Derivatives Report January 27, 2017 Nifty (73.12%) inaugurated the first series of year 2017 with a constructive move. in Nifty in terms of percentage as well as open interest is on the upper side. Nifty rallied nearly 6% MoM with good amount of long positions and rollover figure suggests that these positions are still intact. FIIs too added significant longs in Index Futures in recent up move and as a result, their Long-Short ratio in Index future segment jumped from 67% to 82%. They rolled more than 75% of their longs, which clearly depicts their optimistic stance on our market ahead of Union Budget. On options front, being start of new series the overall build-up is quite scattered. However, 8700 & 9000 call options and 8400 & 8500 put options are attracting trader s attention. At current juncture, the overall data indicates continuation in ongoing momentum in near term too. Thus, traders are advised to avoid shorting in index and use declines as a buying opportunity. in BANKNIFTY (60.79%) are below its average in percentage terms; however, its inline in terms of open interest. We witnessed good amount of longs in the range of 18400-19000 and we believe these positions got rolled too. The overall banking and financial basket (except LICHSGFIN) performed well in January series. At current juncture, banking index has strong support at 18700-19000 levels. Considering overall data, it s advisable to trade banking stocks with positive bias in near term. Indices NIFTY & PCR Graph INDEX 3 month avg. NIFTY 8614.85 6.13 73.12 68.57 BANKNIFTY 19509.85 7.95 60.79 63.45 NIFTYIT 10184.00 (1.29) 82.08 80.37 NIFTYMID50 3622.15 (12.13) - - NIFTYINFRA 2713.70 (6.82) - - Monthly Gainers Open Interest Ol JPASSOCIAT 10.85 44.67 121516000 1.59 HAVELLS 421.85 28.38 4696000 27.61 INDIACEM 143.85 27.02 22526000 (16.10) SAIL 62.00 26.92 43800000 (11.36) DLF 137.85 25.95 28030000 (16.01) Note: Stocks which have more than 1000 contract in Futures. Monthly Losers Open Interest Ol DIVISLAB 677.95 (14.47) 6937800 128.97 MINDTREE 464.05 (11.21) 2576400 41.25 RCOM 31.05 (7.73) 102444000 9.53 INFY 940.25 (5.61) 17068000 26.01 HEXAWARE 197.25 (4.25) 4674000 9.56 Note: Stocks which have more than 1000 contract in Futures. SEBI Registration No: INB 010996539 1
Derivatives Report Banking and Financials HDFCBANK (74.38%) bounced from `1188 levels last series with good amount of open interest addition. In terms of percentage the rollover may seem to be on the lower side but it s high if open interest is considered. Thus, any dip near `1250- `1270 shall be a buying opportunity. SBIN (70.61%) is nearly 5% up series on series which was mainly due to short covering. However, we saw some fresh in last two-three trading session and we believe these positions are still intact. Thus, one should form fresh long between `552- `556 levels for the target of `578. Auto & Auto Ancillaries LICSGFIN (77.24%) is the only counter in this space that closed in red series on series. We witnessed significant build-up in correction from `560 to `517 levels. Although, this counter gave decent short covering bounced, still meaningful short are intact. Thus, we expect the up move to continue due to further short covering. TVSMOTORS (85.73%) rallied nearly 10% last series with good amount of longs. in this counter is above its averages both in terms of and percentage. Thus, this counter is a buy on dip for us. HEROMOTOCO (83.46%) traded in a narrow range in the start of January series. In last 3 trading sessions, we witnessed huge long positions when it bounced from `3058 levels and we believe these positions have been rolled too. Thus, traders are suggested to trade with a positive bias. in MARUTI (75.51%) is on the lower side. This counter rallied more than 9% but surprisingly no relevant longs were visible. Thus, trades should avoid forming longs at current levels unless we see relevant fresh longs in system. Oil & Gas RELIANCE (86.91%) is the only counter in large cap that underperformed (except some IT stocks). We witness huge short formation in this counter when it corrected from `1090-`1092 levels. At present. RELIANCE is trading near its support zone of Rs. `1000-`1020 levels. We expect some short covering bounce which may bring it near `1080-`1082 levels. GAIL (79.98%) rallied nearly with 70% (MoM) rise in open interest. Majority of the positions formed were on long side and these positions got rolled too. Thus, any dip near `460-`465 levels shall be a buying opportunity. One can expect `480-`482 levels in near term. Few counters like CAIRN (91.54%), PETRONET (87.38%) and IGL (79.02%) has high rollovers in this space. For Private Circulation Only SEBI Registration No: INB 010996539 2
Derivatives Report Metal & Mining HINDALCO (88.28%) was one of the major gainer in this space. The stock has added good amount of long positions and the same got rolled too. Stock has breached its immediate resistance of `180 `182 and managed to sustain above the same. Stock may rally further towards `198 `200 levels. Thus, trade with positive bias. VEDL (76.84%) is continuously attracting long positions. From last few months, corrections are not supported by short formations; while, we witnessed good amount of long build-up in up moves. Traders should use declines as a buying opportunity. Some of the liquid counters with high rollovers in this space are JINDALSTEL (92.11%), JSWSTEEL (86.05%) and SAIL (85.74%). Pharmaceuticals Open Interest of LUPIN (70.42%) remained flat on Month-on-Month basis and rollovers are also below its quarterly average. In last few days, we witnessed long build-up in the stock and any move above its resistance of `1530 `1540 may result into decent rally in the counter. DIVISLAB (87.60%) was the biggest loser in this space and added huge amount of short positions in last series. Shorts positions have got rolled too. Traders should avoid bottom fishing at current juncture. in DRREDDY (70.75%) is below its averages. Recently, the stock has rebounded from its support zone of `2900 - `2920 along with formation of fresh longs. Currently, the stock is light on positions and further long build-up may lead to an up move towards `3120 `3140 levels. IT INFY (79.78%) was one of the major Nifty losers in January series and we also witnessed short formations in that correction. Most of the shorts are still intact in the system and thus traders should refrain forming long positions at current levels. HCLTECH (82.68%) has added mixed positions in last series and most of them are still intact. s are marginally higher than its average. Currently, the stock has strong support at `830 levels and resistance at `880 levels. Traders should wait for further development in data before initiating any fresh position in the counter. MINDTREE (88.50%) was the major loser in this space and added highest on Month-on-Month basis. Stock added huge shorts in January series and rollovers are also above its average. The stock may continue to correct towards its strong support zone of `420 `425. For Private Circulation Only SEBI Registration No: INB 010996539 3
Derivatives Report Futures COC PCR- AUTO & AUTO ANCILLARIES AMARAJABAT 891.15 2.04 588600 13.41 7.10 1.12 71.71 74.49 APOLLOTYRE 188.10 0.99 10140000 45.82 9.10 0.51 90.69 85.35 ASHOKLEY 87.05 9.63 62349000 17.18 7.27 0.52 89.38 88.26 BAJAJ-AUTO 2850.85 7.25 1347750 0.71 0.53 0.65 82.07 78.97 BHARATFORG 954.45 4.69 4015200 (13.05) 2.38 0.29 83.08 83.46 BOSCHLTD 22953.90 11.00 73150 5.56 4.18 0.00 77.12 79.87 CASTROLIND 402.10 6.09 9640400 (13.67) 7.72 0.81 92.12 91.12 CEATLTD 1193.15 2.60 1640800 47.33 7.75 0.49 86.05 75.78 EICHERMOT 23118.55 7.46 203950 (3.12) 6.99 0.55 86.84 81.61 EXIDEIND 196.70 9.37 10112000 (5.18) 10.97 0.71 89.90 89.02 HEROMOTOCO 3250.05 6.58 1781800 26.75 1.01 1.30 83.46 80.02 M&M 1248.75 5.87 5401500 7.13 5.01 0.55 86.25 82.16 MARUTI 5828.15 9.38 1962450 (3.80) 5.55 0.61 75.51 77.81 MOTHERSUMI 333.35 1.85 10625000 23.30 7.02 0.76 87.88 88.15 MRF 53390.10 9.39 29730 7.31 7.67 0.00 87.78 85.50 TATAMOTORS 550.05 16.80 26850000 19.08 2.64 0.59 58.38 74.10 TATAMTRDVR 343.65 15.63 15550500 2.05 9.22 0.68 88.48 86.13 TVSMOTOR 391.80 10.07 8294000 30.99-3.20 0.66 85.73 78.66 BANKING & FINANCIALS ALBK 66.50 11.30 11950000 (9.40) 0.95 0.84 76.80 81.06 ANDHRABANK 50.15 6.25 19030000 (0.78) 6.31 0.71 73.36 79.04 AXISBANK 464.80 4.31 24571200 (8.30) 3.39 0.57 78.70 79.06 BAJFINANCE 1004.10 20.69 5975000 (26.50) 5.35 0.58 71.21 82.25 BANKBARODA 162.10 6.93 33586000 (0.36) 1.17 1.07 73.82 72.48 BANKINDIA 115.50 10.42 21348000 (10.33) 4.92 0.44 83.62 80.53 BHARATFIN 752.60 25.74 10045000 7.30 5.80 0.59 80.37 84.15 CANBK 276.65 5.94 14028000 4.84-22.78 0.69 83.51 80.85 DCBBANK 119.10 9.82 3636000 105.08 6.91 0.57 78.52 79.70 DHFL 286.75 16.45 17988000 14.82 7.51 0.59 87.58 88.22 FEDERALBNK 79.20 19.01 50644000 9.54 6.39 0.51 81.36 82.15 HDFC 1341.25 6.28 10684500 19.63 3.62 0.60 76.99 77.75 HDFCBANK 1293.55 7.20 32046500 14.03 2.88 0.50 74.36 80.73 IBULHSGFIN 752.05 16.63 14496800 13.21-5.66 0.75 92.75 84.08 ICICIBANK 260.80 3.41 52537500 (3.46) 4.12 0.59 69.60 75.03 IDBI 80.35 15.36 20304000 (29.13) 5.51 0.85 82.22 86.21 IDFCBANK 65.85 10.39 48608000 (2.03) 4.80 0.43 92.24 84.22 IDFC 59.65 8.75 60997200 11.06 9.57 0.81 94.40 86.44 IFCI 28.10 0.00 58410000 (5.11) 6.75 0.33 77.88 75.37 For Private Circulation Only SEBI Registration No: INB 010996539 4
Derivatives Report Futures COC PCR- INDUSINDBK 1271.25 15.00 4491600 0.75 5.82 0.31 65.87 72.70 KOTAKBANK 796.15 11.14 8432000 7.89 1.50 0.43 75.25 73.78 KTKBANK 114.90 1.91 17360750 24.29 7.71 0.67 83.39 85.11 L&TFH 101.70 19.58 23121000 (9.61) 8.72 0.45 82.66 85.56 LICHSGFIN 548.15 (1.76) 9132200 49.08 4.72 0.61 77.24 81.35 M&MFIN 287.05 7.05 10980000 (8.96) 3.30 0.63 69.43 71.79 ORIENTBANK 116.85 13.34 14220000 0.89 8.68 0.89 87.55 81.36 PFC 136.10 13.70 13128000 (6.77) -23.59 0.60 60.81 61.36 PNB 131.65 16.09 39067000 (24.06) -15.11 0.88 75.26 80.67 RECLTD 141.50 16.75 24522000 7.50-42.13 0.45 77.70 77.02 RELCAPITAL 462.20 8.40 11656500 6.44 8.50 0.70 89.85 87.49 SBIN 259.65 4.89 67032000 1.02 2.19 0.71 70.61 77.94 SOUTHBANK 21.45 9.72 39930000 (4.04) 11.85 0.93 91.48 87.42 SRTRANSFIN 957.00 14.59 3461400 5.74 7.47 0.10 89.26 83.10 SYNDIBANK 68.25 10.71 15831000 15.19-27.07 0.31 68.66 79.96 UNIONBANK 137.05 13.97 17260000 (8.33) -44.73 0.77 82.33 84.09 YESBANK 1409.60 22.53 8110200 2.12 2.51 0.71 77.55 77.43 CAPITAL GOODS & INFRASTRUCTURE ADANIPORTS 305.20 15.06 15222500 2.18 2.27 0.47 87.31 84.55 BEML 1246.85 25.91 1554000 97.11 8.90 0.22 81.60 84.77 BHEL 132.50 11.06 32640000 (9.07) 5.73 0.60 77.84 78.83 CROMPGREAV 65.10 11.09 16908000 (5.88) 8.76 0.45 83.52 75.32 ENGINERSIN 152.55 (3.80) 14364000 (11.67) 4.55 0.88 69.68 72.86 GMRINFRA 12.85 9.83 156195000 (2.66) 9.87 0.58 77.13 84.40 HAVELLS 421.85 28.38 4696000 27.61-5.94 0.63 78.61 80.82 IRB 228.10 17.09 9145000 7.21-1.10 0.34 88.21 85.71 JPASSOCIAT 10.85 44.67 121516000 1.59 11.71 0.38 87.60 87.27 LT 1453.55 8.11 8153000 5.13 3.30 0.91 72.28 79.17 RELINFRA 524.20 13.64 5651100 (20.95) 8.46 0.67 91.96 87.66 SIEMENS 1180.20 8.85 783000 9.43 0.11 0.25 84.69 80.03 VOLTAS 326.95 1.93 4374000 15.41 3.47 0.66 83.70 74.83 CEMENT ACC 1399.30 6.76 1298400 9.37-0.09 0.96 81.93 83.07 AMBUJACEM 228.25 11.40 13370000 8.96-4.94 0.39 77.14 77.51 GRASIM 930.20 9.84 7676250 (15.02) 2.85 0.60 71.18 82.37 INDIACEM 143.85 27.02 22526000 (16.10) 8.81 0.80 87.04 87.18 ULTRACEMCO 3684.10 14.47 2505200 (0.69) 1.27 0.97 71.65 79.61 For Private Circulation Only SEBI Registration No: INB 010996539 5
Derivatives Report Futures COC PCR- CHEMICAL & FERTILIZERS PIDILITIND 680.30 14.90 1149000 (24.41) -17.06 0.45 79.13 79.31 TATACHEM 539.55 8.87 4531500 24.63-4.07 0.51 86.74 84.87 UPL 744.80 16.18 5646000 (1.18) 7.82 0.34 91.55 88.61 CONSUMER GOODS & FMCG ASIANPAINT 980.35 10.92 4920600 (14.76) 3.41 0.49 83.82 77.96 BRITANNIA 3147.10 8.79 1113000 5.88 4.90 1.22 74.99 85.04 COLPAL 903.10 0.82 694400 24.62 7.92 0.22 85.08 82.81 DABUR 282.35 2.88 10885000 (13.46) 4.92 0.18 89.66 89.90 GODREJCP 1544.55 3.61 455600 (17.58) 2.90 0.37 50.55 72.06 HINDUNILVR 871.40 6.31 5320800 10.79 3.19 0.54 82.72 80.37 ITC 266.30 12.55 38882400 (2.14) 3.79 0.69 78.33 78.30 JUBLFOOD 857.95 4.43 1954000 (11.66) 5.75 0.45 78.11 80.33 MARICO 256.35 1.48 5293600 (34.47) 2.46 0.00 78.43 85.55 MCLEODRUSS 154.80 9.98 3816000 3.25 9.42 0.32 79.25 81.18 TATAGLOBAL 129.25 6.12 26865000 3.06 8.83 0.67 94.76 93.34 TITAN 373.00 15.77 6709500 (28.23) 2.87 0.50 72.61 82.39 UBL 826.85 4.84 994000 2.08 6.12 0.80 85.29 77.34 INFORMATION TECHNOLOGY HCLTECH 838.95 2.71 6346200 21.69-3.44 0.22 82.68 80.84 HEXAWARE 197.25 (4.25) 4674000 9.56 5.13 0.44 78.37 80.25 INFY 940.25 (5.61) 17068000 26.01 4.90 0.57 79.78 79.99 KPIT 135.15 0.78 3236000 (8.38) 7.49 5.67 77.19 81.34 MINDTREE 464.05 (11.21) 2576400 41.25 6.54 1.00 88.50 83.21 NIITTECH 438.25 2.84 516000 9.55 6.06 3.00 83.90 81.37 OFSS 3366.40 7.67 186150 (4.61) 6.41 0.00 77.27 85.94 TATAELXSI 1471.45 6.11 1246400 4.95 5.76 0.31 75.91 82.89 TCS 2358.30 0.26 4639750 4.49 2.83 0.70 69.15 76.16 TECHM 468.50 (2.97) 8666900 11.46 7.70 1.74 80.23 83.08 WIPRO 472.00 (0.42) 4138800 (16.87) -4.52 1.20 76.19 73.30 MEDIA DISHTV 87.45 4.54 35784000 5.77 9.43 0.87 92.32 90.17 SUNTV 539.25 10.13 9220000 41.11 2.10 0.25 85.80 85.31 TV18BRDCST 36.90 (0.27) 85850000 6.29 8.59 1.17 93.57 93.09 ZEEL 500.15 11.37 8587800 5.39 4.93 0.44 77.34 79.98 For Private Circulation Only SEBI Registration No: INB 010996539 6
Derivatives Report Futures COC PCR- METALS & MINING COALINDIA 310.25 4.67 13542200 40.94-27.58 0.51 75.72 75.03 HINDALCO 191.20 23.00 41709500 18.27 2.97 0.72 88.28 88.30 HINDZINC 301.50 17.04 7321600 (8.19) 4.40 0.43 80.17 84.83 JINDALSTEL 83.00 18.74 49185000 5.58 12.25 0.24 92.11 92.63 JSWSTEEL 196.80 22.69 51165000 (0.10) 4.17 1.35 86.05 84.43 NMDC 145.60 17.85 19458000 8.28 4.77 0.61 79.29 82.97 SAIL 62.00 26.92 43800000 (11.36) -1.01 0.36 85.74 86.33 TATASTEEL 471.65 19.91 20414000 0.82 5.76 0.51 81.63 84.65 VEDL 258.40 19.13 39557000 (0.77) -0.97 0.53 76.84 80.06 MISCELLANIOUS ABIRLANUVO 1375.15 10.36 3041200 (21.96) 3.44 0.44 92.91 91.69 ADANIENT 80.45 9.60 13912000 2.72 7.08 0.56 88.77 87.82 BATAINDIA 478.75 7.69 2827000 1.58-1.58 0.45 85.70 80.99 BEL 1520.85 10.97 2051550 30.41 5.32 0.27 86.97 84.92 CONCOR 1181.90 6.25 1108000 50.85-12.55 0.28 80.58 80.21 CUMMINSIND 839.90 3.32 497400 (12.92) 2.85 0.14 87.17 87.93 GODREJIND 431.05 1.83 1014000 (21.94) 10.30 1.33 72.92 79.43 JETAIRWAYS 419.15 21.90 4162000 (23.37) 7.25 0.53 73.16 83.54 JISLJALEQS 95.05 9.76 38394000 2.08 10.01 0.26 88.69 89.43 JUSTDIAL 361.15 8.94 3066000 (24.14) -1.57 0.82 80.42 80.36 KSCL 494.45 20.83 2272500 (2.57) 9.23 0.17 85.06 82.69 MCDOWELL-N 2207.75 14.82 2438000 3.01 7.80 0.20 91.96 90.07 PCJEWELLER 387.15 5.08 961500 55.21-5.66 0.80 75.59 57.78 SINTEX 85.75 16.43 26269875 9.60 8.87 0.38 89.82 89.17 L & GAS BPCL 696.25 9.91 12639600 (7.75) -26.46 0.51 75.70 77.43 CAIRN 282.30 16.27 22428000 6.18 7.63 0.41 91.54 86.90 GAIL 471.15 11.26 8965500 70.63-12.56 0.44 79.98 74.99 HINDPETRO 522.15 22.53 21533400 (5.34) -51.55 0.60 76.31 81.01 IGL 939.45 4.64 1388200 6.77 8.02 1.08 79.02 75.91 IOC 367.40 15.26 15945000 10.89-42.69 0.43 75.01 76.41 L 335.65 2.12 2367970 24.81-7.64 0.38 78.28 73.80 ONGC 203.15 5.59 27198750 (6.53) -10.75 0.50 67.74 74.86 PETRONET 376.80 2.54 4860000 54.88 6.89 0.66 85.92 81.07 RELIANCE 1024.15 (4.11) 21105000 44.72 8.47 0.50 87.38 84.41 For Private Circulation Only SEBI Registration No: INB 010996539 7
Derivatives Report Futures COC PCR- PHARMACEUTICAL AJANTPHARM 1720.25 (2.76) 662000 79.70 9.06 0.38 87.06 83.59 APOLLOHOSP 1226.05 5.20 669600 21.83 4.33 1.30 84.89 79.97 AUROPHARMA 709.20 9.11 9233000 (14.88) 6.33 0.66 87.03 83.91 BIOCON 1030.05 9.11 2989200 15.51 9.17 0.54 88.08 85.19 CADILAHC 359.20 2.15 2940800 (6.80) 6.16 2.75 85.25 86.52 CIPLA 585.20 3.47 5678000 (2.17) -0.97 0.42 84.80 84.14 DIVISLAB 677.95 (14.47) 6937800 128.97 8.69 0.73 87.60 84.15 DRREDDY 3008.70 (2.26) 1578400 1.44 5.21 1.01 70.75 79.10 GLENMARK 879.45 (1.34) 2507400 11.83 7.56 1.11 90.36 87.40 GRANULES 116.20 7.59 9320000 7.87 9.27 0.14 90.71 90.94 LUPIN 1525.50 3.72 4452400 (1.00) 5.18 0.74 70.42 81.09 STAR 1139.50 7.39 1828000 27.30 3.60 0.33 85.74 88.47 SUNPHARMA 639.60 3.56 27988800 (10.30) 7.42 1.06 80.51 86.14 TORNTPHARM 1306.70 1.25 200800 6.81 5.37 6.00 78.19 73.13 WOCKPHARMA 665.45 2.06 3137400 9.74 7.52 1.12 87.11 86.96 POWER ADANIPOWER 35.65 17.85 125640000 30.77 10.68 0.32 93.05 90.19 CESC 739.95 15.61 3664100 102.86 5.47 0.31 89.04 80.67 JSWENERGY 60.70 1.08 39464000 18.78 8.35 0.88 89.56 89.54 NHPC 28.15 7.03 31401000 5.82 9.01 0.28 71.13 71.38 NTPC 171.60 5.44 17256000 24.97 1.84 0.30 71.64 75.57 POWERGRID 203.45 12.75 11348000 (31.59) 2.17 0.45 74.42 72.01 PTC 84.55 14.88 15176000 10.55 8.24 0.55 84.91 85.28 RPOWER 44.30 9.11 51408000 1.52 8.58 0.38 91.99 89.88 TATAPOWER 80.60 7.18 23571000 9.44 7.86 0.41 85.84 82.26 TORNTPOWER 196.35 10.22 3219000 31.98 10.01 0.30 91.47 87.92 REAL ESTATE DLF 137.85 25.95 28030000 (16.01) 4.12 0.66 73.76 78.88 HDIL 63.70 13.65 27720000 20.56 8.95 0.36 85.70 83.40 IBREALEST 82.15 16.77 35430000 24.23 10.82 1.26 89.38 84.43 NCC 82.05 1.93 25088000 78.38 10.05 0.38 83.83 85.45 TELECOM BHARTIARTL 307.95 1.65 34204000 42.83-13.74 1.22 63.90 77.08 IDEA 74.50 4.49 108906000 48.91-27.27 0.43 78.56 83.27 INFRATEL 353.60 3.02 5675200 0.08 6.62 0.75 82.47 78.62 RCOM 31.05 (7.73) 102444000 9.53 8.16 0.92 86.78 87.67 TATACOMM 718.80 16.04 5024600 4.57 9.17 0.30 89.08 88.83 For Private Circulation Only SEBI Registration No: INB 010996539 8
Derivatives Report TEXTILES ARVIND 374.95 11.83 6000000 14.16 7.94 0.60 80.86 80.96 CENTURYTEX 845.70 5.51 7456900 7.89 8.62 0.66 91.03 91.56 ICIL 181.10 10.36 3342500 (1.85) 9.81 0.27 90.09 85.79 PAGEIND 14415.25 6.88 30200 (9.72) -4.16 0.00 73.04 73.48 SRF 1718.95 12.24 421000 2.31 6.81 0.86 74.71 75.88 Research Team Tel: 022-39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com DISCLAIMER Angel Broking Private Limited (hereinafter referred to as Angel ) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and MCX Stock Exchange Limited. It is also registered as a Depository Participant with CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company covered by Analyst. This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies 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 report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report. Derivative Research Team derivatives.desk@angelbroking.com For Private Circulation Only SEBI Registration No: INB 010996539 9