Derivatives View Upside… in Nifty, Sustainability Above 18000 Holds Key for Further September 2021 27, NSE, Source: OI in Lacs

BuyPAGIND September 33684.5-33704.5 Fut | at Sell SUNTV Sell September 510.55-513.55 Fut | at

Buy BHAAIR September Fut at | 728.0-732.0 Buy | FutSeptemberat BHAAIR Sell AUSMA September Fut at | 1075.00-1080.0 | FutSeptemberat AUSMA Sell BuyOctober MCX 1662.0-1672.0 | Futat Intraday... Positional... Derivatives Research Analysts [email protected] Dipesh Dedhia [email protected] Raj Deepak Singh

Action

Action view

SunTv Network Limited

PageIndustries Limited

Scrip [email protected] Siddhesh Jain [email protected] Nandish Patel

BhartiAirtel

AU Bank AU

Scrip

MCX

Target 1 Target

33994.5

506.1

Target Target

1640.0 1825.0

755.0

Target 2 Target

34444.5

497.1

Stoploss

1741.0 1589.9

717.5 September 27, 2021 27, September

Stoploss

33394.5

518.1 Weekly view Dailyview

Time frame Time

TillExpiry

Weekly Weekly

Intraday Intraday SUBSCRIBE Other ProductOther offerings Click

Underlying Underlying TorrentPower Colgate Cipla Mahindra & Mahindra & Mahindra Duration : 1-3 months 1-3 :Duration months 1-2 :Duration Click ICICIdirect ICICIdirect Mobile here to to see here

Quant (Derivatives) Pick Quant here to to see here

DerivativesStrategy For For to mobile notification on to mobile notification Instant stock ideas: Instant • • open open calls open open calls PRODUCT PRODUCT 1 PRODUCT PRODUCT 2 app…

Action Action Buy Buy Buy

Buy

ICICI Securities – Retail Equity Research Intraday Outlook: Buy Bank Nifty in the range of 37650 September 2021 27, index/stock Note Source: NSE, Seediff NSE, Source:

Spot Future Basis OI (Lakhs) OI

Spot Future Basis OI (Lakhs) OI PCR IV :

Pivot

S2 S1

R1 R2 Index calls calls , Bloomberg Bloomberg , .

17853.20 17853.60

Nifty Future Nifty

37830.30 37854.30

153.20 may

16.92

1.11

19.55

17745 17799 17873 17927 18002

24 Bank Nifty Bank Pivot Pivot Level be ICICI Direct Research Direct ICICI Nifty changed,

Pvs Close Pvs

17822.95 17833.10

Pvs Close Pvs

37771.70 37861.05

150.92

16.60

1.31

20.84

Bank Nifty Future Nifty Bank if view

37442 37636 37874 38069 38307

% Change %

-0.02%

-6.16%

0.17% 0.11%

1.51%

0.16% differs during market ICICI Ltd.Securities | Retail Equity Research       hours IDEA, Stocks | FIIs FIIs loss Buy while option unable The Target Sell be immediate face closed The 375 and crucial : sold bought Nifty Nifty Bank resistance Bank 37500 crore on positional IRCTC, : with witnessed | in to index the 27 . opened 17600 Nifty F&O sustain Nifty . support - | minor In 17 downside PNB, 442 recommendations the futures Stop at Ban opened Put in higher 18000 crore stock significant gains SAIL, at . : the For option loss Canara higher worth 37500 range further while futures higher, of levels Zee but : | 0 (September given . 57 faced - 11 Entertainment | level Bank, OI should 37750 DIIs of while 315 % upside segment, tested addition in . 37650 . Looking sold resistance crore Derivatives According Escorts, 17800 act sustains its - | 30 37750 as while 516 they which previous expiry) at on immediate Strategy Indiabulls from option crore sold the to in Target above should index option downside in 18000 | should All in data, 759 the : 18000 - the support time 37900 Housing options act range crore not data, Call Nifty cash be high as would levels - writers 38000 . linked 38000 of is segment they resistance Finance, likely but | would act 41 to sold Stop as was - Call intraday 43 as to it .

ICICI Securities – Retail Equity Research Derivatives View upside… In Nifty, sustainability above 18000 holds key for further September 2021 27, NSE, Source: OI in Lacs

ASTRAL LTI MINDTREE BHARTIARTL PAGEIND  

Name hold In which In 17400 Put Nifty, Seediff Long Buildup Long significant option, is , Bloomberg ,

Price (%) Price 18000 the

0.70% 3.18% 1.00% 1.99% 1.58% 17500 highest Nifty Weekly Option OI Nifty Distribution Weekly 17700 Call OI ICICI Direct Research Research Direct Direct ICICI ICICI 17600

19.91%

9.08% 8.99% 8.32% 6.74%

OI(%) . option

Call OI Call Call and

17700 base 17800

AUBANK METROPOLIS SUNTV LALPATHLAB TATACONSUM continued

Put OIPut .

Name

Put 17800 option Short Short Buildup to

Price (%) Price 17900 add

-1.13% -1.07% -3.66% -0.21% -0.02% ICICI Ltd.Securities | Retail Equity Research continue further 18000

16.03% 15.82% 13.26% 12.71% 12.19%

OI(%) OI to 18100

DIXON COALINDIA HINDALCO CANFINHOME LT OI in Lacs 10 15 20 25   0 5

Name OI In highest In 37500 Put Long Unwinding Long addition Bank option,

Price (%) Price OI

-0.67% -1.13% -1.07% -0.21% -0.02%

Nifty, 37600 Bank Nifty Weekly Option Nifty OI Distribution Weekly Bank in of Call in 4 lakh 38000

-11.84% the

-9.19% -8.31% -7.23% -6.73%

OI(%) 37700 side money Call OICall shares .

Call 37800

INDUSTOWER TORNTPOWER IDEA ICICIBANK MFSL . Put OIPut 38000 option

Name

37900 Put Short Short Covering continue strike

Price (%) Price

13.36%

0.24% 8.96% 0.55% 0.20% 38000 witnessed

to 38100

-8.48% -7.54% -5.22% -4.82% -4.58%

OI(%) hold

38200 3

ICICI Securities – Retail Equity Research Recommendation with

37000

32000

27000

22000

17000

12000 September 2021 27, NSE, Source:

24-Sep-19 Seediff

i) Page Industries Limited (CMP: 33694.5) (CMP: Limited Industries Page i) Buy PAGIND September Fut at | 33684.5-33704.5 | at Fut September PAGIND Buy Target 1: 33994.5 Target 33994.5 1: Target 34444.5 2: 24-Nov-19 Stop Loss: 33394.5 , Bloomberg , 24-Jan-20

24-Mar-20 ICICI Direct Research Direct ICICI

24-May-20

Date 24-Sep-21 24-Sep-21 24-Jul-20 h

24-Sep-20 istorical price performance…

DRREDD

AXIBAN Stock 24-Nov-20

24-Jan-21 ICICI Ltd.Securities | Retail Equity Research

View

Buy Sell 24-Mar-21

Strategy

ShortFut LongFut 24-May-21

Strategy Follow Strategy 24-Jul-21

4809.3

812.9

Reco 24-Sep-21

600 550 500 450 400 350 300 250 200

Target

4737.3 -

820.4 up 24-Sep-19 Stop Loss: 518.1 Target 506.1 1: Target 497.1 2: 510.55-513.55 | at Fut September SUNTV Sell 512.05) (CMP: Limited Network Tv Sun ii)

4881.3 24-Nov-19

805.4

24-Jan-20

-8400

P&L

- 24-Mar-20

24-May-20

SLTriggered

Notinitiated

Comment

24-Jul-20

24-Sep-20

24-Nov-20

24-Jan-21

24-Mar-21

24-May-21

4 24-Jul-21

ICICI Securities – Retail Equity24-Sep-21 Research Positional Recommendation September 2021 27, NSE, Source: Seediff , Bloomberg , ICICI Direct Research Direct ICICI

Date 24-Sep-21

1,700

1,650

1,600

1,550

1,500

1,450

1,400

Stock

MCX ICICI Ltd.Securities | Retail Equity Research

View

Buy MCX

Initiation Range Initiation

| 1662.0-1672.0 |

Target 1825.0

Stoploss

1589.9

Time Frame Time

TillExpiry 5

ICICI Securities – Retail Equity Research September 2021 27, Weekly Recommendation Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: 1100 support Call a The Rationale AU 1075 | 2) Short of (AUSMA)future Bank in range September lowest suggesting stock In Rationale 728 | of future in range 1) Long September (BHAAIR) Airtel Bharti Weekly future recommendations miss the current writing . Hence, consolidated telecom . in AU of almost 1000 Bank, more continued, move we space, a remain in in upsides in year coming above particular,

Underlying HDFC Bank Infosys banking Bharti . which We negative . | Even expect days Airtel 720 and is remained likely from : levels, financials whereas on clearly Bharti

View Bullish Bearish the to the stock which under keep Airtel outperformed futures, on was

Buy Futures Sell Futures Sell ICICI Ltd.Securities | Retail Equity Research

Strategy upsides and the pressure to is mainly continue a stock open feel

Recommendation follow up positive

Reco 1568 1703 other its driven despite for under interest likely its long private sign

Target Target upward

1642 1640 by pressure - to 1080; 1080; Target: 995 Loss:Stop | 1120 | news has . - and heavyweights 732; Target: Stop Loss: 755 | 717.5 | This face banks

Stoploss declined failed

1528.5 1741.0 bias of was hurdles . fresh We are in to coupled

Profit/Loss the feel

-22800 surpass

21450 well significantly fund from near settlement AU placed raising private with its Bank its

Profits Booked Profits

SL Triggered SL sizeable

Comment Call to closure . and is After week banks move well base current Call the as placed . in whereas higher During well initial OTM open OI . . to in strikes, the sharp interest midcaps break Bharti month, move, its which Airtel base gave major OTM the of is is it 6

ICICI Securities – Retail Equity Research Derivatives Weekly View     Nifty: Positive bias remains with support near Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, September 2021 27, Source: put seen declined On higher can Despite act flows Nifty The midcap levels The as the some be . maximum Nifty a Above are a after levels week attributed data and psychological the from likely pressure continued making sharp small front, . these back Hence, 1 to options . 5 . to keep cap crore up in While levels, on lows the its the long move, indices hurdle the the pain positive up shares recent the near once index positions directional move of the Nifty in closed 17330 the to should the weakness momentum volatility seen 1 has September near . should 25 .

OI in Lacs the

90 80 70 60 50 40 30 20 10 bias Indian

0 stayed adopt crore in term week the index

17400 seen intact be and shares indices a volatility firm kept with ICICI Ltd.Securities | Retail Equity Research series buy in has in

17500 gained and the the with gains . on remained Also, have at Nifty, index, coming gained decline

Call OI Call stop 17600

17600 another of Nifty options OI OI build Nifty options significantly net almost liquidation loss it significantly high longs week

Put OI Put strategy levels has

17700 below 1 . 0 5 not and . . % from 5 . On % These

17800 . outperformed of last subsided ended the Moreover, an 17600... positions FIIs in week immediate major levels the

17900 - have up the last in despite Put due week are line declined was

18000 two the base basis, to expected with observed near months, high rest quarter of

18100 the to we 17600 17 of volatility 35000 % global believe the to ending, further and .

18200 While act global contracts Nifty markets as where the liquidation index closure immediate Call peers futures it suggesting from rebalancing base almost . among At open of 60000 at support the positions 18000 tested interest Call same caution contracts and writers for should 17950 time, fund may 7 has the at ICICI Securities – Retail Equity Research Bank Nifty: September 2021 27,     Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: feel Major 800 and As would Throughout Despite outperformed re As - test of Nifty levels sooner we now, Put be 38000 advise major rallied there writing sizeable or the Major support in expiry week at 37000… . later, levels indices We to to in series, during buy a the feel Call money new and expiry on moving a we base lifetime the follow dips ended saw flow week week for . higher, From Call up will high, OI in Thousands the marginally

2500

2000

1500

1000

500 was rally

0 writers increase Bank the IVs the observed 36500 would basket, continued Nifty Bank fail ICICI Ltd.Securities | Retail Equity Research in 36800 lower be to is banking Nifty Axis in Bank Bank seen make 37000 at 37000 last 38000 to also Bank Nifty Nifty

37300 in remain money stocks,

Put OI Put week other witnessed strike, strike is

37500 options weekly . likely . elevated private Private which 37600 They

Call OI Call which followed to

37800 follow were will witness players remains banks 38000 due by push OI OI build forced up to 38200 38500 continued some buying aggressive the the - to

38400 up . index key Overall close follow

38500 and support to further their moved closure up 38700 set roar buying up positions area

39000 higher where higher for seen

39200 for the as in upsides . . HDFC it The index We Call is feel consolidating index writing remains Bank to similar continue managed and positions positive activity Kotak . near We to 8 .

ICICI Securities – Retail Equity Research FII activity remains muted while Nifty scales new high… • • • • September 2021 27, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: from Oil of highs, In week secondary FII continued seen hikes remained Global positive the ~| activities prices . pandemic during 774 F&O In FIIs markets towards the remained almost crore their remained markets space, increased commodities the . outperformance in ignored Furthermore, $ flat week 75 FII stock and positive active level activity on . marginally bought futures In a the weekly for space, in equity for Fed’s remained in the US . ~| the stock and At coming basis while crude markets, comment last the 11693 week closed futures same concentrated week while crude

Date 17-Sep 20-Sep 21-Sep 22-Sep 23-Sep oil week due crore with US stockpiles . time, about and US global ICICI Ltd.Securities | Retail Equity Research While has while . indices another At 10 FII/DII buying in equities FII/DII(in in equities buying

Index Fut Index they FIIs moved tapering the they year in output declines

-256

207

-96 bought

74 fell the bought same saw 1 were yields % to above stock

Stock Fut Stock disruption, gain in a the time, can index

1529

-576 -653 -177 net

651 the ~| pullback have

FII FII futures lowest $ be sellers 77 1641 domestic coming

Index Opt Index options used jumped levels,

-1707

-3776 decline

2801

2433 3206 and level from crore in as months index worth | crore) | index rest institutions a towards since . lows in buying During

-1922

Cash

1797

1329 inventories

358 of

79 futures ~| options . 2018 and the Along 2956 1 opportunity September, .

DII 42 metals . resumed bought

-1398 -1626

Cash

2167 1850 1173 worth We space crore levels with along expect are ~| ~| . during European on With momentum with 42 almost FIIs 2166 expectations Nymex crore, the hopes the remained crore Nifty flat week markets, they crude . of despite The in trading economic bought equities of net prices dollar some I ndian buyers high near to in index to early recovery volatility the markets lifetime the remain in tune 9 rate has last the

ICICI Securities – Retail Equity Research Rupee: • • • September 2021 27,

Futures US$INR (Sep) US$INR US$INR (Oct) US$INR EURINR (Sep) EURINR EURINR (Oct) EURINR GBPINR (Sep) GBPINR GBPINR (Oct) GBPINR JPYINR (Sep) JPYINR JPYINR (Oct) JPYINR Source: Bloomberg, Bloomberg, Source: show take the in We interest reducing The meeting Evergrande were dollar The the global expect dollar rupee cues hurt that coming and rates outcome its Likely to appreciate back again till 73.30 level.. activity markets from on index the surge depreciated on monthly increases worries Reuters, ICICI ICICI Reuters, week

100.34 100.65 rupee

73.43 73.22 86.01 86.43

65.88 66.37

S2 Nikkei economy surged in in and the on crude to bond about Manufacturing may persistent sector Weekly Pivot Levels weakness appreciate last amid Direct Research Direct

100.78 101.09

73.60 73.59 86.33 86.67

66.35 66.70 and

S1 oil follow purchases impact week expanded US prices investors FII more in Fed mainly back of inflows .

101.06 101.36 dollar,

73.79 73.99 86.66 86.87

67.15 67.22

Pivot PMI Further, as potential signalled quickly again in soon awaited data, on September . rise ICICI Ltd.Securities | Retail Equity Research Further, the towards market than as

101.51 101.80

73.96 74.37 86.98 87.11

67.62 67.54 in default which

R1 that back November US risk anticipated investors it 2021 Fed sentiments 73 appetite is of will of . likely 30 China’s

101.79 102.07

74.15 74.77 87.32 87.31

68.41 68.06 strong policy

R2 begin level and will to in US$INR US$INR options build Dollar Index US$INR Dollar vs. Index - up 10

ICICI Securities – Retail Equity Research Recommended Stocks : Historical price performance… September 2021 27, NSE, Source: Seediff , Bloomberg , ICICI Direct Research Direct ICICI

800 700 600 500 400 300 200 100

1600 1400 1200 1000

800 600 400 200

0 25-Sep-19 25-Sep-19

25-Nov-19 25-Nov-19

25-Jan-20 25-Jan-20 ICICI Ltd.Securities | Retail Equity Research

25-Mar-20 25-Mar-20

25-May-20 25-May-20 Bharti Bharti Airtel AU AU Bank 25-Jul-20 25-Jul-20

25-Sep-20 25-Sep-20

25-Nov-20 25-Nov-20

25-Jan-21 25-Jan-21

25-Mar-21 25-Mar-21

25-May-21 25-May-21

25-Jul-21 25-Jul-21 11

ICICI Securities – Retail Equity Research September 2021 27, Forthcoming Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Events

Date & Time (IST) & Time Date Monday, September 27, 2021 27, Monday,September 6:00 PM 6:00 6:00 PM 6:00 Tuesday, September 28, 2021 Tuesday,28, September 11:30 AM 11:30 7:30 PM 7:30 7:30 PM 7:30 Wednesday, September 29, 2021 29, Wednesday,September 7:30 PM 7:30 8:00 PM 8:00 9:15 PM 9:15 Thursday, September 30, 2021 30, Thursday,September 6:00 PM 6:00 6:00 PM 6:00 6:00 PM 6:00 Friday, October 01, 2021 01, Friday,October 2:30 PM 2:30 6:00 PM 6:00 7:30 PM 7:30 … ICICI Ltd.Securities | Retail Equity Research

Currency

USD USD

EUR USD USD

USD USD USD

EUR USD USD

Data & Events Data

Core Durable Goods Orders m/m Durable GoodsCore Orders Durable Goods Orders m/m DurableGoods Orders

GermanConsumerGfK Climate CB Consumer Confidence CB RichmondManufacturing Index

PendingHome Sales m/m Crude Oil Inventories Crude Fed ChairFed Powell Speaks

FinalGDPq/q UnemploymentClaims ChicagoPMI

CPI Flash y/yCPI Estimate Core PCEPrice Core m/mIndex ISM Manufacturing ISM PMI 12

ICICI Securities – Retail Equity Research 24-Sep-21 15-Sep-21 02-Sep-21 Derivatives Strategies: Open recommendations September 2021 27, Date Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Scrip Bank Nifty Bank UPL Colgate Action Sell Sell Buy Recommendation Long/Short Strategy Long/Short Option: Positional Future: Positional Buy Colgate SeptemberBuy 1729-1732;offuturerange| in Target:1818; | StopLoss:1678 | Time-Frame: till September expiry : Sell: UPL September 820 Call5.4-5.9; | at Target:0.10; | Stoploss: 9.8;| Time Frame:Till September expiry : Sell Bank NiftySell: September Bank 36900 85-95 Putat buy35500 & 13-17, Putat Target: 2,Stop-loss: 144, Time-frame: till September expiry. ICICI Ltd.Securities | Retail Equity Research Back 13

ICICI Securities – Retail Equity Research Quant Picks: Open recommendations… September 2021 27, Source: NSE, NSE, Source:

Date Seediff

03-Aug-21 27-Aug-21

08-Jun-21 , ICICI Direct Research Direct ICICI ,

Mahindra& Mahindra

TorrentPower

Scrip

Cipla

Action ICICI Ltd.Securities | Retail Equity Research

Buy Buy Buy

Buy Price Buy

925-945 750-765 488-492

Target Target

1090

885 560

855 682 451

CMP

971 781 496

%Ret

3.9% 3.1% 1.2%

Time Frame Time

3 months 3 3 months 3 3 months 3 Back 14

ICICI Securities – Retail Equity Research September 2021 27, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Pankaj Pandey [email protected] Mumbai Andheri (East) Road no.7, MIDC 1 Securities Limited, ICICI Direct Research ICICI Desk, Head st Floor, Akruti Trade Centre, ICICI Ltd.Securities | Retail Equity Research – Research – 400 400 093 [email protected] 15

ICICI Securities – Retail Equity Research Disclaimer ICICI Since ICICI Compensation mentioned ICICI corporate ICICI ICICI Disclosure exchange recipient your the purpose This suspended ICICI any The with ICICI Our recommendation Recommendation companies ICICI www private with ICICI ICICI Terms above research We September 2021 27, whose regulation This We Neither same submit / way, proprietary information I, the PFRDA report report Securities Securities Securities Securities Securities . Securities specific Securities Securities Securities Securities icicibank associates Raj mentioned & possession the sector views, . conditions and report transmitted time This finance, Deepak rates or Document in that covered Research temporarily is is as shall which circumstances the not . based . may of com bank a ICICI estimates, may or or Limited is no is Limited is trading accurately encourages or or and of Point report our in Sebi Analysts one directed under its its in Singh not investment material this any its . ICICI not and fundamental would by have Securities opinions reports on and subsidiaries associates Analysts Research to, to associates of be of registered document our other and and (ICICI be has or other information understand no Securities BE, copied the Presence used issued has rating, third taken reflect subject or of Investment disciplinary investment such obligation . two independence leading based MBA The reason Securities) this intended disclosures in banking nor its will or Analysts party might or independent this in other and reports suspension might stock collectively report our securities may considered various ICICI (Finance), . ICICI not distributed, are substitution on ICICI . the merchant obtained report target in ICICI views have to or reports come technical Research engaged treat for broker, action businesses Securities have connection risks Securities . is have is Securities update : merchant Investors subsidiaries not a distribution Securities in have price managed discussed recipients about full Nandish are is associated or received equity as not has research from that based bankers/ merchant in in - for in Research service, and an required Department or been of received part compliance have been various the and are may may the banking, Limited keep offer with the public research derivative on or Patel accepts or prepared subject inconsistent as and any to, exercise affiliates been engaged Institutional report taken underwriters make visit any co before preparation integrated document the in banker, customers to Analysts or financial sources any - compensation opinions BCOM, managed Research whole, inform specific brokerage . icicidirect engaged information use on ICICI groups with investment no issuer(s) preparation compensation analysis investing to of by ICICI investment in by, liabilities any independent applicable Securities to or Dipesh with investment service ICICI and themselves Research or businesses expressed by merchant of : any of Analyst public any their Securities in . Institutional solicitation com registration services the or virtue securities sources and centre market Securities current in person decisions other from securities Dedhia relatives and businesses, research whatsoever the to offering reach adviser, . generally SEBI regulations from of view banking, banking on securities of strives in the judgment making person or . of by believed their or Also, and and of this different BCOM, studying other Research Registration or and the housing any that the do . companies entity report of offer We portfolio licensing receiving to participate report to companies not prohibits securities they and there are Fundamental for or Regulatory activity investment are advisory observe also and/or markets minimize to by to MBA . who to own any subject conclusion Accordingly, is, inconsistent charts might be and finance, buy the any may may certify manager inter requirement ICICI Ltd.Securities | Retail Equity Research Number is for loss mentioned this 1 (Finance), reliable, ICICI its % media Retail for or . recipient in such service a be not mentioned have Actual of the Authority to analysts, banking conflict alia, or citizen report virtually sell or the that and a regulatory, asset Securities change more be companies from restriction Research stock's damage and or financial engaged or – subject with but neither no Technical in results suitable INH . . Siddhesh reproduced or subscribe in Nothing The in a management, or Research within the of all part no persons impacting the merger without 000000990 resident in the preparation brokerage price the securities recipient information independent policies, company the ICICI of . interests may compliance . recommendations of in This report mentioned for equity such any Research the our in report Jain, movement, reporting for or Securities differ all any Analyst this of report in Equity business kind compensation specific jurisdiction . investors, during securities in or should securities service any trading BFM, or ICICI notice or report in of life circumstances materially located presented arising beneficial might the or Reports . verification research has in form, Research ICICI insurance, to Securities MBA the nor other the . transaction outstanding independently preceding of transactions markets constitutes The been analysts or who have stock . of report Securities without expressed Research period out in The . (Finance) report from other reasons the any ownership in was, report prepared Analysis of must been has this securities brokering Limited . Company in general where and the locality, those preceding twelve . financial prior is, India and investment, . positions, . report been Analysts make mandated is ICICI that their herein use or Research evaluate registered information by activities . ICICI set written SEBI in will We months insurance, may made of state, described . and relatives Securities mentioned their various the instruments forth . be this twelve and Securities and Registration trading distribution prevent Retail by the Analysts, directly legal, consent own country nor . in report our and with their the companies investment projections from contained months is herein venture Research investment or associates do accounting in volume subject Insurance its relatives ICICI . . might or its the of or Though Past maintaining not authors accuracy is of indirectly ICICI other associates may report Securities INZ from serve financial capital performance be company . herein etc including . risks The Forward have 000183631 might Securities or decisions, acting disseminated Regulatory jurisdiction, and and as the as as may . or views related The opposed fund a is any an of tax products the date completeness or financial have from strictly in for - the the not officer, looking value material advice its an names and . management, any of is based While for subject last to investment be Development doing analysts advisory where not this to confidential opinions . the to stock and other eligible interest day director or statements focusing subscribed all necessarily conflict we on report specific so a return company/companies of the such broker representation . assignment guaranteed would did their capacity Non the for in banking expressed customers or for etc not of the distribution, on Authority month on - sale and recommendation(s) own employee rated . are interest . endeavour ICICI services to investment securities receive a a (“associates”), to meant in company's guide this not investment and . securities in this preceding all This Securities in simultaneously, the predictions report, of that at other jurisdictions this of company, any in solely to India the publication, report past or to the any respect future mentioned may document compensation time derivatives update business fundamentals indicate hereby objectives, companies the twelve Limited is for investment the and vary a or of and performance publication the or subsidiary of or details view(s) publication the information in certify because availability months managing may selected not that relationship (IRDAI) to in may certain of information this certain financial mentioned all rating any or be or in and, or in that customers . report strategy of of subject as of other this respect . may other companies recipient of Investors ICICI the or as or all category a herein on changes positions this composite with report . use co such, of not research a herein benefits circumstances in Bank to - particular is the report managing of the a match would is may and change suitable . significant may in which are It of views solely that report which on is and interest may . investors receive report from corporate advised also or a not be the security without reasonable expressed needs or for are . may public not is contrary analysts match the . confirmed . appropriate India’s percentage informational rates, this available be . be to companies Persons of agent notice offerings, altered has report see contrary with specific foreign to largest cover in basis, been 16 Risk law, that and this . the on to of in at in .

ICICI Securities – Retail Equity Research