Institutional Equity Research NIFTY 15030 IN FOCUS May 20 2021 Support 14982 Stock in Focus MARKET LENS 14933 Intraday Pick MARICO Resistance 15106 Intraday Pick ONGC 15182 Intraday Pick TCS

EQUITY INDICES

Indices Absolute Change Percentage Change Domestic Last Trade Change 1-D 1-Mth YTD BSE Sensex 49,903 (290.7) (0.6%) 4.6% 4.5% CNX Nifty 15,030 (78.0) (0.5%) 5.1% 7.5% S&P CNX 500 12,809 (30.1) (0.2%) 6.3% 11.2% SENSEX 50 15,740 (80.3) (0.5%) 5.2% 7.5%

International Last Trade Change 1-D 1-Mth YTD DJIA 33,896 (164.6) (0.5%) (0.7%) 10.8% NASDAQ 13,300 (3.9) (0.0%) (4.7%) 3.2% NIKKEI 28,078 33.6 0.1% (1.6%) 2.2% HANGSENG 28,451 (138.0) (0.5%) (0.6%) 4.4%

ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy’s Lab (ADR) 72.2 0.5 0.6% 6.4% 1.3% STOCK IN FOCUS (ADR) 20.9 (1.1) (4.8%) 6.2% 65.5% f We expect Wipro’s revenue growth to accelerate over FY21-24E (ADR) 18.4 0.2 1.0% 1.9% 8.8% driven by: (1) step-up in large deal wins; (2) enhanced focused on ICICI Bank (ADR) 17.2 0.1 0.4% 17.3% 16.0% large clients; (3) concentrated focus on chosen verticals/industries; HDFC Bank (ADR) 73.6 (0.4) (0.6%) 7.4% 1.8% and (4) simplified operating structure post restructuring. We peg (GDR) 48.3 0.0 0.0% 12.6% 14.2% Wipro’s revenue to grow by 16.8%, 12.5% and 9.9% in FY22E, FY23E Reliance Ind (GDR) 54.0 (0.3) (0.6%) 7.5% (1.3%) and FY24E. COMMODITY MARKET f Wipro has diversified client base and company is tier 1 integrator/ Key Commodities Last Trade Change 1-D 1-Mth YTD IT service provider for many large corporate. With strong talent pool Brent Crude ($/bl) 66.7 0.1 0.1% 2.1% 28.8% in hand, refreshed industry solutions and partnership ecosystem, Silver ($/Oz) 27.8 (0.3) (1.0%) 4.3% 4.6% Wipro can improve its wallet share in client ecosystem. Gold ($/Oz) 1,872.4 (9.2) (0.5%) 4.4% (1.5%) Copper LME ($/MT) 10,007.0 (66.5) (0.7%) 5.9% 29.0% f We expect Wipro’s EBIT margin to remain in the range of 18-19% over Aluminium LME ($/MT) 2,420.0 (10.5) (0.5%) 2.8% 22.1% FY22-FY24E vs. 16-18% over FY18-FY20 driven by structural levers, improving pricing powers, operational excellence efforts and some CURRENCY RATES situational opportunities. Last Trade Change 1-D 1-Mth YTD f Recent Restructuring efforts, which include simplified operating USD/INR 73.3 0.07 0.1% (2.5%) (0.0%) structuring, step-up in capability upgrade and talent management EUR/INR 89.4 0.03 0.0% (1.3%) (0.6%) bode well for Wipro in the medium-term. We recommend Buy on Wipro with a 2-Year Target Price of Rs565 (Valuing the stock at RATES 22x PE on FY24E earnings). Last Trade Change 1-D 1-Mth YTD T-Bill - 91 D 3.4 0.01 0.00 0.02 0.10 10 Year G-sec Yield 6.0 (0.00) 0.00 (0.02) 0.01 Intraday Picks MARICO (PREVIOUS CLOSE: 474) SELL INVESTMENT ACTIVITY (RS. CR) For today’s trade, short position can be initiated in the range of Rs 477- Category BUY SELL NET Prev 481 for the target of Rs. 465 with a strict stop loss of Rs 484. FII 7,138.1 7,835.7 (697.8) 618.5 DII 4,723.0 5,575.5 (852.5) 449.5 ONGC (PREVIOUS CLOSE: 115) SELL For today’s trade, short position can be initiated in the range of Rs 116- EXCHANGE TURNOVER 117 for the target of Rs.113 with a strict stop loss of Rs 118. Exchange Rs Crore BSE Equity 5,906.0 TCS (PREVIOUS CLOSE: 3082) BUY BSE Derivatives 3,25,264.9 For today’s trade, long position can be initiated in the range of Rs 3040- NSE Equity 74,858.8 3060 for the target of Rs. 3140 with a strict stop loss of Rs 3010. NSE Derivatives 42,83,302.6

1 Institutional Equity Research NIFTY 15030 IN FOCUS May 20 2021 Support 14982 Stock in Focus WIPRO MARKET LENS 14933 Intraday Pick MARICO Resistance 15106 Intraday Pick ONGC 15182 Intraday Pick TCS

Technical Research

MARKET SYNOPSIS f On Wednesday, NSE-NIFTY jumped to 15,133-level post a gap down opening and after consolidating in the narrow range, retraced 23.6% Fibonacci Retracement level of prior up-move (14,592-15,137). f Finally, NIFTY finished trade with the loss of 78 points at 15,030-level. f NSE Cash segment reported turnover of Rs74,859 crore as compared to Rs80,306 crore reported earlier. f Overall market breadth remained positive, where 1,106 stocks advanced against 861 declined stocks. f Mix trend was observed across sectoral indices during the day, where Media and Realty emerged as top gainers with the increase of 2% and 2.2%, respectively. However, Financial Service index reported the highest decline (i.e. 1%).

NSE-NIFTY OUTLOOK f We believe NSE-NIFTY will bounce after near-term volatility and move towards 15,250-15,300 zone. Yesterday, the index breached its prior daily rising trend and formed a bearish reversal pattern-Shooting Star-right after a real body. The key technical indicators on the near-term timeframe chart reversed after testing their overbought zone and are negatively poised. As mentioned earlier, near-term volatility cannot be ruled out before the index resumes its northward journey. In case of decline, the index will find support at around 14,800-level initially and at around its upward sloping 100-day SMA subsequently, which is now placed at 14,596-level. f As for the day, support is placed at around 14,982 and then at 14,933 levels, while resistance is observed at 15,106 and then at 15,182 levels.

2 Institutional Equity Research NIFTY 15030 IN FOCUS May 20 2021 Support 14982 Stock in Focus WIPRO MARKET LENS 14933 Intraday Pick MARICO Resistance 15106 Intraday Pick ONGC 15182 Intraday Pick TCS Derivatives Snapshot f NIFTY50 opened higher on back of positive global cues and witnessed a strong up move across sectors and stocks to close near the high point of the day. Nifty closed up by 185 points at 15,108 levels. Among the nifty stocks 42 advanced and 8 declined during the day. f Among sectors it was a mixed bag with Banks, Auto and Metals sectors to decline by 1% average while Media and Realty gained by 2% average for the day. f Broader market indices remained negative with NIFTY 100, 200 and 500 to close down by 0.3% average while midcap indices and small cap indices declined by 0.3% for the day. f Nifty May futures end with 29 points premium at 15,059 mark while on other hand, Bank Nifty May futures ended with the premium of 115 points at 33,801 mark. f Nifty has closed flat after a sharp up move and we expect some minor profit booking from the higher range of 15,300 levels. On the lower side the trend reversal level has moved to 14,700 from current levels. Sectoral Activity: Amongst sectoral index Media and Realty remained in focus with positive momentum. Stock Activity: Sun TV and Godrej Properties have witnessed long buildup in today’s trade.

3 Institutional Equity Research NIFTY 15030 IN FOCUS May 20 2021 Support 14982 Stock in Focus WIPRO MARKET LENS 14933 Intraday Pick MARICO Resistance 15106 Intraday Pick ONGC 15182 Intraday Pick TCS Pivot Table Name LTP Support 2 Support 1 Pivot Resistance 1 Resistance 2 SENSEX 49903 49557 49730 50004 50177 50452 NIFTY 15030 14933 14982 15057 15106 15182 BANKNIFTY 33685 33400 33543 33751 33894 34102 ADANIPORTS 772 755 764 778 786 800 ASIANPAINT 2816 2771 2793 2821 2844 2872 AXISBANK 717 693 705 714 726 736 BAJAJ-AUTO 4096 4021 4059 4085 4123 4149 BAJAJFINSV 11215 11009 11112 11273 11376 11537 BAJFINANCE 5631 5522 5577 5650 5704 5778 BHARTIARTL 528 517 523 532 537 546 BPCL 446 436 441 448 453 460 BRITANNIA 3534 3496 3515 3535 3554 3574 904 872 888 897 913 922 COALINDIA 152 142 147 150 155 157 DIVISLAB 4040 3977 4008 4034 4065 4091 DRREDDY 5238 5178 5208 5236 5266 5294 EICHERMOT 2565 2499 2532 2573 2606 2648 GAIL 153 150 151 153 154 156 GRASIM 1390 1356 1373 1397 1414 1439 HCLTECH 931 917 924 933 940 948 HDFC 2460 2414 2437 2477 2500 2540 HDFCBANK 1458 1437 1448 1463 1474 1490 HDFCLIFE 666 661 664 668 670 674 HEROMOTOCO 2915 2868 2891 2918 2941 2968 HINDALCO 403 389 396 401 408 414 HINDUNILVR 2360 2325 2343 2361 2379 2397 ICICIBANK 625 617 621 628 632 638 INDUSINDBK 967 952 959 969 977 986 INFY 1337 1318 1328 1343 1352 1367 IOC 107 102 105 107 109 112 ITC 208 205 206 209 210 213 JSWSTEEL 706 694 700 710 716 726 KOTAKBANK 1731 1713 1722 1736 1745 1759 LT 1403 1378 1391 1413 1426 1448 M&M 785 770 777 786 793 802 MARUTI 6776 6702 6739 6797 6834 6892 NESTLEIND 17449 17089 17269 17367 17547 17645 NTPC 112 110 111 112 113 114 ONGC 115 112 114 115 116 117 POWERGRID 234 228 231 234 237 241 RELIANCE 1997 1951 1974 1995 2018 2040 SBILIFE 978 957 967 974 984 991 SBIN 384 377 381 385 389 393 SHREECEM 27533 26776 27154 27699 28078 28623 SUNPHARMA 703 684 694 700 710 716 TATAMOTORS 314 306 310 317 321 327 TATASTEEL 1164 1139 1152 1171 1183 1202 TCS 3082 3038 3060 3089 3111 3140 TECHM 978 952 965 976 988 999 TITAN 1521 1494 1507 1531 1544 1568 ULTRACEMCO 6561 6377 6469 6612 6704 6847 UPL 782 745 763 784 803 824 WIPRO 512 499 505 512 518 524

4 Institutional Equity Research NIFTY 15030 IN FOCUS May 20 2021 Support 14982 Stock in Focus WIPRO MARKET LENS 14933 Intraday Pick MARICO Resistance 15106 Intraday Pick ONGC 15182 Intraday Pick TCS Simple Moving Average Scrip Name Close Rate 20-SMA 50-SMA 100-SMA 200-SMA HIGH_52WEEK LOW_52WEEK SENSEX 49903 48942 49404 49331 45009 52517 30512 NIFTY 15030 14705 14741 14615 13293 15432 8997 BANKNIFTY 33685 32740 33334 33305 29093 37709 17311 ADANIPORTS 772 749 742 651 510 885 298 ASIANPAINT 2816 2609 2539 2549 2317 2873 1578 AXISBANK 717 701 705 697 600 799 336 BAJAJ-AUTO 4096 3844 3743 3778 3409 4361 2450 BAJAJFINSV 11215 10816 10111 9755 8250 11589 3985 BAJFINANCE 5631 5293 5223 5221 4505 5822 1783 BHARTIARTL 528 547 536 550 516 623 394 BPCL 446 432 433 421 404 482 312 BRITANNIA 3534 3509 3556 3540 3616 4010 3141 CIPLA 904 904 856 841 799 966 616 COALINDIA 152 137 137 138 132 163 110 DIVISLAB 4040 3973 3729 3692 3468 4205 2090 DRREDDY 5238 5172 4796 4859 4835 5513 3814 EICHERMOT 2565 2429 2519 2617 2437 3037 1407 GAIL 153 144 141 137 117 166 81 GRASIM 1390 1380 1387 1238 999 1475 528 HCLTECH 931 922 962 960 878 1067 516 HDFC 2460 2468 2502 2567 2276 2896 1486 HDFCBANK 1458 1422 1460 1477 1340 1641 849 HDFCLIFE 666 675 688 691 648 746 486 HEROMOTOCO 2915 2853 2993 3143 3082 3629 2101 HINDALCO 403 379 356 313 253 428 126 HINDUNILVR 2360 2381 2347 2324 2243 2506 1961 ICICIBANK 625 602 593 584 499 679 290 INDUSINDBK 967 914 948 955 810 1120 342 INFY 1337 1343 1361 1325 1187 1478 675 IOC 107 95 95 96 89 109 72 ITC 208 205 209 211 199 239 163 JSWSTEEL 706 701 573 484 394 773 168 KOTAKBANK 1731 1753 1798 1853 1685 2049 1145 LT 1403 1364 1400 1404 1198 1593 821 M&M 785 770 800 804 723 952 415 MARUTI 6776 6660 6838 7219 7108 8329 5135 NESTLEIND 17449 16798 16852 17187 16908 18844 15100 NTPC 112 106 106 103 97 117 78 ONGC 115 109 108 104 90 122 64 POWERGRID 234 220 218 211 194 240 155 RELIANCE 1997 1948 2008 1998 2047 2369 1412 SBILIFE 978 957 924 905 870 1045 729 SBIN 384 358 362 346 279 428 150 SHREECEM 27533 27851 28384 26982 24389 32048 18184 SUNPHARMA 703 668 633 618 568 722 443 TATAMOTORS 314 305 308 287 216 357 83 TATASTEEL 1164 1072 904 789 618 1247 277 TCS 3082 3098 3120 3107 2825 3354 1925 TECHM 978 968 988 985 895 1082 512 TITAN 1521 1471 1491 1495 1360 1621 855 ULTRACEMCO 6561 6365 6567 6172 5279 7056 3600 UPL 782 652 633 580 526 805 366 WIPRO 512 496 454 438 380 529 186 ZEEL 194 202 211 213 199 261 129

5 Institutional Equity Research NIFTY 15030 IN FOCUS May 20 2021 Support 14982 Stock in Focus WIPRO MARKET LENS 14933 Intraday Pick MARICO Resistance 15106 Intraday Pick ONGC 15182 Intraday Pick TCS Bulk Deals Snapshot Deal Date Scrip Code Company Client Name Deal Type* Quantity Price 19/05/2021 542057 BCPL SHERWOOD SECURITIES PVT LTD B 82,639 53.93 19/05/2021 542057 BCPL SHERWOOD SECURITIES PVT LTD S 287,000 53.04 19/05/2021 542057 BCPL URMILA DOSHI B 85,000 54.76 19/05/2021 542057 BCPL URMILA DOSHI S 65,000 54.78 19/05/2021 539800 CHDCHEM ALPHA LEON ENTERPRISES LLP B 12 14.34 19/05/2021 539800 CHDCHEM ALPHA LEON ENTERPRISES LLP S 88,589 14.45 19/05/2021 539800 CHDCHEM KAMAL KUMAR JALAN SEC. PVT. LTD B 11 14.45 19/05/2021 539800 CHDCHEM KAMAL KUMAR JALAN SEC. PVT. LTD S 62,941 14.45 19/05/2021 501831 COASTCORP NALINI DEVINENI S 56,265 170.10 19/05/2021 532541 HULST B V S 3,100,000 3,250.58 19/05/2021 526737 CORPOCO PRATIK BANJI DABHI S 39,112 3.82 19/05/2021 540811 DML RIKHAV SECURITIES LIMITED B 50,000 11.00 19/05/2021 540811 DML VIJAY HARISHANKAR PATIL S 50,000 11.00 19/05/2021 524624 GAGAN ALPHA LEON ENTERPRISES LLP B 25,000 15.05 19/05/2021 524624 GAGAN ALPHA LEON ENTERPRISES LLP S 1,471 15.04 19/05/2021 524624 GAGAN BINDU GARG S 54,698 15.05 19/05/2021 524624 GAGAN SHIMLA RANI S 57,000 15.05 19/05/2021 539097 HKG OLGA TRADING PRIVATE LIMITED B 137,500 52.13 19/05/2021 539097 HKG OLGA TRADING PRIVATE LIMITED S 155,000 49.79 19/05/2021 539097 HKG VORA PRANAV PRAFULCHANDRA S 267,500 50.50 19/05/2021 539097 HKG DINESH PRATAPRAI MANTORA B 112,500 51.05 19/05/2021 539097 HKG ARUNA YOGESHKUMAR SHAH B 182,500 50.53 19/05/2021 540402 MANAS VINOD HARILAL JHAVERI S 28,500 440.00 19/05/2021 540402 MANAS NOPEA CAPITAL SERVICES PRIVATE LIMITED B 28,500 440.00 19/05/2021 509040 NETLINK OLGA TRADING PRIVATE LIMITED B 15,000 17.32 19/05/2021 535657 OONE ARUNSPAI S 87,580 3.39 19/05/2021 531281 PGINDST R B K SHARE BROKING LIMITED B 68,900 4.43 19/05/2021 531281 PGINDST R B K SHARE BROKING LIMITED S 6,600 4.75 19/05/2021 531281 PGINDST PURSHOTTAM RADHEYSHYAM KHANDELWAL S 72,000 4.43 19/05/2021 533285 RDBRIL FAITHFUL VANIJYA PRIVATE LIMITED B 347,090 18.75 19/05/2021 500370 SALORAINTL ALERT CONSULTANTS & CREDIT PRIVATE LIMITED B 75,000 45.30 19/05/2021 539526 SCTL FAROOQUE A HAMID HAMDULE B 909,999 .61 19/05/2021 539526 SCTL ALKA RAWAT B 1,201,281 .56 19/05/2021 539526 SCTL ALKA RAWAT S 1 .60 19/05/2021 513472 SIMPLEXCAS YG INVESTMENTS & ADVISORY B 50,000 15.46 19/05/2021 532879 SSLEL P PRABHAKARREDDY B 30,000 61.18 19/05/2021 524470 SYNCOMF ALPHA LEON ENTERPRISES LLP B 3,451,998 6.42 19/05/2021 524470 SYNCOMF ALPHA LEON ENTERPRISES LLP S 4,681,574 6.61 19/05/2021 539222 VMV ESPS FINSERVE PRIVATE LIMITED. S 30,000 8.70 19/05/2021 539222 VMV ASHOK KUMAR SINGH S 32,500 8.66 19/05/2021 539222 VMV JAY YAGNESH MEHTA B 60,000 8.66

*B - Buy, S - Sell, ** = Weighted Average Trade Price / Trade Price 6 Institutional Equity Research NIFTY 15030 IN FOCUS May 20 2021 Support 14982 Stock in Focus WIPRO MARKET LENS 14933 Intraday Pick MARICO Resistance 15106 Intraday Pick ONGC 15182 Intraday Pick TCS

Monthly Economic Calendar

Date Country Event Period Survey Prior 20-05-2021 United States Philadelphia Fed Business Outl MAY - 50.20 20-05-2021 United States Conference Board US Leading In APR - 1.30 21-05-2021 United States US Existing Homes Sales SAAR APR - 6.01 21-05-2021 United States US Existing Homes Sales MoM SA APR - -3.69 25-05-2021 United States S&P CoreLogic Case-Shiller 20- MAR 1.09 1.17 25-05-2021 United States S&P CoreLogic Case-Shiller 20- MAR 11.71 11.94 25-05-2021 United States S&P CoreLogic Case-Shiller 20- MAR - 246.04 25-05-2021 United States FHFA US House Price Index Purc MAR 1.01 0.90 25-05-2021 United States Richmond Manufacturing Survey MAY 22.85 17.00 25-05-2021 United States Conference Board Consumer Conf MAY 112.70 121.70 27-05-2021 United States GDP US Chained 2012 Dollars Qo 1Q S 6.79 6.40 27-05-2021 United States GDP US Personal Consumption Ch 1Q S 10.37 10.70 27-05-2021 United States US GDP Price Index QoQ SAAR 1Q S 2.83 4.10 27-05-2021 United States US GDP Personal Consumption Co 1Q S 2.32 2.30 27-05-2021 United States US Pending Home Sales Index Mo APR 4.51 1.92 27-05-2021 United States US Pending Home Sales Index Yo APR 29.23 25.30 27-05-2021 United States Kansas City Federal Reserve SA MAY - 31.00 01-06-2021 United States Dallas Fed Manufacturing Outlo MAY 30.19 37.30 16-06-2021 United States Federal Funds Target Rate - Up JUN 16 0.25 0.25

7 Institutional Equity Research NIFTY 15030 IN FOCUS May 20 2021 Support 14982 Stock in Focus WIPRO MARKET LENS 14933 Intraday Pick MARICO Resistance 15106 Intraday Pick ONGC 15182 Intraday Pick TCS

Corporate Actions Company Name Ex-Date Purpose Mindspace Business Parks REIT 20-May-21 Distribution - Interest - Re 0.37/Dividend - Rs 4.44 Per Unit GOVERNMENT OF 20-May-21 Interest Payment Ircon International Limited 20-May-21 Bonus 1:1 GOVERNMENT OF INDIA 20-May-21 Interest Payment Automotive Stampings and Assemblies Limited 20-May-21 Annual General Meeting GOVERNMENT OF INDIA 20-May-21 Interest Payment Vikas Lifecare Limited 20-May-21 Rights 2:5 @ Premium Re 0.85/- GOVERNMENT OF INDIA 24-May-21 Interest Payment Welspun India Limited 24-May-21 Buy Back Welspun India Limited 24-May-21 Dividend - Rs 0.15 Per Share Kennametal India Limited 24-May-21 Interim Dividend - Rs 20 Per Share

Result Calendar Company name Board Meeting Date Purpose Acrysil Limited 20-May-21 Financial Results/Dividend Bosch Limited 20-May-21 Financial Results/Dividend Cosmo Films Limited 20-May-21 Financial Results Electrosteel Castings Limited 20-May-21 Financial Results/Dividend Emkay Global Financial Services Limited 20-May-21 Financial Results/Dividend EPL Limited 20-May-21 Financial Results/Dividend Expleo Solutions Limited 20-May-21 Financial Results Gujarat Industries Power Company Limited 20-May-21 Financial Results/Dividend India Limited 20-May-21 Financial Results/Dividend Corporation Limited 20-May-21 Financial Results/Dividend IndInfravit Trust 20-May-21 Financial Results JK Lakshmi Cement Limited 20-May-21 Financial Results/Dividend Mindteck (India) Limited 20-May-21 Financial Results/Dividend Music Broadcast Limited 20-May-21 Financial Results New Delhi Television Limited 20-May-21 Financial Results Plastiblends India Limited 20-May-21 Financial Results Relaxo Footwears Limited 20-May-21 Financial Results/Dividend Shiva Texyarn Limited 20-May-21 Financial Results/Dividend The Investment Trust Of India Limited 20-May-21 Financial Results The Motor & General Finance Limited 20-May-21 Financial Results Limited 20-May-21 Financial Results/Dividend/Fund Raising Usha Martin Limited 20-May-21 Financial Results Vertoz Advertising Limited 20-May-21 Financial Results/Dividend/Other business matters Zee Entertainment Enterprises Limited 20-May-21 Financial Results/Dividend Aarti Surfactants Limited 21-May-21 Financial Results/Dividend Allsec Technologies Limited 21-May-21 Financial Results

8 Institutional Equity Research NIFTY 15030 IN FOCUS May 20 2021 Support 14982 Stock in Focus WIPRO MARKET LENS 14933 Intraday Pick MARICO Resistance 15106 Intraday Pick ONGC 15182 Intraday Pick TCS

Result Calendar Company name Board Meeting Date Purpose Allsec Technologies Limited 21-May-21 Financial Results BIRLASOFT LIMITED 21-May-21 Financial Results/Dividend CCL Products (India) Limited 21-May-21 Financial Results/Dividend Celebrity Fashions Limited 21-May-21 Financial Results Chemfab Alkalis Limited 21-May-21 Financial Results/Dividend Container Corporation of India Limited 21-May-21 Financial Results/Dividend/Other business matters Crompton Greaves Consumer Electricals Limited 21-May-21 Financial Results/Dividend DCW Limited 21-May-21 Financial Results Dhanuka Agritech Limited 21-May-21 Financial Results Dr. Lal Path Labs Ltd. 21-May-21 Financial Results/Dividend Esab India Limited 21-May-21 Financial Results/Dividend Godrej Industries Limited 21-May-21 Financial Results GRP Limited 21-May-21 Financial Results Gujarat Lease Financing Limited 21-May-21 Financial Results Limited 21-May-21 Financial Results/Dividend Hitech Corporation Limited 21-May-21 Financial Results/Dividend Indian Terrain Fashions Limited 21-May-21 Financial Results JSW Steel Limited 21-May-21 Financial Results/Dividend/Fund Raising Kabra Extrusion Technik Limited 21-May-21 Financial Results/Dividend Manaksia Coated Metals & Industries Limited 21-May-21 Financial Results/Dividend Metalyst Forgings Limited 21-May-21 Financial Results N. B. I. Industrial Finance Company Limited 21-May-21 Financial Results Rane (Madras) Limited 21-May-21 Financial Results Sandhar Technologies Limited 21-May-21 Financial Results Shiva Mills Limited 21-May-21 Financial Results/Dividend Shoppers Stop Limited 21-May-21 Financial Results LIMITED 21-May-21 Financial Results/Dividend State 21-May-21 Financial Results/Dividend The South Limited 21-May-21 Financial Results/Dividend Limited 21-May-21 Financial Results Wheels India Limited 21-May-21 Financial Results/Dividend Xelpmoc Design And Tech Limited 21-May-21 Financial Results Akzo Nobel India Limited 22-May-21 Financial Results/Dividend Amara Raja Batteries Limited 22-May-21 Financial Results/Dividend Amber Enterprises India Limited 22-May-21 Financial Results Banka BioLoo Limited 22-May-21 Financial Results Ganesha Ecosphere Limited 22-May-21 Financial Results/Dividend Gujarat Ambuja Exports Limited 22-May-21 Financial Results/Dividend IFGL Refractories Limited 22-May-21 Financial Results/Dividend Mangalam Cement Limited 22-May-21 Financial Results/Dividend Orchid Pharma Limited 22-May-21 Financial Results Punjab & Sind Bank 22-May-21 Financial Results Sarda Energy & Minerals Limited 22-May-21 Financial Results/Dividend 9 Institutional Equity Research NIFTY 15030 IN FOCUS May 20 2021 Support 14982 Stock in Focus WIPRO MARKET LENS 14933 Intraday Pick MARICO Resistance 15106 Intraday Pick ONGC 15182 Intraday Pick TCS

Guided Allocation Towards Research Products Product Max. Allocation Number Frequency Call Duration Allocation (%) in 1 stock (%) of Calls Trading Products Intraday 30 25-30 3-4 stocks Daily Daily Positional Calls/weekly calls/BTST 30 15-20 6-7 stocks Weekly Fortnightly TradEdge 15 25-50 2 stocks Fortnightly Monthly Option Strategies 15 10-20 2 stocks Weekly Weekly Cash 10 Total 100

Product Max. Allocation Number Frequency Call Duration Allocation (%) in 1 stock (%) of Calls Investment Products Rsec Model Portfolio 25 10 8-10 stocks Monthly Half Yearly Stock In Focus 25 5 1 stock Daily Quarterly Fundamental Calls 25 5 10 Quarterly Yearly Initiating Coverage 20 10 As and When Yearly Cash 5 Total 100

10 Institutional Equity Research NIFTY 15030 IN FOCUS May 20 2021 Support 14982 Stock in Focus WIPRO MARKET LENS 14933 Intraday Pick MARICO Resistance 15106 Intraday Pick ONGC 15182 Intraday Pick TCS

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The research analysts has served as an officer, director or employee of the said issuer company(ies)?: No RSL, its Associates, the research analysts or their relatives holds ownership of 1% or more, in respect of the said issuer company(ies).?: No

Copyright: The copyright in this Report belongs exclusively to RSL. This Report shall only be read by those persons to whom it has been delivered. No reprinting, reproduction, copying, distribution of this Report in any manner whatsoever, in whole or in part, is permitted without the prior express written consent of RSL. RSL’s activities were neither suspended nor have defaulted with any stock exchange with whom RSL is registered. Further, there does not exist any material adverse order/judgments/strictures assessed by any regulatory, government or public authority or agency or any law enforcing agency in last three years. Further, there does not exist any material enquiry of whatsoever nature instituted or pending against RSL as on the date of this Report. Important These disclaimers, risks and other disclosures must be read in conjunction with the information / opinions / views of which they form part of. RSL CIN: U65990MH2005PLC154052. SEBI registration no. (Stock Broker: INZ000172433, Depository Participants: CDSL IN-DP-257-2016 IN-DP- NSDL-363-2013, Research Analyst: INH000002384); AMFI ARN No.29889.

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