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Opening Bell

January 27, 2016

Index Movement (past one month)
8200

30000

8000

28000

7800

26000

7600
7400

BSE (RHS)
Sensex
Nifty

25-Jan

21-Jan

19-Jan

22000
15-Jan

13-Jan

11-Jan

7-Jan

7200

Key Developments
• We expect Colgate Palmolive to report 4.8% YoY growth in net sales
to | 1035.8 crore and ~5.5% volume growth in toothpastes. We
estimate operating margins at 22.6% and YoY growth of 19.6% in
net profit to | 156.5 crore
• We expect Power Grid's topline to grow 20.2% YoY while PAT is
expected to grow 16.7% YoY to | 1433.8 crore in Q3FY16. We
expect capitalisation of ~| 12,000 crore driven by commissioning of
phase-I of Biswanath Chariyali – Agra HVDC project
• HDFC Ltd is expected to have credit traction of 12% YoY to | 246345
crore led by the individual loan segment. Asset quality is expected
to remain under control. Reported NIM is expected to be steady
QoQ at ~4% while a spread of ~2.3% is expected to be maintained.
PAT growth of 8% YoY to | 1537 crore is estimated
• For IDFC Bank, this is the first quarterly result post de-merger. IDFC
Bank’s loan book may moderate to | 46000 crore, with NII seen at
| 382 crore for the bank. With majority provisions taken care of
before de-merger, we believe provisions will remain lower. We
expect the bank to report PAT of | 193 crore

24000

.
5-Jan

• US markets ended positive due to a significant rebound in the price
of crude oil and in reaction to the release of quarterly results from
several big companies as the earnings season picks up steam

Results: United Spirits, HDFC, Colgate, MPS,
IDFC, KPR, Godrej Consumer, Tata Coffee, HT
Media, Bharti Infratel, Kajaria, Graphite, Sagar

1-Jan

Markets Yesterday
• Domestic markets ended in the green tracking firm Asian markets as
oil prices rose & Chinese shares began the week on a firm note amid
indications the Chinese government will hold Yuan steady for long

Today’s Highlights

30-Dec

Market Outlook
Indian markets are likely to open higher on the back of positive global
cues. Key financial results of large cap companies and the outcome of
the US Federal Reserve meeting can impact market sentiments while
F&O expiry may lead to volatility in the market.

NSE (LHS)

Close Previous Chg (%) MTD(%) YTD(%) P/E (1yr fwd)
24,486 24,436
0.2
-6.2
-6.2
15.3
7,422
7,277
2.0
-6.4
-6.4
15.1

Institutional Activity
FII (| cr)
DII (| cr)

CY13
112,221
-73,385

CY14 YTD CY15 Yesterday Last 5 Days
99,525
16,281
-91
-4,628
-30,570
66,249
308
5,261

World Indices – Monthly performance
BSE
24,486
-5.2%
Germany
9,823
-8.4%

NSE
7,436
-5.4%
Dow Jones
16,167
-9.5%

U.K.
5,911
-5.5%
Nasdaq
4,568
-9.5%

Kospi
1,884
-6.0%
Nikkei
17,097
-11.0%

France
4,357
-6.6%
Shanghai
2,731
-24.2%

Nifty Heat Map
Cairn
India
ONGC
HDFC
Bank
TCS
IDEA
Power
Grid
Vedanta
Ltd
BPCL
Yes Bank
Tata
Motors

119.0
5.4%
219.7
1.6%

Tata Steel
HUL

1,041.2 Indusind
Bank
1.1%
2,304.7
0.4%
107.0
0.1%
133.0
-0.1%
64.4
-0.5%
877.9
-0.6%
677.5
-1.0%
332.6
-2.0%

Bajaj
Auto
Tech M.
NTPC
Hindalco
Tata
power
IDFC
United
Spirits

254.9
2.9%
783.3
1.5%
907.2
1.0%
2,327.3
0.4%
514.6
0.1%
138.0
-0.1%
72.0
-0.5%
61.4
-0.6%
41.3
-1.1%
2,700.0
-2.1%

Sun
Pharma

807.3

ICICI
Bank

236.1

Asian
Paints

878.6

ACC
RIL
Cipla
Bank of
Baroda
PNB
Lupin
L&T

2.3%
1.4%
1.0%
1,245.0
0.3%
1,004.0
0.0%
580.6
-0.2%
129.5
-0.5%
91.9
-0.7%
1,699.1
-1.3%
1,114.2
-2.5%

ICICI Securities Ltd. | Retail Equity Research

Ambuja
Cement
HDFC Ltd
Dr Reddy
ITC
HCL Tech
Kotak
Bank
Wipro
Axis Bank
BHEL
Hero
Moto

197.0
2.0%
1,174.6
1.4%
2,903.3
0.7%
309.4
0.2%
838.7
-0.1%
681.0
-0.3%
547.1
-0.6%
420.9
-0.8%
145.3
-1.4%
2,525.2
-2.6%

Coal India
Ultratech
NMDC
Infosys

304.9
1.8%
2,750.5
1.4%
80.7
0.4%
1,137.7
0.1%

Grasim
Ind

3,444.8

Bharti
Airtel

297.5

Maruti
SBI
M&M
GAIL

-0.1%
-0.4%
4,081.4
-0.6%
183.0
-0.9%
1,178.3
-1.7%
356.7
-2.8%

Markets Today
Close Previous
Commodities
Gold (|/10 gm)
Silver (|/kg)
Crude ($/barrel)
Copper ($/tonne)
Currency
USD/INR
EUR/USD
USD/YEN
ADRs
HDFC Bank
ICICI Bank
Tata Motors
Infosys
Dr Reddys Labs

Change (%) MTD(%)

YTD(%)

26,373
34,227
31.3
NA

26,186
34,110
31.8
NA

0.7
0.3
-1.5
NA

5.5
3.8
-16.0
-3.4

5.5
3.8
-16.0
-3.4

67.84
1.09
118.17

67.63
1.09
118.42

0.3
-0.1
-0.2

-2.5
0.0
1.7

-2.5
0.0
1.7

56.5
7.1
25.2
17.5
43.0

55.5
6.9
24.5
17.8
42.0

1.7
2.0
3.0
-1.6
2.3

-8.2
NA
-15.3
5.7
-7.8

-9.9
NA
-16.9
6.3
-9.2

57 18140.75% 5.98 11501.082 N/A N/A N/A Dec Q3 Nov 2014 Q2 12M Nov Nov Nov Q3 Nov Dec Dec Dec Dec 354. | Retail Equity Research Impact 0.09% -1.064 Prior Values 274.295 Key Economic Indicator 311.32 0.37bln $ 7.7593085 1023000 FMCG Healthcare 17870.60% -34.4967853 7371000 Consumer IT Oil & Gas Healthcare FMCG Mid Cap Power Banks Auto Metals BSE Small PSU Real Estate Capital Goods -20.75% 5.498 17. incorporated in 1998.Exchange Cash Turnover (| crore) Sectoral Index 10000 5000 18-Jan 19-Jan 20-Jan BSE Cash 0 2.9 -8.40% -37.837 RBI Cash Reserve Ratio RBI Repo Rate RBI Reverse Repo Rate CPI YY Current Account Balance Exports .64 3.1bln $ 7.580232 5757000 11070.4000922 13945000 PSU 6098.77bln $ 5.3 million while PPPL.18 0.27 1.7 -12.88 0.RBI Trade Deficit Govt .3 -7.49 -1.80% 10.971 4.99% -1.USD WPI Food yy WPI Fuel yy WPI Inflation yy WPI Manufacturing Inflation yy 20000 3.90% 31. had FY15 revenues of £ 2.485607 1830000 IT 11396.2117438 5827000 BSE Small Cap 11792.74 11761.9126279 1254000 Metals 6766.02 Oil & Gas 105.2321262 2705000 Power 1772.USD Industrial Output yy Manufacturing Output Trade Deficit . etc. PPL.3 -6.42 -0.95 6661.706 15000 3.6 8368.61% -8.61 5.95 -104.39 12544.68 Mid Cap 10993.4bln $ 9.891 Period 3.36% 3.838 Key Data Points 22-Jan 25-Jan Sectoral Performance – Monthly Returns (%) Sector Close Previous Change % Change Volume Auto 16775.20% -4.40% 7.26 -0.007 18.49 1183.82 6095.7022101 64406000 9051.0 -8.089 18.47 1779.6 -8.412 21-Jan 22-Jan NSE Cash 25-Jan NSE Derivative Turnover (| crore) 400000.0 (%) -5.76 -77.07 37.2 million primarily by selling licences of Google.78bln $ 8.8 -9.48 157.0521684 10863000 Real Estate 1189. USD Final GDP Quarterly yy GDP Annual Imports .688278 2190000 Banks 17662.192 1.9129186 66926000 Capital Goods 12431.00% 6.39 17625.17 16891.75% 5.43 -116.26 1.7 -10.00 20-Jan 21-Jan NSE Derivative 365.06 -0. HCLT hopes these acquisitions could help take advantage of the global shift to desktop virtualisation ICICI Securities Ltd.1 -7.9041189 10401000 Consumer Durables 11918.319 Latest 263.12bln $ 9.59 9072.8bln $ -3.65 -0.7 -15.2bln $ 20.75% 5.028 4.7 -1.00 200000.615 13.41% -6.0 .USD FX Reserves.39 -108.12 -0. offers desktop and application virtualisation services and had FY15 revenues of £ 6.15% -0.74 -0.30% 29.00 18-Jan 19-Jan 0. incorporated in 1993.2bln $ 21.54 -0.65 -21. Citrix.01bln $ 350.20% -11.0 -10.42% 398.2 -7.17% -9.0 Key News for Today Company/ Industry HCL Tech (HCLT) News View HCLT has acquired two firms in HCLT has announced the acquisition of two UK-based the UK for £ 8 million firms Point to Point (PPL) and Point to Point Products (PPPL) in an all-cash deal.35bln $ 352. Both companies have a common set of shareholders.1 -8.00% 6.06 -269.59 -7.2bln $ 9.74 11901.81 -113.1 -4.73% -1.00% 6.97 -0.3370766 182000 8304.14 -63.0 -0.063 16.891 KEY ECONOMIC INDICATORS 3.

but were unable to sign the final deal due to some ‘financial’ aspects.4 crore mainly on account of the topline miss ICICI Securities Ltd.97% in Q3FY15.8% YoY to 16. Margins improved to 4.1% YoY to | 620. | Retail Equity Research .1 crore driven by volume growth of ~8. Overall.4 crore • Somany's results were marginally below our estimates mainly on account of a slowdown in revenue growth.7% YoY). HCLT would also enable local end-user support services for multiple geographies by setting up a multi-lingual global service desk for Alstom in 11 languages including 50% French speaking users. an Apollo Hospitals Group company. The EBITDA margin expanded 112 bps YoY to 6.4% YoY to | 53. led by strong traction in retail loans and CASA deposits • The board of directors of Apollo Energy Company Ltd.5 MSM. IOC will build a 60 million tonne a year oil refinery in Maharashtra along with BPCL.1 million kg (3.2% decline in PAT to | 57 crore • Vardhman Textiles in Q3FY16 reported flattish revenue growth of 0. Noida • HDFC Bank's Q3FY16 earnings were in line with our estimates. asset quality pressure was slightly above estimates. Post completion of the transaction.1 crore. The company would deliver services through its three global delivery centers in Poland.4% to 51.8 crore and EBITDA margin to expand 190 bps YoY to 17.1%) with consequent PAT at | 8.HCL Tech HCL Tech has signed an IMS deal As part of the deal. Correspondingly. Consequently.000 global users.5% YoY to | 1436.450 crore work of redevelopment of Pragati providing strong revenue visibility for next couple of years Maidan involving construction of integrated exhibition cum convention centre to NBCC Key developments (Continued…) • Kajaria's sales volume is expected to grow 12.1% YoY) on the back of revised wages. Lower EBITDA & higher interest outgo led to 29. M&M resulting in subdued topline and profitability in the quarter.1%. Brazil and India. EBITDA at | 12. the bottomline is expected to grow 16. Consequently. Sales in Q3FY16 were at | 105. HCLT will provide engineering with Alstom services and PC as-a-Service for 30.23% in Apollo Munich.4% YoY to | 279. Revenues grew 11. Tea production suffered due to weather conditions & came in at 28.6%. Rafale.5%. has approved the divestment of 23.09% in Q3FY16 vs.7% • Swaraj Engines (SEL) reported a muted performance in Q3FY16 primarily on the back of prior build of inventory at its key customer i. 54.5% and realisation growth of ~2.7 crore (up 19. PAT grew 80% YoY to | 128 crore • Godrej Properties has entered the Noida real estate market through a development management agreement to develop a residential group housing project within Lotus Greens Sports City in Sector 150. Munich Re’s shareholding in Apollo Munich is expected to be 48.1% YoY to | 3357 crore led by healthy NII traction.3% from 4. The deal could help sustain growth momentum in FY17E NBCC India Trade Promotion The project has an estimated cost of | 2149 crore which Organisation has awarded the would take NBCC's orderbook to ~| 34. EBITDA increased 36.5 crore while EBITDA margins improved 510 bps YoY to 20%. which are expected to be sorted out within a month • McLeod Russel reported muted numbers with net sales growing 6% YoY to | 501. PAT grew 20. Employee cost was up by | 26. GNPA ratio was at 0.6 crore. Apollo Hospital has ~10.5 crore.7% and was ahead of our estimate of 6.3% due to falling natural gas prices. we expect the topline to grow 12. BPCL. Net profit grew 25. The proposed transaction values Apollo Munich at | 703 crore. However.5 lakh crore in setting up India's biggest refinery on the west coast.97% vs.e. HPCL and EIL • India and France have signed an Inter-Governmental Agreement (IGA) on the sale of 36 French fighter jets.8 crore (margins: 12.8% YoY to | 13. Apollo Hospitals Group’s holding in Apollo Munich shall come down from 74.91% QoQ.9 crore and was marginally below our estimate of | 16. This was driven by lower raw material cost as a percentage of sales which was at 49.3% stake in Apollo Munich Health Insurance to its joint venture partner. 0.2% QoQ.2 crore (I-direct estimate: | 1378 crore). HPCL and EIL will invest | 1.3% YoY to | 413. Munich Re of Germany for | 163.1 crore due to better margin show • Public sector oil firms IOC.

50 View: Bearish Strategy: Sell Future Target 1: 179. Later shaving off 217 points intraday.0 15.15 1225. The A/D ratio ended positive. APOLLO TYRES ARVIND ASHOK LEYLAND ASIAN PAINTS AUROBINDO PHARMA Close 24485. While capital goods.75 878.30 1412.90 838. strength & close above the candle is required to continue the positive bias and test the December 2015 lows.2 Stop Loss: 183.90 816. at 2:1.0 Short Term Range Bound 0 7240 7600 7543 7985 Advances / Declines Advances 1717 1055 BSE NSE Declines 940 507 Daily Technical Calls 1.55 1421.80 1433.15 870..65 7442. The sectors traded mixed.25 53. Pivot Points CNX Nifty Technical Picture Index/Stocks SENSEX NIFTY ACC ADANI ENTER." The index opened 100 points gap-up but hit the day's high within 30 minutes.65 1213.0 Put Call ICICI Securities Ltd.45 7425.80 52.45 219.0 20.10 853. Sell CESC below 431.35 847.00 52.45 196.05 51.0 10.75 86.60 1405.10 215.95 819.00 86.35 1217.65 75.00 145.25 86.05 317.75 +ve Nifty Call – Put Strike (No.05 143. after crossing it initially.10 7475.95 1419.05 195.1 Market Lot: 2000 CMP : 183.50 View: Bullish Strategy: Buy Future Target 1: 258 Target 2: 260 Stop Loss: 254.40 193.20 7409.65 1241.70 877.70 50.40 51.75 211.35 51.40 S2 24450.0 15.10 824.45 51.35 814.45 873.35 38.00 74.95 38.75 196.30 884. "Close above Tuesday's high could confirm fall is over .5 Target 2: 177.15 1245.75 315. AMBUJA CEMENT AMTEK AUTO ANDHRA BANK APOLLO HOSP.2% higher. metal and pharma gained 1%.80 38. it settled just 50 points or 0. However. | Retail Equity Research 10.90 1217..40 1209.15 1258.0 0.40 213.50 R2 24613.10 142.50 881.00 2.65 321.05 827. indicating the index' inability to close above last Tuesday's high of 24563.90 833.70 316.45 86.2 2 11 13 Intraday Up 7390 7420-7390 7470-7510 0 0 Intraday Derivative Strategy 0 8 Nifty Trend Trend Reversal Support Resistance 20 Days EMA 200 days EMA Sell CANBAN JAN Fut at 181.0 16 5.50 862.40 74. The action formed a small Bear candle. ADANI PORT ADITYA BIRLA AJANTA PHARMA ALLAHABAD BANK AMARA RAJA BATT.35 Trend +ve +ve +ve +ve -ve -ve +ve -ve +ve +ve +ve -ve +ve +ve +ve +ve +ve 818.45 313.90 87.15 199.0 20.20 72.05 140.05 141. Buy Hindustan Unilever above 785.00-256.00-181.70 39. banks lost 1%.95 7436.20 1236.8 See Daily Derivatives for more details Unchanged 163 77 .20 832.0 5.95 R1 24396.10 218.45 52.60 S1 24504.80 73.00 812.15 1247. The higher high-low can maintain positive bias if today's action does not weaken and close below the candle's low.00 *All recommendations are of Jan Future See Momentum Pick for more details Buy TISCO JAN Fut at 256. of shares in lakh) – Jan 2016 6900 7000 7100 7200 7300 7400 7500 7600 7700 0 4 16 9 21 15 14 18 10 14 7 7 25.Sensex Chart Technical Outlook We said.0 25.4 Market Lot: 2000 CMP : 254.ENT.90 37.40 878.50 50.

CCL Products Mangalam Cement February Tuesday 10 February Wednesday Wonderla Holidays ACC Cement NHPC 0 0 Timken. M&M 0 0 0 0 January EPC Industries. Kaya Ltd January India CPI YoY India Industrial Prod YoY Federal Bank TCS.1 16. HDFC Ltd Colgate. Indoco Remedies Shoppers Stop.Tata Coffee HT Media. Sagar. South Indian Bank Gati January Tuesday February Tuesday Amara Raja Escorts Grindwell Norton Bayer Cropscience Shree Cement. Firstsource Glenmark. Torrent Pharma 11 12 Thursday Chennai Petro 0 0 0 0 Saturday January Saturday Persisitent Systems Ltd Unichem Labs Siyaram Silk Mills PC Jewellers 0 30 January Friday 06 Friday Saturday February Saturday JK Cement P&G Hygiene and Healthcare Jet Airways Kewal Kiran Clothing VA Tech Wabag 13 February Friday Nestle India.5 19. Reddy's Labs Ramco Cement Britannia. TCI Ajanta Pharma Jindal Saw Emmbi Industries Aban Offshore 08 19 Monday HDFC Bank.3 554.5 1.6 12.0 490k -1.2 20.230.5 6.8 0. eClerx.Results/Events Calendar 11 Monday US Labor Mkt Condt Index 0 0 0 0 18 01 26 Monday January Tuesday 09 Monday 20 January Wednesday Axis Bank Gandhi Special Tubes Ultratech Cement KPIT.7 3. Navneet February January Wednesday 27 January Wednesday United Spirits.3 156.1 12. Trent Ltd JK Lakshmi Cement Tata Steel.8 675.1 7.0 -5.235. Somany Kansai Nerolac Vardhaman Textiles Kitex.2 -7.9 1. Alok Titan.4 Revenue = NII.5% --2.5 -4. MPS. Dr.5 6. TV18 ZEE Entertainment Pipavav Defence Hindustan Unilever NIIT Tech. Indusind Bank DCB Bank January TTK Prestige Mindtree Wipro.4 -8. Kotak Bank 0 25 12 January 03 February Wednesday Shree Cement.1 143. Swaraj Engines Mcleod Russel. NTPC February January LIC Housing Finance 0 0 0 0 January Cairn India ITC Ashoka Buildcon DB Corp 0 Thursday Dabur. Cyient 0 21 22 January Raymonds.5% ------ Previous -1.3% 0. Cox & Kings NRB Bearings Lupin. Alembic Pharma Exide. Styrolution ABS Hawkins Cooker Gillete India. Idea Cellular 28 29 January 04 05 Thursday Bajaj Auto. KPR Godrej Cons.357.4 -84. Graphite.4 8 -4. JSW Steel CARE.3 54.1 2.3 -37.8 Chg(%) Chg(%) PAT YoY QoQ Q3FY16E YoY QoQ 34. LMW Bajaj Finance Bajaj Finserv IOCL. EIH IDFC Holding Relaxo Footwear 0 0 February Tata Power.2 21. Infoedge.Interglobe Aviation VST Ind.2 107.1 10.8 -1. Irb Infra Taj GVK. Vedanta.5 0.8 8. Bharti Infratel Kajaria. Apollo Tyres Motherson Sumi CESC Major Economic Events this Week Date 27-Jan 29-Jan 26-Jan 26-Jan 27-Jan 27-Jan 28-Jan 28-Jan 28-Jan 28-Jan 28-Jan 29-Jan 29-Jan Event Eight Infrastructure Ind Fiscal Deficit INR Crore Markit US Services PMI Markit US Comp PMI New Home Sales Industrial Profits YoY FOMC (Lower Bound) FOMC (Upper Bound) Initial Jobless Claims Continuing Claims GDP YoY GDP Annualized QoQ CPI Core YoY Country IN IN US US US CH US US US US UK US EC 14 15 January Thursday India Wholesale Prices YoY US Initial Jobless Claims US Continuing Claims Infosys.8 53.0% -- Company United Spirits HDFC Colgate HT Media Bharti Infratel Kajaria Ceramics Chg(%) EBITDA YoY QoQ Q3FY16E -3.1 2. EBITDA = PPP for Banks and NBFC Recent Releases Date Report 25 Jan 2016 Result Update – Idea Cellular 25 Jan 2016 Result Update – Gati 25 Jan 2016 Result Services – ITC 22 Jan 2016 Result Update – KPIT Technologies 22 Jan 2016 Result Update – Essel Propack 0063 ICICI Securities Ltd.6 4.3 103.2 .8 9.8 82.1% 2.3 65.4 4. Asian Paints Rallis India.9 314. | Retail Equity Research Revenue Q3FY16E 2.3% 72277.035.4% 0.HEG 02 Monday 13 EC Industrial Prod WDA YoY Karur Vyasa Bank Everest Industries 0 0 0 0 0 0 0 February GSK Consumer Healthcare 0 0 0 0 Tuesday HCL Technologies Greenply Industries Reliance Industries Ltd 0 0 January Tech Mahindra.1 620.0 54.0 2.5 40.8 3. IDFC. Wabco Yes Bank.4 -7.6 -0.3% 0.9 1. Airtel.4 236.8 3.053. Reliance Cap Biocon. Oberoi Realty Thursday 16 January February Saturday 0 0 0 0 0 Q3FY16E Result Preview Period Dec Dec Jan P Jan P Dec Dec 27-Jan 27-Jan 23-Jan 16-Jan 4Q A 4Q A Jan A Expected ------0. Maruti Friday Indian Hotels.537.078.2 26. Hindustan Zinc Essel Propack. Mahindra Lifespace Jyothy Laboratories Emami.2 11. Cadila PTC India 0 February 23 Friday V-Guard Industries.

FII activity. Scroller. volatility & open interest positions of securities. Frequency Time frame Avg. market indicators. Also. Detailed Company Report Fundamental report understanding the business model and future prospects of the company & valuations. Based on short-term technical trends and stock specific news/news expectations. economic indicators. iClick-2-Gain . midcap and diversified Features high dividend yielding stocks for assured returns on investment Trading Page iCLICK-2-GAIN Trading Page iCLICK-2-GAIN Trading Page iCLICK-2-GAIN iClick-2-Gain Weekly 1-7 days 5% Research page-We Recommend. Equity Model Portfolio High Dividend Yield Stocks A portfolio based on your risk appetite: large cap. technical & other factors governing movements in stocks. technical view. Trading opportunities in futures & options segment based on data analysis. Trading Page. Trading Page Weekly 1-7 days 4 – 5% Research page-We Recommend. currencies and commodities. Trading Page Daily 1 – 2 Days 1 . Heavyweights OI analysis along with statistical inputs. overall market trend. iCLICK-2-GAIN & iClick-2-Invest Fortnightly Monthly When published Quarterly 3 months > 1 year 15 – 20% > 20% & above Trading Page. Trading Page Pre-market open – Daily 1 Day 2-3 % Research page-We Recommend. Trading Page Monthly 30 days - Trading Page Monthly 30 days - Trading Page Monthly 30 days 10% Research page-We Recommend. Returns objective Location on ICICIdirect. market trends. Based on short-term technical trends and stock specific news/news expectations. Medium & Long term recommendations Tecno Funda On basis of Technical and Fundamental whenever opportunity occurs we give these Pick/Technical calls Deliver Call Positional Derivatives Stocks on the move Identifying Out-performers/Under-performers vis a vis index along with positional recommendation on Stocks/Nifty. Trading strategy for a day in the futures & options segment based on news events. iCLICK-2-GAIN Research page-We Recommend. Trading outlook for a month based on medium-term technical trends considering key technical indicators & statistical information. Nifty outlook for the month based on F&O data. Trading PageScroller & iCLICK-2-GAIN Pre-market open – Daily 1 Day 2-3 % Research page-We Recommend. major headlines. iClick-2-Invest Not regularly recommended 3 months 20% Trading Page.2% Daily 1 Days 1 . iClick-2-Gain Research page-We Recommend. Trading Page. derivatives statistics. iCLICK-2-GAIN Research page-We Recommend.2% Intraday Recommendation BTST Calls Margin Calls Derivative Calls Based on short-term technical trends and stock specific news/news expectations. domestic & global events. Features four stocks & Nifty view with a trading outlook for the day based on shortterm technical trends considering key technical indicators & statistical information.Research Product Basket Research Perspective Product Pre-market view & Recommendation Opening Bell Daily Calls Daily Derivative Daily comprehensive snapshot containing information & in-depth analysis of Indian & US markets.com Pre-market open – Daily 1 Day - Market Page. commodities. iCLICK-2-GAIN & iClick-2-Invest Research page-We Recommend. Covers stocks. iCLICK-2-GAIN & iClick-2-Invest Weekly 1-7 days 4 – 5% Research page-We Recommend. which are likely to show significant upward movement in the next 15 days due to change in trader sentiment. Trading Page. Trading Page. Provides simplified derivative strategies such as spreads and covered calls Derivative Strategies Weekly & Monthly recommendations Weekly Calls Weekly Technicals Weekly Derivatives Market Trends Global Derivatives Monthly Technical’s Technical trends for a week considering key technical indicators & statistical information Features stocks with a trading outlook for a week based on short-term technical trends considering key technical indicators & statistical information. elaborating the likely impact on the Indian bourses.2% Daily 1 – 2 Days 1 . Derivatives outlook on global equity indices.

MIDC Andheri (East) Mumbai – 400 093 research@icicidirect. Akruti Trade Centre.com ICICI Securities Ltd. ICICI Securities Limited.com .com Research Desk. | Retail Equity Research pankaj. 1st Floor.Pankaj Pandey Head – Research ICICIdirect.pandey@icicisecurities. Road No 7.

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