MARKET LENS 16446 Intraday Pick ASIANPAINT Resistance 16664 Intraday Pick CIPLA 16713 Intraday Pick NAVINFLOUR

Institutional Equity Research NIFTY 16615 IN FOCUS August 18 2021 Support 16530 Stock in Focus ULTRATECH CEMENT MARKET LENS 16446 Intraday Pick ASIANPAINT Resistance 16664 Intraday Pick CIPLA 16713 Intraday Pick NAVINFLOUR

EQUITY INDICES

Indices Absolute Change Percentage Change Domestic Last Trade Change 1-D 1-Mth YTD BSE Sensex 55,792 209.7 0.4% 6.2% 16.8% CNX Nifty 16,615 51.6 0.3% 5.5% 18.8% S&P CNX 500 14,113 42.3 0.3% 3.6% 22.5% SENSEX 50 17,442 57.4 0.3% 5.6% 19.1%

International Last Trade Change 1-D 1-Mth YTD DJIA 35,343 (282.1) (0.8%) 4.1% 15.5% NASDAQ 14,656 (137.6) (0.9%) 2.7% 13.7% NIKKEI 27,525 100.5 0.4% (0.5%) 0.3% HANGSENG 25,848 102.1 0.4% (6.0%) (5.1%)

ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy’s Lab (ADR) 62.7 0.0 0.0% (13.4%) (12.1%) STOCK IN FOCUS Tata Motors (ADR) 19.5 (0.7) (3.7%) (3.0%) 54.6% Infosys (ADR) 23.6 0.2 0.7% 14.2% 39.0% f UltraTech Cement (UTCEM) – which enjoys ~21% market share on pan-India level with dominant presence across regions – is on ICICI Bank (ADR) 18.9 (0.2) (1.2%) 9.5% 26.9% the firm footing to cash in healthy opportunity from infrastructure HDFC Bank (ADR) 76.5 1.2 1.6% 10.4% 5.8% development in the country. Axis Bank (GDR) 50.5 (0.6) (1.2%) 2.2% 19.4% Reliance Ind (GDR) 57.8 (0.4) (0.6%) 3.9% 5.7% f UTCEM has been witnessing better than the industry’s growth over the years, which is expected to sustain, going forward as well owing COMMODITY MARKET to huge capacity addition plan by FY23E (19.5mnT). Key Commodities Last Trade Change 1-D 1-Mth YTD Brent Crude ($/bl) 68.9 (0.1) (0.1%) 0.5% 33.1% f Further, OCF generation has been quite healthy in the recent years Silver ($/Oz) 23.7 0.1 0.3% (5.7%) (10.8%) mainly supported by steady realization and cost deflation, which have Gold ($/Oz) 1,790.6 2.8 0.2% (1.0%) (6.0%) enabled the company to deleverage its balance sheet meaningfully. Copper LME ($/MT) 9,305.5 81.0 0.9% 1.2% 20.0% f We expect its net debt to EBITDA to reach 0.27x in FY22E and -0.21x in Aluminium LME ($/MT) 2,598.8 21.8 0.8% 7.5% 31.3% FY23E. Improvement in balance sheet despite new capacity addition is likely to result in improvement in RoCE, which makes a case for CURRENCY RATES multiple re-rating. Last Trade Change 1-D 1-Mth YTD USD/INR 74.4 0.07 0.1% (0.8%) 1.6% f We have BUY rating on UTCEM with 2-Year Target Price of EUR/INR 87.6 0.18 0.2% (0.9%) (2.6%) Rs8,221. RATES Last Trade Change 1-D 1-Mth YTD T-Bill - 91 D 3.4 0.02 0.00 (0.02) 0.10 10 Year G-sec Yield 6.2 (0.01) 0.00 0.02 0.06 Intraday Picks ASIANPAINT (PREVIOUS CLOSE: 3,015) BUY INVESTMENT ACTIVITY (RS. CR) For today’s trade, long position can be initiated in the range of Rs3,005- Category BUY SELL NET Prev 2,990 for the target of Rs3,095 with a strict stop loss of Rs2,964. FII 9,253.8 9,597.5 (343.7) (1,088.3) DII 5,521.8 5,255.4 266.4 506.2 CIPLA (PREVIOUS CLOSE: 905) BUY For today’s trade, long position can be initiated in the range of Rs901- EXCHANGE TURNOVER 896 for the target of Rs929 with a strict stop loss of Rs884. Exchange Rs Crore BSE Equity 4,418.1 NAVINFLOUR (PREVIOUS CLOSE: 3,708) BUY BSE Derivatives 3,02,590.4 For today’s trade, long position can be initiated in the range of Rs3,685- NSE Equity 64,555.1 3,660 for the target of Rs3,885 with a strict stop loss of Rs3,584. NSE Derivatives 54,59,691.1

1 Institutional Equity Research NIFTY 16615 IN FOCUS August 18 2021 Support 16530 Stock in Focus ULTRATECH CEMENT MARKET LENS 16446 Intraday Pick ASIANPAINT Resistance 16664 Intraday Pick CIPLA 16713 Intraday Pick NAVINFLOUR

Technical Research

MARKET SYNOPSIS f On Tuesday, NIFTY-50 recovered after initial decline and remained sideways. Later the index witnessed sharp decline and slipped to 16,495-level. On the lower side, the index took support of its 20-period EMA on hourly chart and bounced subsequently. The index recorded new high of 16,628-level and finally, finished trade with the gain of 52 points at 16,615-level. f NSE Cash segment reported turnover of Rs64,555 crore as compared to Rs54,306 crore reported earlier. f Overall market breadth remained negative, where 670 stocks advanced against 1,273 declined stocks. f Mixed trend was observed across sectoral indices during the day, where Health Care and IT emerged as top gainers with the increase of 1.1% and 1.6%, respectively. However PSU Bank index emerged as a top loser with the decrease of 1.7%.

NSE-NIFTY OUTLOOK f Yesterday, NIFTY-50 recovered after testing its 20-period EMA on hourly chart and settled above 16,600-mark. The index closed on positive note for straight seventh trading session. Overall market breadth remained negative, while mixed trend witnessed across the board. Its hourly RSI reversed from 60-mark and is positively poised. As per the current set-up, follow-up buying could take the index towards 17,000-level. The index may witness volatility amidst weekly option expiry. On the lower side, the index will find support at around 16,350-level. f As for the day, support is placed at around 16,530 and then at 16,446 levels, while resistance is observed at 16,664 and then at 16,713 levels.

2 Institutional Equity Research NIFTY 16615 IN FOCUS August 18 2021 Support 16530 Stock in Focus ULTRATECH CEMENT MARKET LENS 16446 Intraday Pick ASIANPAINT Resistance 16664 Intraday Pick CIPLA 16713 Intraday Pick NAVINFLOUR Derivatives Snapshot f NIFTY50 traded volatile with sharp swings in a range and scaled to all time high to close near the high point of the day. Nifty closed up by 19 points at 16,582 levels. Among the nifty stocks 26 advanced and 23 declined during the day. f Among sectors it was a mixed bag with IT & FMCG to gain by 1.3% average while Banks, Auto and Realty declined by 0.5% for the day. f Broader market indices remained positive with NIFTY 100, 200 and 500 to close up by 0.1% average while midcap indices and small cap indices gained by 0.3% for the day. f Nifty Aug futures end with 19 points premium at 16,596 mark while on other hand, Bank Nifty Aug futures ended with the premium of 70 points at 35,938 mark. f Nifty has closed at all time high and expect some volatility with respect to weekly expiry. On the higher side 16,700 would act as strong resistance. Sectoral Activity: Amongst sectoral index IT and FMCG remained in focus with positive momentum. Stock Activity: TCS and Hind Lever have witnessed long build up in today’s trade.

3 Institutional Equity Research NIFTY 16615 IN FOCUS August 18 2021 Support 16530 Stock in Focus ULTRATECH CEMENT MARKET LENS 16446 Intraday Pick ASIANPAINT Resistance 16664 Intraday Pick CIPLA 16713 Intraday Pick NAVINFLOUR Pivot Table Name LTP Support 2 Support 1 Pivot Resistance 1 Resistance 2 SENSEX 55,792 55,915 55,749 55,515 55,349 55,115 Nifty 50 16,615 16,653 16,608 16,544 16,499 16,436 NiftyBank 35,867 36,359 36,227 36,129 35,997 35,900 ADANIPORTS 693 723 715 708 700 694 ASIANPAINT 3,015 2,996 2,984 2,972 2,960 2,948 AXISBANK 757 771 767 761 757 751 BAJAJ-AUTO 3,807 3,859 3,804 3,774 3,719 3,689 BAJAJFINSV 14,737 14,786 14,668 14,488 14,370 14,190 BAJFINANCE 6,410 6,583 6,480 6,292 6,189 6,001 BHARTIARTL 626 649 641 637 629 625 BPCL 465 475 469 462 457 450 BRITANNIA 3,697 3,748 3,702 3,627 3,581 3,507 CIPLA 905 907 898 892 883 877 COALINDIA 139 145 144 143 141 140 DIVISLAB 4,908 4,992 4,946 4,908 4,861 4,823 DRREDDY 4,701 4,730 4,696 4,652 4,618 4,575 EICHERMOT 2,516 2,586 2,541 2,511 2,466 2,437 GRASIM 1,481 1,539 1,515 1,501 1,477 1,464 HCLTECH 1,143 1,137 1,131 1,122 1,116 1,107 HDFC 2,738 2,760 2,746 2,720 2,705 2,679 HDFCBANK 1,515 1,543 1,537 1,529 1,523 1,515 HDFCLIFE 669 681 677 672 668 662 HEROMOTOCO 2,783 2,792 2,770 2,756 2,733 2,720 HINDALCO 437 452 447 442 436 431 HINDUNILVR 2,484 2,463 2,445 2,419 2,400 2,374 ICICIBANK 701 712 707 703 698 694 INDUSINDBK 1,000 1,035 1,027 1,022 1,013 1,008 INFY 1,742 1,735 1,720 1,705 1,690 1,675 IOC 106 109 108 106 105 103 ITC 209 214 213 212 210 209 JSWSTEEL 744 789 775 757 744 726 KOTAKBANK 1,788 1,815 1,798 1,785 1,769 1,756 LT 1,639 1,686 1,671 1,662 1,647 1,638 M&M 791 818 809 795 785 771 MARUTI 6,885 7,093 6,960 6,885 6,752 6,677 NESTLEIND 18,733 18,646 18,470 18,324 18,149 18,002 NTPC 117 120 119 119 118 117 ONGC 114 120 118 116 114 113 POWERGRID 183 186 183 182 179 178 RELIANCE 2,164 2,243 2,208 2,168 2,133 2,093 SBILIFE 1,135 1,153 1,146 1,137 1,130 1,121 SBIN 422 438 431 428 421 418 SHREECEM 26,200 27,013 26,496 26,218 25,701 25,423 SUNPHARMA 784 790 786 778 774 766 TATACONSUM 833 821 812 806 796 791 TATAMOTORS 298 310 307 305 302 300 TATASTEEL 1,504 1,571 1,545 1,509 1,483 1,446 TCS 3,553 3,526 3,499 3,468 3,442 3,410 TECHM 1,414 1,416 1,392 1,376 1,352 1,336 TITAN 1,874 1,864 1,851 1,834 1,820 1,804 ULTRACEMCO 7,409 7,529 7,438 7,385 7,294 7,241 UPL 761 790 782 776 767 761 WIPRO 635 626 620 615 609 605

4 Institutional Equity Research NIFTY 16615 IN FOCUS August 18 2021 Support 16530 Stock in Focus ULTRATECH CEMENT MARKET LENS 16446 Intraday Pick ASIANPAINT Resistance 16664 Intraday Pick CIPLA 16713 Intraday Pick NAVINFLOUR Simple Moving Average Scrip Name Close Rate 20-SMA 50-SMA 100-SMA 200-SMA HIGH_52WEEK LOW_52WEEK SENSEX 55,792 53,809 53,080 51,363 49,283 55,855 36,496 Nifty 50 16,615 16,092 15,900 15,385 14,632 16,629 10,790 NiftyBank 35,867 35,361 35,217 34,271 32,944 37,709 20,405 ADANIPORTS 693 689 714 736 627 901 312 ASIANPAINT 3,015 3,013 3,007 2,837 2,637 3,180 1,772 AXISBANK 757 745 749 727 691 799 400 BAJAJ-AUTO 3,807 3,818 3,999 3,930 3,732 4,361 2,822 BAJAJFINSV 14,737 14,001 12,943 11,775 10,287 14,925 5,400 BAJFINANCE 6,410 6,232 6,133 5,715 5,321 6,477 3,007 BHARTIARTL 626 585 554 545 535 644 394 BPCL 465 455 462 451 426 494 325 BRITANNIA 3,697 3,540 3,560 3,554 3,547 3,949 3,317 CIPLA 905 919 947 920 858 997 704 COALINDIA 139 144 147 142 139 165 110 DIVISLAB 4,908 4,900 4,614 4,260 3,909 5,045 2,985 DRREDDY 4,701 4,867 5,188 5,102 4,984 5,615 4,135 EICHERMOT 2,516 2,607 2,666 2,594 2,588 3,037 2,007 GRASIM 1,481 1,534 1,518 1,460 1,244 1,614 611 HCLTECH 1,143 1,042 1,007 980 947 1,152 677 HDFC 2,738 2,570 2,535 2,519 2,495 2,896 1,623 HDFCBANK 1,515 1,468 1,485 1,468 1,456 1,641 1,020 HDFCLIFE 669 668 684 681 677 746 556 HEROMOTOCO 2,783 2,798 2,879 2,893 3,047 3,629 2,705 HINDALCO 437 429 402 386 321 474 154 HINDUNILVR 2,484 2,379 2,416 2,397 2,321 2,534 2,000 ICICIBANK 701 689 661 633 586 717 334 INDUSINDBK 1,000 1,007 1,016 979 944 1,120 485 INFY 1,742 1,644 1,573 1,470 1,351 1,749 912 IOC 106 105 108 103 98 118 72 ITC 209 210 207 208 206 239 163 JSWSTEEL 744 736 709 677 527 777 249 KOTAKBANK 1,788 1,735 1,743 1,755 1,809 2,049 1,231 LT 1,639 1,615 1,556 1,479 1,386 1,677 843 M&M 791 764 779 785 774 952 568 MARUTI 6,885 7,089 7,242 7,023 7,213 8,329 6,270 NESTLEIND 18,733 18,116 17,820 17,450 17,419 18,844 15,100 NTPC 117 118 118 112 105 122 78 ONGC 114 116 119 114 104 129 64 POWERGRID 183 176 176 170 160 189 116 RELIANCE 2,164 2,097 2,129 2,063 2,032 2,369 1,830 SBILIFE 1,135 1,112 1,051 996 932 1,176 755 SBIN 422 432 428 400 350 467 176 SHREECEM 26,200 27,784 27,981 28,203 26,580 32,048 18,184 SUNPHARMA 784 751 706 679 626 804 452 TATACONSUM 833 773 759 707 641 835 459 TATAMOTORS 298 298 319 314 273 361 120 TATASTEEL 1,504 1,396 1,259 1,131 877 1,535 343 TCS 3,553 3,290 3,278 3,207 3,073 3,561 2,216 TECHM 1,414 1,236 1,138 1,065 1,002 1,429 673 TITAN 1,874 1,773 1,748 1,635 1,533 1,878 1,049 ULTRACEMCO 7,409 7,555 7,144 6,849 6,179 7,911 3,754 UPL 761 794 809 747 624 865 399 WIPRO 635 598 568 525 459 637 268

5 Institutional Equity Research NIFTY 16615 IN FOCUS August 18 2021 Support 16530 Stock in Focus ULTRATECH CEMENT MARKET LENS 16446 Intraday Pick ASIANPAINT Resistance 16664 Intraday Pick CIPLA 16713 Intraday Pick NAVINFLOUR Bulk Deals Snapshot Deal Date Scrip Code Company Client Name Deal Type* Quantity Price 17/08/2021 539570 ACEWIN JESUDAS PREMKUMAR SEBASTIAN S 96,000 3.61 17/08/2021 508933 AYMSYNTEX RRM FAMILY TRUST B 500,000 86.33 17/08/2021 508933 AYMSYNTEX MANDAWEWALA ENTERPRISES LIMITED B 470,719 86.38 17/08/2021 508933 AYMSYNTEX SANAYA TEA PRIVATE LIMITED S 970,719 86.36 17/08/2021 534731 BITL GAYATRIADDAGARLA B 100,000 .94 17/08/2021 534731 BITL MURUGESAN B S 168,085 .94 17/08/2021 526797 GREENPLY SHOWAN INVESTMENT PRIVATE LIMITED B 11,599,900 182.94 17/08/2021 526797 GREENPLY S.M.MANAGEMENT PRIVATE LTD S 11,599,900 182.94 17/08/2021 538564 JAMESWARREN PARTH COMMODITY SERVICES PRIVATE LIMITED B 118,968 212.00 17/08/2021 538564 JAMESWARREN M T CORPORATION S 118,938 212.00 17/08/2021 500223 JCTLTD ALPHA LEON ENTERPRISES LLP B 4,815,824 2.93 17/08/2021 500223 JCTLTD ALPHA LEON ENTERPRISES LLP S 1,372,040 2.93 17/08/2021 541161 KARDA PREM JAGUMAL KARDA S 1,600,000 21.55 17/08/2021 541161 KARDA ELARA INDIA OPPORTUNITIES FUND LIMITED B 961,340 21.50 17/08/2021 539044 MANAKSTELTD ADITYA KUMAR HALWASIYA B 820,000 39.83 17/08/2021 539044 MANAKSTELTD ADITYA KUMAR HALWASIYA S 351,603 36.11 17/08/2021 539044 MANAKSTELTD EKTA HALWASIYA B 400,000 36.10 17/08/2021 539044 MANAKSTELTD EKTA HALWASIYA S 600,000 39.90 17/08/2021 539767 MNIL SITA RAM S 18,400 14.44 17/08/2021 539767 MNIL REKHA DAGAR B 18,377 14.44 17/08/2021 504273 MODULEX TANMAY AGASHE AJIT S 654,000 20.60 17/08/2021 541206 OBCL VIBHUTI COMMODITIES PRIVATE LIMITED B 212,000 39.50 17/08/2021 541206 OBCL MIKER FINANCIAL CONSULTANTS PRIVATE LIMITED S 200,000 39.50 17/08/2021 539291 OZONEWORLD HARISHBHAI BUDDHDEV S 22,653 8.85 17/08/2021 540727 POOJA AAROHI ENTERPRISE S 54,000 27.56 17/08/2021 539584 SIPTL GHANSHYAM MAHENDRABHAI UMARETIYA S 461,000 1.65 17/08/2021 539584 SIPTL MIRAL JAYESH VANKAWALA S 505,000 1.65 17/08/2021 539584 SIPTL PRATIK RAMJIBHAI KAKADIA S 1,612,589 1.65 17/08/2021 540108 TIAANC ALPHA LEON ENTERPRISES LLP B 16 11.19 17/08/2021 540108 TIAANC ALPHA LEON ENTERPRISES LLP S 151,348 11.20 17/08/2021 540108 TIAANC SHAKTI OMPRAKASH CHOUBE B 112,500 10.93 17/08/2021 540108 TIAANC PRABHULAL LALLUBHAI PAREKH B 102,017 11.20 17/08/2021 540108 TIAANC PRABHULAL LALLUBHAI PAREKH S 77,017 11.17

*B - Buy, S - Sell, ** = Weighted Average Trade Price / Trade Price 6 Institutional Equity Research NIFTY 16615 IN FOCUS August 18 2021 Support 16530 Stock in Focus ULTRATECH CEMENT MARKET LENS 16446 Intraday Pick ASIANPAINT Resistance 16664 Intraday Pick CIPLA 16713 Intraday Pick NAVINFLOUR

Monthly Economic Calendar

Date Country Event Period Survey Prior 19-08-2021 United States Philadelphia Fed Business Outl AUG - 21.90 19-08-2021 United States Conference Board US Leading In JUL - 0.70 23-08-2021 United States US Existing Homes Sales MoM SA JUL - 1.38 23-08-2021 United States US Existing Homes Sales SAAR JUL - 5.86 24-08-2021 United States Richmond Manufacturing Survey AUG 20.73 27.00 26-08-2021 United States Kansas City Federal Reserve SA AUG - 30.00 30-08-2021 United States Dallas Fed Manufacturing Outlo AUG 31.91 27.30 31-08-2021 United States FHFA US House Price Index Purc JUN 1.67 1.70 31-08-2021 United States S&P CoreLogic Case-Shiller 20- JUN 1.60 1.81 31-08-2021 United States S&P CoreLogic Case-Shiller 20- JUN 16.08 16.99 31-08-2021 United States S&P CoreLogic Case-Shiller 20- JUN - 262.70 31-08-2021 United States Conference Board Consumer Conf AUG 123.56 129.10

7 Institutional Equity Research NIFTY 16615 IN FOCUS August 18 2021 Support 16530 Stock in Focus ULTRATECH CEMENT MARKET LENS 16446 Intraday Pick ASIANPAINT Resistance 16664 Intraday Pick CIPLA 16713 Intraday Pick NAVINFLOUR

Corporate Actions Company Name Ex-Date Purpose D-Link (India) Limited 18-Aug-21 Annual General Meeting/Dividend - Rs 1.80 Per Share 3M India Limited 18-Aug-21 Annual General Meeting Solar Industries India Limited 18-Aug-21 Annual General Meeting/Dividend - Rs 6 Per Share TCPL Packaging Limited 18-Aug-21 Annual General Meeting/Dividend - Rs 7.35 Per Share Redington (India) Limited 18-Aug-21 Bonus 1:1 Orient Paper & Industries Limited 18-Aug-21 Annual General Meeting/Dividend - Rs 0.25 Per Share Nath Bio-Genes (India) Limited 18-Aug-21 Annual General Meeting/Dividend - Rs 2 Per Share Info Edge (India) Limited 18-Aug-21 Annual General Meeting Lumax Industries Limited 20-Aug-21 Annual General Meeting/Dividend - Rs 7 Per Share Lumax Auto Technologies Limited 20-Aug-21 Annual General Meeting/Dividend - Rs 3 Per Share Kokuyo Camlin Limited 25-Aug-21 Annual General Meeting

Result Calendar Company name Board Meeting Date Purpose BF Investment Limited 20-Aug-21 Financial Results BF Utilities Limited 20-Aug-21 Financial Results ARSS Infrastructure Projects Limited 21-Aug-21 Financial Results GVK Power & Infrastructure Limited 24-Aug-21 Financial Results Tamilnadu Telecommunication Limited 25-Aug-21 Financial Results/Other business matters

8 Institutional Equity Research NIFTY 16615 IN FOCUS August 18 2021 Support 16530 Stock in Focus ULTRATECH CEMENT MARKET LENS 16446 Intraday Pick ASIANPAINT Resistance 16664 Intraday Pick CIPLA 16713 Intraday Pick NAVINFLOUR

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

9 Institutional Equity Research NIFTY 16615 IN FOCUS August 18 2021 Support 16530 Stock in Focus ULTRATECH CEMENT MARKET LENS 16446 Intraday Pick ASIANPAINT Resistance 16664 Intraday Pick CIPLA 16713 Intraday Pick NAVINFLOUR

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