Research Analysts Research [email protected] Dedhia Dipesh [email protected] Singh Deepak Raj Buy LUPIN APR Fut at | 1080.00-1084.00 | Buy Futat LUPINAPR Buy30300.00-30400.00 | PAGIND Futat APR 14550.00-14600.00 | Futat NIFFIN APR Sell 938.00-940.00 | Sell Futat APR 3680.00-3685.00 | BuyFutat APR BAAUT Action Daily viewDaily Stock recommendations in report in recommendations Stock Derivatives View PageIndustries BajajAuto FINNIFTY Voltas Scrip [email protected] Jain Siddhesh [email protected] PatelNandish Lupin Target 1 Target 31480.0 14250.0 1150.0 3718.5 930.0 Weekly view Target 2 Target 14100.0 3772.5 916.5 Stoploss 29800.0 14750.0 1040.0 3646.5 948.0 Time frame Time 1-2 Weeks 1-2 Intraday Intraday Intraday Weekly SUBSCRIBE Duration : 1-2 months Duration:1-2 HDFC Underlying Duration : 1-3 months Duration:1-3 NTPC UPL Pharma Sun Underlying Other Other Product offerings Click Click on ICICIdirect Mobile Quant (Derivatives) Pick Quant hereseeto DerivativesStrategy April April 23, 2021 here to seehere to For Instant Instant stock ideas: to mobile notification • • open callsopen open calls open PRODUCT 1 PRODUCT 2 app… Buy Buy Action Buy Buy Buy Action

ICICI Securities – Retail Equity Research Stop Loss: 3646.5 Target 3718.5 1: Target 3772.5 2: 3678.25 CMP: 3680.00-3685.00 | at Fut APR BAAUT Buy Auto Bajaj i)  Intraday   FIIs Stock  F&O  Bank  Nifty Index Intraday Outlook: April 23, 2021 April 23, Source: NSE, Seediff NSE, Source: & Highlights 22 Fr in FIIs find volatility The that banking The range The ```` Future Nifty DII Outlook Analysis Short Long index Recommendations sold Action should resistance Nifty Bank Nifty Future of build build options stocks, | | in opened , Bloomberg Bloomberg , is Nifty 40 910 the act - expected - up/short - up/profit 42 crore near as outperformed market private they Target ICICI Direct Research Direct ICICI lower immediate its while bought covering to booking : series has sector Sell | but trade 26 DIIs triggered recovered - 16 | resistance VWAP broader Bank Nifty in the range of : : between 7931 banks bought DLF, Escorts, Stop crore levels Au closure loss outperformed indices sharply | . Bank, 14000 Sell Voltas, 850 Stop Loss: 948 Target 930 1: Target 916.5 2: 940.70 CMP: 938.00-940.00 | at Fut APR VOLTAS Sell Voltas ii) . : of In | ICICI Ltd. Securities Retail| Equity Research Bank 56 the crore 14600 among Bajaj and and from stock Nifty lent in 14600 Auto, PSU lower both the futures much Gas, in banks cash Chola the amid Call levels Colgate needed range segment, segment and . Finance, high As . It Put closed per of Palmolive, volatility support 31900 31900 . strikes options they FIIs , near - bought . bought 32000 to Sell last Federal Tata the data - the 32000 week Nifty Target day’s index Steel, | Nifty 32000 113 Bank . 14800 However, on might opening gain, will Note Note high : to crore futures Adani 31500 Call iclick recover and : be : Call near if initiate option Call Ports - - Page 31400 worth 2 broadcast it (April we - 14400 gain session, from is initiation and expect Industries has with . Stop | not 29 . 438 lower Alkem The meaningful expiry) revise on loss initiated the crore then significant message levels iclick : Nifty 32150 levels in while we - . the 2 in OI to In -

ICICI Securities – Retail Equity Research Derivatives View Daily Nifty Snapshot 22-Apr-21 22-Apr-21 Date Bank Nifty future Nifty Bank future Nifty Change (%) Change Previous Current Strategy follow up April 23, 2021 April 23, NSE, Source: OI in Lacs Weekly Options Nifty OI build Highlights of the last session Pivot& Levels 10 20 30 40 50 60 0 RBLBAN APOHOS Stock

Seediff 14000 14359 14406 0.33% Spot , , Bloomberg 29848 13982 View Sell Buy S3 14100 14374 14404 0.21% Fut ICICI Direct Research Direct ICICI Strategy Short FutShort LongFut 30157 14052 S2

14200 - Basis Call OICall up 15 -3 - 3275.0 174.2 Reco 30960 14228 S1 Future OI Future Put OI Put 14300 12292725 12298425 0.05% 3292.0 Target 171.1 31392 14331 Piv 3257.0 177.3 ICICI Ltd. Securities Retail| Equity Research 14400 OI PCR SL 1.36 1.17 32195 14507 - R1 P&L - - PCR Vol PCR 32627 14610 14500 1.00 0.96 R2 - Notinitiated Notinitiated Comment ATM IV ATM 32935 14680 2.30% 22.49 23.02

14600 R3 index/stock Strategy recommendations differs Note : 2 while a Nifty Index . during 30 with base shares 14000 The discount should % futures calls 25 IV major calls is while strike lakh market was . at of not may ended the 3 shares Put x given the up points with be 14500 hours be base major by at linked Back 48 changed, in strike and is lakh Call to at Derivatives positional intraday if view 3

ICICI Securities – Retail Equity Research Recommended Stocks : Historical price performance… April 23, 2021 April 23, NSE, Source: Seediff , , Bloomberg ICICI Direct Research Direct ICICI 1000 1200 1000 1500 2000 2500 3000 3500 4000 4500 200 400 600 800 500 0 0 22-Apr-19 22-Apr-19

22-Jun-19 22-Jun-19

22-Aug-19 22-Aug-19

22-Oct-19 22-Oct-19 ICICI Ltd. Securities Retail| Equity Research

22-Dec-19 22-Dec-19 22-Feb-20 Voltas 22-Feb-20

22-Apr-20 22-Apr-20

22-Jun-20 22-Jun-20

22-Aug-20 22-Aug-20

22-Oct-20 22-Oct-20

22-Dec-20 22-Dec-20

22-Feb-21 22-Feb-21

22-Apr-21 22-Apr-21 4

ICICI Securities – Retail Equity Research Positional Recommendation April 23, 2021 April 23, NSE, Source: Seediff , , Bloomberg ICICI Direct Research Direct ICICI 20-Apr-21 Date 1000 1200 200 400 600 800 0 22-Apr-19

22-Jun-19 Stock 22-Aug-19 Lupin ICICI Ltd. Securities Retail| Equity Research 22-Oct-19

22-Dec-19 View Buy

22-Feb-20 Lupin | 1080.00-1084.00 | Initiation Range Initiation

22-Apr-20

22-Jun-20

22-Aug-20 1150 | Target

22-Oct-20 Stoploss | 1040 |

22-Dec-20 Time Frame Time 1-2 Weeks 1-2 22-Feb-21 5

ICICI Securities – Retail Equity Research April 23, 2021 April 23, Weekly Recommendation Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Long Long (PAGIND) 30300 | future range in of April Weekly future recommendation: momentum days was pick Page Rationale - continuously up . Industries We in feel delivery and Page largely it declining, should volumes, industries ITC Underlying remained head which the 10,000 15,000 20,000 25,000 30,000 35,000 5,000 is towards 0 stock well in seems

Bullish View 15-Apr-19 15-May-19 a placed range managed

15-Jun-19 | 31500 15-Jul-19 positive Buy Futures ICICI Ltd. Securities Retail| Equity Research

15-Aug-19 with Strategy to 15-Sep-19 levels move

15-Oct-19 to support as Recommendation follow up Price performance 15-Nov-19 close the

15-Dec-19 . further 214.5 Reco 15-Jan-20 price above 15-Feb-20 found 15-Mar-20 Target - 231.0 higher remained 15-Apr-20 30400; Target: Stop 31480; Loss: 29800 | | | 15-May-20 around 30000

15-Jun-20 . Stoploss We

204.9 15-Jul-20 28000 intact

15-Aug-20 levels feel 15-Sep-20 Profit/Loss 15-Oct-20 a . . | Midcap - 15-Nov-20 move Along levels 15-Dec-20 15-Jan-21 above with

15-Feb-21 stocks amid

Comment 15-Mar-21 Open

15-Apr-21 it, high | found the 30400 open volatility some should interest . traction Recently, accelerate in the in recent with stock the a 6

ICICI Securities – Retail Equity Research Derivatives Weekly View     Nifty Source: Bloomberg, ICICI Direct Research Direct ICICI 2021 April 23, Bloomberg, Source: volatility The Moreover, experienced Sectorally, move settlement On to of helped The a 1 the . fresh 6 volatility Nifty : % above Sustainability markets data while to recovered up . we after remain On . front, 14700 move in We midcap may the the to significant expect the move subdued, see downside, may markets towards and Nifty some trigger higher banking small has underperformance declined which 14700 consolidation 14500 above upside major despite cap

OI in Lacs to should 10 15 20 25 last 0 5 take indices remains sharply Call momentum week fears the 14700 bode

14300 base in closed and lead of the a after ICICI Ltd. Securities Retail| Equity Research crucial was fresh placed well technology moved from witnessing towards 14400 the seen for may lockdowns Nifty options Nifty options OI build support week at here the towards 14700 from 15000 current

14500 with space onwards trigger a Call OICall due sharp the strikes and loss 20 in post to recovery the BFSI levels Put OI Put a 14600 . fall of continued It depreciating with April their almost will fresh of space once - almost up highest quarterly be series 14700 3 crucial again build in % uptrend 500 the each currency Call - up after 14800 results points for last . base seen Sustainability a testing few . market The placed on in 14900 weeks, this Monday Nifty 23 recovery at strike levels of closed 15000 some . 14700 Positive . on Hence, towards the strike short Monday is week expected global we for covering 15000 . believe the with We cues weekly to expect a level lead also was loss that 7 . ICICI Securities – Retail Equity Research banking… Bank April 23, 2021 April 23, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source:     low On should We long segment As witnessed booking The Nifty: Sectoral churning expected to trigger buying in technology the feel should Bank OI do options build the . but Banking Nifty well continued provide Bank - stock up stocks from front, witnessed was Nifty stocks like cushion current selling observed sizeable witnessed should HDFC witnessed a . pressure levels In volatile Call see Bank as contrast, profit . it some OI Supportive closed reverted some week OI in Shares base booking 100 200 300 400 500 600 700 0 pick a close is near where short ICICI Ltd. Securities Retail| Equity Research

31000 placed up from action post its above in

31100 Bank covering moves sizeable pace their quarterly

31200 at is Nifty 32000 32000

31300 expected at major were to the

31400 Call weekly weekly options followed again numbers recover current

31500 Put PutOI seen base from 31600 base should of Call OI on from

31700 juncture by midcap of 32000 . both However, TCS 31800 33000 trigger the OI build 31900 sides and banks and lows .

32000 We a , . stocks 1000 PSU - up Private feel

32100 near like

32200 - banks point downside Federal 30500 like sectoral

32300 leaders HDFC rally

32400 continue . Bank In rotation 32500 should the continued Bank, and last to Bandhan be Kotak helped remain two limited to Mahindra sessions, witness beaten laggard Bank and recent down profit fresh Bank and 8

ICICI Securities – Retail Equity Research FII activity remains muted in equities… • • • • April 23, 2021 April 23, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: dollar month Nymex same index In sidelines to Monday, FII witnessing However, segment Global the outperform activities time, has futures . F&O markets A crude a and while fresh fuelled some pullback a FIIs space, remained sharp sold segment moved the equity bought uptrend remained consolidation the just key FII decline was recent action markets muted | sharply indices index worth may 51 primarily buoyant on crore rally was be options last . | Monday from higher During 925 was seen in during primarily week seen as Nymex crore, developed worth observed in a towards the among as risk the the 15-Apr 13-Apr 12-Apr 9-Apr Date well week, they crude seen | week commodity on 9123 ICICI Ltd. Securities Retail| Equity Research . highly $ rally economies While sold in 64 FII/DII FII/DII buying equities in (in in FIIs Index Fut crore emerging the levels continued -1740 to 1309 1995 have beaten -639 the stock the if it Nifty in sold Stock Fut continued tune sustains down the futures markets 1304 -805 -398 -666 to and nearly of FII FII last gather stocks | Bank Index Opt above and 565 couple . to | -1468 7099 1954 1538 Indian 1006 gain pace Nifty crore index from $ 64 . | crore) of . crore All closed A markets the in levels options -2482 sessions Cash 2084 -608 fresh major the BFSI . However, . the stock Decline positive DII US space segment closed week Cash after -527 244 232 indices futures . in domestic Midcap remaining negative bias the . US While are segment was week inventories and trading after institutions they observed range marginally small during sharp were at and bound cap their in net declines remained the weakness stocks the negative lifetime buyers week for commodity almost continue seen . on At highs in in after 9 the the the the on a . ICICI Securities – Retail Equity Research Rupee: Likely to appreciate towards 74 level… • • • • April 23, 2021 April 23, Source: Bloomberg, Bloomberg, Source: GBPINR(May) GBPINR(Apr) EURINR(May) EURINR(Apr) US$INR(May) US$INR(Apr) Futures JPYINR(May) JPYINR(Apr) pressure stronger Therefore, stronger of 1 The an increasingly year The dollar US . 528 $ accommodative 1 INR . benchmark dollar 776 % amid along - overnight, % futures than on equities index we reached an with the bought - expected Reuters, ICICI ICICI Reuters, 101.75 101.30 expect 73.72 68.01 67.71 88.55 88.22 74.03 10 pair extended corrected S2 headed rebound along - year moving policy into in at the the the WeeklyPivotLevels retail Treasury the with for stance in Direct Research Direct 102.38 101.96 near sharply 68.37 68.09 89.09 88.73 74.40 74.10 retreat rupee further S1 end Federal domestic its sales weaker term worst of for yield to in and in away last Reserve’s a appreciate the 103.27 102.93 68.96 68.70 89.85 89.53 75.08 74.80 back Treasury while Pivot equities dollar dipped employment month, from last - to longer index ICICI Ltd. Securities Retail| Equity Research - week to back supported insistence over towards even yields a 103.90 103.60 69.32 69.08 90.38 90.04 75.46 75.18 R1 one weekly are as a data in one - weakening month as likely the 74 on the - year investors drop 104.79 104.56 69.91 69.70 91.15 90.84 76.14 75.87 level keeping face rupee R2 to low high this put as of of of

Open Interest in Thousands Dollar Index 101 103 105 100 150 200 250 87 89 91 93 95 97 99 50 0

Apr-18

73 Jun-18 Aug-18 Oct-18 73.5 US$INR Options Build Options US$INR Dec-18 US$INR vs. Index Dollar

Feb-19 Index Dollar Apr-19

74 Jun-19 Aug-19 Oct-19 74.5 Dec-19 Feb-20 Apr-20 US$INR - up 75 Jun-20 Call OI Call Aug-20 Oct-20 75.5 Dec-20

Put OI Put Feb-21 Apr-21 62 64 66 68 70 72 74 76 78 76 10 US$INR ICICI Securities – Retail Equity Research April 23, 2021 April 23, Forthcoming Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Events … 7:30PM 2:00PM 2:00PM 2:00PM 11:30AM Friday,April 202123, 7:30PM 6:00PM 6:00PM 5:15PM AprilThursday, 202122, 8:00PM 4:00PM 11:30AM April Wednesday, 202121, 11:30AM 11:30AM April Tuesday, 202120, Date(IST) &Time ICICI Ltd. Securities Retail| Equity Research US UK UK UK UK US US EuroZone EuroZone US UK UK UK UK Country New Home Sales (Mar) HomeSales New PMI Services Manufacturing PMI CompositePMI (Mar) (MoM) RetailSales (Mar) Existing HomeSales InitialClaimsJobless Conference Press ECB StatementPolicy Monetary ECB CrudeOil Inventories BaileyBoEGovSpeaks (YoY) CPI (Mar) Claimant(Mar)CountChange AverageEarnings Index (Feb)+Bonus Data&Events 11

ICICI Securities – Retail Equity Research 16-Apr-21 12-Apr-21 April 23, 2021 April 23, Derivatives Strategies: Open recommendations Date Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Scrip HDFC Biocon Action Buy Buy Recommendation Positional Futures: Futures: Positional Strategy Long/Short Buy HDFC LtdBuy April future rangethe in of 2555-2575, Target: 2751; Stop Loss: 2451, Time frame: till April expiry ICICI Ltd. Securities Retail| Equity Research : Buy BIOCON Buy : April 418-420,Future at 420 Buy Put14-15 at andSell 460 Call 4-5 at Target: , 460, Stop loss: 10-11 points, Time frame: Till April expiry Back 12

ICICI Securities – Retail Equity Research Quant Picks: Open recommendations… April 23, 2021 April 23, Source: NSE, NSE, Source: Date Seediff 31-Mar-21 04-Mar-21 15-Apr-21 07-Apr-21 06-Apr-21 06-Apr-21 26-Feb-21 , ICICI Direct Research Direct ICICI , GodrejConsumer Products TorrentPharma SunPharma HDFCBank Scrip NTPC UPL SBI Action ICICI Ltd. Securities Retail| Equity Research Buy Buy Buy Buy Buy Buy Buy BuyPrice 105.5-107.5 1395-1415 2500-2550 353-359 715-730 625-635 625-635 Target 1600 2950 410 855 735 738 122 SL 1298 2300 98.5 324 655 570 570 CMP 1423 2577 337 704 592 640 99 %Ret -6.2% -3.5% -6.8% -7.5% 0.5% 1.0% 1.3% TimeFrame 3 months 3 months 3 months 3 months 3 months 3 months 3 months 1 Back 13

ICICI Securities – Retail Equity Research Disclaimer sector PFRDA ICICI ICICI Terms report reflect We April 23, 2021 April 23, this or This We Neither ICICI Since ICICI Compensation the ICICI finance, ICICI ICICI risks reason be circumstances Securities shall This temporarily Securities way, The Our recommendation Recommendation cover companies ICICI which taken report submit / document proprietary information I, report report Securities Securities Securities associated Securities Securities not Securities Securities Securities transmitted . associates Raj have . bank our & as the ICICI investment conditions be would in Deepak or is a will views that is is covered Research substitution and not and used Point under third Securities based not . may of not The Limited may or or is encourages no or received trading is subject before such has and of about our in directed to, or Sebi its its party one of in Singh its material no treat ICICI come and securities banking fundamental on by have its considered opinions copied Presence subsidiaries associates reports Analysts Research suspension associates obligation of registered investing various our information and (ICICI the accepts ICICI in other for Securities recipients any BE, the issued are connection or subject disciplinary Investment the investment independence or or MBA Securities compensation intended based Securities) required leading disclosures discussed in . nor merchant Analysts subsidiaries exercise distributed, ICICI might no as this might other in reports to is collectively stock ICICI (Finance), and an issuer(s) the liabilities obtained as in update on report Securities merchant with compliance offer have to for reports customers securities have Research action ICICI businesses and Securities broker, technical . is of is and : inform banking, Investors distribution not in a preparation independent document or in have engaged managed from affiliates or full Securities received whatsoever from opinions Nandish research or has part keep that based securities merchant - Limited bankers/ Research service, themselves Department been the markets and have been public with brokerage by are may or may the to companies on in or virtue Patel to, any in derivative expressed or report inconsistent prepared of as applicable been any businesses information Research taken visit make any judgment co integrated whole, . sources solicitation . for or underwriters banker, the Analysts We a compensation Actual - BCOM, managed registration entity use of specific of icicidirect any engaged . services preparation research on also investment ICICI and their by, to mentioned by analysis ICICI loss in and results investment Analyst are regulations by certify or any to of with investment Dipesh Securities this ICICI any current of merchant receiving public sources engaged or their observe housing or any . 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Securities Retail| Equity Research should service ICICI those for the Authority merger banking to or alia, in in policies, out the of – and but or change virtually more all INH from companies this for such reporting Securities a and subject engaged of with or reproduced in set no Technical investors, independently twelve in businesses, stock's Jain 000000990 securities life the or was, resident preparation report compliance or the the of independent Research forth jurisdiction impacting in the specific without insurance, brokerage the BFM, use all circumstances information report company months is, recommendations price to in in nor securities mentioned equity constitutes of Research or who the of analysts projections MBA or in . this transaction they Research will Analyst any ICICI or during movement, Equity of other . business or any evaluate must and The service general securities located verification or report research Research be other notice might presented Securities form, trading might and do Reports securities directly financial in . the make Research where investment, ICICI . 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Limited of notice of for is that subsidiary or positions the availability business publication managing of fundamentals also which other in the strategy category to the company/companies this or rating views months interest . or see confirmed selected (IRDAI) other information circumstances report are derivatives may herein Risk and on relationship of expressed or or . available is benefits of of rates, ICICI receive a . as use suitable needs co Disclosure investors the recipient particular and, is a that - managing composite would Bank solely research foreign herein of as from on of this above in . any with or specific such, . which www this and mentioned for Persons be report security Document appropriate the on exchange companies report a mentioned public research contrary informational may . corporate significant a icicibank may companies is reasonable recipient at India’s in . not has the offerings, not in whose rates to to report be been that this same . to com match Analysts understand agent law, largest . percentage altered mentioned your This purpose or report the . possession basis, suspended time accurately regulation corporate any and with may analysts specific private . of in . other ICICI ICICI 14 with and any this not the the of in

ICICI Securities – Retail Equity Research April 23, 2021 April 23, Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: Pankaj Pandey [email protected] Mumbai (East) Andheri Road no.7, MIDC 1 Limited,Securities ICICI Desk,Research Direct ICICI Head st Floor, AkrutiTrade Centre, ICICI Ltd. Securities Retail| Equity Research – Research – 400 400 093 [email protected] 15

ICICI Securities – Retail Equity Research