[email protected] Singh Deepak Raj Research Analysts Research [email protected] Dedhia Dipesh [email protected] Singh Deepak Raj Research Analysts Research Lupin Stock Quant Pick Action Buy [email protected] PatelNandish Initiation Range Initiation 1200-1225 [email protected] Jain Siddhesh [email protected] PatelNandish Quant Pick – Lupin Target 1430 Stop loss Stop 1098 Time Frame Time 3Months [email protected] Dedhia Dipesh Duration : 1-3months : Duration HDFC AxisBank ACC Underlying 1-2months : Duration Biocon UPL Underlying Click Click Quant (Derivatives) Pick(Derivatives) Quant May May 24, 2021 Derivatives Strategy Strategy Derivatives here to seehere to here to seehere to • • PRODUCT 1 PRODUCT 2 open calls open open calls open Buy Buy Buy Action Sell Buy Action

ICICI Securities – Retail Equity Research Stop Loss: Buy Lupin in range of May 2021 24, Source: NSE, Seediff, ICICI Direct Research Direct ICICI Seediff, NSE, Source: open interest open Snapshot Price vs. pattern | 1098; Time frame: Three months | 1200

Open Interest in Thousands 10,000 11,000 12,000 4,000 5,000 6,000 7,000 8,000 9,000 - ICICI Ltd. Securities Retail| Equity Research May-19 1225; Target: Fresh Jul-19 HV 30 Day (% Annualised) (%)3M Roll Avg (|)12M Price Avg Beta Price Spot

Sep-19 levels lower at seen accumulation

Nov-19

Jan-20

Mar-20 OI |

May-20 1430;

Jul-20 Price

Sep-20 1205.00 1008.0 91.0% 45.00 Nov-20 0.40

Jan-21

Mar-21

May-21 500 600 700 800 900 1000 1100 1200 1300

Price 2

ICICI Securities – Retail Equity Research Quant Pick Derivatives and       Source: NSE, Seediff, ICICI Direct Research Direct ICICI May 2021 24, Seediff, NSE, Source: Note the is In delivery | series From 1150 expect well On stock Currently, month The and near The 1160 looking the the coming any pharma open as : its . Put . a current We Call high After the on options June delivery lifetime pick declines strikes for believe despite interest every has stock . months - As space a series up fresh move, sharp been front, the that in perspective, highs decline to in fresh closure coming in . uptrend has be stocks stock Closure should initiated Quantitative the move, significant the and well come addition . stock The , stock has like the days is and placed act the is on it likely in also Delivery Lupin stock visible is has . as has mean+ the in iClick writing stock In able support participated the to due seen to limelight increased has provide move 2 in to continue stock seems Z Gain 1 course, was ATM *sigma sustain a score been Outlook… ICICI Ltd. Securities Retail| Equity Research significant on towards on will seen another in Call to downsides able sharply with reading May an the its levels trigger above be in strikes up uptrend to last a 24 consolidating 1250 its opportunity increase market move surpass , placed in its in Call another couple 2021 of the the and long . 1200 base should We move, last near cash 1300 its in of term round believe delivery of and to trading two weeks at 1080 segment pan 1300 Call, we create mean+ higher 1220 of months expect out should the . once which up range based . On long in With 2 move outperformance levels also *sigma the the again while long is be indicating positions activity sign indicates the stock other in a and . positions very it The levels current significant of witnessing hand, around closure strong pharma prevailing there after OI in to writing this | in Call support have 2013 among is index 1100 the buying still space positive OI . was been We - stock room 1200 base is Call for consolidating seen believe support will formed the writers, in is for bias for continue the at in stock May further in 1200 a stock near May in six the we as in it 3 - , .

ICICI Securities – Retail Equity Research May 2021 24, Derivatives Strategies: Open recommendations Date Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: 17-May-21 17-May-21 Scrip Biocon UPL Action Sell Sell Positional Option: Positional Option: Positional Recommendation Sell BIOCON May 420 Call at 3.4- 3.9, target:expiry3.4-BIOCONat420 May 3.9, stoploss:till May Frame:Call Sell 0.10Time , 7.1. 700target:May 6.3-UPLatPutexpiry 6.8, stoploss: May till Sell 0.10 Frame: , Time 11.1. ICICI Ltd. Securities Retail| Equity Research Back 4

ICICI Securities – Retail Equity Research Quant Picks: Open recommendations… May 2021 24, Source: NSE, NSE, Source: Date Seediff 24-May-21 21-May-21 18-May-21 17-May-21 10-May-21 6-May-21 , ICICI Direct Research Direct ICICI , AxisBank Lupin HDFC ACC L&T BEL Scrip Action Buy Buy Buy Buy Buy Buy ICICI Ltd. Securities Retail| Equity Research BuyPrice 1200-1225 1400-1422 1860-1890 2525-2565 151-154 700-717 Target 1430 1610 2190 2950 180 840 SL 137.5 1098 1310 1690 2348 635 CMP 1202 1445 1965 2540 159 734 %Ret -1.9% 1.8% 3.2% 4.0% 0.0% 2.7% TimeFrame 3months 3months 3months 3months 3months 3months Back 5

ICICI Securities – Retail Equity Research May 2021 24, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Pankaj Pandey [email protected] Mumbai (East) Andheri Road no.7, MIDC 1 Limited,Securities ICICI Desk,Research Direct ICICI Head st Floor, AkrutiTrade Centre, ICICI Ltd. Securities Retail| Equity Research – Research – 400 400 093 [email protected] 6

ICICI Securities – Retail Equity Research Disclaimer sector PFRDA ICICI ICICI Terms report reflect We May 2021 24, this or This We Neither ICICI Since ICICI Compensation the ICICI finance, ICICI ICICI risks reason be circumstances Securities shall This temporarily Securities way, The Our recommendation Recommendation cover companies ICICI which taken report submit / document proprietary information I, report report Securities Securities Securities associated Securities Securities not Securities Securities Securities transmitted . associates Raj have . bank our & as the ICICI investment conditions be would in Deepak or is a will views that is is covered Research substitution and not and used Point under third Securities based not . may of not The Limited may or or is encourages no or received trading is subject before such has and of about our in directed to, or Sebi its its party one of in Singh its material no treat ICICI come and securities banking fundamental on by have its considered opinions copied Presence subsidiaries associates reports Analysts Research suspension associates obligation of registered investing various our information and (ICICI the accepts ICICI in other for Securities recipients any BE, the issued are connection or subject disciplinary Investment the investment independence or or MBA Securities compensation intended based Securities) required leading disclosures discussed in . nor merchant Analysts subsidiaries exercise distributed, ICICI might no as this might other in reports to is collectively stock ICICI (Finance), and an issuer(s) the liabilities obtained as in update on report Securities merchant with compliance offer have to for reports customers securities have Research action ICICI businesses and Securities broker, technical . is of is and : inform banking, Investors distribution not in a preparation independent document or in have engaged managed from affiliates or full Securities received whatsoever from opinions Nandish research or has part keep that based securities merchant - Limited bankers/ Research service, themselves Department been the markets and have been public with brokerage by are may or may the to companies on in or virtue Patel to, any in derivative expressed or report inconsistent prepared of as applicable been any businesses information Research taken visit make any judgment co integrated whole, . sources solicitation . for or underwriters banker, the Analysts We a compensation Actual - BCOM, managed registration entity use of specific of icicidirect any engaged . services preparation research on also investment ICICI and their by, to mentioned by analysis ICICI loss in and results investment Analyst are regulations by certify or any to of with investment Dipesh Securities this ICICI any current of merchant receiving public sources engaged or their observe housing or any . 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ICICI Securities – Retail Equity Research