[email protected] Singh Deepak Raj [email protected] Gupta Amit Research Analysts Research Sell ITC OCTSell |Fut at 266.80-267.00 BuyOCT AURPHA |Fut at 770.00-771.00 Intraday Action Recommendations in the report the in Recommendations Derivatives View I-Direct Code [email protected] PatelNandish [email protected] Ahmad Azeem AURPHA AURPHA ITC Target 1 264.5 776.5 Target 2 260.8 785.5 Positional Stoploss 269.5 764.5 Time Time frame Intraday Intraday SUBSCRIBE Nifty Nifty Underlying Other Other Product offerings Click Click Duration : 1-3 months : 1-3 Duration Underlying on ICICIdirect Mobile October 10, 2018 Quant (Derivatives) Pick (Derivatives) Quant here to seehere to seehere to Derivatives Strategy Derivatives Strategy For Instant Instant stock ideas: to mobile notification • • open calls open calls open PRODUCT 1 PRODUCT 2 app… Range Action Buy Action

ICICI Securities – Retail Equity Research October 10, 2018 October 10, Intraday Outlook: Sell Bank Source: NSE, Seediff NSE, Source:    FIIs DII Action &   Stock Analysis  Highlights F&O   Index Outlook Stop Loss:Stop 764.5 785.5Target2: 776.5 Target1: 766 CMP: AURPHABuy |770.00-771.00 Futat OCT Aurobindo i) Pharma 22 Intraday Recommendations In FIIs Short build Long build prices sustaining Post Bank banks volatility Bank 10290 Future:Nifty the sold a Nifty Nifty - index , Bloomberg Bloomberg , eroded along 10305 for a target of 10323a target of for 10305 flat . | Stock - 1242 above in Future - start, up/short covering: up/short covering: up/profit up/profit booking: options with The Nifty is likely to open flat to positive on the back of mixed global cues. Buy Niftyinof Buy the cues. rangeglobal mixed the on to backof flat positive open islikelyThe Nifty to ICICI Direct Research Direct ICICI the due crore specific range the : 10400 weakness to For segment, sharp Nifty while the of . Towards selling 24700 major witnessed selling in DIIs they DHFL, Equitas, ,Equitas, Bajaj AurobindoVedanta Pharma, DHFL, Ltd and HDFC Titan Company rupee - bought 24750 continued part - the 10348, Stop loss: 10269Stop loss:10348, seen sold continued end, Nifty in of some , Stop Loss:Stop 269.5 260.8Target2: 264.5 Target1: 269 CMP: |266.80-267.00 Futat ITCOCT Sell ITCLtd ii) Target towards | | the 1448 1526 a ICICI Ltd. Securities Retail| Equity Research while sharp buying day, , Indigo,ITC, and Hindustan , Raymond, Petroleum : crore 24600 to crore the the the range create HDFC reversal and end while index - in 24500 the . panic remained Bank We in of continued cash , feel Stop stock 80 remained among points segment Call of loss futures in writers 24700 to a traders, : was 24850 range remain spoilsport . they FIIs seen of . which bought However, bought - 25000 in 24750 from broadcast Call Note a . narrow However, kept will initiation : the index | 377 the the dominate high on and futures crore index index . gains iclick Rising message tight move faced - for worth 2 in band - Brent gain the other in will difficulty | week amid check crude 80 private be crore . high Sell Oil in .

ICICI Securities – Retail Equity Research Derivatives View Daily Nifty Snapshot Bank Nifty future Nifty future Pivot levels (OCT) Change (%) Previous Current 9-Oct-18 9-Oct-18 Date

October 10, 2018 October 10, NSE, Source: OI in Lacs Nifty Options OI build Highlights of the last session Pivot& Levels Strategy follow up 10 15 20 25 30 35 40 45 5 0

10000 AXIBAN ASIPAI Seediff Stock -0.45% 10348 10301 Spot , , Bloomberg 10100 23978 10098 View S3 Sell Buy -0.62% 10378 10314 - Fut up ICICI Direct Research Direct ICICI 10200 Short FutShort Strategy Long Fut 24310 10231 S2

10300 Basis 30 13 - 1254.5 556.2 24443 10305 Reco S1 Call OI Future OI 10400 22110525 21412200 -3.16% 1264.0 Target 551.4 24642 10364 Piv Put Put OI

10500 PCR OI 1244.0 561.4 ICICI Ltd. Securities Retail| Equity Research 1.05 1.04 SL 24775 10438 - R1

10600 P&L PCR Vol - - 1.20 1.10 24974 10497 - R2 10700 Not Initiated Not Initiated Comment ATM IV ATM -1.92% 20.15 19.77 25306 10630 R3 10800 11000 while 10000 The fall premium Nifty highest the strike strike in highest IVs futures with with Put by of 47 Call 13 1 base . 42 9 lakh settled points % base Back lakh shares is is with at shares at at the the a a 3

ICICI Securities – Retail Equity Research Recommended Stocks : Historical price performance… October 10, 2018 October 10, NSE, Source: Seediff , , Bloomberg ICICI Direct Research Direct ICICI 1000 100 150 200 250 300 350 400 100 200 300 400 500 600 700 800 900 50 0 0 19-Sep-16 19-Sep-16

19-Nov-16 19-Nov-16

19-Jan-17 19-Jan-17

19-Mar-17 19-Mar-17 ICICI Ltd. Securities Retail| Equity Research

19-May-17 19-May-17 Aurobindo

19-Jul-17 19-Jul-17 ITC Ltd

19-Sep-17 19-Sep-17 Pharma

19-Nov-17 19-Nov-17

19-Jan-18 19-Jan-18

19-Mar-18 19-Mar-18

19-May-18 19-May-18

19-Jul-18 19-Jul-18

19-Sep-18 19-Sep-18 4

ICICI Securities – Retail Equity Research October 10, 2018 October 10, Weekly Recommendation Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Considering the higher volatility in the equity markets, future recommendation will be released an at time. opportune the be Considering released higher volatility in will the equity markets, future recommendation Weekly update: future recommendation ICICI Ltd. Securities Retail| Equity Research 5

ICICI Securities – Retail Equity Research Derivatives View Nifty: Level of 10550 may act as immediate hurdle October 10, 2018 October 10, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: • • • • • strikes continue Volatility which shifted On keeping sharp The technology Sectorally, 25 From % the Nifty while a . sell seems to Till data market policy has in - extended the off apart small we stocks equities front, moved to seen OTM do rates perspective, be from cap not are the an . across Put its unchanged The has to see technology, immediate vulnerable highest downtrend strike the seen current any sectors vicinity OI in Lacs both 10 20 30 40 50 major 0 of value Put also 10000 upswing to hurdle midcap almost . base for profit of The erosion 10000 cool failed a 20 in for for - fifth current % off every and taking the in to the 10100 the ICICI Ltd. Securities Retail| Equity Research for of in volatility consecutive lift last small 38 volatility, Nifty Nifty other the sentiments decline %

10200 couple first Nifty options Nifty options OI build from cap in was sector can coming the time indices in their placed of week 10300 be . the Nifty The ended sessions attributed since highs Call OI sessions Nifty after have Nifty at 10400 may in February the . is a the witnessed ended PutOI find On marginal 10500 to highest

10500 - deep up the it closure . hard the Even strike other red … in a week

10600 recovery to of sharp . terms at . However, witness hand, As positions current at

10700 this sell the of in fresh - any percentage lowest level off the if levels, among .

10800 the major Call The first was Nifty point writing selling midcap couple short reversal breached, decline decline near pressure was of index sessions, since continues, positions seen the has money is 2016 at declined likely 10500 with were . even RBI Put to 6 a ,

ICICI Securities – Retail Equity Research October 10, 2018 October 10, in check… Bank Nifty: Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: • • • • • underperformance Outperformance below Looking became Call trend Both reversal RBI at After the policy writing private outperforming was weekly these of at expensive also 850 the outcome blocks levels and low observed Put points Call writing blocks likely to keep index up move continued public . set in shifted We the of banking - was up, keeping Nifty feel banks in seen we lower the in volatility during stocks feel banking PSU remained on key to the the pack, 24700 the can interest will index last stocks,

OI in Thousands week, be under which 1000 1500 2000 2500 remain day 500 and ICICI Ltd. Securities Retail| Equity Research seen, 0 may rates a of which 25000 is pressure sharp

24100 the slide going high likely unchanged week led strikes

24200 . reversal Bank Bank Nifty options OI build towards to Lack forward, PutOI with the 24300 keep . of ratio Call OI IVs, Call was did 24000 the 24400 hedging which on of writing not index seen

24500 the Bank and go will in from move other would blocks 24600 well the pull Nifty/Nifty current Bank the hand, in 24700 with open - check seen up ratio Nifty,

24800 market moved upward levels up in lower which 24900 HDFC more participants may above to 25000 to gave Bank downside 2 2 . extend . 30 25100 36 20 levels up and levels % due all due the Axis if its . it However, to follow to gains manages Bank which which - and up . A a we options selling similar to ended sharp end feel 7 .

ICICI Securities – Retail Equity Research emerging markets including … Surge in US rates, dollar, crude triggers sharp repricing of • • • • October 10, 2018 October 10, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: FIIs’ watching volatility US A ( In worth segment, As exception Ems, moved During US surge other a $ equity bias 890 result in over the up in particular, EM million) could is the the to US over VIX US of week, likely this equity outcome unusually Indian yields $ remain 1 and 3 . and decline 2 % to a saw billion markets surge increase declining to has risk Korea week of its a large . - already off . this In strong highest This in ( fact, $ sentiment, as US 1 report further buying US . suggested 23 well, negative triggered rates decline billion) level equities . 4-Oct 3-Oct 1-Oct 28-Sep Date along there of A (US FIIs seen surge trend . . domestic During FIIs Large . with Fund action flow turning negative again rate 10 was sold If since ICICI Ltd. Securities Retail| Equity Research Index Fut are today’s in in year volatility the -429.0 strong outflows equities index -95.1 US 95.4 the negatively 1.2 news October macro moving rates week, non Stock Fut options selling to flows worth were 118.8 -49.6 - move & 56.6 will -6.7 farm over 2014 micro MSCI biased pressure on trigger also was over Index Opt higher payroll . 20 trade 1156.4 These -184.5 EM led 266.7 seen on again -5.7 bps US a the . fell Indian war $ This on further or higher) 850 from hawkish seen Nifty over -228.3 -209.6 -218.5 -228.6 wage part and Cash has million equities Thailand down at decline 3 surging started led % of data growth the FIIs while the in 247.7 190.7 245.3 489.2 Cash over in start points the & . in selling the crude Dollar Outflows Indonesia number EM 5 EM of cash % October October led while FX prices assets by Index segment to also quant were comes rupee a series . . 1 Hence, Hence, sharp as % fell funds seen . they higher Additionally, out the over as repricing in well FIIs in fell bought and strongly . the 1 key Additionally, . almost 5 will is % upcoming EMs visible . index in be India in higher, risk 2 the cautiously of % in was options Taiwan assets option week, crude rising then 8 no . ICICI Securities – Retail Equity Research • • October 10, 2018 October 10, quo on rates… Rupee hits record lows of $74.2 as RBI maintains status US Stronger September the major India’s currently as The yields optimism rose Dollar $ an

US$INR Options OI In 000's rupee rupee and 100 150 200 250 post 50 market rising 0 index current unabated weigh non in trading hawkish weakened breached employment the sharply 71.50 extended - expectation farm account on US US$INR October Options build Options OctoberUS$INR at rise EM comments economy payrolls

72.00 to $ its sharply 85 currencies gains 3 in . previous deficit 18 / data bl of crude % 72.50 , 25 data and . which , may This testing highest Call OI Call . - from 50 RBI is oil three could bps led 73.00 provide up is maintained the price lows since to threatening almost interest week’s see Fed the

73.50 OI Put cues of continued July - further US up ICICI Ltd. Securities Retail| Equity Research chairperson 0 $ rate lows . 74 70 2011 benchmark status on

74.00 . % 2 to hike . a strength of this Upcoming . move further . Brent quo 72 74.50 As week regarding . 97 a 10 in against result, in levels strain oil - US year as the US $ is it . S.korean won S.korean Indonesianrupee africanrandSouth rubble Russian Brazilianreal yuan Chinese Indianrupee Emergingcurrencies US$ v/s franc Swiss Canadian$ Australian$ UK Japanese Euro Dollarindex Majorcurrencies $ US v/s Dollar index £ 102 107 € 82 87 92 97

Jan-14 ¥ Dollar index stages recovery towards 96.0 levels 96.0 towards recovery stages index Dollar Apr-14 Jul-14 Oct-14 EM and DM currency vs. US$… vs. currency DM and EM Jan-15 Apr-15 Jul-15 Oct-15 0.9936 1.2929 0.7067 1.3008 113.95 1.1508 15185 14.85 66.90 73.58 95.80 1131 Jan-16 3.88 6.86 cmp Apr-16

Jul-16 pvsweek 0.9817 1.2908 0.7224 1.3031 113.70 1.1604 14903 14.14 65.56 72.49 95.13 1109 Oct-16 4.05 6.86 Jan-17

Apr-17 change% -4.33 -2.17 -0.18 -0.83 Jul-17 1.96 1.89 5.03 2.06 0.00 1.51 1.21 0.16 0.22 0.70 Oct-17 Jan-18 Depreciated Depreciated Depreciated Depreciated Appreciated Depreciated Depreciated Depreciated Depreciated Depreciated Depreciated Depreciated Appreciated

Apr-18 unchanged

Jul-18 Status 9 Oct-18 ICICI Securities – Retail Equity Research October 10, 2018 October 10, • • zone Euro • • • • • US: • • • • • • Forthcoming Events… Japan: Japan: India: Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: 12 October 12 October 12 October 12 October 11 October11 October 10 October 06 October 12 October 12 October10 October 09 October 12 October 12 : : Industrial : Industrial ProductionWDA YoY Industrial : ProductionSA PriceIndex : Import : Monthly Statements Budget InitialData, : CPIand Continuing JoblessClaims Claims FinalPPI Applications, Inventoriesand Wholesale : MBA Mortgage Credit : Consumer Data Bonds : Data PPI: andMachine Machine OrdersToolsCore: Orders : Industrial : ProductionYoY YoYCPI: BoP Current Account Trade Account Current Balance, Balance MoM ICICI Ltd. Securities Retail| Equity Research 10

ICICI Securities – Retail Equity Research 9-Oct-18 9-Oct-18 8-Oct-18 October 10, 2018 October 10, Derivatives Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Date JSW Steel Indusries Britannia Nifty Scrip Strategies: Action Sell Sell Buy Recommendation Positional Option : Positional Future : Long/Short Strategy : Open recommendations ICICI Ltd. Securities Retail| Equity Research Sell October Industries futureBritannia 5510-5550,at Sell target: 5150, 5735. Octoberstoploss: expiry Frame: till Time Short JSW Steel October Short JSW Steel 400 5.00-5.50;at Call Target: 0.05; 10.50; Stoploss: October Expiry Frame: Till Time Sell Nifty Oct Sell 10000 82-85at Put Nifty andOct Sell 10700 49-53.at 131-134. call Prem Total Target :10. 230 SL Back 11

ICICI Securities – Retail Equity Research October 10, 2018 October 10, Quant Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Date 10-Sep-18 Picks: Open recommendations Scrip Cipla ICICI Ltd. Securities Retail| Equity Research Action Buy BuyPrice 665-675 Target 780 SL 608 CMP 644 %Ret -3.8% TimeFrame 3months Back 12

ICICI Securities – Retail Equity Research October 10, 2018 October 10, 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] 13

ICICI Securities – Retail Equity Research October 10, 2018 October 10, Disclaimer Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: accuracy Securities on to reproduced confidential analysts, investment management, ICICI ICICI Terms compensation report, ANALYST in recommendations other projections Investors accepts independently objectives, circumstances recommendations solicitation a update a merger Securities Securities particular The assignment The ICICI ICICI We ICICI ICICI & hereby no conditions persons or are information or /I, might research CERTIFICATION . Securities Securities Securities in or Securities financial of banking liabilities Forward and completeness keep Amit advised life any specific . was, evaluate offer certify The security Limited is be meant . insurance, in reporting the Gupta for form, Nothing a acting is, recommendations the securities - and to and looking wholly positions whatsoever services to and Limited or information is or transaction that or solely the past buy without is see its one has B other will other its opinions . in a guaranteed E, to in - all associates investment owned general Risk SEBI statements twelve or an associates of been MBA be (ICICI this analysts for discussed in of and disclosures business the advisory sell prior directly respect Disclosure . the current the for section registered suspended (Finance), in leading Securities) subsidiary months needs insurance, or written any selected this . views are and might These risks subscribe are might or capacity of . and relationship constitutes loss section Also, based their indirectly of managing : . merchant not . Document Research consent expressed have Azeem opinions The research specific temporarily recipient is or of have venture predictions there relatives a on damage to value ICICI have for managed full this Ahmad related received information of investment, bankers/ may or with - securities expressed service, recommendations Analyst recipient to capital been Bank and ICICI and in co company, from understand of be - and this a managing and to or return MBA may prepared Securities any significant which regulatory, any maintaining fund the underwriters integrated co with such . may research obtained or - This herein not kind legal, managed (Fin), specific compensation on or ICICI Ltd. Securities Retail| Equity Research management, other SEBI is be suspension the in be public investment by may arising India’s . subject accounting CS, certain may While percentage altered compliance and risks report investment ICICI Registration from a financial recommendation(s) public not financial of offerings, Raj not information out largest associated we Securities securities other to public Deepak be accurately in be is etc from may change of would offering any and taken in instruments suitable . of or interest the circumstances banking (“associates”), private corporate Number sources compliance vary the way, tax companies other Singh endeavour use and herein and without before in of companies advice reflect because for in transmitted securities substitution of reasons and participate are sector BE, or – and the . is all these finance, investing view(s) INH ICICI subject is, notice MBA or solely with our investors, securities covered . sources to inter 000000990 the a of bank that recommendations update representation mentioned Securities views for changes . (Finance), applicable investment details for in in to, to alia, for may in the and this virtually informational by believed change copied the or who the the about engaged subject has prevent our report in derivatives . securities in ICICI information exercise respect will herein Nandish must regulations interest its Investment or all without banking the to . that company distributed, Securities not securities various in ICICI make . be subject during purpose Past the any of markets Patel, treat of of reliable, rates, any or which Securities herein business any their investment independent performance and/or merchant subsidiaries Research or the notice recipients Research issuer(s) trading Limited foreign companies and might in . are own but on Actual period part ICICI shall . of available reasonable from The no investment have banking, markets stock exchange Sebi or or Department or Analysts, results independent not judgment preceding Securities as engaged is report doing strategy in that securities been Registration not brokering whole, customers be on the in brokerage basis, used may so necessarily and www rates mandated decisions, India authors . is in analysts . by Non twelve policies, to ICICI information . differ suitable or businesses verification . ICICI and . We icicibank or any any - considered We rated by is any services Securities and materially distribution also INZ other months Securities cover by recipient virtue based a and in or other securities guide the 000183631 the . appropriate circumstances com certify our contained . person of has names subject or of on as from reason . housing . to associates from generally other their is their been The an of future that under indicate or financial the offer subscribed those company . for recipient advisory own herein receiving to made to ICICI no finance, date performance stock the no your document prohibits where might part investment set that Securities obligation products is nor media of specific service forth for broker strictly should to of rating these these asset is have ICICI 14 this any our its its or or in . . .

ICICI Securities – Retail Equity Research October 10, 2018 October 10, Disclaimer Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: This report or recommendations are not directed or intended for distribution to, who or to, or entityi use any person by, distributionfor or intended directednot are or This report recommendations impactin Authority anyby Regulatory on ICICI Securitiestakenhas been action disciplinarythat material no We submit Neither from infothe conclusion differentreachand with are inconsistent that other reports may issuedSecuritieshave ICICI member th of board or or advisory employee director serve officer, not anas do Analysts that Research It confirmedis they businesses,service financialvarious in are engagedICICI Securities of companies) groupAssociates (ICICISince Compensation companies Persons Persons any state companies the ICICI recommendationstwelve compensationhavenot receivedanycompaniesinthefrom thehereinmentioned preceding ICICI did ICICI ICICI It is confirmed that Amit Gupta B.E, MBA (Finance), Azeem Ahmad MBA (Fin), CS, Raj Deepak Singh BE, MBA (Finance), Nandish Pa Nandish BE, MBA (Finance), SinghMBA (Fin),B.E, Ahmad CS,MBA (Finance), GuptaAzeemRajDeepakAmit that confirmed is It not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with p with connectionin party or third report thein mentionedcompanies the from benefitsor other any compensation receivenot last day of the month preceding the publication of these research theserecommendations.of publicationthe precedingmonth theday of last registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible fo or eligible hereinmay may benot describedsecurities The jurisdiction.such within requirement or licensing registration , country or , country or Securities or its subsidiaries collectively or Research Analysts or their relatives do not own secur own not 1% or the do more equityrelativesor of Research or theirAnalysts collectively or subsidiariesits Securities thiof time publication of at theinterest of conflictanyhave material relatives their andnor Analysts ResearchSecurities researchof preparation in strives conflictto andminimize preparationreport researchin independenceencourages Securities or m banking servicesinvestment other thanor products for compensation any receivedhave mightor associates its Securities the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned herein.mentionedcompanies thefor activity makingmarketin beenengagedhave ICICIResearch nor theAnalysts Securities in whose possession this document may come are required to inform themselves of and to restriction suchto observe andof inform themselves to come may whose this documentrequiredinarepossession mentioned herein in the past twelve months. months. twelve past thein hereinmentioned including the subject company/companies mentioned herein.mentionedcompany/companies subject the including of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. serviceor brokerage bankinginvestment banking, merchant on any specific based not is Research our of Analysts other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would s would or which contrary to law, regulation be or use would availability publication, suchwhere distribution, jurisdiction, ICICI Ltd. Securities Retail| Equity Research s a citizen or resident of or located in anyin locality, or of located residentor acitizens rmation presented herein.presented rmation e companies mentioned herein.mentionedcompaniese might have financial interests or beneficial ownership in various various inownership or beneficialinterests financialhavemight g Equity Research Analysis activities.Research Analysis Equity g months . s r s r s r iti eport. eport. ale in all jurisdictions or to certain category of investors. investors. of category to certainor jurisdictionsall ale in es of the company/companies mentioned herein as as of hereinmentionedcompany/companies theof es rep re erc port. ICICI Securities or its associates or or or Analysts associates its its ICICI Securitiesport. aration of the research report. Accordingly, neither Accordingly,report. research theof aration tel hant banking or brokerage services from the services from or brokerage bankinghant , Research Analysts giving these these Research givingAnalysts , ubj ect ICICI Securities and affiliates to to affiliatesand Securities ICICIect 15

ICICI Securities – Retail Equity Research