[email protected] PatelNandish [email protected] Gupta Amit Research Analysts Research VoltasOctober Future Underlying Buy VoltasFuture October|705of for target Derivatives Strategy Strategy Derivatives Recommendation in the report Action Buy InitiationRange [email protected] [email protected] Dedhia Dipesh Singh Deepak Raj 634-639 – PositionalFuture Target 705.0 Stoploss 606.0 Octoberexpiry Expiry SUBSCRIBE Other Other Product offerings Voltas Indigo Underlying Duration : 1-3months : Duration Power Torrent MGL Lupin Underlying Click here to seeClickhere to Click here to seeClickhere to September 20, 2019 on ICICIdirect app… on ICICIdirect Mobile Quant (Derivatives) Pick(Derivatives) Quant Derivatives Strategy Strategy Derivatives 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 September September 2019 20, Target:Expiry Frame:Time 606. September | loss: Till Stop | 705; PositionalVoltasFuture:Buy Future| 634 at October • • • • Source: NSE, Seediff, Bloomberg ICICI Direct Research Direct ICICI Bloomberg Seediff, NSE, Source: Note : : Note to We The short markets Voltas already interest of resilience One attracted consumption Despite move short Recommendation given on Iclick2gain on September 20, 20, 2019 on September on Iclick2gaingiven Recommendation feel IV such covering - spread has . seen that in positions higher, fresh It initial near comparison HV 60 Day HVAnnualised)(% 60 AvgRoll (%) 3M AvgVolume 12M (Shares) AvgPrice (|) 12M Beta PriceSpot seems stock broadly on an stocks . of buying | It the which exit, correction 600 may Voltas from near the back have boding levels remained witness will stock to Data Snapshot - | Nifty the of 600 the remained provide . OTM The well segment - in is last is 630 good able marginally above stock Call the for . series, It more firm upsides started further to buying, Nifty has is withstand | which while boost Voltas 600 seen above ICICI Ltd. Securities Retail| Equity Research upsides with from in the 1368870 a to despite shows 84.88% significant 639.00 last few IV 26.59 52 that the here its due 0.90 - 573 spread % of mean stocks few shorts has lower to them the ongoing closure is shown series, levels jittery open likely have have . - 639; -10 10 15 20 25 30 35 -5 0 5 100 200 300 400 500 600 700

14-Jan-2019 0 27-Nov-18 28-Jan-2019 11-Dec-18 25-Dec-18

11-Feb-2019 Voltas 08-Jan-19

IV IV Spread 22-Jan-19 25-Feb-2019 05-Feb-19

11-Mar-2019 19-Feb-19 – Price and Open Interest Voltas 05-Mar-19 25-Mar-2019 19-Mar-19 Price 20 20 DMA 02-Apr-19 8-Apr-2019

– 16-Apr-19

Nifty IV 30-Apr-19 22-Apr-2019 14-May-19 Open Interest Open +Sigma 2 6-May-2019 28-May-19 11-Jun-19

20-May-2019 25-Jun-19 09-Jul-19 3-Jun-2019 23-Jul-19

-2 Sigma 06-Aug-19 17-Jun-2019 20-Aug-19 03-Sep-19 1-Jul-2019 17-Sep-19 -10000 0 10000 20000 30000 40000 50000 60000 70000 80000 15-Jul-2019 2

OI in '00 (shares) ICICI Securities – Retail Equity Research 29-Mar-1926-Mar-19 September September 2019 20, Date Derivatives Strategies: Open recommendations Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: 20-Sep-19 03-Sep-19 Scrip JSW DLFSteel Ltd Voltas Indigo Action BuyBuy Buy Buy Recommendation PositionalPositional Future Option: : Positional Future : 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 Voltas October Future Stoploss: , Target: (timeframe: 705 634-639, at 606 till September expiry) :

BuyCallIndigoand 63-67 at SellSept (timeframe: 1700 Target:Call 28-32, till at 1800 Sept 1800 expiry) ICICI Ltd. Securities Retail| Equity Research Back 3

ICICI Securities – Retail Equity Research September September 2019 20, Quant Picks: Open recommendations Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Date 18-Sep-19 12-Sep-19 11-Sep-19 06-Sep-19 05-Sep-19 14-Aug-19 ColgatePalmolive Torrentpower BhartiAirtel Scrip CESC Lupin MGL ICICI Ltd. Securities Retail| Equity Research Action Buy Buy Buy Buy Buy Buy BuyPrice 1290-1315 835-855 790-810 340-348 750-765 285-292 Target 1525 985 940 410 870 340 SL 1185 770 725 315 690 260 1382 874 833 348 753 278 CMP %Ret -1.6% -4.1% 5.1% 3.0% 3.5% 0.4% TimeFrame 3months 3months 3months 3months 3months 3months Back 4

ICICI Securities – Retail Equity Research September September 2019 20, Pankaj Pandey [email protected] Mumbai (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

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ICICI Securities – Retail Equity Research