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Nifty 508318/6.62% | S&P BSE Sensex 28536/6.98%| Bank Nifty 18481/8.03%

Index Support3 Support2 Support1 Pivot Resist1 Resist2 Resist3 PIVOT LEVELS Nifty 7234.2 7474.5 7896.2 8136.5 8558.2 8798.5 9220.2 Nifty Bank 15059.6 15847.6 17164.3 17952.3 19269.0 20057.0 21373.7 26 March 2020

NIFTY 50

Nifty (8318): Nifty gains of around 6.6% on short covering and fresh value buying. It crossed the 8300 mark on a closing basis. Rally led by RELIANCE HDFCBANK & KOTAKBANK with NIFTY FIN SERVICES index has outperforming its peers and closed with the gains of over 9.32%. The broader market has in a way underperformed frontline Nifty index. Both Mid-cap and Small-cap indices closed with gains of 4.55% and 3.05% respectively. INDIA VIX softens by 7.16% and closed at 77.62. The 52- week high-low data is still showing negative bias as 593 securities hit 52-week low while only 5 securities hit a 52-week high. As per the daily chart pattern, Nifty has formed a strong positive candle. It filled the downside gap created on 23rd March and settled above 2-day high levels which is a positive sign. Nifty also breached the multi-touch point falling trend line resistance level. Nifty made panic low of 7511 on 24th March and till Nifty holding this level it may continue with this relief rally. Today on the Monthly F&O contract expiry Nifty may depict elevated levels of volatility. In near-term, due to financial year end NAV management and value buying at lower levels may push market. The current crisis is driven by the virus which will be under control sooner. Lockdown will help us fight the Virus in better way as it will cut the spread chain. BHARTIARTL, ICICIBANK, DABUR, NAUKRI, and MUTHOOTFIN looks very good for Smart rally.

Advances/ Declines Institutional Activity (Rs Cr) Sectoral Performance Yesterday Monthly till Feb-2020 Advances Declines Unchanged NIFTY REALTY date 2.61 NSE 1068 717 117 FII -1,893.36 -58279.15 -12684.30 NIFTY PVT BANK 8.01 1.70 BSE 1186 1023 147 DII 737.98 47534.83 16933.03 NIFTY PSU BANK NIFTY PHARMA 1.28 2.58 Global Indices Top 2 Most Active Securities NIFTY METAL Value Recent Previous Change(%) % Traded NIFTY MEDIA 2.30 Symbol LTP (in DOW 30 21200.5 20704.9 2.39 Change Qty NIFTY IT 3.10 Lakhs) 2.24 NASDAQ 7384.3 7417.8 -0.45 NIFTY FMCG Value S&P 500 2475.6 2447.3 1.15 RELIANCE 1074.0 13.84 33433126 352211.3 NIFTY FIN SERVICE 9.32 FTSE 100 5688.2 5446.0 4.45 ICICIBANK 315.2 6.29 66545735 204142.35 NIFTY AUTO 5.17 DAX 9874.2 9700.5 1.79 Volume NIFTY BANK 8.03 KOSPI 1704.76 1609.9 5.89 IDEA 3.4 0 129167351 4314.19 0.00 2.00 4.00 6.00 8.00 10.00 NIKKIE 225 19546.6 18092.3 8.04 YESBANK 29.5 -15.86 95160537 29052.51 HANG SENG 23527.1 22663.4 3.81 % Change

Analyst Stock View

Nifty has Crossed 8050 and minimum target of 8900 looks possible and on higher side Nifty can even target 9600 or 10300 before market can stabilize or rally can fizzle out. Nifty made panic on 24/March/2020 low of 7511( Holding 7511) and crossing 8050 has led to rally. Market rally if sustains for a day or two then Quality stocks would perform. We feel RELIANCE, SBILIFE, DABUR, ICICIBANK, KOTAKBANK, ASIANPAINTS, JUBLIANTFOOD and TRENT also would do very good. IT Pharma & FMCG Companies would not be

impacted by the shut-down. IT Companies can work from home INFY, TCS TECHMAH TATAELXSI NIITTECH LTI MINDTREE are few stocks we like in that space. Pharma we like

DIVIS LAB, IPCALAB, TORRENT PHARMA & DRREDDY. FMCG HIND UNILEVER, DABUR, MARICO, BRITANNIA, PGHH, NESTLE are few stocks we like. Life Insurance Stocks like

HDFCLIFE SBILIFE ICICIPRULIFE & BAJAJFINSERV would see more policy coverage very soon. NBFC & BANKS are highly oversold HDFC HDFCBANK BAJAJFINANCE AXISBANK

ICICIBANK INDUSINDBANK can also be brought.

PIVOT LEVEL

ScripName PClose Support3 Support2 Support1 Pivot Resist1 Resist2 Resist3 ScripName PClose Support3 Support2 Support1 Pivot Resist1 Resist2 Resist3

ADANIPORTS 255.6 185.6 203.9 229.8 248.1 274.0 292.3 318.2 JSWSTEEL 151.8 130.8 136.7 144.2 150.1 157.7 163.6 171.1 ASIANPAINT 1593.2 1331.6 1388.8 1491.0 1548.2 1650.3 1707.5 1809.7 KOTAKBANK 1290.2 969.9 1047.5 1168.8 1246.4 1367.8 1445.4 1566.7 AXISBANK 326.8 209.5 247.8 287.3 325.5 365.0 403.3 442.8 LT 765.8 578.8 619.9 692.8 733.9 806.8 847.9 920.8 BAJAJ-AUTO 1946.8 1756.8 1811.7 1879.2 1934.1 2001.6 2056.5 2124.0 M&M 277.9 209.8 227.6 252.7 270.5 295.7 313.5 338.6

BAJAJFINSV 4830.3 3993.6 4196.8 4513.6 4716.8 5033.5 5236.7 5553.5 MARUTI 5006.0 3641.6 3975.9 4490.9 4825.2 5340.2 5674.5 6189.5 BAJFINANCE 2585.6 2123.7 2261.9 2423.7 2561.9 2723.7 2861.9 3023.7 NESTLEIND 14444.1 11602.7 12201.4 13322.7 13921.4 15042.7 15641.4 16762.7 BHARTIARTL 429.1 377.7 391.7 410.4 424.3 443.0 457.0 475.7 NTPC 79.2 70.8 72.8 76.0 78.0 81.2 83.2 86.3 BPCL 273.8 234.2 243.4 258.6 267.8 282.9 292.1 307.3 ONGC 61.6 57.0 58.5 60.0 61.5 63.0 64.5 66.0 BRITANNIA 2451.4 2147.3 2232.2 2341.8 2426.7 2536.3 2621.2 2730.8 POWERGRID 150.3 138.2 143.3 146.8 151.9 155.4 160.5 164.0

CIPLA 376.5 347.8 360.9 368.7 381.8 389.6 402.7 410.5 RELIANCE 1082.3 791.5 877.4 979.8 1065.7 1168.1 1254.0 1356.4 COALINDIA 124.5 116.8 120.3 122.4 125.8 127.9 131.4 133.5 SBIN 189.9 160.4 168.4 179.2 187.2 198.0 206.0 216.8 DRREDDY 2922.0 2675.6 2735.7 2828.8 2888.9 2982.0 3042.1 3135.2 SUNPHARMA 347.7 313.3 321.4 334.5 342.7 355.8 363.9 377.0 EICHERMOT 14516.6 12786.1 13245.5 13881.1 14340.5 14976.1 15435.5 16071.1 TATAMOTORS 70.3 63.3 65.3 67.8 69.7 72.2 74.2 76.7

GAIL 75.6 68.4 71.3 73.4 76.3 78.5 81.4 83.5 TATASTEEL 286.8 243.0 255.0 270.9 283.0 298.9 310.9 326.8 GRASIM 451.4 331.1 358.1 404.7 431.7 478.4 505.4 552.0 TCS 1750.3 1553.5 1616.8 1683.5 1746.8 1813.5 1876.8 1943.5 (Nifty 200) HCLTECH 457.6 377.3 397.5 427.6 447.8 477.8 498.0 528.1 TECHM 526.7 472.4 489.7 508.2 525.5 544.0 561.3 579.8 HDFC 1646.1 1349.9 1413.0 1529.5 1592.6 1709.1 1772.2 1888.7 TITAN 880.8 698.3 741.5 811.2 854.4 924.1 967.3 1037.0 HDFCBANK 856.8 673.3 714.3 785.5 826.5 897.7 938.7 1009.9 ULTRACEMCO 3228.6 2615.7 2762.9 2995.7 3142.9 3375.7 3522.9 3755.7 HEROMOTOCO 1667.7 1409.3 1467.3 1567.5 1625.5 1725.7 1783.7 1883.9 UPL 292.8 213.4 232.7 262.8 282.1 312.1 331.4 361.5 HINDALCO 94.6 80.2 84.1 89.3 93.3 98.5 102.4 107.6 VEDL 64.2 60.1 61.2 62.7 63.9 65.4 66.5 68.0 HINDUNILVR 2088.2 1876.3 1939.0 2013.6 2076.3 2150.9 2213.6 2288.2 WIPRO 174.7 149.4 159.8 167.2 177.6 185.0 195.4 202.8 ICICIBANK 316.9 235.1 258.3 287.6 310.9 340.2 363.4 392.7 YESBANK 29.6 19.9 24.2 26.9 31.2 33.9 38.2 40.9 INDUSINDBK 301.3 237.5 259.3 280.3 302.2 323.2 345.0 366.0 ZEEL 125.5 100.7 107.3 116.4 123.1 132.2 138.8 147.9 INFRATEL 147.5 123.0 129.6 138.6 145.2 154.2 160.8 169.8 NSE Nifty 50 Index 8317.9 7234.2 7474.5 7896.2 8136.5 8558.2 8798.5 9220.2 INFY 606.2 500.3 533.0 569.6 602.3 638.9 671.6 708.2 NSE Nifty Bank Index 18481.1 15059.6 15847.6 17164.3 17952.3 19269.0 20057.0 21373.7 IOC 77.9 72.3 74.7 76.3 78.6 80.2 82.6 84.2 Nifty Future Index 8362.2 7145.7 7413.5 7887.9 8155.7 8630.0 8897.8 9372.2 ITC 147.4 127.2 133.1 140.2 146.1 153.2 159.1 166.2 Nifty Bank Future Index 18487.0 15011.0 15805.6 17146.3 17940.9 19281.6 20076.2 21416.9 BSE SENSEX 28535.8 24570.1 25465.0 27000.4 27895.3 29430.7 30325.6 31861.0

Setting the Tone Pivot Point sets the general tone for price action. This is the middle line of the group that is marked (Pivot). A move above the Pivot Point is positive and shows strength. Keep in mind that this Pivot Point is based on the prior period's data. It is put forth in the current period as the first important level. A move above the Pivot Point suggests strength with a target to the first resistance. A break above first resistance shows even more strength with a target to the second resistance level.

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KEY TECHNICAL DATA

ScripName CloseRate ATP 8 ATP 13 ATP 21 ATP 34 SMA 21 SMA 50 SMA 100 SMA 200 ScripName CloseRate ATP 8 ATP 13 ATP 21 ATP 34 SMA 21 SMA 50 SMA 100 SMA 200 ABCAPITAL 40.4 47.7 55.3 62.2 73.6 63.6 83.6 90.9 89.4 IPCALAB 1309.3 1360.3 1367.4 1383.6 1378.7 1376.4 1319.3 1222.1 1080.4 ACC 918.2 1032.8 1091.1 1162.9 1260.7 1202.8 1365.7 1423.3 1482.5 ITC 147.4 154.2 157.5 165.3 174.9 173.8 202.1 223.5 241.2 ADANIPORTS 255.6 249.1 267.7 283.1 298.0 302.8 344.4 359.9 376.6 JSWSTEEL 151.8 170.0 187.3 209.5 230.9 209.7 245.7 252.6 245.8 AFFLE 979.3 1221.3 1387.0 1853.8 1943.8 1535.4 1663.6 1593.7 1394.3 JUBLFOOD 1347.1 1311.0 1394.0 1499.9 1589.8 1553.5 1715.2 1666.4 1471.6 AMBUJACEM 139.4 159.4 166.7 180.9 187.9 184.4 198.3 199.4 202.8 KOTAKBANK 1290.2 1217.0 1319.9 1386.8 1443.5 1464.6 1580.7 1615.3 1566.5 ASHOKLEY 34.5 45.2 50.0 58.6 64.9 63.2 74.5 77.2 75.6 L&TFH 55.2 60.3 70.2 79.5 92.6 85.5 106.5 108.9 105.3 ASIANPAINT 1593.2 1615.1 1709.6 1740.5 1763.6 1755.6 1802.6 1780.1 1668.6 LALPATHLAB 1399.0 1424.9 1474.9 1540.4 1567.7 1553.8 1621.7 1584.8 1400.4 AUROPHARMA 333.7 371.8 393.1 432.4 491.5 435.4 478.4 464.1 519.1 LICHSGFIN 210.3 226.2 251.0 282.5 339.9 278.0 365.1 400.1 433.2 AXISBANK 326.8 393.2 440.8 490.2 528.5 566.7 663.3 700.7 709.0 LT 765.8 815.5 906.4 977.7 1043.0 1034.9 1194.3 1266.4 1347.6 BAJAJ-AUTO 1946.8 2128.7 2261.8 2472.4 2620.1 2486.8 2851.3 3020.7 2927.5 LTI 1421.8 1408.2 1521.6 1613.2 1748.0 1699.6 1847.9 1777.1 1697.7 BAJAJFINSV 4830.3 5602.1 6248.4 6935.9 7438.1 7617.3 8756.2 8953.8 8361.6 M&M 277.9 318.2 360.3 399.2 436.4 412.8 494.2 517.7 548.4 BAJFINANCE 2585.6 2821.5 3168.3 3443.3 3640.0 3784.1 4186.5 4151.5 3859.2 M&MFIN 165.2 205.2 238.0 266.0 296.3 283.5 333.9 333.8 340.4 BEL 62.7 68.3 68.1 70.6 75.1 70.6 83.3 93.3 99.7 MANAPPURAM 101.9 94.0 108.2 123.3 141.0 132.9 158.3 163.0 147.6 BERGEPAINT 449.8 430.7 457.4 490.2 516.9 495.8 537.8 518.5 445.8 MARICO 248.2 251.0 258.6 271.9 283.2 272.6 300.2 323.7 351.2 BHARTIARTL 429.1 440.9 459.6 481.2 506.2 484.2 505.4 469.5 412.0 MARUTI 5006.0 4921.2 5267.3 5615.6 5946.3 5760.4 6506.1 6850.5 6638.0 BPCL 273.8 319.8 362.3 377.6 404.9 375.3 430.6 463.5 432.3 MCDOWELL-N 465.6 496.3 528.3 597.4 635.5 587.3 620.4 610.7 603.8 BRITANNIA 2451.4 2464.2 2626.8 2739.4 2862.2 2789.3 2997.7 3043.8 2933.3 METROPOLIS 1316.8 1339.7 1449.9 1611.9 1648.8 1673.5 1686.3 1544.7 1334.7 CADILAHC 263.7 272.2 266.8 265.0 268.2 261.0 266.3 259.7 247.4 MOTHERSUMI 60.6 62.7 68.8 81.2 92.0 83.3 111.8 125.0 117.4 CIPLA 376.5 392.4 400.1 412.0 420.5 407.9 434.6 451.4 473.5 MUTHOOTFIN 600.8 599.5 657.2 751.1 810.8 764.5 775.1 744.7 688.7 COLPAL 1121.9 1137.3 1175.0 1217.0 1254.6 1231.9 1332.6 1412.0 1345.7 NAM-INDIA 233.5 249.2 282.0 332.0 359.1 319.6 350.1 349.9 300.1 CUMMINSIND 369.8 412.2 424.4 446.1 471.9 466.4 524.7 540.7 594.4 NATIONALUM 28.9 30.1 29.8 31.3 35.2 31.8 38.4 41.1 43.1 DABUR 405.2 419.4 438.6 464.9 477.0 464.9 484.6 473.6 452.1 PEL 681.9 791.2 957.5 1133.8 1282.9 1099.2 1370.0 1501.3 1638.6 DCBBANK 80.1 106.1 123.7 132.0 142.6 137.4 161.7 169.8 187.6 PETRONET 175.7 191.8 203.0 216.3 229.1 222.9 249.7 261.9 256.5 DLF 123.8 133.0 149.3 171.9 192.3 171.8 213.3 217.1 194.5 PFC 86.3 89.5 94.4 104.8 113.4 102.7 113.2 114.1 113.3 DMART 1899.1 1913.2 1971.4 2142.8 2304.9 2097.8 2141.7 2002.7 1785.7 PIDILITIND 1271.1 1429.0 1516.4 1529.0 1536.6 1516.7 1517.9 1435.5 1372.7 DRREDDY 2922.0 2798.1 2883.9 2961.0 3041.1 2941.7 3062.1 2965.5 2802.5 PNB 34.3 36.2 36.7 39.7 43.8 40.4 50.7 57.0 62.4 EICHERMOT 14516.6 15655.1 16477.8 16863.6 17632.4 16613.1 18562.9 20119.1 19163.0 POLYCAB 637.6 727.5 813.0 928.6 987.6 920.8 992.4 973.1 803.6 ESCORTS 646.9 618.9 656.7 731.9 784.1 727.3 771.5 702.5 623.3 RBLBANK 161.3 165.8 194.1 214.9 237.1 228.8 285.4 313.7 376.1 FEDERALBNK 38.3 50.2 58.0 64.3 69.9 68.3 81.3 84.1 88.3 RECLTD 83.9 89.7 94.0 102.7 118.7 105.4 126.8 132.5 137.7 FINPIPE 314.3 437.0 467.3 479.1 494.7 486.4 527.7 546.5 541.1 RELIANCE 1082.3 985.2 1046.0 1122.2 1181.6 1160.8 1344.4 1438.3 1360.2 FORTIS 131.6 126.3 134.8 141.1 147.6 141.2 148.4 143.9 136.7 SAIL 21.9 25.8 26.8 29.8 34.2 30.4 39.9 40.5 40.1 GODREJCP 470.5 496.7 532.9 558.4 582.0 557.8 629.0 666.6 660.1 SBILIFE 587.9 622.8 685.7 731.9 783.9 765.9 875.1 923.8 864.0 GRASIM 451.4 495.1 534.8 586.6 633.8 600.8 701.1 733.4 761.3 SBIN 189.9 204.7 222.9 247.2 264.8 251.3 289.7 308.9 308.7 HAVELLS 473.7 533.8 557.3 584.9 595.0 587.9 605.0 632.8 667.8 SHREECEM 17438.3 18882.3 19439.4 20346.2 21297.6 21066.5 22683.7 21680.8 20779.7 HCLTECH 457.6 438.0 458.9 495.3 523.4 508.0 561.9 564.7 549.3 SIEMENS 1049.3 1111.5 1173.4 1240.6 1318.7 1227.4 1380.3 1455.0 1383.9 HDFC 1646.1 1666.3 1779.3 1886.5 1981.0 1961.1 2215.9 2275.8 2204.5 SUNPHARMA 347.7 364.3 372.0 380.0 388.1 373.9 406.8 421.3 415.6 HDFCAMC 2039.0 2275.6 2432.4 2602.6 2830.5 2722.7 3022.4 3144.3 2750.4 TATACHEM 211.0 225.9 249.6 294.8 305.4 274.2 304.8 295.7 277.1 HDFCBANK 856.8 865.6 929.3 977.7 1015.2 1043.4 1154.8 1211.4 1195.4 TATACONSUM 277.2 262.6 288.3 307.8 350.5 313.6 355.3 335.0 300.5 HDFCLIFE 434.3 419.2 451.7 481.3 503.4 495.7 550.1 573.7 548.0 TATASTEEL 286.8 284.2 295.3 327.1 363.6 332.2 404.6 419.0 412.7 HEROMOTOCO 1667.7 1712.9 1806.8 1910.2 2072.3 1914.1 2195.3 2319.7 2462.5 TCS 1750.3 1712.5 1775.4 1846.0 1911.7 1896.0 2053.7 2098.3 2130.1 HINDALCO 94.6 104.4 114.9 133.0 147.3 132.8 169.3 186.9 189.1 TECHM 526.7 562.8 602.9 653.9 688.4 670.2 749.0 758.2 729.2 HINDPETRO 177.4 200.1 201.6 202.3 208.8 200.5 222.1 248.5 265.8 TITAN 880.8 889.6 959.9 1049.6 1118.2 1099.7 1179.9 1176.2 1184.0 HINDUNILVR 2088.2 1974.9 2015.3 2069.6 2110.0 2091.4 2117.6 2065.6 1966.0 TORNTPOWER 276.8 275.7 284.5 293.2 305.6 294.7 305.8 294.8 288.8 HINDZINC 138.0 133.0 140.9 149.8 158.9 153.1 178.8 194.9 207.0 TRENT 446.6 483.1 535.9 596.7 653.0 611.4 629.8 574.8 517.3 ICICIBANK 316.9 334.9 371.4 399.7 422.1 432.9 491.6 505.5 464.7 TVSMOTOR 332.5 354.4 368.3 397.7 415.6 395.1 432.9 444.6 427.6 ICICIPRULI 320.5 293.6 330.5 365.2 396.2 383.9 446.0 472.4 442.7 ULTRACEMCO 3228.6 3282.0 3512.3 3716.3 3907.2 3813.9 4197.4 4176.8 4232.6 INDHOTEL 75.6 90.5 102.2 111.5 114.9 111.5 127.9 137.6 141.6 UPL 292.8 322.3 382.8 416.3 472.3 434.2 507.1 538.7 568.4 INDIGO 1011.1 918.2 987.4 1120.0 1172.5 1112.0 1302.8 1344.9 1482.9 VEDL 64.2 71.3 79.1 94.0 102.7 94.9 124.3 136.9 145.4 INDUSINDBK 301.3 442.4 542.3 620.1 748.3 798.1 1070.6 1271.2 1334.2 WESTLIFE 310.8 315.4 337.1 366.2 405.6 386.4 418.0 388.6 361.1 INFRATEL 147.5 151.9 172.3 185.5 202.3 194.8 219.8 231.9 243.4 WIPRO 174.7 175.8 187.5 200.1 209.4 203.5 227.1 237.6 249.2 INFY 606.2 570.1 602.7 643.0 668.4 667.7 733.0 725.7 746.2 Nifty 50 8317.9 8541.7 9180.2 9865.9 10506.8 10004.0 11214.9 11641.0 11512.7 NiftyBank 18481.1 20213.5 22239.1 24359.6 26227.6 24962.9 28437.2 30026.1 29614.6

Note: ATP= Average traded Price, SMA= Simple Moving Average IDBI Capital- Retail Research www.idbidirect.in

Research Head A. K. Prabhakar [email protected]

Research Analyst

Sonal Parmar [email protected]

IDBI Capital Markets & Securities Ltd. (A wholly owned subsidiary of IDBI Bank Ltd.) Retail Research Desk Regd. Office: 6th Floor, IDBI Tower, WTC Complex, Cuffe Parade, Colaba, Mumbai – 400 005. Phones: (91-22) 4322 1212; Fax: (91-22) 2285 0785; Email: [email protected] SEBI Registration: BSE & NSE (Cash & FO) – INZ000007237, NSDL – IN-DP-NSDL-12-96, Research – INH000002459, CIN – U65990MH1993GOI075578 Compliance Officer: Christina D’souza; Email: [email protected]; Telephone: (91-22) 4322 1212

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Analyst Disclosures

I, Sonal Parmar, hereby certify that the views expressed in this report accurately reflect my personal views about the subject companies and / or securities. I also certify that no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report. Principally, I will be responsible for the preparation of this research report and have taken reasonable care to achieve and maintain independence and objectivity in making any recommendations herein.

Other Disclosure IDBI Capital Markets & Securities Ltd. (hereinafter referred to as “IDBI Capital”) was incorporated in the year 1993 under Companies Act, 1956 and is a wholly owned subsidiary of IDBI Bank Limited. IDBI Capital is one of India’s leading securities firm which offers a full suite of products and services to individual, institutional and corporate clients namely Stock broking (Institutional and Retail) , Distribution of financial products, Merchant Banking, Corporate Advisory Services, Debt Arranging & Underwriting, Portfolio Manager Services and providing Depository Services. IDBI Capital is a registered trading and clearing member of BSE Ltd. (BSE) and National Stock Exchange of India Limited (NSE). IDBI Capital is also a SEBI registered Merchant Banker, Portfolio Manager and Research Analyst. IDBI Capital is also a SEBI registered depository participant with National Securities Depository Limited (NSDL) and is also a Mutual Fund Advisor registered with Association of Mutual Funds in India (AMFI).

IDBI Capital and its associates IDBI Bank Ltd. (Holding Company), IDBI Intech Ltd. (Fellow Subsidiary), IDBI Asset Management Ltd. (Fellow Subsidiary) and IDBI Trusteeship Services Ltd. (Fellow Subsidiary).

IDBI Group is a full-serviced banking, integrated investment banking, investment management, brokerage and financing group. Details in respect of which are available on www.idbicapital.com IDBI Capital along with its associates are leading underwriter of securities and participants in virtually all securities trading markets in India. We and our associates have investment banking and other business relationships with a significant percentage of the companies covered by our Research Department. Investors should assume that IDBI Capital and/or its associates are seeking or will seek investment banking or other business from the company or companies that are the subject of this material. IDBI Capital generally prohibits its analysts, persons reporting to analysts, and their dependent family members having a financial conflict of interest in the securities or derivatives of any companies that the analysts cover. Additionally, IDBI Capital generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our sales people, traders, and other professionals may provide oral or written market comme ntary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Directors of IDBI Capital or its associates may have interest in the Companies under recommendation in this report either as Director or shareholder. Additionally, other important information regarding our relationships with the company or companies that are the subject of this material is provided herein. This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any action based on this material. It is for the general information of clients of IDBI Capital. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, clients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide for future performance, future returns are not guaranteed and a loss of original capital may occur. We and our associates, officers, directors, and employees, including persons involved in the preparation or issuance of this material, may from time to time have “long” or “short” positions in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. For the purpose of calculating whether IDBI Capital and its associates holds beneficially owns or controls, including the right to vote for directors, 1% of more of the equity shares of the subject issuer of a research report, the holdings does not include accounts managed by IDBI Asset Management Company/ IDBI Mutual Fund. IDBI Capital hereby declares that our activities were neither suspended nor we have materially defaulted with any Stock Exchange authority with whom we are registered in last five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advice letters or levied minor penalty on IDBI Capital for certain operational deviations. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time. IDBI Capital, its directors or employees or associates, may from time to time, have positions in, or options on, and buy and sell securities referred to herein. IDBI Capital or its associates, during the normal course of business, from time to time, may solicit from or perform investment banking or other services for any company mentioned in this document or their connected persons or be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or their affiliate companies or act as advisor or lender / borrower to such company(ies)/associates companies or have other potential conflict of interest. This report may provide hyperlinks to other websites. Except to the extent to which the report refers to the website of IDBI Capital, IDBI Capital states that it has not reviewed the linked site and takes no responsibility for the content contained in such other websites. Accessing such websites shall be at recipient's own risk. IDBI Capital encourages the practice of giving independent opinion in research report preparation by the analyst and thus strives to minimize the conflict in preparation of research report. Accordingly, neither IDBI Capital nor Research Analysts have any material conflict of interest at the time of publication of this report. We offer our research services to primarily institutional investors and their employees, directors, fund managers, advisors who are registered with us. The Research Analyst has not served as an officer, director or employee of Subject Company. We or our associates may have received compensation from the subject company in the past 12 months. We or our associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. We or our associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. We or our associates may have received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research Analyst or his/her relative’s may have financial interest in the subject company. IDBI Capital or its associates may have financial interest in the subject company. Research Analyst or his/her relatives does not have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report. IDBI Capital or its associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report. The Subject Company may have been a client during twelve months preceding the date of distribution of the research report. Price history of the daily closing price of the securities covered in this note is available at www.bseindia.com; www.nseindia.com and www.economictimes.indiatimes.com/markets/stocks/stock-quotes.

IDBI Capital- Retail Research www.idbidirect.in