[email protected] PatelNandish [email protected] Gupta Amit Research Analysts Research Sell UNIP JULY Fut at | Fut at JULY UNIP 610.00-611.00Sell Buy PIDIND | Fut at JULY 1228.00-1230.00 Action Intraday New recommendations in the report the in recommendations New Derivatives View I-Direct Code [email protected] Dedhia Dipesh [email protected] Singh Deepak Raj PIDIND UNIP Target 1 1141.0 601.0 Target 2 1159.0 586.0 Positional Stoploss 1117.0 621.0 Time Time frame Intraday Intraday SUBSCRIBE Click Power Grid Power Underlying Duration : 1-2months : Duration Other Other Product offerings Berger AirtelBharti L&T Underlying Click on ICICIdirect Mobile Quant (Derivatives) Pick(Derivatives) Quant here to seehere to here to seehere to Derivatives Strategy Strategy Derivatives July 25, 25, 2019 July For Instant Instant stock ideas: to mobile notification • • open calls open open calls open PRODUCT 1 PRODUCT 2 app… Buy Action Buy Buy Buy Action

ICICI Securities – Retail Equity Research July 25, 2019 July 25, Seediff NSE, Source: Intraday Outlook: Buy Bank    FIIs DII Action &   Highlights F&O  FutureBank Nifty  Index Outlook80 Stop Loss:Stop 1117 1159Target2: 1141 Target1: 1228 CMP: PIDINDBuy |1228.00-1230.00 Futat JULY Industries Pidilite i) 22 22 Intraday Recommendations while FIIs Stock was specific The coming ended Volatility Target:11288 Future:Nifty   sold , Bloomberg Bloomberg , Nifty negative in Analysis Short Short build Long build at days selling index | remained the started 1394 ICICI Direct Research Direct ICICI . TheSell Nifty Niftycues. on islikelymixed flat in the global11305 open to the rangeof of back lowest - whereas Buy 11263, Stop loss: 11339 loss: Stop 11263, options continued crore - the - up/short covering: up/short covering: up/profit up/profit booking Bank high levels day while they IVs Nifty in below where further since banking sold DIIs in the bought | May its PSU contracted 1776 range : Jubilant Foodworks stocks highest Nifty in , TorrentPharma, 17 banks Stop Loss:Stop 621 586Target2: 601Target1: 611 CMP: |UNIP610.00-611.00 Futat Sell JULY UPL Ltd ii) crore | , ICICI Ltd. Securities Retail| Equity Research 2019 2140 of while Put 28900 along . by In . crore We base 5 the range selling % - with 28950 feel stock of in selling other spree 11300 the , UPL, IGL, IGL, UPL, , , futures Target of cash heavyweights continued will 28900 and : segment, 29050 segment continue remained Indigo, Pidilite Industries Indigo, Muthoot Muthoot - - 29150 in 28950 . . they PSU continued The FIIs Finance, under , Stop sold banks index sold pressure | loss L&T, UPL Ltd and index their 187 broadcast Call Note is along : likely 28800 crore downfall initiation : and HDFC group and HDFC futures with throughout to on slide Axis . iclick worth message The towards Bank - the market 2 - - | gain 11322 . 1263 day The 28500 will . breath Back Stock index crore be in

ICICI Securities – Retail Equity Research Derivatives View Daily Nifty Snapshot 24-Jul-19 24-Jul-19 Date Change (%) Previous Current Bank Nifty future Nifty future Pivot levels (July) Strategy follow up July 25, 2019 July 25, NSE, Source: OI in Lacs Monthly Nifty Options OI build Highlights of the last session & Pivot Levels 10 15 20 25 30 35 40 0 5

11000 BERPAI Seediff TITIND Stock -0.53% 11331 11271 Spot , , Bloomberg

11100 28337 11029 View Sell Buy S3 -0.49% 11334 11278 Fut ICICI Direct Research Direct ICICI Short FutShort Strategy Long Fut

11200 28701 11158 S2 Call OI Basis - up 3 7 - 1096.0 313.5 Reco 11300 28839 11218 S1 Put OI Future OI 21335325 21914775 2.72% 1088.0 Target 316.5 29065 11287

11400 Piv ICICI Ltd. Securities Retail| Equity Research PCR OI 1104.0 1.07 0.96 310.8 - SL 29203 11347

11500 R1 PCR Vol P&L 1.05 1.03 - - 29429 11416 - 11600 R2 Not Initiated Not Initiated Comment ATM IV ATM -5.41% 13.45 12.76 29793 11545 R3 11700 view Strategy givenin Derivatives recommendations should not be linked with positionalview & and is intraday recommendation this report Note 11400 while strike The : in givenindex recommendationThe a premium Nifty highest fall report, the with strike in futures highest IVs almost with which may have which may of Put by 7 ended 37 Call base point 5 . 41 22 lakh base % Back lakh is with at shares at a is shares 11300 at a different different a the 3

ICICI Securities – Retail Equity Research Recommended Stocks : Historical price performance… July 25, 2019 July 25, NSE, Source: Seediff , , Bloomberg 1000 1200 1400 ICICI Direct Research Direct ICICI 200 400 600 800 100 200 300 400 500 600 700 800 0 0

6-Jul-17 6-Jul-17

6-Sep-17 6-Sep-17

6-Nov-17 6-Nov-17

6-Jan-18 6-Jan-18 ICICI Ltd. Securities Retail| Equity Research

6-Mar-18 6-Mar-18 Pidilite

6-May-18 6-May-18 UPL Ltd Industries 6-Jul-18 6-Jul-18

6-Sep-18 6-Sep-18

6-Nov-18 6-Nov-18

6-Jan-19 6-Jan-19

6-Mar-19 6-Mar-19

6-May-19 6-May-19

6-Jul-19 6-Jul-19 4

ICICI Securities – Retail Equity Research July 25, 2019 July 25, Weekly Recommendation Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Short (MARLIM) Short 367 Marico | July range future in of Weekly future recommendation creating it fresh has Broader Rationale tough also short to markets short come move additions positions under have above to pressure Apollo Underlying declined . the | We 375 tune expect 100 150 200 250 300 350 400 450 50 levels 0 amid sharply

29-Jun-17 of almost

Bullish View 29-Jul-17 it despite fresh

29-Aug-17 to last

29-Sep-17 move 15 29-Oct-17 short week Long Futures ICICI Ltd. Securities Retail| Equity Research many 29-Nov-17 % Strategy 29-Dec-17 towards last additions

29-Jan-18 while Price performance attempts week

28-Feb-18 - Recommendation follow up 368. Target: Loss: Stop |342; 381 | 31-Mar-18 | 1373 Reco sell

30-Apr-18 340 . itself - 31-May-18 Stocks off in

30-Jun-18 levels Target 1460 was indicating 31-Jul-18 the

31-Aug-18 like last in 30-Sep-18 observed Stoploss the Marico, couple 1305 31-Oct-18

30-Nov-18 expectation coming 31-Dec-18 Profit/Loss 31-Jan-19 across of which 12500 28-Feb-19 weeks 31-Mar-19 sessions

30-Apr-19 sectors have of

31-May-19 . further Profits Booked Profits 30-Jun-19 We Comment . been . believe The downsides quite outperforming these resilient . levels The recently stock space were was utilised like witnessed finding FMCG for 5

ICICI Securities – Retail Equity Research Derivatives View • • • • Nifty moving towards 11300 in expiry week… July 25, 2019 July 25, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: getting during Nifty levels Volatility of Nifty day the The | market 1400 Nifty futures future and the the has crore succumbed restricted momentum week on premium open reverted intermediate just . This interest before the has to from translates back Nifty FII reduced the has selling lower pullbacks recovery FM’s reduced,

OI in Lacs into 10 15 20 25 30 35 40 levels pressure 0 5 in announcement . the 11100 current The above which but last index and 11200 is ICICI Ltd. Securities Retail| Equity Research 11700 couple profit Call OI Call still indicates declined is 11300 quite on heading booking of Nifty options Nifty options OI build Put OI Put FPI weeks towards low 11400 from taxation towards near trend . the 11500 Last liquidation 12 highest in week, % 11300 11600 the . Heavy market Call - it up 11700 Put of declined base selling long strike, . It 11800 of positions may in from 11700 which 11900 Call still 10 , strikes . gained take which FIIs 12000 to - closed 6 some has remains and open led has time cash interest to a ended for short these positions the since - par term lower index to the to hurdle negative volatility the to Budget tune start 6 for

ICICI Securities – Retail Equity Research Bank Nifty: July 25, 2019 July 25, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: . . . . ongoing On hurdle As were Despite below weekly For the the the seen its going index expiry back major bond trend sizeable in of forward most 30200 hurdle on upsides… slipped yields day, part will selling Put continue private it of falling closed . base below On the in banking the week, banks, of to and below 30000 lower 30000 two selling the which stocks, these and side, OI in Thousands levels, Bank 100 200 300 400 500 600 700 800 900 is 0 half kept levels Bank likely 29600 the Nifty Call ICICI Ltd. Securities Retail| Equity Research year the 29700 current Nifty to which writing continued index lows, 29800 accelerate may Bank Bank 29900 price acted move there OI decline 30000 Nifty options Nifty options OI build blocks its ratio as once Put OI Put in 30100 was consolidation a check towards turning of 30200 were Bank no Bank Call OI Call 30300 major and Nifty seen point 30400 29400 Nifty/Nifty finally buying and manages 30500 in . Cash - which 30200 up gave 30600 remained trigger has based 30700 up be to strikes moved 30800 close all the selling above in its 30900 target, banking which gains below lower 30500 by going would FII’s 29500 to stocks levels 2 pushed . forward 60 levels continue . levels Call . However, Bank writing . We to Nifty act feel on blocks as well the the 7 a

ICICI Securities – Retail Equity Research concerns linger… Global markets remain on edge as trade friction, growth • • • • July 25, 2019 July 25, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: supporting hit lower Brent last MSCI $ EM resistance worries The 228 the four economies S&P and oil Emerging inventory risk are weeks index has $ turned 107 sentiment oil weighing witnessed prices . million, is witnessed Index drawdown equity likely support at and is on respectively to lower market sharp down snap zone risk also mixed compared levels profit by sentiment index raised two of equity almost 2960 . - . week While booking has concerns to 18-Jul 17-Jul 16-Jul 15-Jul 12-Jul Date flows . 5 previous consecutive witnessed S&P % from last ICICI Ltd. Securities Retail| Equity Research last index witnessed over Index Fut week, its week week 198.4 -55.8 muted 38.2 24.8 -7.7 global 2019 is gains . retracing as currently Exporting Stock Fut outflows highs well ( in in million) $ ( moves growth as -102.1 -29.5 63.7 98.3 42.9 resurfacing as FII FII near from trading slowing . this Index Opt this economies In 1099 333.9 102.3 101.8 near 87.2 75.9 its week week near hurdle US levels demand term of and - China -104.7 like 3000 -52.8 -26.5 Cash over -2.5 near simmering continues South growth trade $ levels 90 $ DII 67 136.3 Cash million 47.7 30.3 92.5 85.8 /bl Korea concerns concerns and to . tensions Oil consolidate is and slumped comfortably as . Thailand between US well - China by in as a over witnessed US US narrow above trade - - Iran Iran 5 % concerns geo its spooked range would inflows previous - political since keep has 8 by of

ICICI Securities – Retail Equity Research lows… Domestic sovereign benchmark 10 • • • July 25, 2019 July 25, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: in which cautiousness tracking The 7 Currently fired The could interest comments The . 0 US$INR Options OI In 000's the could 100 150 200 250 US rupee US 50 a 0 range come is - $ rate fresh China likely put the fragile index is triggered under

67.00 of in . pressure pair likely tweet to In trade 68 July pared act . US$INR July options build options July US$INR options 60 is global

67.50 severe policy to trading - tensions as 69 to profit on sustain . near the 10 68.00 impose pressure EM segment trade meeting in at Call OI gains term booking near currencies resurfaced 6 loss

68.50 . 87 more sentiment support term during if levels has for 69 . 69.00 Fed . Probability 0 a shot tariffs PutOI including . does strike last second . - Any the up The

69.50 to week as ICICI Ltd. Securities Retail| Equity Research on cut week depreciation 40 pair has % consecutive well rate rupee Chinese

70.00 of - as is year yield registers over 2 highest from as a likely by US as dovish 70.50 0 0 . 20 50 president . 50 imports towards to % general % Call % . week trade US Fed Fed OI $ .

India 10-yr yield won S.korean Indonesianrupee africanrandSouth rubble Russian Brazilianreal yuan Chinese Indianrupee Emergingcurrencies US$ v/s franc Swiss Canadian$ Australian$ UK Japanese Euro Dollarindex 5.5 6.5 7.5 8.5 £ 6 7 8 9 € Nov-16 ¥

Jan-17 10 Domestic

Mar-17

May-17 EM, DM currency vs. US$… vs. currency DM EM, Jul-17 - year benchmark yield tests 6.25% tests yield benchmark year -

Sep-17 1/2

Nov-17 0.9832 1.3030 0.7071 1.2546 107.56 1.1262 13909 13.85 62.81 68.96 96.81 1173 3.72 6.87 cmp Jan-18 year

Mar-18 pvsweek 0.9842 1.3028 0.7020 1.2572 107.91 1.1270

May-18 14007 13.96 62.96 68.68 96.81 1179 3.74 6.88 Jul-18

Sep-18 change% -0.52 -0.70 -0.77 -0.23 -0.41 -0.10 -0.10 -0.21 -0.32 -0.07 Nov-18 0.41 0.02 0.73 0.00

Jan-19

Mar-19 Appreciated Appreciated Appreciated Appreciated Appreciated Appreciated Depreciated Appreciated Depreciated Appreciated Depreciated Appreciated Depreciated unchanged May-19 Status 9

ICICI Securities – Retail Equity Research • • • zone Euro • • • • • US: • • • • Japan: Japan: India: July 25, 2019 July 25, Forthcoming Events… Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: 25 24 July 23 July 25 25 July 25 July 24 July 23 July 26 July 24 July 23 22 July July : July : July July : : : Orders Wholesale InventoriesDurable Good and : MBA : : : : : : July 25to Markit Confidence Consumer and PersonalGDP Data Consumption Continuing Claims Initial Claims, Jobless Existing Sales Home TokyoData CPI Leading Index ECB Main Refinancing Main Refinancing Rate Facilityand Deposit ECB Rate Machine Machine ToolOrders Mortgage Applications, Mortgage Eurozone PMI Data Eurozone : Quarterly numbers US PMI Data and New Home Sales and NewHome PMIData US ICICI Ltd. Securities Retail| Equity Research 10

ICICI Securities – Retail Equity Research July 25, 2019 July 25, Derivatives Strategies: Open recommendations 16-Jul-19 Date Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Scrip Power Grid Action Buy Recommendation Positional Future : ICICI Ltd. Securities Retail| Equity Research Buy Power Grid July Future at 206-207, Target: 220 ,Stoploss: 198 (time frame: till July expiry) Back 11

ICICI Securities – Retail Equity Research Quant Picks: Open recommendations… July 25, 2019 July 25, Source: NSE, NSE, Source: Date Seediff 23-May-19 26-Jun-19 12-Jun-19 03-Jun-19 19-Jul-19 04-Jul-19 , ICICI Direct Research Direct ICICI , UltratechCement AmbujaCement BergerPaints AdaniPorts BhartiAirtel Scrip L&T Action ICICI Ltd. Securities Retail| Equity Research Buy Buy Buy Buy Buy Buy BuyPrice 4620-4660 1540-1560 408-416 327-334 345-352 223-228 Target 5400 1815 485 390 412 265 SL 4210 1402 372 298 312 203 CMP 4443 1387 381 323 339 216 %Ret -10.5% -4.2% -8.5% -2.9% -3.2% -4.3% TimeFrame 3months 3months 3months 3months 3months 3months Back 12

ICICI Securities – Retail Equity Research July 25, 2019 July 25, 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

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ICICI Securities – Retail Equity Research