, as Nifty 9,600 put has the highest OI (i.e.74 Lac). Sectoral Activity: Amongst sectoral index, Auto and IT remained in focus with positive momentum. Stock Activity: NIIT Technologies and Hexaware Technologies observed build up in long position. TOP 5 PRICE GAINERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance INDRAPRASTHA GAS LTD % % 6.16% NIIT TECHNOLOGIES LTD % % 54.38% JINDAL STEEL & POWER LTD % % 5.06% HEXAWARE TECHNOLOGIES LTD % % 12.37% SUZLON ENERGY LIMITED % % 5.26% TOP 5 PRICE LOSERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance IDFC BANK LIMITED % 30.26% -2.39% JAIPRAKASH ASSOCIATES LTD % % -1.89% INDIABULLS REAL EST. LTD % % -5.19% SHRIRAM TRANSPORT FIN CO % % 5.83% THE SOUTH INDIAN BANK LTD % % 15.71% TOP 5 OI GAINERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance NIIT TECHNOLOGIES LTD % % 54.38% AJANTA PHARMA LIMITED % % 48.16% HINDUSTAN PETROLEUM CORP % % 47.65% LIMITED % % 41.84% LIC HOUSING FINANCE LTD % % 19.32% TOP 5 OI LOSERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance MAX FINANCIAL SERV LTD % % -8.31% CONTAINER CORP OF IND LTD % % -7.23% BHARTI AIRTEL LIMITED % % -5.65% INDIABULLS REAL EST. LTD % % -5.19% HOUSING DEV & INFRA LTD % % -5.09%

5 Derivatives Snapshot TOP 5 RISE IN % DEL CHG Stock Name LTP % Price Chg % Vol Chg %Del Chg Support Pivot Resistance DALMIA BHARAT LIMITED % % % DABUR INDIA LTD % % % ORACLE FIN SERV SOFT LTD % % % INDRAPRASTHA GAS LTD % % % NIIT TECHNOLOGIES LTD % % % TOP 5 DECLINE IN % DEL CHG Stock Name LTP % Price Chg % Vol Chg %Del Chg Support Pivot Resistance DLF LIMITED % % % EQUITAS HOLDINGS LIMITED % -3.43% % BANK OF INDIA % 65.46% % BANK OF BARODA % 21.72% % ALLAHABAD BANK % % -9.17% SECTORAL ACTIVITY Value Average of OI Average of Price Total Average of Total OI Change % Change % Volume Volume Change % Consumer Discretionary % -0.5% % Consumer Staples % -0.2% % Energy % 0.2% % Financials % -1.5% % Health Care % -0.8% % Industrials % -0.3% % Information Technology % 0.5% % Materials % -0.6% % Telecommunication Services % -1.8% % Utilities % -0.5% % Grand Total % -0.7% % 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 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 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 ** 11/7/ ADHUNIKIND RESOURCES PRIVATE LIMITED B 270, /7/ AIFL PRADEEP NAHAR S 127, /7/ AIFL PRADEEP NAHAR B 127, /7/ AIFL CHITRANJAN BAID S 100, /7/ AJANTPHARM GANGA EXPORTS S 2,485, /7/ AJANTPHARM SBI MUTUAL FUND B 1,357, /7/ BODALCHEM RAKESHBHAI RAVJIBHAI PATEL S 2,350, /7/ BODALCHEM BENGAL FINANCE AND INVESTMENT PVT LTD B 725, /7/ BODALCHEM ASHISH RAMESHCHANDRA KACHOLIA B 1,200, /7/ CATVISION KAPIL CHOPRA B 35, /7/ DIANATEA CHARAMSUKH IT MARKETING PVT LTD S 70, /7/ DIANATEA CHARAMSUKH IT MARKETING PVT LTD B 85, /7/ DIANATEA BHAAVOSHALI MANAGMENT SERVICES PVT LTD S 80, /7/ EMGEECA BHARMAL LODHA S 44, /7/ GEL KETAN VALLABHDAS THAKKAR S 45, /7/ GEL VINODBHAI MANJIBHAI CHAUHAN S 21, /7/ GEL VINODBHAI MANJIBHAI CHAUHAN B 21, /7/ GEL SUNIL TOSHNIWAL (HUF) S 12, /7/ GEL SUNIL TOSHNIWAL (HUF) B 18, /7/ GEL GAYATRI RATHI B 18, /7/ GEL JAIKISHAN GIRDHARILAL PUROHIT B 24, /7/ HCG BUENA VISTA FUND MGT LLC A/C BUENA VISTA ASIAN OPPOR MASTER F B 554, /7/ LACTOSE ALAUKIK MINES AND POWER P LTD S 73, /7/ OCTAWARE ARYAMAN BROKING LIMITED S 40, /7/ OCTAWARE ARYAMAN BROKING LIMITED B 4, /7/ OCTAWARE SAJANKUMAR RAMESHWARLAL BAJAJ B 33, /7/ PVVINFRA UNNATI INVESTMENT S 39, /7/ PVVINFRA K VENKATESWARLU S 15, /7/ PVVINFRA K VENKATESWARLU B 47, /7/ RCCL SREE GOPAL BAJORIA S 20, /7/ RDBRL GEDALIA MULTITRADING PRIVATE LIMITED S 137, /7/ RDBRL GEDALIA MULTITRADING PRIVATE LIMITED B 137, /7/ RIDDHICORP RAJANBHAI BIPINBHAI SHAH B 20, /7/ RIDDHICORP BEELINE BROKING LIMITED S 41, /7/ RIDDHICORP BEELINE BROKING LIMITED B 1, /7/ RIDDHICORP SEFALI SUNIL PANDYA B 22, /7/ RIDDHICORP BISHAL P MORE S 52, /7/ STARLITE BHANWARI DEVI VYAS S 75, /7/ STARLITE BHANWARI DEVI VYAS B 98, /7/ VEERENRGY KALPESH DINESHBHAI PATEL S 65, /7/ VEERENRGY KALPESH DINESHBHAI PATEL B 65, /7/ VEERENRGY DIVYABEN HITESHBHAI GANGANI S 72, /7/ VEERENRGY DIVYABEN HITESHBHAI GANGANI B 72, /7/ VEERENRGY HARISHKUMAR KANTILAL PATEL S 58, /7/ VEERENRGY HARISHKUMAR KANTILAL PATEL B 58, /7/ VEERENRGY UDAY ANUBHAI SHAH S 75, /7/ VEERENRGY UDAY ANUBHAI SHAH B 75, *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 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 Mafatlal Finance Limited 13-Jul-17 Annual General Meeting Lumax Industries Limited 13-Jul-17 Annual General Meeting/Dividend - Rs Per Share Mahindra & Mahindra Limited 13-Jul-17 Annual General Meeting/Dividend - Rs 13/- Per Share Larsen & Toubro Limited 13-Jul-17 Bonus 1:2 Info Edge (India) Limited 13-Jul-17 Annual General Meeting/ Dividend - Rs 1.50 Per Share RPG Life Sciences Limited 13-Jul-17 Annal General Meeting/Dividend - Rs 2.80 Per Share Result Calendar Company Name Board Meeting Date Purpose Bajaj Corp Limited 12-Jul-17 Results Cyient Limited 13-Jul-17 Results Goa Carbon Limited 13-Jul-17 Results/Others 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 10

11 Result Calendar Company Name Board Meeting Date Purpose 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 Nucleus Software Exports Limited 20-Jul-17 Results R. S. Software (India) Limited 20-Jul-17 Results/Others RBL Bank Limited 20-Jul-17 Results Wipro Limited 20-Jul-17 Results Ashok Leyland Limited 21-Jul-17 Results Atul Limited 21-Jul-17 Results Can Fin Homes Limited 21-Jul-17 Results 11

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