[email protected] Singh Deepak Raj [email protected] PatelNandish [email protected] Singh Deepak Raj Research Analysts Research Research Analysts Research UPL Stock Action Buy Quant Pick Initiation Range Initiation [email protected] PatelNandish 625-635 [email protected] Dipesh Quant Pick Dedhia – Target UPL 735 Stop loss Stop 570 Time Frame Time 3Months [email protected] Dedhia Dipesh Duration : 1-3months : Duration UnitedBreweries Consumer Tata Pharma Sun Underlying 1-2months : Duration Underlying Click Click Quant (Derivatives) Pick(Derivatives) Quant March March 31, 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 Action

ICICI Securities – Retail Equity Research Stop Loss: Buy UPL in range of March 2021 31, Source: NSE, Seediff, ICICI Direct Research Direct ICICI Seediff, NSE, Source: open interest open Snapshot Price vs. pattern | 570; Time frame: Three months | 625

700 200 250 300 350 400 450 500 550 600 650 Nov-19 -

635; Target: Dec-19

Dec-19

ICICI Ltd. Securities Retail| Equity Research Jan-20

Low leverage likely to help in further momentum further in help likelyto leverage Low Jan-20

HV 30 Day (% Annualised) (% 30Day HV (%) Roll Avg 3M (|) Price 12MAvg Beta Price Spot Feb-20

Feb-20

Mar-20

Apr-20

Apr-20

May-20 Jun-20

|

Jun-20

Price

Jul-20

735;

Jul-20

Aug-20 Aug-20

Open Interest Sep-20

Sep-20

Oct-20

Oct-20

Nov-20 Dec-20

53.1 1.11 96%

Dec-20 470 640

Jan-21

Jan-21

Feb-21

Mar-21 Mar-21 0 5000000 10000000 15000000 20000000 25000000 30000000 2

ICICI Securities – Retail Equity Research Quant Pick Derivatives and       Source: NSE, Seediff, ICICI Direct Research Direct ICICI March 2021 31, Seediff, NSE, Source: Note cannot able UPL indicating weakness, UPL 600 these recent From levels is has Chemical highs UPL However, Broader ample seen strike, has is : to has in positions the Call move, one be move coming markets been room a been stocks options stock ongoing ruled which has gradual it such was further above struggling been for once consolidating specific out weeks have stock, should seem able space, further accumulation Quantitative build initiated these the additions been to to which - moves act up stock to the increase hold be levels sustain of as one on major moving around seems open immediate move of these are iClick of in in positions in the the above likely Call the interest above 2 open to levels into its Gain stock best Outlook… ICICI Ltd. Securities Retail| Equity Research recent be option to 2020 and its a interest moving on | continue are performers in consolidation and long 640 major the March up base highs visible finally as move, term last . out We support the was while 31 of couple at mean+ expect of moved in , new further 2021 | these in the the phase the 620 place for series of last current 1 long focus above strikes *sigma the for months momentum after one at is stock additions the 620 should just consolidation . a the year We levels sharp last with and in starting hurdle believe but the be towards couple recent in since 650 up coming UPL on the . with move strikes On stocks sharp September price and stock has of its downsides, an weeks weeks was is 2 been performance closure for *sigma, once with increase likely seen the . an low 2019 it Despite to April sustains underperformer may placed Put in make in leverage . the As base . delivery series be However, recent the last fresh above seen above is . stock positions one visible With volume lifetime among market | | . there year 700 UPL was 640 the 3 at , . . ICICI Securities – Retail Equity Research Quant Picks: Open recommendations… March 2021 31, Source: NSE, NSE, Source: Date Seediff 31-Mar-21 25-Mar-21 22-Mar-21 26-Feb-21 16-Feb-21 11-Feb-21 9-Mar-21 4-Mar-21 , ICICI Direct Research Direct ICICI , Tata ConsumerProductsTata HclTechnologies UnitedBreweries Larsen &Toubro Larsen Sun Scrip NTPC ACC UPL Action ICICI Ltd. Securities Retail| Equity Research Buy Buy Buy Buy Buy Buy Buy Buy BuyPrice 105.5-107.5 1360-1380 1840-1870 1250-1280 625-635 950-970 625-635 600-615 Target 1545 2190 1135 1510 735 738 122 720 SL 1280 1680 1145 98.5 570 874 570 552 CMP 1432 1910 1249 640 999 606 109 640 %Ret -4.1% -1.3% 0.8% 3.8% 2.1% 3.5% 1.4% 5.3% TimeFrame 3 months3 months3 months3 months3 months3 months3 1 month1 month1 Back 4

ICICI Securities – Retail Equity Research March 2021 31, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Pankaj Pandey [email protected] (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] 5

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ICICI Securities – Retail Equity Research