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Daily Calls

March 11, 2015


Market Outlook

Domestic Indices
Indices

Close

Change

Change%

28709.87

-134.91

-0.47

CNX Nifty

8712.05

-44.70

-0.51

Nifty future

8760.30

-24.55

-0.28

S&PBSE 500

11319.91

S&PBSE Midcap

10860.25

-41.25
-40.99

-0.36
-0.38

S&PBSE Smallcap

11319.62

-32.32

-0.28

Indices
Close
Dow Jones
17662.94
Nasdaq
4859.80
FTSE
6702.84
DAX
11500.38
Hang Seng
23876.41
Nikkei
18766.62
SGX Nifty
8746.50
* Asian Market as at 7:30am

Change
-332.78
-82.64
-173.63
-81.73
-13.41
107.69
-9.50

Change%
-1.85
-1.67
-2.52
-0.71
-0.06
0.58
-0.11

S&P BSE Sensex

Sensex: We said, "Weakness below the candle could test 28694..." The index traded lower and broke the previous support at
28694 at 2:50 pm, before ending 135 points or 0.4% lower. While telecom stocks surged higher, most other sectors ended flat to
negative. The Realty Index lost about 2% while the A/D ratio continued to be negative, at 1:2.
The action formed a smaller Bear candle but a break below 28694 generated "faster" retracement of the last rally. The bias
remains negative as long as the index keeps making a lower high-low. Protecting the low can be positive but watch if a higher
high is also made. We are now watching if the negative implication of last week's ELB would be similar to the previous ELB.
Exhibit 1: Sensex Daily Candlestick Chart

Global Indices

Market Breadth
39
122

Unchg

NSE
BSE

724

Decline

456

Advance
0

1585

1258
500

1000

1500

2000

Recommendations for the day


1. Sell Nifty Mar Future in range of 8770-8780
2. Buy TVS Motors in range of 295.00-296.00
3. Sell DLF below 145.00
Recommendations are of March Future

Source: ASA, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Exhibit 2: Nifty Future Daily Candlestick Chart


CNX Nifty (Cash Levels) Technical Picture
Nifty
Trend

Intraday
Rangebound

Short Term
Up

Support

8690-8660

8670

Resistance

8750-8780

9370

Trend Reversal

8670

20 Days EMA

8804

200 days EMA

8045

Nifty Future Recommendations


CMP :

8760.30

Comment : Future premium increased from 28 points to


48. Forms a smaller Bear candles, but
maintains the Red falling channel. Reverse if
holds around the 8740 or 8700-mark
Action :

Sell in the range of 8770-8780

Targets :

8745/8725/Lower

Stop-loss :

8792.00

Source: ASA, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 2

Trend Scanner
Global Currencies
Spot

Positive Trends

Close

Prev.close

% Chg

Rupee (|)

62.780

62.544

-0.38

Scrip Name

Dollar Index

98.601

98.618

-0.01

Aurobindo Pharma Ltd

Euro

1.071

1.070

0.07

Ashok Leyland Ltd

British Pound

1.508

1.507

0.06

Japanese Yen

121.310

121.130

-0.17

Australian ($)

0.764

0.763

0.12

Swiss Franc

0.998

1.000

0.13

Candlestick Patterns
Close

% Change

10-day SMA

Delivery (%)

1127.30

2.23

1073.50

38.25

74.50

2.55

70.85

25.97

Shasun Pharmaceuticals Ltd

321.95

-1.08

290.39

38.13

TVS Motor Co Ltd

295.00

2.81

283.17

36.11

Negative Trends

Closing Yield (%)

Previous Yield (%)

India 10 year

7.75

7.75

Scrip Name

US 10 Year

2.13

2.13

EURO 10 Year

0.23

GBP 10 Year
JPY 10 Year

Close

% Change

10-day SMA

Delivery (%)

DLF Ltd

144.90

-4.04

151.93

29.90

0.31

Reliance Capital Ltd

447.35

-2.79

459.97

21.33

1.80

1.93

JSW Steel Ltd

944.55

-1.58

990.92

36.93

0.45

0.47

US Dollar
Close

Prev. Close

%Chg

Gold/ounce

1164.87

1161.84

0.26

Copper /ton

5788.5

5894

0.43

56.92

56.39

0.92

Brent Crude/barrel

Bearish Candlestick Formations

Bullish Engulfing/Piercing

Bearish Continuation pattern

Voltas

264.1

DLF

Bharti Airtel

367.1

JSW Steel

944.0

SKS Micro

452.7

Reliance Capital

448.8

JP Associates

26.9

Bullish Continuation pattern


Coal India

Global Treasury Yields

Commodities

Bullish Candlestick Formations

371.6

Aurobindo Pharma

1127.3

Thermax

1301.0

TVS Motors

144.3

296.7

Note: For Candlestick pattern description refer towards the end of


the report.
Stocks hitting 52 week high
Scrip Name

Overbought Stocks

Oversold Stocks

Stocks rising for 5 days & stochastic overbought

Stocks falling for 5 days & stochastic oversold

Ranbaxy

805.6

89.29

Titan Industries

405.75

19.88

Sun TV

436.5

88.91

India Cement

99.2

17.94

SAIL

67.3

14.12

LTP

AIA Engineering

1229

Concor

1674

Hitachi Home

1272

Natco Pharma

1640.8

Wockhard Pharma

1761

Institutional Activity
Cash Segment (| Cr)

FII

DII

10-Mar-15

-748.1

9-Mar-15

838.3

290.5
-35.3

5-Mar-15

79.8

-193.5

4-Mar-15

2,786.2

16.9

3-Mar-15

772.9

-303.9

ICICI Securities Ltd. | Retail Equity Research

Page 3

Stock recommendations for the day


Exhibit 3: TVS Motors (TVSSUZ)

TVS Motors (TVSSUZ) March Future


CMP

295.60

Comment :

Price bounced back taking support at the


38.2 percent retracement level and rising
gap area and RSI sustaining above its nine
periods average in the daily chart

Action :

Buy in the range of 295.00-296.00

Targets :

300.80/303.50/Higher

Stop-loss :

292.50

Daily Candlestick Chart

Price bounced back taking support at the bullish gap


area and the 38.2% retracement of the previous up
move signalling continuation of positive trend and
further upsides in coming sessions

38.2% retracement
at 284

RSI in positive trend sustaining above its nine periods average in


the daily chart thus validates the positive trend in price

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 4

Exhibit 4: DLF (DLFLIM)

Daily Candlestick Chart

The stock forming lower low in the daily chart and has given a short
term trendline breakdown in the daily chart indicating continuation of
profit booking in the coming session
DLF (DLFLIM) March Future
CMP

145.30

Comment : Short term trendline breakdown and bearish


crossover in 14 period RSI oscillator in daily
chart
Action :

Sell below 145.00

Targets :

142/140.50/Lower

Stop-loss :

146.50

RSI has given a sell signal and has moved below its nine periods average indicating bearish bias in the
coming sessions

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 5

Previous Days Performance


Scrip

Nifty
UPL
GAIL

Product

Future
Future
Future

Strategy

Sell
Buy
Sell

Nifty Points gained for the day:0 points

Stock profits: Avg -1% per trade


Strike Rate for the day: 0/1

Recommended Price

In range of 8840-8850
In range of 437-438
below 386.0

Targets

8810/8790/445.5/450/+
380/377/-

SL

8865.00
433.2
389.10

Gain/Loss %*

1.00
-

Comment

No trade
Stoploss triggered
No trade (Open at target)

Gains over last 223 days: 697 points

(Cum. Profits over last 223 days:310.10%)


(Cum strike rate over 223 days: 296/491

NOTE: The follow-up and performance review table of the strategies indicates the profit opportunity that was available in the strategies. Individual profits may vary,
depending upon the entry and exit price and stop losses

ICICI Securities Ltd. | Retail Equity Research

Page 6

Support and Resistance Table (Cash Levels)


SCRIP

CLOSE

S1

S2

S3

R1

R2

R3

SENSEX

28709.87

28546.55

28384.25

28221.95

28728.85

28820

28911.15

TREND

NIFTY

8712.05

8666.95

8617.60

8568.30

8717.25

8742.40

8767.60

-ve

ACC

1650.15

1629.75

1616.95

1604.10

1651.75

1662.75

1673.75

-ve
-ve

-ve

ADANI ENTER.

648.45

632.30

623.30

614.30

652.20

662.10

672.05

ADANI PORT

317.55

312.20

309.10

306.00

318.80

322.10

325.40

-ve

ADITYA BIRLA

1649.90

1651.95

1643.45

1634.95

1668.95

1684.20

1699.50

+ve

ALLAHABAD BANK

105.20

104.95

104.00

103.10

106.80

107.70

108.65

+ve

AMBUJA CEMENT

259.50

256.65

253.30

249.95

260.45

262.30

264.20

-ve

AMTEK AUTO

152.25

150.25

148.90

147.55

152.60

153.80

155.00

-ve

82.30

81.05

80.40

79.80

82.30

82.90

83.55

-ve

ANDHRA BANK
APOLLO HOSP.ENT.

1358.05

1337.25

1324.40

1311.50

1360.55

1372.20

1383.85

-ve

APOLLO TYRES

173.70

172.50

171.30

170.15

174.85

176.05

177.15

Neutral

ARVIND

300.30

295.25

292.85

290.45

300.80

303.60

306.35

-ve

74.50

74.30

73.60

72.90

75.70

76.15

76.60

+ve

ASHOK LEYLAND
ASIAN PAINTS
AUROBINDO PHARMA
AXIS BANK

807.95

800.65

794.35

788.10

808.65

812.65

816.65

-ve

1127.30

1126.05

1114.80

1103.50

1148.55

1157.75

1166.95

+ve

585.45

578.70

571.80

564.90

586.10

589.80

593.50

-ve

2129.25

2130.70

2119.55

2108.35

2153.05

2167.90

2182.70

+ve

BOB

179.85

176.30

174.85

173.40

179.70

181.40

183.10

-ve

BOI

219.45

216.35

214.45

212.55

220.00

221.85

223.70

-ve

1224.65

1211.65

1203.40

1195.15

1226.35

1233.70

1241.05

-ve

764.20

762.00

758.05

751.45

770.00

774.00

780.60

Neutral

BAJAJ AUTO

BATA INDIA
BPCL
BHARTI AIRTEL

367.95

365.80

355.40

345.05

386.60

388.80

391.00

+ve

BHEL

259.10

257.15

255.25

251.90

261.00

262.95

266.30

Neutral

CAIRNS INDIA

231.05

228.05

226.75

225.45

231.95

233.90

235.90

-ve

CANARA BANK

406.05

401.65

397.00

392.40

407.45

410.35

413.25

-ve

CENTURY TEXT.

552.20

549.50

542.10

534.65

564.35

572.35

580.35

+ve

CESC

594.15

592.70

586.30

579.95

605.45

609.90

614.40

+ve

CIPLA

729.45

718.70

715.55

712.45

732.60

739.55

746.55

-ve

COAL INDIA

370.70

368.80

365.40

361.95

375.60

379.10

382.55

+ve

CROMPTON GREAVES

176.60

176.00

174.25

172.50

179.50

181.40

183.35

+ve

83.10

83.35

82.55

81.80

84.90

85.60

86.35

+ve

1763.00

1753.70

1741.55

1725.30

1778.05

1790.20

1806.45

DISH TV
DIVI'S LAB.

ICICI Securities Ltd. | Retail Equity Research

Neutral

Page 7

SCRIP
DLF

CLOSE

S1

S2

S3

R1

R2

R3

TREND

144.90

141.85

139.90

137.95

145.80

147.80

149.75

-ve

3437.30

3405.35

3386.50

3367.60

3440.00

3457.30

3474.60

-ve

EXIDE IND.

182.00

181.55

180.25

178.90

184.20

185.45

186.70

+ve

FEDERAL BANK

138.75

135.55

134.35

133.20

139.20

141.00

142.85

-ve

GAIL

383.55

378.25

373.50

368.80

382.70

384.95

387.20

-ve

3698.85

3666.45

3639.45

3612.45

3703.15

3721.50

3739.85

-ve

286.65

286.60

284.35

282.10

291.05

294.60

298.10

+ve

DR.REDDY'S LAB.

GRASIM
HAVELL'S INDIA
HCL TECH

2044.15

2025.10

2009.15

1993.15

2045.60

2055.85

2066.10

-ve

HDFC BANK

1052.55

1044.30

1037.00

1029.75

1052.90

1057.20

1061.55

-ve

HDFC

1312.40

1291.30

1279.10

1266.85

1320.30

1334.80

1349.30

-ve

HERO MOTO

2617.70

2614.40

2605.55

2596.75

2632.05

2641.35

2650.65

+ve
+ve

HEXAWARE TECH.

274.65

273.00

269.10

265.25

280.75

286.35

291.90

HINDALCO

138.05

135.60

133.15

130.70

138.60

140.05

141.55

-ve

HIND. UNILEVER

957.15

945.90

933.40

920.90

959.70

966.60

973.50

-ve

HPCL

636.05

636.80

633.05

629.25

644.40

648.00

651.55

+ve

IBULL HSG FIN

593.35

589.80

583.55

574.65

602.30

608.60

617.45

Neutral

74.00

72.60

71.80

71.00

74.30

75.10

75.95

-ve

IDEA CELLULAR

IDBI

153.85

153.90

149.60

145.25

162.50

164.45

166.35

+ve

IDFC

171.45

169.15

167.60

166.05

171.45

172.60

173.75

-ve

35.95

35.40

34.95

34.45

36.00

36.30

36.55

-ve

INDUSIND BANK

896.75

891.95

885.70

880.00

904.45

910.70

916.35

Neutral

INDIA CEMENTS

99.15

99.25

98.60

98.00

100.50

101.50

102.55

+ve

INDRAPRASTHA GAS

432.35

433.60

430.90

428.25

439.00

442.75

446.50

+ve

IOC

346.05

341.35

339.05

336.75

345.55

347.65

349.75

-ve

73.15

72.20

71.45

70.70

73.35

73.90

74.45

-ve

2198.00

2169.80

2149.80

2129.80

2193.20

2204.90

2216.55

-ve

IRB INFRA.

240.20

235.05

231.25

227.45

240.85

243.75

246.65

-ve

ITC

338.55

336.75

334.85

332.60

340.55

342.45

344.70

Neutral

JINDAL ST&POW

190.05

181.45

177.55

173.70

190.40

194.85

199.35

-ve

JSW ENERGY

111.50

109.45

108.65

107.85

111.80

112.95

114.10

-ve

NSE JSW STEEL

944.55

933.85

923.95

914.00

947.60

954.50

961.35

-ve

JUBILANT FOOD

1577.50

1555.55

1541.80

1528.05

1578.45

1589.90

1601.35

-ve

KOTAK MAH.BANK

1347.80

1320.65

1307.25

1293.85

1347.00

1360.15

1373.35

-ve

L&T

1752.45

1721.15

1703.35

1685.60

1753.90

1770.30

1786.70

-ve

NSE IND.FIN.CORP.OF

IB REAL ESTATE
INFOSYS

ICICI Securities Ltd. | Retail Equity Research

Page 8

SCRIP
LIC HOUSING

CLOSE

S1

S2

S3

R1

R2

R3

TREND

469.75

462.65

458.25

453.90

471.15

475.40

479.65

-ve

LUPIN

1898.40

1896.80

1885.00

1873.15

1920.45

1933.05

1945.60

+ve

M&M

1228.25

1227.95

1219.40

1210.80

1245.10

1252.90

1260.70

+ve

MARUTI SUZUKI

3646.75

3628.35

3611.35

3594.40

3652.70

3664.90

3677.10

-ve

MINDTREE

1401.80

1395.40

1387.00

1361.00

1412.20

1420.65

1446.60

Neutral

M&M FIN.SERV.

257.40

252.50

249.00

245.45

258.50

261.50

264.50

-ve

MOTHERSON SUMI

479.10

477.40

475.15

469.35

481.80

484.00

489.85

Neutral

NSE NHPC
NMDC

19.60

19.45

19.35

19.25

19.65

19.75

19.85

-ve

129.75

129.40

128.55

127.75

131.00

132.25

133.50

+ve
-ve

NSE NTPC

149.95

148.20

146.50

144.85

150.35

151.45

152.50

ONGC

314.40

308.70

307.25

305.80

314.10

316.80

319.50

-ve

OBC

236.35

235.20

233.80

231.85

238.00

239.40

241.35

Neutral

PETRONET LNG

179.50

179.70

178.70

177.75

181.65

182.45

183.30

+ve

POWER FINANCE

285.30

281.55

279.50

277.45

286.30

288.65

291.00

-ve

82.95

82.35

81.90

81.40

83.15

83.55

83.95

-ve

PNB

163.40

163.15

162.40

161.65

164.65

165.85

167.00

+ve

RANBAXY

804.55

791.75

782.10

772.40

807.25

815.00

822.75

-ve

64.50

64.45

63.10

61.70

67.20

68.35

69.50

+ve

PTC INDIA

RCOM
REL. CAPITAL

447.35

439.75

434.85

429.95

449.25

454.00

458.75

-ve

RELIANCE INFRA.

458.25

450.55

444.30

438.10

459.65

464.20

468.75

-ve

RELIANCE

859.15

851.10

844.20

837.30

861.30

866.40

871.50

-ve

57.85

57.65

57.30

56.55

58.30

58.65

59.40

Neutral

REC

345.20

342.30

339.15

336.30

348.60

351.75

354.60

Neutral

SAIL

67.00

66.85

66.30

65.75

67.90

68.35

68.75

+ve

197.60

194.75

191.65

188.50

197.35

198.65

199.95

-ve

SHRIRAM TRANS.

1191.85

1172.35

1158.45

1144.60

1192.70

1202.85

1213.05

-ve

SIEMENS

1368.50

1359.75

1352.05

1340.05

1375.20

1382.95

1394.95

Neutral

RELIANCE POWER

SESA GOA

SKS MICRO FIN.

450.10

447.90

443.20

438.45

457.30

462.85

468.40

+ve

SBI

287.60

284.05

282.75

281.40

288.10

290.15

292.20

-ve

1024.65

1009.75

999.30

988.80

1028.65

1038.10

1047.50

-ve

SUN TV

437.05

433.40

430.55

426.65

439.15

442.05

445.95

Neutral

SYNDICATE BANK

112.20

109.80

108.65

107.55

112.35

113.65

114.95

-ve

TATA COMM.

422.05

418.65

413.60

407.55

428.85

433.95

440.00

Neutral

TATA CHEM.

449.75

445.60

442.10

438.60

451.00

453.70

456.40

-ve

SUN PHARMA

ICICI Securities Ltd. | Retail Equity Research

Page 9

SCRIP

CLOSE

S1

S2

S3

R1

R2

R3

TREND

TATA MOTOR DVR

343.70

341.15

338.20

334.10

347.05

350.05

354.15

TATA MOTORS

560.20

555.05

552.15

549.25

562.05

565.55

569.05

-ve

TATA POWER

81.10

80.25

79.40

78.60

81.40

82.00

82.60

-ve
-ve

TATA GLOBAL BEV.

Neutral

157.25

155.05

153.65

152.25

157.65

158.95

160.25

TCS

2642.70

2599.20

2577.60

2556.00

2640.70

2661.45

2682.20

-ve

TECH MAHINDRA

2839.80

2826.45

2803.30

2780.15

2872.70

2897.00

2921.30

+ve

TATA STEEL

331.60

328.10

325.90

323.75

332.55

334.80

337.05

-ve

TITAN IND.

405.40

404.75

402.85

400.95

408.55

411.20

413.85

+ve

TVS MOTOR

295.00

294.00

291.55

289.10

298.90

302.15

305.40

+ve

UCO BANK

68.55

68.35

68.05

67.25

68.95

69.25

70.00

Neutral

3017.20

2979.15

2944.95

2910.75

3030.60

3056.35

3082.05

-ve

170.95

170.80

169.85

168.90

172.70

173.95

175.20

+ve

ULTRATECH CEMENT
UBI
UNITED PHOSPH.

433.90

432.40

429.85

424.30

437.50

440.05

445.65

Neutral

VOLTAS

262.00

261.80

258.65

255.45

268.15

270.55

272.95

+ve

WIPRO

654.30

645.60

642.65

639.70

654.00

658.20

662.40

-ve

1781.65

1775.15

1753.80

1732.40

1817.90

1831.05

1844.25

+ve

WOCKHARDT
YES BANK

827.60

821.65

814.35

805.50

836.15

843.40

852.30

Neutral

ZEE

341.90

341.00

338.05

335.10

346.90

348.60

350.25

+ve

ICICI Securities Ltd. | Retail Equity Research

Page 10

NOTES:

Please execute the recommendation within the levels provided in the report
Once the recommendation is executed, it is advisable to keep strict stop loss as provided in the report
Avoid entering into the recommendation in the first 5 minutes of trade
If the recommendation opens near the target levels due to gap up/gap down opening, then the
recommendation is considered not initiated
The recommendations are valid only for the day and should be squared off by the end of the day
Only stocks in derivatives segment have been considered for daily trading
Medium to long-term prospects of a stock does not have any bearing on the daily view

Trading Portfolio allocation

It is recommended to spread out the trading corpus in a proportionate manner between the various technical
research products.
Please avoid allocating the entire trading corpus to a single stock or a single product segment
Within each product segment it is advisable to allocate equal amount to each recommendation.
For example: The Daily Calls product carries 3 to 4 intraday recommendations. It is advisable to allocate
equal amount to each recommendation

ICICI Securities Ltd. | Retail Equity Research

Page 11

Recommended Trading Portfolio allocation

Products

Allocations
Product wise
Max allocation
allocation
in 1 stock

Return Objective
Number of Calls

Frontline Stocks

Mid-cap stocks

Duration

Daily Calls

8%

2-3%

3-4 Stocks

0.50-1%

2-3%

Intraday

Short term Delivery

6%

3-5%

7-10 p.m

4-5%

7-10%

Opportunity based

Weekly Calls

8%

3-5%

1-2 Stocks

5-7%

7-10%

1 Week

Weekly Technical

8%

3-5%

1-2 Stocks

5-7%

7-10%

1 Week

Monthly Call

15%

5%

2-3 Stocks

7-10%

10-15%

1 Month

Monthly Technical

15%

2-4%

5-8 Stocks

7-10%

10-15%

1 Month

Techno Funda

15%

5-10%

1-2 Stocks

10% and above

15% and above

6 Months

Technical Breakout

15%

5-10%

1-2 Stocks

10% and above

15% and above

3-6 Months

Cash in Hand

10%

100%

ICICI Securities Ltd. | Retail Equity Research

Page 12

Candlesticks Glossary:
Candlestick patterns describe the market sentiment for the specified period. Some of the formations suggest reversal of
sentiment (trend) and, therefore, are important for a chart reader. By themselves, the patterns do not carry any price target but
only an indication of change in market behaviour. More importance needs to be given to the placement of the pattern within
larger trend

Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or

downtrend. The market falls, and a black candle forms (ideally a small black candle). Next, a white real body wraps around the
prior sessions black body. Low of the pattern becomes short term support for prices

Piercing Line: Potential bottom reversal pattern. A black body forms in the downtrend. The market continues moving south on
the next sessions open but that session culminates in a white real body that closes (e.g. pierces) than half way or more into the
prior black body. Lowest low between two candles is referred to as technical support for prices
Hammer: A candlestick line which, during a downtrend, has a very long lower shadow and small real body (black or white) at
the top end of the sessions range. There should be no, or a very small, upper shadow. Pattern suggests buying support during
declines and needs confirmation in terms of sustainability of prices above head of the Hammer in following session
Bearish Engulfing Line: Potential top reversal signal. This two candlestick pattern emerges during a rally. A black candle real
body wraps around a white real body (classically a small white candle) Highest high between two candles becomes resistance
level for prices for future reference

Dark Cloud cover: A dark cloud cover forms a top reversal pattern. The first session should be a strong, white real body. The
second sessions price opens over the prior sessions high (or above the prior sessions close). By the end of the second session,
it closes near the low of the session and should fall well into the prior sessions white body. Pattern suggests that market has a
poor chance of rising immediately
Shooting Star: A single candlestick line during a rally in which there is a small real body (white or black) at the bottom end of
the session's range and a very long upper shadow. The candle line should also have little or no lower shadow. Pattern suggest
the trouble for prices overhead.

ICICI Securities Ltd. | Retail Equity Research

Page 13

Pankaj Pandey

Head Research

pankaj.pandey@icicisecurities.com

ICICIdirect.com Research Desk,


ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai 400 093
research@icicidirect.com

ICICI Securities Ltd. | Retail Equity Research

Page 14

Disclaimer
ANALYST CERTIFICATION
We /I, Dharmesh Shah, Dipesh Daga, Nitin Kunte, Pabitro Mukherjee Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report
accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this
report.

Terms & conditions and other disclosures:


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business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives
from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely
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It is confirmed that Dharmesh Shah, Dipesh Daga, Nitin Kunte, Pabitro Mukherjee Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding
twelve months.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of
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Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies
mentioned in this report.

ICICI Securities Ltd. | Retail Equity Research

Page 15

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