E

NLI
GHT
ENY
OURI
NVE
STME
NTWI
TH
AX
ISSE
CUR
ITI
ESTE
CHN
ICA
L
MUHU
RATP
ICKS

Baj
ajAuto Col
gate-
Pal
moli
ve Di
visLaborat
ores I
i CICIBank ICICIPruden alLi
fe MahanagarGas Mi
ndaI
ndus
tri
es T
echMahi
ndr
a
Bi
oconL
td.
Ltd. (
Indi
a)L
td. Ltd. Ltd. Ins
uranceCompanyL td. Ltd. L
td Lt
d.

©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
Di
wal
iSeDi
wal
iTak-Axi
sDi
rec
tV/SNi
ft
y

Axi
sDi
rec
tRet
urns Ni
ft
yRet
urns

30%

25%
25%

21.
00%
20%

16.
00%
15%

10% 8.
3%
5.
6%
5%
2.
0%

0%

MuhuratPi
cks MuhuratPi
cks MuhuratPi
cks
2016 2017 2018
Ourr
ecommendedPor
tf
oli
oofs
tocksf
orDi
wal
ii
npr
evi
ousyear
shasgi
venr
et nsof25% i
ur n2018-
19,2%
i
n2017-
18and21% i
n2016-
17.Wher
eas
,Ni
ft
yhasgi
venr
et nsof8% i
ur n2018-
19,5.
63% i
n2017-
18and
16% i
n2016-
17
T
echni
cal
stocksr
ecommendedlastDiwal
i(Samvat2076–T
ATAGL OBAL,BAT
AINDI
A,Guj
aratF
luorochemi
cal
s,ESCORTS,Adit
yaBi
rl
aFas
hion&Ret
ail
,
DRREDDY,I
CICIBANK,INF
OSYSallt
hestocksreachedt
othementi
onedtargetanddel
ivered25% r
etur
n.

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
Muhar
atPi
cksSamvat2076

Col
gate-
Palmol
ive
We have sel
ect
ed f
ew st
ocks f
orbuyi
ng t
his Di
wal
i Baj
ajAut
oLt
d. Bi
oconLt
d.
(I
ndia)Lt
d.

2019whi
ch haveseen abr
eakout
/good accumul
ati
on CMP:Rs.3,
022 CMP:Rs.259 CMP:Rs.
1,525
Ac
cumul
atedBuyRange Ac
cumul
atedBuyRange Ac
cumul
atedBuyRange
i
ntheshor
ttomedi
um t
erm.TheseLar
gecap/
Midcap Rs.3000-Rs.2860 Rs.248-Rs.235 Rs.1,
480-Rs.1,
400
st
ockshaveper
for
medi
nli
newi
thmar
ket
,overt
hel
astone
yearandar
etr
adi
ngabovet
hei
rbr
eakoutl
evel
sornear 19% 21% 20%
t
hei
rmaj
orsuppor
tlevel
s. Tar :Rs.3475
get Tar :Rs.
get 292.
5 Tar :Rs.
get 1,725

We advi
se t
o buy t
he st
ocks i
nthe r
ecommended Di
visLabor
ator
iesLt
d. I
CICIBankLt
d.
I
CICIPrudent
ialLi
fe
I
nsuranceCompanyLt d.
"
Accumul
ati
onRange"t
ohel
pcovert
hedownsi
der
iskof
CMP:Rs.
1,721 CMP:Rs.
435 CMP:Rs.
465
cor
rect
ioni
nthemar
ket
,overt
heneart
erm orshor
tter
m. Ac
cumul
atedBuyRange Ac
cumul
atedBuyRange Ac
cumul
atedBuyRange
Rs.1,
680-Rs.1,
600 Rs.425-Rs.405 Rs.460-Rs.435
Webel
i
evet
hati
nvest
orswi
l
lgett
heoppor
tuni
tyt
obuyand
accumul
atet
he r
ecommended st
ocks i
nthe ment
ioned
17% 19% 20%
r
angef
orapot
ent
ialupsi
deof17% -
21%.
Tar :Rs.
get 1,915 Tar :Rs.495
get Tar :Rs.
get 537.
5

MahanagarGasLt
d. Mi
ndaI
ndust
riesLt
d. TechMahi
ndr
aLt
d.

CMP:Rs.
979 CMP:Rs.
354 CMP:Rs.
728
Ac
cumul
atedBuyRange Ac
cumul
atedBuyRange Ac
cumul
atedBuyRange
Rs.950-Rs.900 Rs.345-Rs.325 Rs.720-Rs.680

19% 21% 21%

Tar :Rs.
get 1,105 Tar :Rs.405
get Tar :Rs.
get 845

*
CMPason16t
hOc
t2019
TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
Baj
ajAut
oLt
d.

Buy
CMP: Rs
.3,
022 Rs
.3,
000-
2,860 T
arget
: Rs
.3,
400-
3,550 Ups
ide: 16-
21%
Range:

Stockpri
ce hasrever
sed f
rom i
tsthreeyearsmulpl es
upportzone of
2460-2480level
sonmont hl
ycharti
ndica ngst
rengt
hinmedium t
olong
Mont
hlyChar
t
term.

Ont heweekl yc hartstoc

kpricehasf or
med“ DoubleBo om”pa er n-a
shortter
mr ever
s alpa ernandc ur
rentl
yitistakings
upportatneckli
ne
l
evels.
Onweekl yc har
t,St
ockissust
aini
ngaboveits50% Fi
b.Ret
racement
supportzone.

Themonthl
yMACD hast urnedposiveandthestr
engt
hindic
atorRSIand
themomentum indic
atorStochas cbot
hareinposiveter
ri
toryinal
lthe
meframes-daily
,weekly,mont hl
yandquart
erl
ywhichsupport
sups i
de
momentum t
oc on nueinshor tt
omedium t
erm.

Stocki
swellpl
acedabovei
ts50,100and200da
ySMAwhi
chs
uppor
ts
bull
i
shsen ment
sahead.

Thiss
tockistr
endingupwardswhichshowsbull
i
shnes
sandonec
anent
er
thest
ockincorrec vemovesat3000-
2860level
s

Thiss
tockist
rendinginbull
is
hz one,howeversuppor
tlevel
sof2450-
2400
arecr
ic al
,br
eakingdownoft heselevel
scanc aus
eweaknessi
nt hes
toc
ks
andstoc
kswillnegat
et hebull
is
hs en ments.

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
Bi
oconL
td.

Buy
CMP: Rs
.259 Rs
.248-235 T
arget
: Rs
.285-
300 Ups
ide: 18-
24%
Range:

Ont hemont hl
yc har
t,thestockpri
cehasturnar
oundfrom i
tstwoyear
s
mulples upportzoneof210- 215level
swhic
hal s
ocoinci
deswithit
s50
Mont
hlyChar
t
per
cent“Fibonacc
iRetracement”l
evel
sofit
sprevi
ousr
ally(
70-360)
.

St
ockpri
cehasbr
okenits23weeks“
Downs l
opi
ngchannel
”onweekl
ychar
t
wit
hhugevolumespur
twhichshowsinc
reas
edbuyers’
int
eres
t

Thestr
engthi
ndicat
orRSIandthemoment um i
ndicatorStoc
has cbothare
i
npos iveter
rit
oryinal
lthe mef r
ames-daily
, weeklyandmonthlywhic
h
suppor
tsupsi
demoment um t
oc on nuei
ns horttomedium ter
m.

Stoc
kiswellpl
acedabovei
ts50and100da
ySMAwhi
chs
uppor
tsbul
l
ish
sen ment
sahead.

Thiss
tockistr
endingupwardswhichshowsbul
li
shnes
sandonec
anent
er
thest
ockincorrec vemovesat248-235l
evel
s

Thi
ss t
ockistrendi
nginbul
li
shzone,
howeversuppor
tlevel
sof215-210are
cr
ic al
,breaki
ngdownoft hesel
evel
scancaus
eweaknes si
nthestocksand
st
ockswillnegatethebul
li
shsen ment
s.

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
Col
gat
e-Pal
mol
ive(
Indi
a)L
td.

Buy
CMP: Rs
.1,
525 Rs
.1,
480-1,
400 T
arget
: Rs
.1,
680-
1,770 Ups
ide: 17-
23%
Range:

On t he quarterl
yc hartstock pri
ce has deci
si
vel
y broken out its
consoli
da onrangeof950-1300level
sandsust
aini
ngabovethesame.This
Quar
ter
lyChar
t
breakout i
s ac c
ompanied wit
h high vol
umes whichs uppor
ts bull
i
sh
sen mentsahead.

The monthly and quarter

ly MACD hast urned posive whic
hi ndi
cates
posive bias
.The s trengthindi
catorRSIand t he momentum indic
ator
Stoc
has cbot hareinpos iveter
rit
oryinallthe meframes-dail
y,weekl
y,
monthl
yandquar terl
ywhi chsupportsupsidemoment um tocon nuei n
shor
ttomedi um term.

Stocki
swellpl
acedabovei
ts50,100and200da
ySMAwhi
chs
uppor
ts
bull
i
shsen ment
sahead.

Thiss
tockistr
endingupwardswhichshowsbull
i
shnes
sandonec
anent
er
thest
ockincorrec vemovesat1480-
1400level
s

Thiss
tockist
rendinginbull
is
hz one,howeversuppor
tlevel
sof1100-
1080
arecr
ic al
,br
eakingdownoft heselevel
scanc aus
eweaknessi
nt hes
toc
ks
andstoc
kswillnegat
et hebull
is
hs en ments.

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
Di
visL
abor
ator
iesL
td.

Buy
CMP: Rs
.1,
721 Rs
.1,
680-1,
600 T
arget
: Rs
.1,
880-
1,950 Ups
ide: 15-
19%
Range:

On t he mont hl
ycharts t
ock pri
ce hasgi ven “
Mul- yearBreakout”by
breaking t
he mul- yearresist
ancelevelsof1360- 1380 and sust
aini
ng
Mont
hlyChar
t
abovet hes ame.Thisbreakoutisaccompani edwit
hhighvolumeswhi ch
suppor t
sbulli
shsen mentsahead.Itals
of ormedroundingbo om pa ern
onmont hl
yc har
twhichi
ndicatesposivebi as.

Thestoc
kpr i
ceistr
endi
ngupf or
mingas eri
esofhigherTopandhi gher
Bo om for
ma on on monthl
y,quart
erl
y and year
lychar
tr epresen ng
sus
tai
neduptrendaswel
lbull
i
shsen mentsonmedium tol
ongt ermcharts

Themont hlyandquarterl
yMACD i sinposivet er
ri
torywhichindi
cates
posive bias.The st
rengthindi
catorRSIand the momentum indic
ator
Stoc
has cbot har
einpos iveter
rit
oryinal
lthe mef r
ames-dai
ly
, weekl
y,
monthl
yandquar t
erl
ywhi chsupportsups
idemoment um tocon nuei n
shor
ttomedi um t
erm.

Stocki
swellpl
acedabovei
ts50,100and200da
ySMAwhi
chs
uppor
ts
bull
i
shsen ment
sahead.

Thiss
tockistr
endingupwardswhichshowsbull
i
shnes
sandonec
anent
er
thest
ockincorrec vemovesat1680-
1600level
s

Thiss
tockist
rendinginbull
is
hz one,howeversuppor
tlevel
sof1590-
1570
arecr
ic al
,br
eakingdownoft heselevel
scanc aus
eweaknessi
nt hes
toc
ks
andstoc
kswillnegat
et hebull
is
hs en ments.

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
I
CICIBankL
td.

Buy
CMP: Rs
.435 Rs
.425-405 T
arget
: Rs
.480-
510 Ups
ide: 16-
23%
Range:

Onthemonthl
ychartt
hest
ockpr
iceismovi
ngi
nan“Up-s
lopi
ngChannel
”
whi
chindi
cat
esposivebi
asandst
rengt
hinmedi
um t
olongter
m.
Mont
hlyChar
t

Thes t
ocki
strendi
ngupf or
mingaseri
esofhigherTopandhigherBo om
forma ononmont hl
y,quar
ter
lyandyear
lychartr
epresen ngsust
ainedup
trendaswel
lbull
is
hs en ment
sonlongtermc har
ts

Themonthl
yMACD andst
rengt
hindic
atorRSIbot
har
einpos
ive
ter
ri
tor
ywhichi
ndi
cat
esposivebias
.

Stocki
swellpl
acedaboveit
s50,100and200da
ySMAwhi
chs
uppor
ts
bull
i
shsen mentsahead.

Thiss
toc
kistr
endingupwardswhi
chshowsbull
is
hnes
sandonec
anent
er
thest
ockinc
orrec vemovesat425-
405level
s

Thi
sstockistrendinginbull
ishzone,howevers
uppor
tlevel
sof380-370
ar
ec r
ical,breakingdownoft heselevel
scancaus
eweaknessinthe
st
ocksands t
oc kswillnegat
ethebulli
shsen ment
s.

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
I
CICIPr
udent
ialL
if
eIns
uranc
eCompanyL
td.

Buy
CMP: Rs
.465 Rs
.460-435 T
arget
: Rs
.525-
550 Ups
ide: 17-
22%
Range:

Ont hequar ter

lychartst
oc kpr icehasdec i
sivel
ybrokenoutit
smulpl e
resi
stancezoneof440- 450 l evelsand sustaini
ngabovethes ame.This
Mont
hlyChar
t
breakout is accompani
ed wi th high volumes whichs uppor
t s bul
l
ish
sen ment sahead.Onmont hlyc hart
,“V”shapedpa ernisobser
vedwhi ch
i
ndicatesstr
engthinnearterm.

The quart
erl
y and monthly MACD,s tr
engt
hi ndicat
or RSI and t
he
momentum indi
cat
or St
oc has c bot
h ar
ei n posive terr
it
ory whi
ch
suppor
tsupsi
demomentum tocon nueinmedi
um term.

Stocki
swellpl
acedabovei
ts50,100and200da
ySMAwhi
chs
uppor
ts
bull
i
shsen ment
sahead.

Thiss
tockistr
endingupwardswhichshowsbul
li
shnes
sandonec
anent
er
thest
ockincorrec vemovesat460-435l
evel
s

Thi
ss t
ockistrendi
nginbul
li
shzone,
howeversuppor
tlevel
sof410-400are
cr
ic al
,breaki
ngdownoft hesel
evel
scancaus
eweaknes si
nthestocksand
st
ockswillnegatethebul
li
shsen ment
s.

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
MahanagarGasL
td.

Buy
CMP: Rs
.979 Rs
.950-900 T
arget
: Rs
.1080-
1130 Ups
ide: 17-
22%
Range:

Stoc
k pri
ce hasrever
sed f
rom i t
stwo year
smulplesuppor
tz one of
720-740level
sonmont hl
yc har
t.Sept2019quar
ters
howedturnaround
Mont
hlyChar
t
fr
om supportl
evel
swit
hhugevol umes.

Onmonthl
yc hart
,St
ockpri
cehastak
ensupportandtur
nar
oundf
rom i
ts
38.
2% Fi
b.Retrac
ements
uppor
tzoneofpr
eviousral
l
y.

Themonthlys
trengt
hindic
atorRSIandthemoment
um i
ndicat
orSt
ochas c
bot
hareinposiveterr
ainwhichsuppor
tsups
idemomentum t
ocon nuei
n
medium t
erm.

Stocki
swellpl
acedabovei
ts50,100and200da
ySMAwhi
chs
uppor
ts
bull
i
shsen ment
sahead.

Thiss
tockistr
endingupwardswhichshowsbul
li
shnes
sandonec
anent
er
thest
ockincorrec vemovesat950-900l
evel
s

Thi
ss t
ockistrendi
nginbul
li
shzone,
howeversuppor
tlevel
sof870-860are
cr
ic al
,breaki
ngdownoft hesel
evel
scancaus
eweaknes si
nthestocksand
st
ockswillnegatethebul
li
shsen ment
s.

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
Mi
ndaI
ndus
tri
esL
td.

Buy
CMP: Rs
.354 Rs
.345-325 T
arget
: Rs
.395-
415 Ups
ide: 18-
24%
Range:

Ontheyear
lychar
ts t
ockpri
ceismovi
ngin“Up-sl
opingChannel
”whi
ch
i
ndi
cat
esposivebiasands
trengt
hinmedi
um t
olongterm.
Year
lyChar
t

Thestoc
kpr i
ceistr
endi
ngupf or
mingas eri
esofhigherTopandhi gher
Bo om for
ma on on monthl
y,quart
erl
y and year
lychar
tr epresen ng
sus
tai
neduptrendaswel
lbull
i
shsen mentsonmedium tol
ongt ermcharts

Thestrengt
hi ndicat
orRSIandthemoment
um indi
catorStochas cbot
har e
i
n posive t erri
toryin al
lthe me fr
ames-daily
,weekl y,monthly and
quart
erlywhichs uppor
tsupsi
demomentum t
oc on nueinshorttomedium
ter
m.

Stocki
swellpl
acedabovei
ts50,100and200da
ySMAwhi
chs
uppor
ts
bull
i
shsen ment
sahead.

Thiss
tockistr
endingupwardswhichshowsbul
li
shnes
sandonec
anent
er
thest
ockincorrec vemovesat345-325l
evel
s

Thi
ss t
ockistrendi
nginbul
li
shzone,
howeversuppor
tlevel
sof280-260are
cr
ic al
,breaki
ngdownoft hesel
evel
scancaus
eweaknes si
nthestocksand
st
ockswillnegatethebul
li
shsen ment
s.

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
T
echMahi
ndr
aLt
d.

Buy
CMP: Rs
.728 Rs
.720-680 T
arget
: Rs
.830-
860 Ups
ide: 19-
23%
Range:

Ont heyearl
ychar
ts t
ockpr i
cehasgi
ven“Mul-yearBreak
out”bybreaking
themul- yearr
esi
stancelevel
sof660-620andsust
aini
ngabovethes ame.
Year
lyChar
t
Thisbreakouti
sac companiedwith hi
ghvol
umeswhi chsupport
sbul l
ish
sen mentsahead.

Ont hemont
hlychar
t,thestoc
khast
urnar
oundf
rom i
tst
woyear
smulpl
e
supportz
oneof600-610level
s.

Stoc
kiswellpl
acedabovei
ts50and100da
ySMAwhi
chs
uppor
tsbul
l
ish
sen ment
sahead.

Thiss
tockistr
endingupwardswhichshowsbul
li
shnes
sandonec
anent
er
thest
ockincorrec vemovesat720-680l
evel
s

Thi
ss t
ockistrendi
nginbul
li
shzone,
howeversuppor
tlevel
sof670-660are
cr
ic al
,breaki
ngdownoft hesel
evel
scancaus
eweaknes si
nthestocksand
st
ockswillnegatethebul
li
shsen ment
s.

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
Di
scl
osur
es
Thef
oll
owi
ngDi
scl
osur
esar
ebei
ngmadei
ncompl
i
ancewi
tht
heSEBIResear
chAnal
ystRegul
ati
ons2014(
her
einaf
terr
efer
redt
oast
heRegul
ati
ons)
.

1.Axi sSecur it
iesLt d.(ASL)i saSEBIRegi st
er edResear chAnal ysthavi ngr egist
rationno.I NH000000297.ASL,t heResear chEnt it
y( RE)asdef i
nedi ntheRegul ati
ons,isengagedi nt hebusinessof
providingSt ockbr okingser vices,Deposi torypar ticipantser vices&di str
ibut i
onofvar iousf inanci alproducts.ASLi sasubsi diarycompanyofAxi sBankLt d.AxisBankLt d.isal istedpubl i
ccompany
andoneofI ndia’slar gestpr i
vatesect orbankandhasi t
svar ioussubsi diariesengagedi nbusi nessesofAssetmanagement ,NBFC,Mer chantBanki ng,Tr usteeship,Vent ureCapital,StockBr oking,the
detail
si nr espectofwhi char eavai labl eonwww. axi sbank.com.
2.ASLi sr egisteredwi ththeSecur it
ies&ExchangeBoar dofI ndi a( SEBI )f orit
sstockbr oking&Deposi torypar t
ici
pantbusi nessact i
viti
esandwi t
ht heAssoci ati
onofMut ualFundsofI ndia(AMFI )for
dist
ributi
onoff inanci alproduct sandal sor egisteredwi t
hI RDAasacor por ateagentf ori nsur ancebusi nessact i
vity.
3.ASLhasnomat er i
aladver sedi sci pli
naryhi storyasont hedat eofpubl icationoft hisr epor t.
4.I/We,aut hor/s( Resear chTeam)andt hename/ ssubscr i
bedt ot hisrepor t,herebycer t
ifyt hatal lofthevi ewsexpr essedi nt hisr esear chr eportaccur at
elyreflectmy/ ourviewsaboutt hesubj ect
i
ssuer (s)orsecur ities.I/We( Resear chAnal yst)alsocer t
if
yt hatnopar tofmy/ ourcompensat i
onwas,i s,orwi llbedi rect
lyori ndi
rectlyr elatedtot hespecificrecommendat i
on(s)orview( s)inthi
sr eport
.
I/weormy/ ourr elativeorASLori tsAssoci at edoesnothaveanyf inanci alinterestint hesubj ectcompany .AlsoI /weormy/ ourrelativeorASLori t
sAssoci atesmayhavebenef i
cialowner shipof1% or
mor eint hesubj ectcompanyatt heendoft hemont himmedi atelypr ecedi ngt hedateofpubl icat i
onoft heResear chRepor t
.Si nceassoci atesof ASLar eengagedi nvar i
ousf inanci
al servicebusinesses,
theymi ghthavef inanci alinterestsorbenef icialowner shipinvar i
ouscompani esincludi ngt hesubj ectcompany/ compani esment i
onedi nt hisreport.I/weormy/ ourrelati
veorASLori t
sassoci atedoes
nothaveanymat er ialconfli
ctofi nter est.I/wehavenotser vedasdi rector/of fi
cer
,et c.i nthesubj ectcompanyi nt helast12- mont hper i
od.
5.ASLori tsAssoci ateshasnotr ecei vedanycompensat ionf rom thesubj ectcompanyi nt hepastt welvemont hs.I/WeorASLori t
sAssoci at
ehasnotbeenengagedi nmar ketmaki ngact i
vit
yf orthe
subjectcompany .
6.Int hel ast12- mont hper iodendi ngont hel astdayoft hemont himmedi atelyprecedi ngt hedat eofpubl i
cationoft hisresear chr epor t
,ASLoranyofi t
sassoci atesmayhave:
i
. Recei vedcompensat i
onf orinvest mentbanki ng,mer chantbanki ngorst ockbr okingser vicesorf oranyot herser vi
cesf rom thesubj ectcompanyoft hisresearchr eportand/or ;
i
i. Managedorco- managedpubl icof fer
ingoft hesecur iti
esf rom thesubj ectcompanyoft hi sresearchr epor tand/or ;
i
ii.Receivedcompensat i
onf orpr oduct sorser vi
cesot herthani nvest mentbanki ng,mer chantbanki ngorst ockbr oki
ngser vicesfrom t hesubj ectcompanyoft hisresear chr eport
;

ASLoranyofi
tsassoci
ateshavenotr
ecei
vedcompensat
ionorot
herbenef
it
sfr
om t
hesubj
ectcompanyoft
hisr
esear
chr
epor
toranyot
hert
hir
d-par
tyi
nconnect
ionwi
tht
hisr
epor
t.

Term&Condi ti
ons:
Thisrepor thasbeenpr epar edbyASLandi smeantforsoleusebyt her eci
pientandnotf orcirculati
on.Ther eportandinformati
oncont ainedher eini
sstrictl
yconfident
ialandmaynotbeal teredinany
way,t r
ansmi ttedto,copiedordi str
ibut
ed,inpar tori
nwhole,t oanyotherpersonort othemedi aorr eproducedinanyf orm,withoutpriorwr i
ttenconsentof ASL.Ther eportisbasedonthefacts,fi
gures
andi nformationt hatareconsi deredtrue,correct,r
eli
abl
eandaccur at
e.Thei ntentofthisr eportisnotr ecommendat oryinnat ure.Thei nformati
onisobt ainedfrom publicl
yavail
ablemediaorot her
sourcesbel ievedt ober el
iable.Suchi nf
ormat i
onhasnotbeeni ndependent l
yver i
fiedandnoguar anty,r
epresentati
onofwar rant
y,expr essorimplied,ismadeast oitsaccuracy
,completenessor
corr
ect ness.Al lsuchinformat i
onandopi nionsaresubjecttochangewi thoutnot i
ce.Ther eportispr eparedsolel
yforinformati
onalpur poseanddoesnotconst it
uteanof ferdocumentorsoli
citat
ionof
off
ert obuyorsel lorsubscribeforsecurit
iesorotherfi
nancialinst
rumentsforthecl i
ents.Thoughdi sseminatedtoallthecustomer ssimultaneously,notall
cust omersmayr eceivethi
srepor
tatt hesame
ti
me.ASLwi llnottreatreci
pi ent
sascust omersbyvi rt
ueoft heirr
ecei
vingthisr eport
.

Nothinginthisr
epor tconsti
tut
esinvest
ment
,legal
,accountingandtaxadviceorarepr
esent
ati
onthatanyinvest
mentorstr
ategyi
ssui
tabl
eorappropr
iat
etothereci
pient
’sspeci
fi
ccir
cumst
ances.The
securit
iesandstrategiesdiscussedandopi
nionsexpressed,ifany
,inthi
sr epor
tmaynotbesuit
ableforalli
nvest
ors,whomustmakethei
rowninvestmentdeci
si
ons,basedont hei
rowninvest
ment
objecti
ves,f
inancialposit
ionsandneedsofspecif
icr
ecipient.

Thi
sr eportmaynotbet akeninsubst i
tuti
onfortheexerciseofindependentjudgmentbyanyr eci
pient.Eachr ecipientofthi
sreportshouldmakesuchi nvest
igati
onsasi tdeemsnecessaryt
oarri
veat
anindependentevaluationofani nvestmentinthesecurit
iesofcompani esreferr
edtoi nthi
sreport(i
ncludingthemer it
sandrisksinvol
ved) ,andshouldconsultit
sownadvi sor
stodeter
minethemeri
ts
andrisksofsuchani nvestment.Cer t
aintransact
ions,i
ncludingthoseinvolvi
ngf ut
ur es,opti
onsandot herderivativesaswel lasnon-investmentgradesecur i
ti
esinvol
vesubstanti
alri
skandarenot
sui
tableforal
linvestors.ASL,itsdirector
s,analystsorempl oyeesdonott akeanyr esponsibi
li
ty
,financialorot herwise,oft
hel ossesort hedamagessust ainedduet otheinvest
mentsmadeorany
act
iontakenonbasi softhisreport,i
ncludi
ngbutnotr est
ri
ctedto,fl
uctuat
ioninthepricesofshar esandbonds,changesi nthecurrencyrates,dimi
nuti
onintheNAVs,r eductioni
nthedivi
dendori
ncome,

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
Di
scl
osur
es
etc.Pastperfor
mancei snotnecessar i
lyagui det
of ut
ureper f
ormance.I nvestor
sar eadvicenecessari
lyagui det ofutureperf
ormance.I nvestorsareadvisedtoseeRi skDisclosureDocumentt o
underst
andt herisksassociat
edbef oreinvesti
nginthesecur i
ti
esmar kets.Actualresul
tsmaydiff
ermat eri
all
yf rom t
hosesetf ort
hi nproj
ections.Forward-
looki
ngstatementsarenotpr edi
cti
onsand
maybesubj ecttochangewi t
houtnotice.
ASLandi tsaffi
l
iatedcompani es,thei
rdirector
sandempl oyeesmay;( a)from timetot i
me,havelongorshor tpositi
on(s)in,andbuyorsel lthesecuriti
esofthecompany(ies)ment i
onedhereinor(b)
beengagedi nanyot hertransacti
oninvol vi
ngsuchsecurit
iesorear nbrokerageorot hercompensati
onoractasamar ketmakerint hefi
nancialinst
rumentsofthecompany( i
es)discussedherei
nor
actasanadvi sororinvestmentbanker ,lender/
bor
rowertosuchcompany( i
es)ormayhaveanyot herpotentialconfl
ictofint
erestswithrespecttoanyr ecommendationandot herrelat
edinf
ormati
on
andopinions.Eachoftheseent i
ti
esfunctionsasaseparate,dist
inctandindependentofeachot her.Therecipientshouldtakethisintoaccountbeforeinter
pret
ingt
hisdocument .

ASLand/oritsaff
il
iat
esdoandseekt odobusi
nessincl
udinginvestmentbanki ngwi
thcompani
escoveredinit
sresear
chreport
s.Asaresul
t,t
hereci
pientsoft
hisreportshoul
dbeawar et
hatASLmay
haveapotenti
alconfl
ictofi
nter
estt
hatmayaffectt
heobjecti
vit
yoft hi
sr eport
.Compensati
onofResearchAnalyst
sisnotbasedonanyspecifi
cmerchantbanking,investmentbanki
ngorbroker
age
servi
cet
ransact
ions.ASLmayhavei ssuedot
herrepor
tsthatareinconsistentwit
handreachdi
ff
erentconcl
usi
onf r
om t
heinf
ormati
onpresent
edinthi
sr epor
t.

Neitherthisrepor
tnoranycopyofi tmaybet akenort ransmittedint
otheUni t
edSt ate(toU. S.Per sons),Canada,orJapanordist
ri
but
ed,di r
ectl
yorindir
ectly
,intheUnitedStatesorCanadaor
dist
ribut
edorr edi
stri
but
edinJapanort oanyresidentthereof.Ifthi
sreporti
si nadvertent
lysentorhasr eachedanyindivi
duali
nsuchcountr
y,especial
l
y,USA,t hesamemaybei gnoredandbrought
totheat tent
ionofthesender.Thisreporti
snotdi r
ectedori ntendedfordistr
ibuti
ont o,oruseby ,anyper sonorenti
tywhoi saci
ti
zenorresidentoforlocat
edi nanylocal
i
ty,st
ate,count
ryorother
j
ur i
sdict
ion,wheresuchdist
ribut
ion,publi
cat
ion,avail
abil
ityorusewoul dbecont rar
yt olaw,regulat
ionorwhi chwouldsubjectASLtoanyregi
strat
ionorli
censingrequi
rementwit
hinsuchjuri
sdi
cti
on.
Thesecur i
ti
esdescri
bedhereinmayormaynotbeel i
gibleforsal einal
ljuri
sdicti
onsort ocertai
ncat egoryofinvest
ors.

TheDiscl
osur
esofInt
erestStat
ementi
ncorporatedinthisdocumentispr
ovidedsol
elyt
oenhancethetr
anspar
encyandshoul
dnotbetreatedasendorsementoft
heviewsexpressedint
hereport
.The
Companyreservest
herightt
omakemodi f
icati
onsandal ternati
onst
othi
sdocumentasmayber equi
redfr
om t
imetoti
mewi t
houtanypri
ornoti
ce.Theviewsexpr
essedarethoseoftheanal
yst(
s)and
t
heCompanymayormaynotsubscr i
betoal lt
hevi ewsexpr essedt
her
ein.
Copyr
ighti
nthi
sdocumentvestswit
hAxisSecur it
iesLimited.

Axi
sSecurit
iesLimi
ted,Cor
porat
eof f
ice:Uni
tNo.2,Phoeni
xMarketCi
ty,15,LBSRoad,NearKamaniJuncti
on,Kur
la(west
),Mumbai
-400070,TelNo.–18002100808/022-
61480808,Regd.of
f.
-Axis
House,8t
hFl oor
,WadiaInt
ernat
ionalCentr
e,Pandur
angBudhkarMarg,Wor l
i,Mumbai–400025.Compli
anceOffi
cer
:AnandShaha,Email:compli
ance.
off
icer
@axisdir
ect
.i
n,TelNo:022-
42671582.
SEBI-Por
tf
oli
oManagerReg.No.I NP000000654

Sr
.No Name Desi
gnat
ion E-
mai
l

1 Raj
eshPal
viya Techni
cal&Der
ivat
iveAnal
yst-(
Head) r
ajesh.
pal
viya@axi
ssecur
iti
es.
in

2 Vai
shnaviJagt
ap Techni
calAnal
yst vai
shnavi
.j
agt
ap@axi
ssecur
iti
es.
in

3 Anki
tKhandel
wal Techni
calAnal
yst anki
t,
.khandel
wal
@axi
ssecur
iti
es.
in

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n
 Formor
eupdat
e,f
oll
owuson

F
ace
book Y
out
ube

T
wit
t
er L
ink
edi
n

Formor
edet
ail
s: Vi
si
t:www.
axi
sdi
rec
t.
in E
mai
l
:he
lpde
sk@ax
isdi
rec
t.
in Phone:022-
40508080/61480808

TOP ©Axi
sSecur
it
iesLi
mit
ed.2019|www.
axi
sdi
rect
.i
n