Date: 8 August, 2019

The Daily Viewpoint

Page 2PCG Research

DOMESTIC INDICES

Close Points % Change

SENSEX 36691 -286 -0.77

NIFTY 10856 -93 -0.85

MIDCAP 13509 -60 -0.44

SMALL CAP 12482 -14 -0.11

SECTORAL INDICES

Close Points % Change

Healthcare 12571 64 0.51IT 15641 34 0.22

TECK 7656 16 0.21POWER 1904 -3 -0.16

CD 22253 -129 -0.58Finance 6057 -47 -0.77

CG 17187 -156 -0.90BANKEX 31376 -319 -1.01REALTY 1997 -28 -1.38

OIL & GAS 12617 -191 -1.49AUTO 15324 -329 -2.10

METAL 8873 -243 -2.67

BSE 200 GAINERS/LOSERS

GAINERS % LOSERS % CUB 6.08 IBULHSGFIN -13.31ZEEL 4.96 JINDALSTEL -10.52

MINDTREE 4.82 RBLBANK -8.16QUESS 4.71 BANKBARODA -6.33LUPIN 4.11 IBVENTURES -6.26

ADVANCE/DECLINES

BSE %

ADVANCES 1109 42

DECLINES 1372 52

UNCHANGED 160 6

INSTITUTIONAL ACTIVITY

Rs Cr 07/08/19 06/08/19 July TotalFII -384 -2108 -13317

MF 532 2289 15058

The Reserve Bank of India cut interest rates by anirregular 0.35% to boost slowing economic growth, whichwas evident in its shaving a 0.1% cut from its GDP growthexpectations from the earlier 7%.

The fact that it has kept its stance accommodative meansthat should the need arise for a further cut, the CentralBank will be ready to walk the talk. Some other tweaks inthe policy means the money will continue to flow intothe beleaguered NBFCs.

The Nifty, however, wasn’t amused and closed 93 pointslower at 10,855.

While the SGX Nifty indicates a marginal dip in themorning, we are not too concerned.

Despite the sharp fall, we believe the markets may be ina mood to bounce back for the following reasons.

1.The Nifty has made higher lows on Tuesday andWednesday after Monday’s low.

2.Barring Pakistan and China, there is no adverse opinionfrom the rest of the world on India’s move on J&K.

3.With yesterday’s fall of 5%, Crude Oil has enteredbearish territory having fallen 20% from its April highs.

4.There are some good individual stocks news that couldshore up investor sentiment.

5.The FM still has some interactions due in the currentweek. While one should not hope for, but any concessionon FPI taxation or industry duties may help spursentiment.

6.The U.S. markets have bounced back from the massiveintraday losses Wednesday.

One of the widely tracked global indices will add HDFCLife Insurance to its global standard Index from August 27.This will increase appetite of investors.

RBI BATS FOR GROWTH

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GLOBAL INDICES Union Bank of India will go out of one of the global smallcap indices, which could pressurise the stock.

Meanwhile Tata Communications has received the finalclearance from the Ministry of Company Affairs for thedemerger of the land. The shareholders of Tata Comm,will get a share of the company that owns the land. Therecord date is yet to be announced.

The Nifty has a strong support at 10,782. But it needs tobe broken on a closing basis to turn bearish. Trade withan open mind.

Changes in global indices tracked by FIIsOne of the widely tracked global indices will add HDFCLife Insurance to its global standard Index from August 27.This will increase appetite of investors.

Union Bank of India will go out of one of the global smallcap indices, which could pressurise the stock.

Demerger of Tata Communications' surplus land to HPILgets MCA nodTata Communications Ltd yesterday said its scheme ofarrangement for demerger of surplus land from thecompany to Hemisphere Properties India Ltd (HPIL) hasreceived approval from the Ministry of Corporate Affairs(MCA). The Mumbai Bench of National Company LawTribunal (NCLT) had approved the scheme on July 12,2018.

As per the demerger plan, the company would transferthe surplus land to HPIL after consequent issue of equityshares by HPIL to the shareholders of the company. Thiswill be followed by transfer of equity shares of HPILallotted to Panatone Group Companies (collectivelyPanatone, Tata Sons Limited and Tata Power Company)tothe erstwhile shareholders of the company who hadtendered shares in the open offer by Panatone and to theGovernment of India

Affle India IPO to list todayThe Rs 459-crore initial public offer (IPO) by Affle India tolist on exchanges today. The issue was subscribed by awhopping 86.48 times. The quota limit for QIBs wassubscribed 55.31 times, NII 198.69 times and retail 10.94times

Close Points % Chg

DOW JONES 26007 -22.45 -0.09

S & P 500 2884 2.21 0.08

NASDAQ 7863 29.56 0.38

FTSE 7199 27.01 0.38

CAC 5267 31.86 0.61

DAX 5201 36.69 0.71

EXCHANGE RATES

Value % Change

USD/INR 71.2 0.06EURO/USD 1.121 0.11USD/GBP 1.217 0.27USD/JPY 106.2 -0.10

COMMODITIES

Value %

Gold ($ / Oz) 1513.1 -0.43Silver ($ / Oz) 17.2 -0.19

Crude Oil Futures 52.6 2.88Brent Oil ($ / Barrel) 57.7 2.65

BOND YIELD

Value % Chg bps

IND10 Yr Bond Yield 6.37 -0.03

ADR

Value $ %Dr Reddys Labs 35.69 0.14

HDFC Bank 110.92 -0.78ICICI Bank 11.49 -0.95

Tata Motors 8.33 -2.57Wipro 3.97 0.51

Vedanta Ltd 7.62 -3.05INFOSYS 11.16 1.45

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Affle India has two business segments, consumer platform and enterprise platform. The consumer platformaims to enhance returns on marketing spend through delivering contextual mobile ads and reducing digital adfraud. On the other hand, the enterprise platform primarily provides end-to-end solutions for enterprises toenhance their engagement with mobile users.

Tata Steel Q1 misses estimates, profit tanks 64% on muted revenue growthTata Steel reported steep 64.3 percent YoY decline in June quarter profit to Rs 693 crore amid mutedrevenue growth and subdued operating income. Lower other income (down 29 percent YoY) also impactedbottom line.

Numbers were lower than street expectations. Profit was estimated at around Rs 1400 crore on the revenueat Rs 37,150 crore and EBITDA margin at 15.4 percent for the quarter.

Revenue during the quarter grew 1.3 percent YoY to Rs 35,947.1 crore, dented by lower domestic and Europegrowth. It was supported by Tata Steel BSL (erstwhile Bhushan Steel acquired under NCLT) which grew 105.5percent YoY to Rs 4,332.7 crore in Q1.

Tata Steel India business declined 2 percent to Rs 16,091 crore and Tata Steel Europe revenue fell 11.8percent to Rs 14,495 crore compared to a year ago.

The company has delivered 11 percent YoY volume growth for production and 5 percent YoY for deliveries.

At the operating level, EBITDA dropped 15.4 percent YoY to Rs 5,377 crore and margin contracted 294bps to14.96 percent in the quarter ended June 2019, partly dented by higher finance and depreciation costs in Q1.

Aurobindo Pharma Q1 net rises 40% to Rs 635.8 crore, beats street estimatesAurobindo Pharma reported 40 percent YoY rise in net profit to Rs 635.8 crore in the first quarter led bystrong sales growth of US, Europe and antiretroviral (ARV) businesses.

Revenues grew 28.1 percent YoY to Rs. 5,444.6 crore. EBITDA margin stood at 21.1 percent. Research anddevelopment (R&D) spend stood at Rs 243 crore or 4.5 percent of the revenues.

Aurobindo’s net debt declined 18.3 percent on QoQ basis to Rs 4,094 crore.

Sales of formulation or generic drugs grew strong 34.6 percent to Rs 4,712 crore compared with Rs 3,500.8crore in the year-ago period.

Sales of active pharmaceutical ingredients (API) dropped 2.1 percent to Rs. 732.2 crore.

The US formulation business increased 42.3 percent YoY to Rs 2,688.4 crore. The company received finalapproval for nine abbreviated new drug applications (ANDAs) including six injectables in Q1FY20. In the firstquarter, the company filed 12 ANDAs, of which three are injectable drugs.

The company has launched 15 products including four injectables during the quarter. As on June 30, 2019, ona cumulative basis, the company filed 551 ANDAs with USFDA and received approval for 412 ANDAs including26 tentative approvals.

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HPCL Q1 PAT dropped 53% on lower refiner margins, inventory lossesHindustan Petroleum Corp Ltd (HPCL) reported 53% drop in June quarter net profit mainly due to inventorylosses caused by fall in oil prices and lower refinery margins.

Net profit slipped to Rs 811 crore in April-June as compared to Rs 1,719 crore a year back.

The decrease in profit is due to sharp decline in crude prices in the month of May and June 2019 leading toinventory loses both at refinery and marketing, and also lower average cracks for all products except for LPGand fuel oil.

The company recorded an inventory loss of Rs 535 crore in Q1 as compared to an inventory gain of Rs 2,332crore a year back.

Total borrowings reduced to Rs 20,427 crore as at June-end, from Rs 27,240 crore as of March 31.

During April-June, a total of 31 new retail outlets were commissioned, taking the total retail outlet network to15,471 as of Jun-19.

HCL Tech Q1 profit dips 13% to Rs 2,220 cr; retains FY20 CC revenue growthHCL Technologies has reported 13 percent sequential decline in June quarter profit at Rs 2,220 crore, dentedby operating income, but maintained full year revenue growth guidance.

Revenue was ahead of estimates at Rs 16,425 crore in the quarter ended June 2019, growing 2.7 percentsequentially and 18.7 percent YoY.

Revenue in dollar terms increased 3.8 percent qoq (15 percent YoY) to US$ 2,364 million and the same inconstant currency grew by 4.2 percent QoQ (up 17 percent YoY).

The company has maintained its full year constant currency revenue growth guidance at 14-16 percent andalso retained EBIT margin guidance at 18.5-19.5 percent.

Manufacturing, IT and business services, engineering and R&D services, and products & platforms categoriesgrew by 18.4 percent, 3.6 percent, 5.6 percent and 7 percent QoQ, respectively, in constant currency.

Earnings before interest and tax fell 7.7 percent QoQ to Rs 2,806 crore and margin contracted 180bps QoQ to17.1 percent in Q1, missed street expectations. EBIT was expected at around Rs 2900 crore and margin at17.9 percent.

During the quarter, HCL closed its previously announced $1.8 billion acquisition of select IBM products forsecurity, marketing, commerce, and digital solutions.

M&M Q1 adjusted profit falls 29%Mahindra and Mahindra reported adjusted net profit at Rs 892.7 crore for the June quarter, 29 percent YoYdrop due to weak demand across segments.

Profit in the corresponding period last fiscal stood at Rs 1,257.2 crore. The reported Q1 profit was Rs 2,259.7crore, showing an 80 percent growth YoY due to one-time (exceptional) gain of Rs 1,367 crore.

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The exceptional income was mainly due to gain on sale of shares by M&M benefit trust and income on buyback by an associate/transfer of certain long-term investments.

The June quarter revenue grew by 4.1 percent year-on-year to Rs 12,805.5 crore, with 5 percent YoY declinein auto sales and 15 percent fall in tractors segment.

For Q1, the Indian auto industry sales fell 12.3 percent, with all segments reporting a decline, the companysaid. It is after six years that all segments of the industry have posted a reduction in the same quarter.

At operating level, EBITDA fell 15 percent YoY to Rs 1,794 crore and margin contracted 180bps YoY to 14percent in Q1, which were largely in line with estimates.

Revenue from its farm equipment (tractor) segment dropped 12.5 percent to Rs 4,382 crore and its EBITplunged 19.2 percent and margin was down 160bps compared to year-ago.

Lupin net profit jumped 49.5% to Rs 303 crore in Q1 FY20Lupin reported net profit of Rs 303 crore in the June quarter, a jump of 49.5 percent YoY, helped by salesgrowth in key markets such as the US, India and Asia Pacific.

Revenues rose 15 percent YoY to Rs 4,418.4 crore in Q1FY20. EBITDA margin stood at 21.4 percent. Theresults were slightly below street estimates due to lower other income.

Research and Development (R&D) for the quarter was Rs 378.5 crore representing 8.7 percent of sales.

North America sales grew 30 percent to Rs 1,541.2 crore in Q1 FY20, compared to sales of Rs 1,185.8 croreprevious year. On the QoQ basis, North America sales dropped 11.5 percent. Company launched fiveproducts in the US market during the quarter. The company now has 175 products in the US generics market.

Domestic formulation sales rose 10 percent YoY to Rs 1,307 crore. Management said the company wasmaking steady progress on regulatory compliance front.

Adani Gas Q1 net jumps 43% on higher gas salesAdani Gas reported 43 percent rise in first quarter net profit at Rs 79 crore on back of increase in gas sales.

Q1 FY20 overall sales volume grew by 9 percent to 137 million standard cubic metres on the back of strongvolume growth in both piped natural gas (PNG) and CNG distribution. Volume of PNG distribution hasincreased by 10 percent to 67 mmscm, while CNG volume grew by 9 percent to 71 mmscm. Revenue rose 21percent to Rs 479 crore.

The company and its joint venture partner IOC have won licences to retail CNG and PNG in 38 geographicalareas covering 71 districts, 68 large towns and almost 8 percent of Indian population in 15 states.

Voltas Q1 net down 11% at Rs 166.3 croreVoltas reported 11 percent decline in consolidated net profit to Rs 166.3 crore for the first quarter.

Total income during the quarter stood at Rs 2,697.3 crore as against Rs 2,176.3 crore in the year-ago period,it added.

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Voltas said its room air-conditioning business witnessed growth in sales volumes and the segment's revenueincreased by 47 percent to Rs 1,749 crore as compared to Rs 1,191 crore in the corresponding quarter lastyear.

The company further said its electro-mechanical projects and services segment clocked revenues of Rs 824crore during the quarter as compared to Rs 866 crore in the corresponding quarter last year.

Petronet LNG Q1 PAT grew 21% to Rs 562crNet Profit increased 21.3 percent to Rs 561.9 crore vs. Rs 463.3 crore, revenue rose 2.7 percent to Rs 8,613.4crore vs. Rs 8,383.2 crore QoQ.

KEC International Q1 FY20 PAT up 2% to Rs 88.6crNet Profit increased 2.1 percent to Rs 88.6 crore, revenue rises 14.6 percent to Rs 2,412 crore vs. Rs 2,104.3crore YoY. Margin was up 10bps to 10.4%. Railway business saw robust 67% surge in revenues. Company gotnew orders worth Rs 1115cr and with that total order book stands at Rs 19,000cr.

Siemens Q3 net increased 21.4% to Rs 248crNet Profit jumped 21.4 percent to Rs 248.1 crore vs. Rs 204.4 crore, revenue rises 4.1 percent to Rs 3,198.4crore vs. Rs 3,073 crore YoY. The value of new orders stood at Rs 3,023 crore in June quarter, registering6.4% growth over the same quarter last year.

Sonata Software Q1 FY20 PAT grew 4% qoq to Rs 67crRevenues for the quarter were up 27% YoY to Rs 875cr. IITS segment revenues were at US$ 44.3mn withmargin at 22.2%. PAT for the quarter grew 4% qoq. Other Income was at Rs 16cr as against Rs 8cr.

Astrazeneca Q1 FY20 PAT surged to Rs 21.5crRevenues grew 27% YoY to Rs 205cr. PAT for the quarter surged to Rs 21.5cr as against Rs 6.4cr. PAT gotboosted by strong revenues and expansion in gross margin.

Ultratech Cement Q1 FY20 PAT seen 21% higher at Rs 877crRevenues may grow 8% YoY to Rs 9749cr. Margin may see 300bps surge to 21.7%. Strong revenues andbetter operating performance may lead to higher 21% YoY to Rs 877cr.

Mahanagar Gas Q1 FY20 PAT seen 11% up at Rs 144crRevenues may see 18% YoY growth to Rs 731cr. Margin may see 300bps contraction to 30.2%. PAT mayincrease 11% to Rs 144cr.

Key U.S. IndicesDow 26,007 -22 -0.09%S&P 500 2,884 2 0.08%Nasdaq 7,863 30 0.38%

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Wall Street Claws Back From Early LossesKey U.S. Indices rebounded from deep early losses Wednesday to author the best rebound this year.

The Dow Jones Industrial Average, which had fallen 589 points in the morning clawed back 567 points to endjust 22 points or 0.09% lower at 26,007.

The S&P 500, which was down 56 points in the morning not only recovered all its losses but closed in thegreen with a 2 point or 0.08% gain at 2,884.

The Nasdaq Composite followed in the footsteps of the S&P 500. It not only overcame all its 130 pointsmorning loss but also managed to close 30 points or 0.38% higher.

What happened?Markets opened near their intraday lows on poor results from Disney.

Disney missed earnings estimates and disclosed it was taking an earnings impairment from the box-officefailure of "Dark Phoenix," a film inherited from its $71 billion merger with the Fox studio business. The shareswere off 4.9% and accounted for 47 points slide in the blue-chip index.

But two other events, also shaped the day’s initial fall and then the gradual recovery.

The first was the cutting of interest rates by central banks of India, New Zealand and Thailand. The rate cutswere larger than expected, exuding a sense of gloom around the globe.

The other was President Donald Trump’s tweet that the U.S’s “problem is not China…Our problem is aFederal Reserve that is too… proud to admit their mistake of acting too fast and tightening too much.

The president said, the central bank “must cut rates bigger and faster, and stop their ridiculous quantitativetightening NOW,” he tweeted:

Gold GlittersGold futures jumped to a six-year high of $1519.60 an ounce, up $35.40 or 2.4%. Gold is up 4.3% this weekand 5.7% so far in August. Its 18.6% gain for the year is better than the year-to-date gains for the Dow, S&P500 and the Nasdaq Composite.

Gold-mining stocks were higher, and the Gold ETF added 1.5%. It's up 16.3% for the year, thanks to a 9.2%gain in the second quarter and a 5.9% gain so far in the third quarter.

Bond Yields tumbleThe market's gyrations came as bond yields tumbled. The 10-Year Treasury Yield fell to 1.709% fromTuesday's 1.739% after falling to a 52-week low of 1.595%.

The rate drop helped the iShares 20+ Year Treasury bond exchange-traded fund hit a 52-week high of$143.06. The ETF ended at $140.03, up slightly on the day.

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The rate declines hurt financial stocks.

JPMorgan Chase down 2.2%, was the Dow's biggest loser after Disney. SVB Financial Group, parent of SiliconValley Bank, fell 4.7%. Charles Schwab dropped 4.6%.

Fed chatterChicago Fed President Charles Evans on Wednesday said he wants to adjust monetary policy until it is givingthe economy a slight boost. This could mean another quarter-point rate cut this year.

Crude slips into bear territoryThe U.S. Energy Information Administration said in its weekly oil inventory dataset that crude stockpiles roseby 2.39 million barrels in the week to August 2.

The rise in inventory, coming after 8 weeks of declining inventories, sent the Crude oil prices plummeting.

The West Texas Intermediate crude settled down $2.54, or 4.7%, at $51.09 per barrel.

London-traded Brent crude, the benchmark for oil outside of the U.S., tumbled $2.71, or 4.6%, to close at$56.23, remaining under the key $60 per barrel.

With this both the WTI and Brent Crude prices have fallen more than 20% from their April highs, making it abear markets for the commodity.

Crude stocks had, in fact, fallen by nearly 50 million barrels in eight previous weeks, helping shore up oilprices.

The Daily Viewpoint

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DATA & EVENTS

OPENING TRADING CALLS

NOTE: ALL TRADING RECOMMENDATIONS GIVEN BY PCG TEAM ARE ON REAL TIME BASIS. A TRADINGRECOMMENDATION SHOULD BE CONSIDERED CLOSED OR SQUARED OFF AS AND WHEN A STOPLOSS OR TARGET ISTOUCHED IN INTRADAY TRADING. DO NOT WAIT FOR TARGET ACHIEVED OR STOPLOSS MESSAGE TO CLOSE THEPOSITIONS. REFER JAMMOON FOR TIMELY ENTRY AND EXIT FROM RECOMMENDATIONS.

RESULT CALENDAR-BSE500

No. Reco Date Company Name Reco Cost SL Target

1 06-08-2019 ICICIBANK AUG 420 CALL BUY 6.65 4.4 11

2 07-08-2019 CROMPTON BUY 232.5-228 224.5 245

3 07-08-2019 SBIN AUG 290 PUT BUY 8.1 5.3 13

4 07-08-2019 BANKNIFTY AUG FUTURE SELL 27790-27930 28050 27400

DATE COMPANY DATE COMPANY DATE COMPANY DATE COMPANY08-Aug ABBOTINDIA 08-Aug RADICO 09-Aug MRF 10-Aug NTPC

ADANITRANS RATNAMANI NATCOPHARM PNCINFRAADVENZYMES RCF NCC SARASIND

AKZOINDIA TAKE NH SUPRAJITAPARINDS TATACHEM NHPC THYROCARE

COFFEEDAY TATAINVEST NIACL 12-Aug AIAENGCUB THERMAX OIL ALKEM

EMAMILTD UCOBANK PCJEWELLER BBTCENDURANCE ULTRACEMCO PFIZER BLISSGVSENGINERSIN 09-Aug BHEL RCOM CAPLIPOINT

GESHIP BPCL SAIL CENTURYTEXGNFC BRITANNIA SCI GRAPHITE

GODREJPROP CADILAHC SHK IFCIGPPL CENTURYPLY SHREECEM INFRATEL

GREAVESCOT FCONSUMER SOBHA JINDALSAWHEXAWARE FORBESGOK SUNTV MINDACORPINDOSTAR GAIL TVTODAY MOTHERSUMIINFIBEAM GUJALKALI 10-Aug APLAPOLLO MUTHOOTFINJSLHISAR HIMATSEIDE BALKRISIND RPOWER

MAXINDIA HINDALCO BDL SHANKARAMERCK HONAUT CHAMBLFERT SJVN

MGL INOXWIND DIVISLAB SUNTECKNAVNETEDUL ITDCEM FINPIPE TIMKEN

NBCC JAMNAAUTO GODFRYPHLP TTKPRESTIGNBVENTURES MEGH HINDCOPPER WABAG

PAGEIND MODILUFT LAOPALA WHIRLPOOL

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DATA & EVENTS

RESULTS ANNOUNCED DURING MARKET HOURS

COMPANY Q1FY20 YoY (%) QoQ (%)

Sales (Rs Cr)

NP (Rs Cr) Sales NP Sales NP

Adani Ports & Special Economic Zone Ltd 2794.5 1022.4 15.9 48.0 -9.3 -20.5

Allcargo Logistics Ltd 1815.3 63.0 11.7 18.7 5.1 -20.6

Aster DM Healthcare Ltd 2028.6 10.1 14.3 -50.6 -7.8 -95.4

Astrazeneca Pharma India Ltd 204.6 21.5 26.7 236.8 7.5 119.1

Balrampur Chini Mills Ltd 948.5 105.6 -5.4 42.5 -28.5 -63.4

Birlasoft Ltd 785.6 41.8 32.0 -46.0 -0.3 -36.7

Cipla Ltd 3989.0 478.2 1.3 6.0 -9.4 30.2

India Cements Ltd 1496.4 64.3 7.9 2325.3 -6.7 149.0

Indian Metals & Ferro Alloys Ltd 445.9 12.6 8.1 -58.4 2.3 LP

J Kumar Infraprojects Ltd 667.7 40.9 8.0 1.8 -31.0 -28.6

Mahindra & Mahindra Ltd 26041.0 913.5 -7.2 -46.5 -4.1 31.8

Sonata Software Ltd 874.6 67.1 27.1 16.8 4.7 2.6

Voltas Ltd 2654.0 165.2 23.6 -10.2 28.7 16.5

Welspun Corp Ltd 2047.1 118.1 24.7 152.9 -25.7 LPPL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss

RESULTS ANNOUNCED AFTER MARKET HOURS

COMPANY Q1FY20 YoY (%) QoQ (%)

Sales (Rs Cr)

NP (Rs Cr) Sales NP Sales NP

Adani Gas Ltd 479.0 79.3 21.0 44.0 -3.1 4.7

Garware Technical Fibres Ltd 232.3 29.6 -4.9 -5.6 -19.8 -19.1

HCL Technologies Ltd 16427.0 2230.0 18.4 -8.3 2.7 -12.5

ITI Ltd 161.0 -61.0 -14.7 PL -74.6 PL

K E C International Ltd 2412.5 88.6 14.6 2.0 -37.2 -55.4

Lemon Tree Hotels Ltd 140.9 -1.7 11.0 PL -6.4 PL

Matrimony.com Ltd 95.5 9.3 6.7 -39.9 10.9 31.3

Petronet LNG Ltd 8613.4 561.9 -6.1 -7.2 2.7 20.7

PL: Profit to Loss, LP: Loss to Profit, LL: Loss to Loss

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LIST OF NIFTY STOCKS

COMPANY CLOSE R2 R1 PIVOT S1 S2

NIFTY 50 10856 11029 10942 10889 10802 10749ADANIPORTS 373 387 380 373 366 359ASIANPAINT 1559 1585 1572 1562 1549 1539AXISBANK 660 690 675 664 649 639BAJAJ-AUTO 2601 2658 2629 2607 2579 2557BAJAJFINSV 7157 7255 7206 7141 7092 7028BAJFINANCE 3267 3354 3311 3281 3238 3209BHARTIARTL 365 377 371 367 361 356BPCL 331 353 342 336 324 318BRITANNIA 2540 2580 2560 2545 2525 2510CIPLA 514 538 526 514 502 490COALINDIA 206 213 210 206 202 198DRREDDY 2560 2611 2586 2563 2538 2515EICHERMOT 16426 17482 16954 16647 16119 15812GAIL 121 126 123 122 120 118GRASIM 739 775 757 745 727 715HCLTECH 1019 1057 1038 1027 1008 998HDFC 2171 2214 2193 2177 2155 2140HDFCBANK 2180 2219 2200 2182 2163 2145HEROMOTOCO 2501 2560 2530 2499 2470 2439HINDALCO 177 187 182 179 174 171HINDUNILVR 1777 1815 1796 1768 1749 1721IBULHSGFIN 445 521 483 462 424 403ICICIBANK 407 418 413 410 404 401INDUSINDBK 1430 1482 1456 1436 1410 1389INFRATEL 246 254 250 245 241 237INFY 776 788 782 777 771 766IOC 129 135 132 130 127 125ITC 253 262 257 255 251 249JSWSTEEL 211 220 216 213 208 206KOTAKBANK 1475 1514 1495 1480 1461 1446LT 1357 1404 1380 1367 1343 1330M&M 517 564 541 528 504 491MARUTI 5736 5911 5823 5780 5692 5648NTPC 123 126 125 123 122 121ONGC 131 134 132 130 129 127POWERGRID 198 203 200 199 196 195RELIANCE 1104 1151 1128 1115 1092 1080SBIN 289 307 298 293 284 280SUNPHARMA 420 433 426 422 416 411TATAMOTORS 117 127 122 119 115 112TATASTEEL 378 404 391 383 370 363TCS 2219 2253 2236 2222 2205 2190TECHM 674 682 678 674 670 666TITAN 1036 1068 1052 1025 1009 982ULTRACEMCO 4341 4464 4402 4362 4300 4260UPL 530 560 545 537 522 513VEDL 136 143 140 138 135 133WIPRO 262 267 265 262 259 257YESBANK 87 94 91 88 85 82ZEEL 322 353 337 325 309 297

SUPPORT - RESISTANCE

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PCG TEAM

Name DESIGNATION EMAIL ID

Mr. Vinod Sharma Head, PCG & Market Strategy vinod.sharma@hdfcsec.com

Mr. Devarsh Vakil Head, Advisory devarsh.vakil@hdfcsec.com

Mr. Nandish Shah Derivative Analyst nandish.shah@hdfcsec.com

Mr. Vinay Rajani Technical Analyst vinay.rajani@hdfcsec.com

Mr. Kushal Rughani Fundamental Analyst kushal.rughani@hdfcsec.com

Ms. Kinnari Patel Junior Analyst kinnari.patel@hdfcsec.com

Ms. Nisha Sankhala Fundamental Analyst nishaben.shankhala@hdfcsec.com

Mr. Dilip Parmar Currency & Equity Analyst dilip.parmar@hdfcsec.com

Mr. Tapan Patel Commodity Analyst tapan.patel@hdfcsec.com

Mr. Karan Shah Fundamental Analyst Karan.shah@hdfcsec.com

Mr. Manthan Jhaveri Junior Analyst manthan.jhaveri@hdfcsec.com

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