MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL

Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL EQUITY INDICES Indices Absolute Change Percentage Change Domestic Last Trade Change 1-D 1-Mth YTD BSE Sensex 58,297 167.0 0.3% 7.4% 22.1% CNX Nifty 17,378 54.2 0.3% 7.0% 24.3% S&P CNX 500 14,806 46.6 0.3% 6.1% 28.5% SENSEX 50 18,245 60.1 0.3% 7.1% 24.6% International Last Trade Change 1-D 1-Mth YTD DJIA 35,369 (74.7) (0.2%) 0.5% 15.6% NASDAQ 15,364 32.3 0.2% 3.6% 19.2% NIKKEI 29,866 205.6 0.7% 7.3% 8.8% HANGSENG 26,163 (0.3) (0.1%) (0.2%) (4.0%) ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy’s Lab (ADR) 67.1 0.4 0.6% 4.2% (5.9%) STOCK IN FOCUS Tata Motors (ADR) 20.2 0.3 1.5% 0.5% 60.3% Infosys (ADR) 24.0 0.3 1.4% 5.4% 41.8% f Tech Mahindra’s revenue from Communication business (40% of ICICI Bank (ADR) 19.8 0.0 0.2% 4.1% 33.2% FY21 revenue) is on the cusp of growth trajectory with 12% CAGR over HDFC Bank (ADR) 76.6 (1.6) (2.1%) 3.6% 6.1% FY21-24E on the back of capex for modernization of 5G network in Axis Bank (GDR) 55.1 0.4 0.7% 10.0% 30.3% the telecom space. Reliance Ind (GDR) 66.5 0.8 1.2% 17.4% 21.6% f We believe TechM will be the key beneficiary of the medium-term COMMODITY MARKET themes such as Software Defined Network (SDN) and Telecom IT Key Commodities Last Trade Change 1-D 1-Mth YTD modernization. Brent Crude ($/bl) 72.4 0.3 0.5% 2.5% 39.9% f Digital services now contributes ~40% of topline. We expect revenue Silver ($/Oz) 24.9 0.1 0.2% 5.4% (6.5%) from enterprise segment to clock 11.9% CAGR over FY21-FY24E. Gold ($/Oz) 1,828.7 3.2 0.2% 3.7% (4.1%) Copper LME ($/MT) 9,438.0 (17.0) (0.2%) (0.3%) 21.7% f We expect TechM to report EBIT margin in the range of 15.6-16.0% Aluminium LME ($/MT) 2,762.3 (8.8) (0.3%) 7.4% 39.6% over FY22E-FY24E driven by improved operating leverage, better subsidiary performance and automaton. CURRENCY RATES Last Trade Change 1-D 1-Mth YTD f On an average, TechM reported cash conversion of 80% and we USD/INR 73.2 0.05 0.1% (1.4%) (0.1%) expect it to continue to post strong FCF conversion going forward. EUR/INR 86.9 0.02 0.0% (1.0%) (3.3%) f Valuing the stock at 22x PE of FY24E earnings, we maintain BUY on RATES TechM with a 2-Year Target Price of Rs1,750, which implies 20% upside from the current level. Last Trade Change 1-D 1-Mth YTD T-Bill - 91 D 3.3 (0.01) 0.00 (0.03) 0.07 10 Year G-sec Yield 6.2 0.02 0.00 (0.01) 0.05 Intraday Picks ICICIPRULI (PREVIOUS CLOSE: 694) SELL INVESTMENT ACTIVITY (RS. CR) For today’s trade, short position can be initiated in the range of Rs 700- Category BUY SELL NET Prev 705 for the target of Rs.675 with a strict stop loss of Rs 712. FII 5,389.5 5,978.9 (589.4) 768.6 DII 5,825.0 5,277.7 547.3 668.6 MANAPPURAM (PREVIOUS CLOSE: 168) BUY For today’s trade, long position can be initiated in the range of Rs 164- EXCHANGE TURNOVER 166 for the target of Rs.174 with a strict stop loss of Rs 162. Exchange Rs Crore BSE Equity 3,965.2 MGL (PREVIOUS CLOSE: 1188) BUY BSE Derivatives 1,74,116.6 For today’s trade, long position can be initiated in the range of Rs 1170- NSE Equity 56,397.9 1180 for the target of Rs.1210 with a strict stop loss of Rs 1160. NSE Derivatives 35,02,349.5 1 Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL Technical Research MARKET SYNOPSIS f On Monday, NIFTY-50 witnessed gap-up opening and recorded new high of 17,430-level. Later, the index managed to hold higher levels during the day with the help of narrow range consolidation. Finally, the index finished trade with the gain of 54 points at 17,378-level. f NSE Cash segment reported turnover of Rs56,398 crore as compared to Rs63,689 crore reported earlier. f Overall market breadth remained positive, where 1,019 stocks advanced against 1,007 declined stocks. f Mixed trend was observed across sectoral indices during the day, where Realty emerged as a top gainer with the increase of 3.2%. However none of the sectoral indices reported loss of more than 1%. NSE-NIFTY OUTLOOK f Yesterday, NIFTY-50 consolidated in the narrow range after recording new high of 17,430. The index closed on life-time-high for straight third trading session. Overall market breadth remained positive, while mixed trend witnessed across the sectors. Its key moving averages are sloping upwards on the hourly timeframe chart. However hourly RSI remained below the extended trendline and is still neutral. Major parameters are in favour of the bulls, hence prevailing rising trend will continue. This could take the index towards 17,600-level. In case of decline, the index will find support at around 17,300-level initially and 17,100-level subsequently. f As for the day, support is placed at around 17,339 and then at 17,300 levels, while resistance is observed at 17,423 and then at 17,468 levels. 2 Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL Derivatives Snapshot f NIFTY50 opened higher and traded in a narrow range of 85 points with mixed movement in index pivotal. Nifty closed up by 54 points at 17,378 levels. Among the nifty stocks 24 advanced and 26 declined during the day. f Among sectors there was positive momentum across sectors with Realty, Metals and IT sectors to gain by 1.5% average while Banks and Oil Gas declined by 0.5% for the day. f Broader market indices remained positive with NIFTY 100, 200 and 500 to close up by 0.3% average while midcap indices and small cap indices gained by 0.3% for the day. f Nifty Sep futures end with 27 points premium at 17,405 mark while on other hand, Bank Nifty Sep futures ended with the premium of 165 points at 36,757 mark. f Nifty has closed in a doji candle near all time high and we expect markets to test near to 17,000 levels over the next few days. On the higher side 17,500 CE remains a strong resistance. Sectoral Activity: Amongst sectoral index Realty and Metals remained in focus with positive momentum. Stock Activity: DLF and Tata Steel have witnessed long buildup in today’s trade. 3 Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL Pivot Table Name LTP Support 2 Support 1 Pivot Resistance 1 Resistance 2 SENSEX 58,297 57,599 57,864 58,030 58,295 58,460 Nifty 50 17,378 17,164 17,244 17,292 17,372 17,420 NiftyBank 36,592 36,245 36,503 36,821 37,080 37,398 ADANIPORTS 751 737 746 754 763 771 ASIANPAINT 3,316 3,265 3,302 3,323 3,360 3,382 AXISBANK 801 776 787 799 809 821 BAJAJ-AUTO 3,781 3,680 3,719 3,764 3,803 3,849 BAJAJFINSV 16,747 16,418 16,576 16,718 16,876 17,018 BAJFINANCE 7,506 7,420 7,472 7,513 7,565 7,607 BHARTIARTL 655 645 652 661 667 676 BPCL 491 475 483 489 497 502 BRITANNIA 4,079 4,049 4,087 4,111 4,148 4,172 CIPLA 950 913 927 945 959 977 COALINDIA 146 140 143 145 148 150 DIVISLAB 5,205 5,075 5,142 5,203 5,270 5,331 DRREDDY 4,916 4,843 4,871 4,890 4,918 4,937 EICHERMOT 2,845 2,647 2,725 2,791 2,869 2,935 GRASIM 1,531 1,480 1,495 1,508 1,523 1,535 HCLTECH 1,200 1,149 1,162 1,171 1,184 1,194 HDFC 2,765 2,720 2,739 2,762 2,781 2,804 HDFCBANK 1,566 1,551 1,564 1,581 1,593 1,610 HDFCLIFE 736 716 725 736 746 757 HEROMOTOCO 2,817 2,700 2,750 2,782 2,832 2,864 HINDALCO 469 444 453 459 467 473 HINDUNILVR 2,781 2,724 2,746 2,777 2,798 2,830 ICICIBANK 721 715 720 726 730 736 INDUSINDBK 992 978 991 1,010 1,023 1,042 INFY 1,730 1,675 1,688 1,697 1,710 1,719 IOC 112 109 111 112 114 116 ITC 209 209 210 211 211 212 JSWSTEEL 687 677 684 690 697 702 KOTAKBANK 1,775 1,760 1,776 1,794 1,810 1,828 LT 1,694 1,657 1,674 1,689 1,707 1,722 M&M 755 739 744 751 756 763 MARUTI 6,847 6,651 6,757 6,858 6,964 7,064 NESTLEIND 20,223 19,995 20,131 20,237 20,373 20,479 NTPC 116 116 116 117 118 119 ONGC 122 117 120 122 125 127 POWERGRID 174 173 174 176 177 178 RELIANCE 2,426 2,270 2,329 2,362 2,422 2,455 SBILIFE 1,245 1,214 1,229 1,241 1,257 1,269 SBIN 431 425 428 431 434 437 SHREECEM 30,536 29,703 30,072 30,331 30,700 30,960 SUNPHARMA 784 777 783 790 796 803 TATACONSUM 870 857 863 869 875 880 TATAMOTORS 297 290 293 295 297 299 TATASTEEL 1,437 1,401 1,422 1,438 1,459 1,474 TCS 3,852 3,782 3,812 3,835 3,864 3,887 TECHM 1,461 1,414 1,428 1,439 1,453 1,464 TITAN 2,021 1,950 1,985 2,005 2,039 2,059 ULTRACEMCO 7,953 7,786 7,858 7,944 8,016 8,101 UPL 756 740 747 753 760 766 WIPRO 686 647 651 654 658 661 4 Institutional Equity Research NIFTY 17378 IN FOCUS September 07 2021 Support 17339 Stock in Focus TECH MAHINDRA MARKET LENS 17300 Intraday Pick ICICIPRULI Resistance 17423 Intraday Pick MANAPPURAM 17468 Intraday Pick MGL Simple Moving Average Scrip Name Close Rate 20-SMA 50-SMA 100-SMA 200-SMA HIGH_52WEEK LOW_52WEEK SENSEX 58,297 56,085 54,178 52,308 50,299 58,516 36,496 Nifty 50 17,378 16,704 16,190 15,668 14,947 17,430 10,790 NiftyBank 36,592 35,986 35,504 34,656 33,605 37,709 20,405 ADANIPORTS 751 715 704 733 650 901 312 ASIANPAINT 3,316 3,091 3,045 2,916 2,700 3,348 1,881 AXISBANK 801 765 756 737 706 819 400 BAJAJ-AUTO 3,781 3,752 3,884 3,943 3,783 4,361 2,822 BAJAJFINSV 16,747 15,544 14,043 12,646 10,951 17,264 5,400 BAJFINANCE 7,506 6,810 6,415 5,978 5,548 7,675 3,007 BHARTIARTL

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