[email protected] PatelNandish [email protected] Gupta Amit Research Analysts Research InfosysJunefuture Underlying Buy JuneBuy Infosys Future for target of | 798 Derivatives Strategy Recommendation in the report Action Buy InitiationRange [email protected] [email protected] Dedhia Dipesh Singh Deepak Raj 739-744 – Positional Future Target 798.0 Stoploss 713.0 Juneexpiry Expiry SUBSCRIBE Other Other Product offerings Duration : 1-3months : Duration Cement Ambuja RBLBank Underlying Duration : 1-2 : months Duration DLF PidiliteIndustries Underlying Click here to seeClickhere to Click here to seeClickhere to on ICICIdirect app… on ICICIdirect Mobile Quant (Derivatives) Pick(Derivatives) Quant June June 10, 2019 Derivatives Strategy DerivativesStrategy For Instant stock For ideas: to mobile notification notification to mobile • • open calls open open calls open PRODUCT 1 PRODUCT 2 Buy Buy Action Buy Buy Buy Action

ICICI Securities – Retail Equity Research June 2019 June 10, Target:Time Frame:| 713. loss: Stop | 798; Expiry June Till PositionalFuture: Buy InfosysFuture June | 739 at • • • • Source: NSE, Seediff, Bloomberg ICICI Direct Research Direct ICICI Bloomberg Seediff, NSE, Source: Note : : Note towards shifting Sigma The some financials The month, last Infosys Post muted up Nifty Most Recommendation given on Iclick2gain on June10, 2019 on Iclick2gaingiven Recommendation pace, month IV rupee election consolidated IT money - levels performance spread which is to its stocks sectoral witnessing one HV 60 Day HVAnnualised)(% 60 AvgRoll (%) 3M AvgVolume 12M (Shares) AvgPrice (|) 12M Beta PriceSpot . higher Mean+ started The . results, inflow, As is of stock outperformed the closure same Infosys strikes, in rotation 2 moving key which a Sigma that IT profit narrow Data Snapshot positions support stocks - has Nifty saw we will was levels towards booking already feel range huge the have be has seen for have positive on the Nifty the moved . . started OI started However, 70 the with We IV June been build - in levels spread back feel for IT ICICI Ltd. Securities Retail| Equity Research early towards contributing in - series up seen stocks the 8400827 of Infosys ATM as 89.12% with 743.00 is 19.40 in Call 2019 stock 0.78 the 696 likely in 700 Call its witnessing banking buying Nifty the will where Mean Put and to to current picked attract gains move strike OI and – the is 2 a .

Price - 744; 10 15 20 25 30 -5 0 5 100 200 300 400 500 600 700 800 900 0 7-Jan-2019 14-Aug-18 14-Jan-2019 28-Aug-18 11-Sep-18

21-Jan-2019 Infosys 25-Sep-18 IV SpreadIV

28-Jan-2019 09-Oct-18 Price 23-Oct-18 4-Feb-2019 06-Nov-18 – Infosys

20-Nov-18 Price and Open Interest 11-Feb-2019 20 DMA20 04-Dec-18

18-Feb-2019 18-Dec-18 Open Interest 01-Jan-19 – 25-Feb-2019

Nifty IV 15-Jan-19

+ 2Sigma+ 29-Jan-19 4-Mar-2019 12-Feb-19

11-Mar-2019 26-Feb-19 12-Mar-19 18-Mar-2019 26-Mar-19

- - 2 Sigma 09-Apr-19 25-Mar-2019 23-Apr-19

1-Apr-2019 07-May-19 21-May-19 8-Apr-2019 04-Jun-19 5000 15000 25000 35000 45000 55000 65000 15-Apr-2019 2 Oi in Thousands ICICI Securities – Retail Equity Research 10-Jun-19 03-Jun-19 28-May-19 29-Mar-1926-Mar-19 June 2019 June 10, Date Derivatives Strategies: Open recommendations Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Scrip JSW DLFSteel Ltd Infosys PidiliteIndustries DLFLtd Action BuyBuy Buy Buy Buy Recommendation PositionalPositional Future Option: : Positional Future : Future Positional : Future Positional Long/Short Strategy : Buy JSW Steel April Future at 293-297, Target: 335 , Stoploss: 273 (time frame: till April expiry) April Buy (time JSWFuture Target: Steel 273 frame: 293-297, at , April Stoploss: 335 till Buy DLF210 April Ltd at 6.5-7.5, Call Target: 16, 2.8Stop-loss: expiry) April frame: (time till Buy Infosys frame: Stoploss: (time tillJune, June Target:713 798 Future expiry) 739-744, at Buy frame: Pidilite(time till Stoploss: June, Industries June1230 Target: expiry)1380 Future 1280-1285, at ICICI Ltd. Securities Retail| Equity Research

Buy DLF June 200 Call at 7.50-8.0 and Sell 220 Call at 6.50-7.0, Target: 325 (time frame: (time till June Target:Buy 325 and expiry)Sell DLF Call6.50-7.0, Juneat Call7.50-8.0 at 220 200 Back 3

ICICI Securities – Retail Equity Research June 2019 June 10, Quant Picks: Open recommendations Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Date 30-May-19 27-May-19 23-May-19 26-Mar-19 12-Mar-19 12-Dec-18 04-Jun-19 03-Jun-19 AmbujaCement CumminsIndia Chola FinanceChola Bank Baroda Bank BhartiAirtel RBL Bank RBL Nestle CESC Scrip ICICI Ltd. Securities Retail| Equity Research Action Buy Buy Buy Buy Buy Buy Buy Buy Yearly Quant Picks Quant Yearly 10550-10850 BuyPrice 1480-1510 129-134 345-352 725-735 223-228 678-688 752-765 Target 13550 1760 155 412 860 265 795 885 9075 1345 117 312 660 203 619 684 SL 11683 1452 118 361 765 223 668 772 CMP %Ret -11.7% -3.5% -1.0% -2.9% 8.2% 3.1% 4.1% 1.6% 12Months 3 months3 months3 months3 months3 months3 months3 months3 TimeFrame Back 4

ICICI Securities – Retail Equity Research June 2019 June 10, Pankaj Pandey [email protected] (East) Andheri Road no.7, MIDC 1 Limited,Securities ICICI Desk,ResearchDirect ICICI Head st Floor, AkrutiTrade Centre, ICICI Ltd. Securities Retail| Equity Research – Research – 400 400 093 [email protected] 5

ICICI Securities – Retail Equity Research Disclaimer mentioned mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee of the companies directly or indirectly related to the specific recommendation(s) or view(s) in report. this It also is confirmed that above m report, hereby certify all that of the views expressed in research this report accurately reflect our views about the subject Gupta We /I, B.E, Amit(Finance), MBA Raj BE, (Finance),DeepakSinghMBA NandishPatel BCOM, MBADedhiaDipesh (FinanBCOM, ANALYSTCERTIFICATION June 2019 June 10, those set forth in projections. Forward necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand asso the risks changes in interest rates, foreign exchange or rates any other reason. ICICI Securities accepts no liabilities whatsoever for not be taken in substitution for the exercise of independent judgment any recipient. by The recipient should independently ev expressed in report this not may be suitable for all investors, who must make their own decisions, investment based on their report this constitutes investment, legal, accounting and advice tax or a representation that any investment or s is strategy disseminated to all the customers simultaneously, all not customers may receive report this at the same time. ICICI Securitie information herein solely is for informational purpose and shall not be or used considered as an offer document or solicitati This is report on based information obtained from public sources and sources believed to be reliable, but no independent veri applicable with regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an a compliance or other reasons prevent that may ICICI Securities from doing so. Non Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under no obl the selected recipient and may benot altered in any transmitted to,way, copied in or or distributed, in part whole, to any The information and opinions in report this have been prepared ICICI Securities by and are subject to change without any noti Our proprietary trading and investment businesses make may investment decisions that are inconsistent with the recommendation fundamentals and, such, as may match not the with recommendation in fundamental reports. Investors icicidirect.com visit may Recommendation in based reports on technical and derivative analysis centre on studying charts of a stock's price movement, o from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. business relationship a with significant percentage of companies covered by our Investment Research Department. ICICI Securit ICICI Securities one is of the leading merchant bankers/ underwriters of securities and participate in all virtually securiti (“associates”), the details in respect of which are available on www.icicibank.com India’s largest private sector bank and has various its subsidiaries engaged in businesses of housing finance, asset manageme SEBI registered Research Analyst with SEBI Registration Number ICICI Securities (ICICI Securities) Limited is a full disclosures:other and conditions & Terms - looking looking statements are not predictions and be may subject to change without notice. - service, integrated banking investment and is, inter alia, engaged in the – INH000000990. ICICI Securities SEBI Limited Registration INZis ICICI Ltd. Securities Retail| Equity Research - rated rated securities indicate that rating on a part es ent business business of stock brokering and of distribution financial products. ICICI Securities a is Limited oth trading trading in markets India. We and our associates have might investment banking and other is on an dvi uit suer(s) suer(s) or securities. We also certify no that part of our compensation was, or is, will be ioned ioned Analysts of report this have received not any compensation from the companies fic alu er er person or to the media or reproduced in any form, without consent prior written of ICICI s w y loss or damage of any kind arising out of the use of report. this performance Past not is of offer to or buy sell or subscribe for securities or other financial instruments. Though ce. iga own sory sory capacity to company, this or in certain other circumstances. able able or appropriate to your specific circumstances. The securities discussed and opinions men nt, cia ation ation has been made nor is accuracy its or completeness guaranteed. report This and icular icular security has been suspended temporarily and such suspension is in compliance ate the The risks. investment value and return on investment vary may because of uts ies tion tion to update or keep the information current. Also, there be may regulatory, ill ill not treat recipients as customers by virtue of their receiving report. this Nothing in The The report and information contained herein strictly confidential is and meant solely for to life life insurance, general insurance, venture capital fund management, etc. ted before investing in the securities Actual markets. results differ may materially from investment objectives, objectives, investment financial positions and needs of specific recipient. may This tioned tioned in the report. tanding tanding positions, trading volume s e view view the Fundamental and Technical Research Reports. generally generally analysts, prohibits its persons reporting to analysts and their relatives 000183631 for stock broker. ICICI Securities a is subsidiary of ICICI Bank which is xpressed herein. ce) , Research Research Analysts, authors and the names subscribed to this etc as as opposed to focusing on a company's 6

ICICI Securities – Retail Equity Research June 2019 June 10, may not may be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession docum this availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any regist This is report directed not or intended for distribution to, or use by, any person or entity who is a citizen or resident of We thatsubmit no material disciplinary action has been taken on ICICI Securities any by Regulatory Authority impacting Equit Neither the Research Analysts nor ICICI Securities have been engaged in market making for activity the companies mentioned in ICICI Securities have may issued other thatreports are inconsistent and with reach different conclusion from the information mentioned in report. this Since associates of ICICI Securities are engaged in various financial service businesses, they have might financial interests their relatives do not own 1% or more of the securities equity of the Company mentioned in the report of as the last day of t Compensation of our Research not Analysts is based on any specific merchant banking, investment banking or brokerage service relatives have any material conflict of interest at the of time publication of report. this compensation or other benefits from the companies mentioned in the report in or partythird connection preparation with of th ICICI Securities encourages independence in research preparation report and strives to minimize conflict in preparation of re managing or co ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the twelve months. ICICI Securities or its associates might have managed or co - managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other - managed public offering of securities for the subject company or mig ICICI Ltd. Securities Retail| Equity Research or or located located in any locality, state, country or other jurisdiction, where such distribution, publication, rat ent he he or ion ion or licensing requirement within such jurisdiction. The securities described herein or may sea pr e r may come come may are required to inform themselves of and to observe such restriction. y R beneficial beneficial ownership in various companies including the subject company/companies month month preceding the publication of the research report. esented in this report. rch rch report. ICICI Securities or its associates or did not its analysts receive any pe esearch esearch report. Accordingly, neither ICICI Securities nor Research Analysts and their th ht have have ht been mandated by the subject company for any other assignment in the past esearch esearch Analysis activities. tra riod riod preceding twelve from months the date of for report this services in respect of e report. advisory advisory service in a merger or specific transaction. nsactions. nsactions. ICICI Securities or its subsidiaries collectively or Research Analysts or 7

ICICI Securities – Retail Equity Research