DAILY MORNING NOTE

20 April 2017
Indices
Current % % SEBI said to plan tighter IPO, commodity broker inquiry
Value 1D YTD
Sensex 29337 0.06 10.18 IndusInd Bank's Q4FY17 PAT grew by 21.2 % y-o-y to Rs 751.6 cr, driven
Nifty 9104 (0.02) 11.21 by strong growth in NII, other income and operating income. Net
BSE Mid Cap 14390 0.66 19.61
interest income increased 31.5 % to Rs 1,667.4 cr, with loan growth at 28
BSE Sml Cap 14957 0.76 24.17
SGX Nifty Fut 9131 (0.05) 11.56 %. Provisions and contingencies doubled in Q4FY17 at Rs 430.1 cr.
Sectors Performance (BSE)
Power 2316 2.04 16.51 Yes Bank reported a 30.2 % rise in PAT to Rs 914.1 cr in Q4FY17, its NII
Realty 1837 1.48 45.37 (Net interest income) was up 32.1 % at Rs 1,639.70 cr.
Metal 11101 0.56 9.81
Bankex 24575 (0.53) 18.44 The U.S. Markets ended mixed as investors focused on earnings reports
IT 9621 (0.34) (5.45)
while decline in oil prices ( by ~4% ) weighed on energy stocks. The Dow
Healthcare 15298 (0.22) 3.87
Jones lost 119 points, or 0.58%, to close at 20,404 while NASDAQ gained 14
Index FY17e FY18e FY19e
points, or 0.23 %, to close at 5,863.
SensexEPS 1433 1745 2065
P/E 20.47 16.81 14.21 Asian markets were trading higher after oil prices recovered from two-
NiftyEPS 436 535 632
week lows and investors focus on economic data releases in the region. On
P/E 20.88 17.02 14.40
the data front, Japan reported that March exports rose 12 %on year, against
FII Trading activities in Cash
Date Net MTD CYTD estimates of 6.7 % increase. Nikkei was trading higher by 0.33% while
FII 19/04 (673) (2377) 41076 Hang Seng was trading higher by 0.32%. Sgx Nifty is trading lower by
DII 19/04 526 3195 4483
0.08%. The markets are expected to open on a flat note. Sgx Nifty is
Figs. in Rs Cr., Source: Bloomberg.
trading lower by 0.08%
Current % %
Global Indices What to watch
Value 1D YTD
Dow Jones 20404 (0.58) 3.25
Results Today : Crisil , Mindtree , Mastek , Hindustan Zinc
Dow Futures 20338 0.01 3.45 SEBI said to plan tighter IPO, commodity broker inquiry
Nasdaq 5863 0.23 8.92 Government plans to overhaul fiscal framework
DAX 12016 0.13 4.66
Corporate
Nikkei 225 18491 0.32 (3.26)
FTSE 100 7114 (0.46) (0.40) Bosch plans to invest around Rs 1,000 cr on a yearly basis for the next
Hang Seng 23912 0.36 8.69 few years on plant and machinery, including the transition from BS-
Shanghai A Sha 3173 0.08 2.24
Bovespa 63407 (1.17) 5.28
IV to BS-VI emission standards.
Strait Times 3133 0.20 8.74 NTPC Board of Directors have approved issue of up to Rs 5000 cr
Source: Bloomberg; As on 8.30 am IST
bonds
The National Stock Exchange will add 16 stocks to the futures and
Forex Rate
INR/USD 64.58 (0.10) 5.18 options segment with effect from April 28. These include Bajaj
INR/EUR 69.25 (0.38) 3.50
Finserv, NBCC, Balkrishna Industries Mahanagar Gas, V-Guard
INR/GBP 82.96 (1.30) 0.63
INR/YEN (100) 59.28 0.07 (1.97) Industries, Can Fin Homes, and MCX.

20 April 2017 For private circulation only

Trading Insights

Insight from trading volumes

% Chg in Qty Traded Qty Traded

Scrip Delivery % CMP*
(OverAvg 30 days) (000s)

D B Realty 113 1641 30 50

Suven Life Science 382 1901 30 187

Great Eastern Shipping 312 1453 38 453

Mercator 132 5626 33 49

Prism Cement 16 453 41 104

Rbl Bank 98 4654 35 578

Dlf 36 11578 18 169

Insight from delivery

Scrip Delivery % Total Volume (000s) 30 days avg Delivery % CMP*

Gujarat Fluorochem 24 328 43 716

Apar Industries 64 67 72 786

Va Tech Wabag 43 353 44 691

Iifl Holdings 67 143 60 458

Granules India 34 1904 36 142

Exide Industries 34 2208 37 234

Oberoi Realty 93 1455 72 383

*CMP-Closing Market Price

20 April 2017 2
Investment Picks

Target Target
Target Target
Company CMP Price/ Company CMP Price/
Price Price
CMP (%) CMP (%)
Alkem Labs 2200 2072 6% Hero Motocorp 3841 3205 20%

Arvind 432 387 12% HPCL 655 555 18%

Ashok Leyland 109 81 34% Indraprastha Gas 1150 1059 9%

Aurobindo Pharma 800 640 25% J Kumar Infra 300 262 15%

BHEL 210 174 21% Manappuram Fin 114 93 23%

BPCL 795 724 10% Maruti Suzuki 6725 6200 8%

CholamandalamInvst 1075 1011 6% MCX Ltd 1526 1137 34%

City Union Bank 166 149 12% Mirza Int'l 95 89 7%

EID Parry 390 301 29% PI Industries 1000 839 19%

Equitas hold 200 165 21% PTC India Fin 49 47 5%

EsselPropack 272 235 16% South Indian Bank 24 22 8%

Federal Bank 96 92 5% Strides Arcolab 1340 1083 24%

Firstsource Sol 53 40 33% SuprajitEngg 238 228 5%

Glenmark Pharma 1120 912 23% Thermax 1130 995 14%

GMM Pfaudler 634 537 18% Tube Invst 736 688 7%

Gulf Oil Lubricants 830 755 10%

Note : Selection criteria based on Potential upside ranging from 5 to 50%. Source: Axis Direct.

20 April 2017 3
Technical View (Equity)

Daily call

Index CMP % up/dn S2 S1 P R1 R2

Nifty 9,103.50 0.02% 9055 9080 9100 9125 9145

Sensex 29336.57 0.06% 29175 29255 29320 29405 29470

Nifty Daily Chart

Comments:
Nifty opened on a flat note and witnessed extreme volatility on either side for most part of the session. However
later hour buying momentum pulled index higher to close on flat note. Nifty closed at 9104 with a loss of 2 points.
On the daily chart the index has formed a "Doji" candlestick formation indicating indecisiveness amongst market
participants regarding the direction. The index is moving in a Lower Top and Lower Bottom formation on the
daily chart indicating negative bias. The chart pattern suggests that if Nifty breaks and sustains below 9070 level
it would witness selling which would lead the index towards 9040-9020 levels. However if index crosses above
9120 level it would witness buying which would take the index towards 9150-9180. Nifty is trading below 20 day
SMA's which are important short term moving average, indicating negative bias in the short term. Nifty continues
to remain in an uptrend in the short and medium term, so buying on dips continues to be our preferred strategy.
The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below
their respective reference lines indicating negative bias
The trend deciding level for the day is 9100. If NIFTY trades above this level then we may witness a further rally
up to 9125-9145-9170 levels. However, if NIFTY trades below 9100 levels then we may see some profit booking
initiating in the market, which may correct up to 9080-9055-9035 levels

Stocks to focus for intraday Long MRPL, EIDPARY, FORTIS, GSPL, SRTRANSFIN,
MUTHOOTFIN, SYNGNE, VOLTAS

Stocks to focus for intraday Short STAR, BATAIND, HEROMOTOCO, HUL, DR. REDDY

20 April 2017 4
Technical View (Currency)

Daily call

Index CMP % up/dn S2 S1 P R1 R2

USD/INR
(Future) 64.64 -0.07% 64.50 64.58 64.63 64.71 64.77

USDINR (Apr. Future) Daily chart

Comments:
USDINR (Apr. Future) CMP: 64.64

In previous session USDINR opened on flat note and remained restricted within narrow trading range from 64.70-
64.55 levels. On the daily chart USIDNR has formed a small bearish candle and remained restricted within previous
sessions High-Low range representing lack of strength at current levels. Since past 7-8 consecutive sessions
USDINR is consolidating within 64.90-64.35 levels hence any sustainable move above 64.90 will cause further
strength.

For the day if USDINR trade and sustains above 64.70 levels then it may witness further pullback towards 65-65.10
levels. On the downside an immediate intraday support is around 64.55 levels any violation of this support zone will
cause further selling pressure towards 64.40-64.30 levels.

The daily strength indicator RSI and the momentum indicator Stochastic both has turned bullish indicating possible
pullback rally.

20 April 2017 5
Daily Support/ Resistance of Nifty Companies

Company Pivot Point R1 R2 S1 S2 RSI-9D

ACC 1498 1514 1535 1477 1461 73
AMBUJACEM 243 247 252 237 234 49
ADANIPORTS 324 330 341 313 307 46
ASIANPAINT 1049 1061 1081 1029 1017 42
AUROPHARMA 665 675 687 654 643 32
AXISBANK 502 506 513 495 491 45
BHARTIARTL 339 343 347 336 332 41
INFRATEL 340 348 360 328 319 56
BAJAJ-AUTO 2829 2858 2892 2795 2766 43
BANKBARODA 178 180 184 174 171 58
BOSCHLTD 22697 22893 23176 22414 22218 40
BPCL 728 733 742 719 713 77
CIPLA 576 578 581 573 571 21
COALINDIA 281 283 287 277 275 37
DRREDDY 2645 2666 2704 2607 2586 35
EICHERMOT 25758 26065 26598 25225 24918 49
GAIL 397 401 408 390 386 66
GRASIM 1072 1085 1104 1053 1040 57
HCLTECH 811 817 827 801 795 24
HDFC 1482 1489 1499 1472 1465 58
HDFCBANK 1447 1456 1464 1439 1430 62
HEROMOTOCO 3234 3251 3277 3209 3191 38
HINDALCO 186 188 193 181 179 42
HINDUNILVR 915 919 925 909 905 42
ICICIBANK 286 289 295 280 277 50
IBULHSGFIN 968 982 1002 948 935 52
INDUSINDBK 1435 1442 1451 1425 1419 56
INFY 925 931 940 917 910 20
IOC 432 438 445 425 419 87
ITC 280 283 286 277 274 52
KOTAKBANK 884 891 900 875 868 52
LUPIN 1418 1425 1436 1408 1401 35
LT 1677 1691 1713 1655 1641 62
M&M 1265 1272 1280 1257 1250 30
MARUTI 6164 6208 6278 6093 6049 57
NTPC 162 163 165 160 158 52
ONGC 182 183 186 180 178 24
POWERGRID 203 204 205 201 200 82
RELIANCE 1382 1398 1425 1355 1339 56
SBIN 292 295 300 287 283 43
SUNPHARMA 670 675 685 660 654 36
TATASTEEL 457 467 483 441 431 27
TCS 2315 2328 2347 2296 2283 20
TECHM 421 424 430 415 412 11
TATAPOWER 84 84 85 83 83 47
TATAMOTORS 447 452 461 439 434 26
TATAMTRDVR 273 277 283 267 264 32
ULTRACEMCO 3997 4039 4106 3931 3889 35
WIPRO 494 498 501 490 487 45
YESBANK 1611 1623 1641 1593 1581 65
ZEEL 522 528 539 511 505 43
Source: Axis Direct.

20 April 2017 6
Global Equity Valuation

PER (x) PBR (x) ROE (%) Div Yield (%)

Indices Mcap ($bn) Index Value CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18

Developed
US (Dow Jones) 26133 20404 17 15 3.4 3.2 20 21 2.5 2.7
US (S&P 500) - 2338 18 16 2.9 2.7 16 17 2.1 2.2
UK (FTSE 100) 3287 7114 15 13 1.8 1.7 8 13 4.3 4.6
Germany (DAX) 2002 12016 13 13 1.7 1.6 11 13 3.0 3.3
France (CAC ) 2068 5004 15 13 1.4 1.4 9 10 3.4 3.7
Japan (Nikkei 225) 5304 18489 16 15 1.5 1.4 10 10 2.0 2.1
BRIC
Brazil (Bovespa) 789 63407 12 11 1.5 1.4 12 13 3.7 4.3
Russia (Micex) 560 1917 6 5 0.6 0.6 10 11 5.4 6.2
India (Sensex) 1900 29337 17 15 2.5 2.3 14 16 1.7 1.9
China (HSCEI) 6866 9985 8 7 0.9 0.8 12 11 3.7 4.1
Asia
Hong Kong (H S I) 4373 23904 12 11 1.2 1.1 12 10 3.5 3.7
Korea (KOSPI) 1352 2146 10 9 1.0 0.9 10 10 1.8 1.9
Singapore (Strait) 525 3136 14 13 1.2 1.1 10 8 3.5 3.7
Taiwan (TWSE) 1059 9648 14 13 1.6 1.6 15 13 4.1 4.4
Source: Bloomberg

20 April 2017 7
DAILY DERIVATIVES 20 April 2017

Nifty Futures View Volatility FII Activity

Nifty Active Futures 9135 India VIX Index 12. 21 INDEX FUTURES -1027
Nifty Active Futures OI 23274300 Nifty ATM Call IV 13.5 INDEX OPTIONS 807
Change in OI 111375 Nifty ATM Put IV 9. 89 STOCK FUTURES 269
Premium / Discount 31.50 PCR Index Options 0. 88 STOCK OPTIONS -64
Inference Long Build Up PCR F&O Total 0. 84 FII Net Activity -15

Nifty Options OI Distribution HIGHLIGHTS:

Nifty Futures closed at 9135 increased by 0.13% with 0.48%
increased in open interest indicates long buildup. Nifty futures closed
with 32 points premium compared to previous day premium of 18
point.
Nifty Futures closed at 9135 increased
FII's were sellers in Index Futures to the tune of 1027 crores and were
by 0.13% with 0.48% increased in buyers in Index Options to the tune of 807 crores, Stock Futures were
open interest indicates long buildup. bought to the tune of 269 crores. FII's were net sellers in derivative
segment to the tune of 15 crores.
Nifty futures closed with 32 points
India VIX index is at 12.21. Nifty ATM call option IV is currently at 13.50
premium compared to previous day whereas Nifty ATM put option IV is quoting at 9.89.
premium of 18 point. Index options PCR is at 0.88 and F&O Total PCR is at 0.84.
Nifty Options -Change in OI
Among stock futures MUTHOOTFIN, AMARAJABAT, WIPRO and
FII's were sellers in Index Futures to YESBANK have witnessed long build up and may show strength in
coming session.
the tune of 1027 crores and were
Stocks which witnessed short build up are AMBUJACEM, PNB, BPCL
buyers in Index Options to the tune of and BATAINDIA may remain weak in coming session.
807 crores, Stock Futures were bought Nifty options OI distribution shows that 9100 has highest OI
to the tune of 269 crores. FII's were net concentration followed by 9000 and may act as good support for
current expiry.
sellers in derivative segment to the
Nifty call strike 9200 followed by 9300 witnessed significant OI
tune of 15 crores. concentration and may act as resistance for current expiry.

India VIX index is at 12.21. Nifty

SECURITIES IN BAN PERIOD ATMIndsite:
Market
call option
INFIBEAM, IV JINDALSTEL,
BHARATFIN, is currently at 13.50
UJJIVAN, IBREALEST, JSWENERGY, HDIL, IRB, JPASSOCIAT, RELCAPITAL

whereas
Stock Nifty
Futures ATM
- Long putUpoptionMarket
Build IV is Indsite:Stock Futures - Short Build Up
quoting atFut 9.89.
Symbol Price % Chg Open Interest % Chg Symbol Fut Price % Chg Open Interest % Chg
AMARAJABAT 873.65 1. 87 2297400 8.69 AMBUJACEM 241. 3 -0. 17 13377500 9.43

Index options
MUTHOOTFIN PCR is2. 67at 0.881483000
408.25 and F&O
8.32 PNB 151. 7 -1.2 51933000 4.76
Total PCR is 497.85
WIPRO at 0.84.0. 91 10671600 6.69 BPCL 726. 3 -0. 05 11079000 4.05

YESBANK 1612.45 0. 25 8919000 5.47 BATAINDIA 566.45 -1. 19 4620000 4.19

Among stock futures
Source:MUTHOOTFIN, AMARAJABAT, WIPRO
NSE,SeeDiff,AXISDIRECT Research

and YESBANK have witnessed long

DAILY DERIVATIVES
Stock OI Data

S ec tor Sc ri p sp ot p ri ce % chg Fut ur es O I (i n 0 0 0's ) % chg

P ower ADANIPO WER 33.10 -0.45 1,32,060 2.42
Ba nking ANDHRABANK 59.30 0.68 20,580 2.44
Autom obile APO LLO TY RE 230.55 1.56 11,982 2.23
T extile ARVIND 385.50 -0.62 7,786 2.53
P harm a AUROP HARMA 640.05 -3.65 14,748 5.26
Autom obile BAJAJ-AUT O 2,808.70 -0.56 1,415 1.98
Fina nceOptions
Nifty BAJFINANCE
OI Distribution 1,242.95 0.56 4,329 3.59
Ba nking BANKINDIA
Market Indsite: 149.15 -1.49 30,144 7.26
P harm a BIOCO N 1,110.45 -0.17 3,056 2.33
O il_G as CAST ROLIND 434.90 1.35 8,505 4.67
Autom obile CEAT LTD 1,434.80 0.29 2,193 2.52
P ower CES C 892.10 3.76 6,676 16.58
O thers CONCOR 1,218.45 2.34 1,180 3.79
Ce me nt DALMIABHA 2,068.30 -0.21 538 4.49
P harm a DRREDDY 2,607.40 -0.80 3,528 3.91
Autom obile ES CORT S 546.00 0.82 1,075 5.97
Autom obile EX IDEIND 233.80 3.82 18,132 4.42
O il_G as GAIL 393.80 -0.19 14,898 6.60
FMCG GO DREJCP 1,645.25 -0.22 452 3.01
FMCG GO DREJIND 519.65 -0.55 2,235 4.20
O thers HAVE LLS 485.50 0.57 4,510 2.08
Me tals HINDZINC 271.05 -0.68 15,805 5.33
Ba nking IDBI 71.85 -1.17 47,232 2.50
Ce me nt INDIACEM 174.45 8.69 25,904 9.95
O thers INDIGO 1,086.10 0.86 1,113 2.04
Ba nking INDUSINDBK 1,421.60 -0.71 9,118 3.19
T ele com INFRATE L 346.70 2.91 6,598 1.93
Infra structure IRB 253.00 1.87 21,805 6.93
Me tals JINDALS T EL 112.55 -5.06 47,898 21.12
O thers JISLJALE QS 107.90 8.50 43,857 4.89
Me tals JSW ST EE L 189.40 1.12 50,064 2.26
Ba nking KO TAK BANK 875.60 -0.69 9,613 2.12
T echnology KP IT 127.50 -0.78 5,960 2.26
Fina nce L&TFH 125.65 1.45 24,840 3.06
Fina nce MFSL 654.50 1.63 4,570 2.15
Autom obile MRF 63,089.25 0.79 64 3.34
Infra structure NCC 96.30 4.67 28,736 1.93
T echnology NIITT ECH 422.05 -1.91 684 2.01
Market Indsite:
Me tals NMDC 126.20 -0.43 33,150 2.73
Ba nking ORIE NTBANK 150.75 -0.66 17,268 2.49
O il_G as PE TRO NET 442.05 2.55 5,118 5.34
P ower PO WE RGRID 211.20 4.37 32,696 5.31
T ele com RCOM 33.70 -0.88 1,24,848 3.10
P ower RELINFRA 562.40 0.78 12,285 2.61
Me tals SAIL 60.65 0.58 75,192 7.96
Ba nking SBIN 284.05 -2.15 90,285 5.66
Ce me nt SHRE ECE M 17,539.50 -0.84 24 5.48
Ca pital_ Goods SIE MENS 1,287.35 -1.02 1,009 2.23
O thers SINT EX 112.65 1.67 36,110 3.20
P harm a ST AR 1,077.75 -1.75 2,306 2.08
Me dia SUNT V 843.45 5.35 7,794 19.47

Source: NSE,SeeDiff,AXISDIRECT Research

Disclosures

Disclosures:

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the
Regulations).

1. Axis Securities Ltd. (ASL) is a SEBI Registered Research Analyst having registration no. INH000000297. ASL, the Research Entity (RE)
as defined in the Regulations, is engaged in the business of providing Stock broking services, Depository participant services &
distribution of various financial products. ASL is a subsidiary company of Axis Bank Ltd. Axis Bank Ltd. is a listed public company
and one of Indias largest private sector bank and has its various subsidiaries engaged in businesses of Asset management, NBFC,
Merchant Banking, Trusteeship, Venture Capital, Stock Broking, the details in respect of which are available on www.axisbank.com.
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4. I/We, authors (Research team) and the name/s subscribed to this report, hereby certify that all of the views expressed in this research
report accurately reflect my/our views about the subject issuer(s) or securities. I/We also certify that no part of my/our compensation
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Research Team
Sr. No Name Designation E-mail
1 RajeshPalviya Technical & DerivativeAnalyst - (Head) rajesh.palviya@axissecurities.in
2 VaishnaviJagtap Technical Analyst vaishnavi.jagtap@axissecurities.in
3 Kruti Shah Derivative Analyst kruti.shah@axissecurities.in
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5 Hiren Trivedi Research Associate hiren.trivedi@axissecurities.in
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20 April 2017 8
 Disclosures

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Axis Securities Limited, Corporate office: Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-
400070, Tel No. 18002100808/022-61480808, Regd. off.- Axis House, 8th Floor, Wadia International Centre, PandurangBudhkar Marg,
Worli, Mumbai 400 025. Compliance Officer: AnandShaha, Email: compliance.officer@axisdirect.in, Tel No: 022-42671582.

20 April 2017 For private circulation only

Disclaimer : The views expressed / recommendations made in this report are based on Technical Analysis techniques and could be at
variance with the company's / group's views based on fundamental research. The report and information contained herein is strictly
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or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and
opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their
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Axis Securities Limited, SEBI Reg. No.- NSE-INB/INF/INE 231481632, BSE- INB/INF 011481638,MSEI-INB/INF/INE 261481635, ARN No.
64610, CDSL-IN-DP-CDSL-693-2013, SEBI-Research Analyst Reg. No. INH 000000297, Main/Dealing off.- Unit No. 2, Phoenix Market
City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-400070, Tel No. 18002100808, Reg. off.- Axis House, 8th Floor,
Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai 400 025.Compliance Officer: Anand Shaha, E-Mail ID:
compliance.officer@axisdirect.in,Tel No: 022-42671582.

Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.