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Institutional Equity Research NIFTY 13741 IN FOCUS December 18, 2020 Support 13685 Stock in Focus Bajaj Auto MARKET LENS 13629 Intraday Pic Resistance 13785 Intraday Pick JSWSTEEL 13829 Intraday Pick MUTHOOTFIN

EQUITY INDICES

Indices Absolute Change Percentage Change Domestic Last Trade Change 1-D 1-Mth YTD BSE Sensex 46,890 224 0.5% 7.6% 13.7% CNX Nifty 13,741 26 0.2% 8.3% 14.9% S&P CNX 500 11,346 26 0.2% 8.3% 14.9% SENSEX 50 14,371 51 0.4% 7.5% 12.8%

International Last Trade Change 1-D 1-Mth YTD DJIA 30,303 149 0.5% 2.8% 6.2% NASDAQ 12,765 107 0.8% 7.2% 42.3% NIKKEI 26,759 (48) (0.2%) 4.4% 13.1% HANGSENG 26,523 (155) (0.6%) 0.6% (5.9%))

ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy’s Lab (ADR) 68.8 0.7 1.0% 9.1% 69.5% (ADR) 12.3 (0.3) (2.1%) 6.3% (4.8%) STOCK IN FOCUS (ADR) 16.2 0.6 3.5% 9.3% 57.1% f Bajaj Auto (BJAUT) closed ~1% lower as against Nifty rising by 0.4% ICICI Bank (ADR) 14.1 (0.1) (0.6%) 8.1% (6.7%) yesterday. HDFC Bank (ADR) 70.4 1.2 1.7% 5.6% 11.0% (GDR) 41.4 0.1 0.2% 0.9% (22.0%) f BJAUT’s dependence on export increased in recent times, as major Reliance Ind (GDR) 54.3 0.0 0.0% 1.9% 27.6% chunk of its profitability is attributed to exports (amid weaker domestic demand) and favourable currency. Hence, it would be the key beneficiary COMMODITY MARKET of exports revival, which will have higher bearing on its profitability. Key Commodities Last Trade Change 1-D 1-Mth YTD f We expect domestic 2W industry to continue positive traction in 2HFY21E, Brent Crude ($/bl) 51.4 (0.1) (0.3%) 16.2% (22.2%) albeit at lower pace, which would support BJAUT’s business, while Silver ($/Oz) 26.1 (0.1) (0.5%) 8.4% 44.1% gradual recovery in domestic 3W segment would expand its margin Gold ($/Oz) 1,885.4 (5.1) (0.3%) 1.3% 21.6% slowly. Copper LME ($/MT) 3.6 0.0 0.4% 13.3% 28.9% f On the back of very low penetration and steady improvement in Aluminium LME ($/MT) 2,077.5 10.5 0.5% 4.5% 16.1% affordability in its key exports markets, we expect BJAUT’s export volume to record 15% CAGR over FY21-FY23E. CURRENCY RATES f Moreover, favourable exchange rate and rising contribution of premium Last Trade Change 1-D 1-Mth YTD bikes in export markets would benefit BJAUT’s margin, going forward. USD/INR 73.7 (0.03) (0.0%) (0.9%) 3.0% We recommend BUY on BJAUT with 2-Yr target price of Rs 3,870, EUR/INR 90.1 0.30 0.3% 2.6% 12.1% valuing the stock at 17x FY23E EPS and adding Rs100/share for its RATES stake in KTM. Last Trade Change 1-D 1-Mth YTD T-Bill - 91 D 6.0 0.01 0.00 0.01 (0.09) Intraday Picks 10 Year G-sec Yield 3.1 0.01 0.00 0.05 0.00

BIOCON (PREVIOUS CLOSE: 462) BUY INVESTMENT ACTIVITY (RS. CR) For today’s trade, long position can be initiated in the range of Rs 455- Category BUY SELL NET Prev 459 for the target of Rs.474 with a strict stop loss of Rs 450. FII 8,609.4 6,254.1 2,355.3 1,981.8 DII 3,125.7 5,620.1 (2,494.4) (1,718.5) JSWSTEEL (PREVIOUS CLOSE: 365) SELL For today’s trade, short position can be initiated in the range of Rs 368- EXCHANGE TURNOVER 372 for the target of Rs. 357 with a strict stop loss of Rs 376. Exchange Rs Crore BSE Equity 3,865.8 MUTHOOTFIN (PREVIOUS CLOSE: 1218) BUY BSE Derivatives 2,07,610.4 For today’s trade, long position can be initiated in the range of Rs.1200- NSE Equity 59,071.70 1210 for the target of Rs.1235 with a strict stop loss of Rs 1190. NSE Derivatives 48,87,816.8 1 Institutional Equity Research NIFTY 13741 IN FOCUS December 18, 2020 Support 13685 Stock in Focus Bajaj Auto MARKET LENS 13629 Intraday Pic BIOCON Resistance 13785 Intraday Pick JSWSTEEL 13829 Intraday Pick MUTHOOTFIN

Technical Research

MARKET SYNOPSIS f Yesterday, NSE-NIFTY advanced gradually post a flat start and later recorded new high of 13,773 level during the day. Finally, the index closed the session at 13,741 mark, with the gain of 58 points. f NSE Cash segment reported turnover of Rs 59,072 crore as compared to Rs 62,479 crore reported earlier. f Overall market breadth was negative, where 872 stocks advanced against 1095 declined stocks. f Mix trend was observed across sectoral indices during the day, where Financial Service emerged as a top gainer with the increase of 1.2%. However Metal, PSU Bank and Media indices emerged as top losers with the decrease of 1.4%-1.9%.

NSE-NIFTY OUTLOOK f NSE-NIFTY continued its daily rising trend and closed above its upper band of the rising channel for straight second trading session in a row. Yesterday, positive momentum in financial service sector, frontline majors and FII’s consistent buying supported the up-move. As mentioned earlier, our positive view will remain intact for the index as its major technical indicators are positively poised. The index will keep exploring uncharted territory and will test 14,000 mark in the near-term. In case of profit booking, the index will now find strong support at 13,600 mark and will rebound. f As for the day, support is placed at around 13,685 and then at 13,629 levels, while resistance is observed at 13,785 and then at 13,829 levels.

2 Institutional Equity Research NIFTY 13741 IN FOCUS December 18, 2020 Support 13685 Stock in Focus Bajaj Auto MARKET LENS 13629 Intraday Pic BIOCON Resistance 13785 Intraday Pick JSWSTEEL 13829 Intraday Pick MUTHOOTFIN Derivatives Snapshot f NIFTY50 traded in a very narrow range but the broader markets remained in positive momentum and closed at all time high. Nifty closed up by 58 points at 13,741 levels. Among the nifty stocks 16 advanced and 34 declined during the day. f Among sectors it was a mixed bag with Metals, Media and PSU Banks to decline by 1.7% average, while Banks and Pharma gained by 0.5% average each 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 declined by 0.3% for the day. f Nifty Dec futures end with 14 points premium at 13,754 mark while on other hand, Bank Nifty Dec futures ended with the discount of 3 points at 30,844 mark. f Nifty has closed at all time high with positive momentum and now 13,400 will act as strong reversal from current levels current levels.

Sectoral Activity: Amongst sectoral index, Media and Metals remained in focus with negative momentum. Stock Activity: ZEEL and have witnessed long unwinding in today’s trade.

TOP 5 PRICE GAINERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance LTD 27244.00 5.23% 165.20% -3.05% 26113 27031 28162 JUBILANT FOODWORKS LTD 2805.00 4.81% 616.33% 48.68% 2690 2807 2922 SRF LTD 5529.60 3.49% 140.63% 14.02% 5366 5475 5638 124.10 3.46% -12.49% -2.08% 121 123 127 (I) LTD 709.65 2.89% 175.19% 8.22% 695 703 718

TOP 5 PRICE LOSERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance STEEL AUTHORITY OF 57.55 -4.32% 30.44% 3.64% 56 58 60 63.80 -3.92% 19.62% 1.39% 62 65 66 M&M FIN. SERVICES LTD 177.05 -2.69% -45.63% -4.69% 175 178 181 JINDAL STEEL & POWER LTD 278.10 -2.63% -56.01% -3.82% 273 280 285 ZEE ENTERTAINMENT ENT LTD 225.90 -2.59% -5.22% -3.35% 221 229 235

TOP 5 OI GAINERS Stock NameLTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance JUBILANT FOODWORKS LTD 2805.00 4.81% 616.33% 48.68% 2690 2807 2922 SRF LTD 5529.60 3.49% 140.63% 14.02% 5366 5475 5638 SUN TV NETWORK LIMITED 498.65 -1.48% 84.18% 13.91% 490 504 512 PVR LIMITED 1405.40 -1.46% 15.21% 10.89% 1380 1418 1443 MAX FINANCIAL SERV LTD 658.50 2.67% 26.23% 10.81% 645 658 672

TOP 5 OI LOSERS Stock Name LTP % Price Chg % Vol Chg %OI Chg Support Pivot Resistance NMDC LTD. 115.60 0.87% -60.41% -5.92% 114 116 118 37.00 -2.50% -68.85% -4.99% 36 37 38 POWER GRID CORP. LTD. 193.30 -1.48% -34.16% -4.72% 191 193 195 M&M FIN. SERVICES LTD 177.05 -2.69% -45.63% -4.69% 175 178 181 LTD 197.65 0.48% -60.67% -4.39% 195 197 200

3 Institutional Equity Research NIFTY 13741 IN FOCUS December 18, 2020 Support 13685 Stock in Focus Bajaj Auto MARKET LENS 13629 Intraday Pic BIOCON Resistance 13785 Intraday Pick JSWSTEEL 13829 Intraday Pick MUTHOOTFIN Derivatives Snapshot

TOP 5 “RISE IN % DEL CHG” Stock Name LTP % Price Chg % Vol Chg %Del Chg Support Pivot Resistance LTD 1526.30 -1.01% 255.65% 398.96% 1509 1536 1553 JUBILANT FOODWORKS LTD 2805.00 4.81% 616.33% 188.50% 2690 2807 2922 57.55 -4.32% 30.44% 136.18% 56 58 60 BALKRISHNA IND. LTD 1638.55 0.28% -3.94% 125.60% 1629 1639 1649 ACC LIMITED 1639.30 0.38% 46.42% 112.14% 1629 1644 1655

TOP 5 “DECLINE IN % DEL CHG” Stock Name LTP % Price Chg % Vol Chg %Del Chg Support Pivot Resistance GODREJ PROPERTIES LTD 1357.15 0.67% -67.99% -81.18% 1329 1358 1386 LTD 245.85 -2.23% -28.67% -71.12% 242 248 252 ICICI PRU LIFE INS CO LTD 482.15 -0.84% -49.34% -70.99% 478 484 488 INDIA LTD 589.25 -0.98% -30.44% -69.02% 581 594 603 HSG FIN LTD 205.20 -0.56% -70.47% -64.04% 203 206 208

SECTORAL ACTIVITY Value Average of OI Average of Price Total Average of Total OI Change % Change % Volume Volume Change % AUTO 391256300 1.28% -0.42% 111891556 -25.19% BANKS 1613375200 0.61% -0.35% 294845567 16.36% CAPGOODS 334413007 0.66% -0.08% 59790895 42.23% CEMENT 68493350 1.99% -0.17% 11823959 33.91% FINANCE 385534990 0.78% -0.16% 84736558 -21.08% FMCG 334767530 4.46% 0.47% 55825497 51.96% IT 93116175 1.83% -0.70% 12565562 -21.24% METALS 665796500 0.56% -1.80% 149824109 -31.77% OIL-GAS 547577575 3.23% -1.18% 100547202 -19.91% OTHERS 332410826 4.75% -0.60% 59685501 7.06% POWER 331912400 -0.89% -1.05% 57884707 -30.19% TELECOM #N/A #N/A -0.73% 252688414 14.76% Grand Total #N/A #N/A -0.37% 1287376468 4.81%

4 Institutional Equity Research NIFTY 13741 IN FOCUS December 18, 2020 Support 13685 Stock in Focus Bajaj Auto MARKET LENS 13629 Intraday Pic BIOCON Resistance 13785 Intraday Pick JSWSTEEL 13829 Intraday Pick MUTHOOTFIN Pivot Table Name LTP Support 2 Support 1 Pivot Resistance 1 Resistance 2 Nifty 50 13741 13629 13685 13729 13785 13829 ADANI PORT & SEZ LTD 468 457 463 471 476 484 LIMITED 2575 2532 2554 2578 2600 2625 AXIS BANK LIMITED 605 599 602 607 610 614 BAJAJ AUTO LIMITED 3270 3214 3242 3286 3314 3358 LTD. 9294 9109 9201 9301 9393 9493 LIMITED 5287 5029 5158 5230 5359 5432 LIMITED 515 506 511 517 521 527 CORP LT 395 389 392 397 401 406 LTD 3730 3693 3712 3739 3758 3785 LTD 783 773 778 786 792 800 LTD 143 141 142 144 145 146 DIVI’S LABORATORIES LTD 3825 3654 3739 3797 3882 3940 DR. REDDY’S LABORATORIES 5073 4975 5024 5079 5128 5184 LTD 2467 2412 2439 2467 2494 2522 GAIL (INDIA) LTD 124 122 123 124 125 127 LTD 913 903 908 917 922 931 HCL TECHNOLOGIES LTD 879 871 875 881 885 891 HDFC LTD 2495 2386 2440 2475 2529 2563 HDFC BANK LTD 1442 1390 1416 1430 1456 1471 HDFC LIFE INS CO LTD 655 644 649 655 660 666 HERO MOTOCORP LIMITED 3113 3067 3090 3124 3146 3180 HINDALCO INDUSTRIES LTD 246 238 242 248 252 259 LTD. 2315 2290 2303 2322 2335 2354 ICICI BANK LTD. 510 505 508 512 515 519 INDUSIND BANK LIMITED 936 899 917 933 951 967 INFOSYS LIMITED 1159 1149 1154 1161 1167 1174 INDIAN OIL CORP LTD 95 94 95 96 97 98 ITC LTD 213 209 211 213 215 217 JSW STEEL LIMITED 366 359 362 368 372 377 LTD 1965 1933 1949 1959 1975 1985 LARSEN & TOUBRO LTD. 1279 1242 1261 1272 1291 1302 MAHINDRA & MAHINDRA LTD 731 718 725 731 738 745 MARUTI INDIA LTD. 7694 7510 7602 7717 7809 7924 NESTLE INDIA LIMITED 18305 18021 18163 18279 18421 18537 NTPC LTD 104 103 104 105 105 106 OIL AND NATURAL GAS CORP. 102 98 100 103 105 108 POWER GRID CORP. LTD. 193 190 191 193 195 197 LTD 1986 1961 1974 1989 2001 2017 SBI LIFE INSURANCE CO LTD 856 844 850 858 864 872 STATE 268 263 266 269 271 274 LIMITED 24510 23991 24251 24575 24835 25159 SUN PHARMACEUTICAL IND L 571 559 565 576 582 592 TATA MOTORS LIMITED 182 179 180 182 184 185 TATA STEEL LIMITED 635 623 629 638 644 652 TATA CONSULTANCY SERV LT 2838 2784 2811 2832 2860 2881 LIMITED 930 905 917 925 938 945 LIMITED 1502 1477 1490 1505 1517 1532 ULTRATECH CEMENT LIMITED 5172 5080 5126 5172 5218 5265 UPL LIMITED 455 445 450 458 463 472 LTD 357 353 355 357 359 361 5 Institutional Equity Research NIFTY 13741 IN FOCUS December 18, 2020 Support 13685 Stock in Focus Bajaj Auto MARKET LENS 13629 Intraday Pic BIOCON Resistance 13785 Intraday Pick JSWSTEEL 13829 Intraday Pick MUTHOOTFIN Simple Moving Average Scrip Name Close Rate 20-SMA 50-SMA 100-SMA 200-SMA HIGH_52WEEK LOW_52WEEK NIFTY 13741 13243 12555 11945 10851 13773 7511 BANKNIFTY 30847 29966 27320 24795 22885 32613 16116 SENSEX 46890 44993 42655 40515 36864 46705 25639 ADANIPORTS 468 436 391 367 336 480 203 ASIANPAINT 2575 2368 2235 2076 1877 2603 1431 AXISBANK 605 611 560 502 466 766 286 BAJAJ-AUTO 3270 3226 3087 3037 2817 3385 1789 BAJAJFINSV 9294 8892 7268 6716 6163 9950 3985 BAJFINANCE 5287 4864 4121 3769 3232 5303 1783 BHARTIARTL 515 490 462 483 506 612 362 BPCL 395 391 371 388 374 510 252 BRITANNIA 3730 3642 3596 3693 3439 4010 2100 CIPLA 783 760 763 756 664 829 355 COALINDIA 143 132 123 126 132 215 110 DIVISLAB 3825 3627 3375 3230 2737 3854 1626 DRREDDY 5073 4925 4952 4801 4255 5513 2495 EICHERMOT 2467 2536 2352 2254 1940 2727 1245 GAIL 124 114 98 96 94 133 65 GRASIM 913 895 831 758 659 954 385 HCLTECH 879 852 847 794 664 911 375 HDFC 2495 2299 2175 1980 1871 2509 1473 HDFCBANK 1442 1401 1319 1198 1091 1464 739 HDFCLIFE 655 653 616 605 559 689 340 HEROMOTOCO 3113 3109 3092 3018 2605 3395 1475 HINDALCO 246 236 205 193 162 256 85 HINDUNILVR 2315 2222 2173 2161 2157 2614 1757 ICICIBANK 510 495 456 412 384 552 268 INDUSINDBK 936 891 759 661 579 1585 236 INFY 1159 1140 1123 1046 876 1186 509 IOC 95 90 83 83 84 129 71 ITC 213 201 184 186 184 244 135 JSWSTEEL 366 357 333 302 243 376 133 KOTAKBANK 1965 1886 1680 1510 1405 1969 1001 LT 1279 1167 1045 989 947 1384 661 M&M 731 731 663 640 539 764 245 MARUTI 7694 7432 7150 6982 6214 8013 4001 NESTLEIND 18305 17792 17027 16612 16572 18735 12200 NTPC 104 98 91 91 91 125 73 ONGC 102 87 76 76 77 133 50 POWERGRID 193 194 181 178 172 211 122 RELIANCE 1986 1968 2031 2098 1786 2369 865 SBILIFE 856 852 822 835 797 1020 519 SBIN 268 257 228 213 201 340 149 SHREECEM 24510 24327 22832 21767 21075 25656 15410 SUNPHARMA 571 546 515 517 483 592 312 TATAMOTORS 182 178 154 143 118 202 64 TATASTEEL 635 594 490 445 376 649 251 TCS 2838 2744 2717 2536 2255 2885 1506 TECHM 930 900 861 802 684 951 471 TITAN 1502 1400 1304 1219 1093 1520 721 ULTRACEMCO 5172 4980 4744 4376 4010 5259 2910 UPL 455 443 448 473 436 615 240 WIPRO 357 355 350 320 264 382 159 ZEEL 226 205 194 193 179 305 114

6 Institutional Equity Research NIFTY 13741 IN FOCUS December 18, 2020 Support 13685 Stock in Focus Bajaj Auto MARKET LENS 13629 Intraday Pic BIOCON Resistance 13785 Intraday Pick JSWSTEEL 13829 Intraday Pick MUTHOOTFIN Bulk Deals Snapshot Deal Date Scrip Code Company Client Name Deal Type* Quantity Price 17/12/2020 523120 ADORMUL CARAVAN FREIGHT CARRIER PVT LTD S 30,000 63.9 17/12/2020 511463 ALEXANDER KAHAR NIKLESH KANAIYABHAI B 5,010 12.5 17/12/2020 511463 ALEXANDER KAHAR NIKLESH KANAIYABHAI S 104,554 11.4 17/12/2020 531878 ANJANIFIN SHARAD KUMAR DARAK S 80,000 1.3 17/12/2020 531310 AVAILFC SAURABH JAIN S 75,500 5.1 17/12/2020 531310 AVAILFC MANORAMA JAIN S 94,274 5.1 17/12/2020 531310 AVAILFC VIJAY JAIN S 96,000 5.1 17/12/2020 531310 AVAILFC VINOD AGARWAL LEGACY TRUST B 265,774 5.1 17/12/2020 524818 DYNAMIND ANITA GUPTA S 15,846 45.8 17/12/2020 541627 HITECHWIND SHANKAR LAL JALAN B 40,000 15.7 17/12/2020 539097 HKG SHRADDHA CHHAYA DEVELOPERS LLP S 90,000 35.0 17/12/2020 539679 KAPILRAJ KARTIK NARENDRA SHAH S 27,627 9.9 17/12/2020 539679 KAPILRAJ RANJEET SINGH B 79,374 10.0 17/12/2020 539289 MJCO THIRD ALPHA LLP B 500,000 970.0 17/12/2020 539289 MJCO RAM FAMILY TRUST I S 500,000 970.0 17/12/2020 540243 NEWLIGHT SAGAR SURESH SANGHAVI B 11,000 26.9 17/12/2020 540198 OSIAJEE RAJ KUMAR AND SONS HUF B 131,742 32.5 17/12/2020 540198 OSIAJEE NAVRAAV ELECTRO LIMITED S 106,373 32.6 17/12/2020 539291 OZONEWORLD JIGAR MUKESHKUMAR SHAH B 23,500 81.1 17/12/2020 539291 OZONEWORLD PATEL JAYESH S 39,000 81.0 17/12/2020 531172 PRANAVSP NISHANT INBUILD LIMITED S 150,000 17.0 17/12/2020 531172 PRANAVSP AMRUIT PROMOTERS AND FINANCE LLP B 150,000 17.0 17/12/2020 511116 QUADRANT IDBI BANK LIMITED S 5,000,000 0.2 17/12/2020 540796 RATNABHUMI BABULAL VADILAL SHAH S 90,000 44.5 17/12/2020 540796 RATNABHUMI PREMIUM TRADELINK B 88,000 44.5 17/12/2020 539673 RCL AISHWARYA DAS S 11,750 10.8 17/12/2020 539526 SCTL NITU TRADING COMPANY LIMITED S 1,210,000 0.9 17/12/2020 539526 SCTL ALPHA LEON ENTERPRISES LLP B 8 0.9 17/12/2020 539526 SCTL ALPHA LEON ENTERPRISES LLP S 1,039,032 0.8 17/12/2020 539526 SCTL KSHATRI NEHA JIGAR S 1,175,000 0.9 17/12/2020 540259 SHANGAR RAMESHBHAI CHINUBHAI SHAH S 260,000 15.8 17/12/2020 540259 SHANGAR DEEPAL PRAVINKUMAR SHAH B 95,000 15.8 17/12/2020 540259 SHANGAR PROFICIENT MERCHANDISE LIMITED B 150,000 15.8 17/12/2020 539314 UNIAUTO A V CASTERS PRIVATE LIMITED S 56,000 42.0

*B - Buy, S - Sell, ** = Weighted Average Trade Price / Trade Price 7 Institutional Equity Research NIFTY 13741 IN FOCUS December 18, 2020 Support 13685 Stock in Focus Bajaj Auto MARKET LENS 13629 Intraday Pic BIOCON Resistance 13785 Intraday Pick JSWSTEEL 13829 Intraday Pick MUTHOOTFIN

Corporate Actions Company Name Ex-Date Purpose 21-Dec-20 Interest Payment Limited 21-Dec-20 Annual General Meeting Sathavahana Ispat Limited 21-Dec-20 Annual General Meeting Barak Valley Cements Limited 22-Dec-20 Annual General Meeting SKIL Infrastructure Limited 22-Dec-20 Annual General Meeting GOVERNMENT OF INDIA 23-Dec-20 Interest Payment GOVERNMENT OF INDIA 23-Dec-20 Interest Payment/Redemption/ BF Utilities Limited 28-Dec-20 Annual General Meeting GOVERNMENT OF INDIA 28-Dec-20 Interest Payment

8 Institutional Equity Research NIFTY 13741 IN FOCUS December 18, 2020 Support 13685 Stock in Focus Bajaj Auto MARKET LENS 13629 Intraday Pic BIOCON Resistance 13785 Intraday Pick JSWSTEEL 13829 Intraday Pick MUTHOOTFIN

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 13741 IN FOCUS December 18, 2020 Support 13685 Stock in Focus Bajaj Auto MARKET LENS 13629 Intraday Pic BIOCON Resistance 13785 Intraday Pick JSWSTEEL 13829 Intraday Pick MUTHOOTFIN

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