Momentum Picks

MOMENTUM PICK
New recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
14-Sep-17 NIFTY NIFTY Buy 10065-10075 10125.00 10,045.00 Intraday Gladiator Stocks
14-Sep-17 Bank of India BANIND Buy 149.50-150.00 151.30/152.80 148.30 Intraday
14-Sep-17 Apollo Hospital APOHOS Sell 1076.00-1078.00 1067.20/1057.00 1,087.10 Intraday
Scrip Action
Reliance Inds Buy
Open recommendations
Reliance Defence Buy
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
Shoppers Stop Buy
28-Aug-17 Ambuja Cement AMBCE Buy 275.00-280.00 308.00 262.00 30 days
Duration: 6 Months
7-Sep-17 EID Parry EIDPAR Buy 330.00-336.00 365.00 312.00 30 days
8-Sep-17 DCW Limited DCW Buy 38.00-40.00 46.70 34.50 30 days Click here to know more
11-Sep-17 Tamil Nadu Newsprint & Papers TAMNEW Buy 347-352 380.00 333.00 7 Days
11-Sep-17 Nilkamal NILLIM Buy 1560-1570 1720.00 1,490.00 7 Days
Intraday recommendations are for current month futures. Positional recommendations are in Cash segment
Stocks on the move

ICICI Securities Retail Equity Research

Scrip Action
Sunteck Realty Buy
MRPL Buy
Bharti Airtel Buy
Duration: 3 Months
Click here to know more

September 14, 2017

Research Analysts
Dharmesh Shah Nitin Kunte, CMT
dharmesh.shah@icicisecurities.com nitin.kunte@icicisecurities.com

Pabitro Mukherjee Vinayak Parmar Dipesh Dagha

pabitro.mukherjee@icicisecurities.com vinayak.parmar@icicisecurities.com dipesh.dagha@icicisecurities.com
 NSE Nifty (10079)
Technical Outlook NSE Nifty Daily Candlestick Chart Domestic Indices

Equity benchmarks ended flat after trimming initial gains amid Open High Low Close Indices Close Change Change%

PICK
profit booking after approaching recent life-time highs. The Sensex 10099.25 10131.95 10063.15 10079.30

MOMENTUMPICK
10137 S&P BSE Sensex 32186.41 27.75 0.09
was up 27 points to 32186 while the Nifty was down by 13 points
to 10079. Broader markets also witnessed profit booking at life-time Nifty 50 10079.30 -13.75 -0.14
highs as BSE midcap, small cap indices shed ~0.60% each. Nifty 50 future 10091.45 -16.45 -0.16

MOMENTUM
The price action resulted in a high wave candle with small real S&PBSE 500 14038.26 -37.22 -0.26
body and shadows in either direction highlighting intraday volatility S&PBSE Midcap 15926.70 -110.39 -0.69
and indecisiveness upon approaching close to the recent life-time
high of 10137 and upper band of short-term rising channel drawn S&PBSE Smallcap 16519.56 -98.28 -0.59
off August 2017 lows. It, however, maintained a higher high-low SGX Nifty 10095.00 -12.00 -0.12
compared to previous session. Only a follow through close below * SGX Nifty at 7:30 am
the candle (10063) will signal a pause in momentum and lead to a
round of consolidation in coming sessions. Holding the low will 9709
Nifty Technical Picture
keep positive options open for challenging life-time high of 10137.
Intraday Short term
The Nifty has behaved precisely in line with our expectations and
9685
approached the recent life-time high of 10137 after concluding the Trend
healthy base formation above its major value area of 9800 region.
Time wise, the current pullback off August 2017 low of 9685 has Support 10060-10030 9900
occurred at a slower pace as the index has taken 21 sessions to Resistance 10105-10137 10150

ICICI Securities Retail Equity Research

retrace the preceding eight session fall (10137 to 9685). The slower 50 day EMA
pace of current up move and placement of short term stochastic in 20 day EMA 9943
overbought zone with reading of 87, warrants a round of 9448
200 day EMA 9307
consolidation near life-time highs over the coming sessions. Going
forward, we expect the index to oscillate between the range of
9900 and 10137 over coming sessions while focus will be on stock
specific action. As the overall trend remains positive, we believe
any intermediate cool off from current levels should be used as Nifty Futures Intraday Strategy
incremental buying opportunity.
The key highlight during the recent base formation and subsequent Action Buy
up move is the strong performance of broader markets vis--vis
benchmarks. The NSE midcap and small cap indices have scaled Stochastic has approached overbought threshold with reading of 87 Price Range 10065-10075
new life-time highs well ahead of the benchmark, clearly
highlighting strength across a larger section of the market Target 10125
We have revised the immediate support base for the index upward
to 9850-9900 zone as it is the confluence of the following: Stop loss 10045
Lower band of expanding channel is placed near 9900 region
Rising 50 day EMA is currently placed at 9860
Previous weeks consolidation area is also placed around 9850
Among oscillators, the short-term stochastic has approached
overbought threshold with a reading of 87 and warrants a round of
Source: Bloomberg, ICICI Direct.com Research
consolidation over the coming sessions.
September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 2
 Nifty Bank Future (24821)
Technical Outlook Nifty Bank Index Daily Candlestick Chart Nifty Bank Futures
Nifty Bank futures gained for a fifth consecutive session to end at a Indices Close Change change%
Open High Low Close

MOMENTUM PICK
highest level in over one month. Near month Nifty Bank futures 25260
24780.35 24937.00 24734.50 24821.85 Nifty Bank 24821.85 39.10 0.16
ended at 24821, up by 39 points or 0.2% for the session.

The Nifty Bank index opened on a flat note and then traded in a
narrow range in the initial trade. The index gained momentum as
the session progressed and formed an intraday high of 24937 in the
second half of trade. Profit booking in the last hour of trade saw the Nifty Bank Technical Picture
index giving up most of its intraday gains and ending at 24821.
Nifty PSU bank index ended up 0.4% whereas the Nifty private Intraday Short term
bank index closed marginally higher by 0.1%. 23882 Trend
The price action formed a high wave candle with a small real body Support 24730-24650 24200
and shadows in either direction. The index maintained a higher and
higher low compared to previous session indicating continuance of Resistance 24940-25000 25100
the positive trend. Earlier in the week, the index registered a 23007 20 day EMA 24447
breakout above the last four weeks trading range of 24500-23900
indicating resumption of up move. Mondays bullish gap area of 200 day EMA 22202
24375-24461 will act as immediate support for the index.

ICICI Securities Retail Equity Research

The breakout above the upper band of the recent consolidation has
open upside towards 25100 in the short-term as it is the confluence 50 day EMA
of the recent high of August 7, 2017 (25061) and 80% retracement Nifty Bank vs. Nifty
of the previous decline from 25260 to 23882 around 25100.

We have now raised the short-term support base for the index 10500 25700
upwards to the 24200-24300 region based on the following 24500
observations: The short-term stochastic placed at an overbought territory 10000
which may lead to increased volatility in coming sessions 23300
The 50 days EMA, which has acted as strong support for the 9500 22100
index in the entire CY17 up move is currently at 24160
20900
The previous week consolidation area is placed around 24200 9000
19700
The rising trend line support joining lows of June 2017 (23007)
8500 18500
and August 2017 (23882) is currently placed at 24200 levels

8-Aug

14-Sep
21-Jul

28-Aug
26-Apr
15-May
31-May

5-Jul
16-Jun
Among oscillators, the short-term stochastic continues to remain in
uptrend. However, it is currently placed at an overbought territory
with a reading of 89 after the last five consecutive sessions up Bank Nifty (RHS) NSE (LHS)
move, which may lead to increased volatility in coming sessions.

Source: Bloomberg, ICICI Direct.com Research

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 3

Stock Picks
Duration: Intraday

Bank of India (BANIND) Daily Candlestick Chart Technical Observations

MOMENTUM PICK
CMP 149.8
Short term range breakout signaling further upsides in
coming sessions Action Buy

Short term range breakout after

Rationale basing formation at 200 day
EMA & RSI in rising trajectory

Initiation
200 Days EMA 149.50-150.00
Range

14 periods RSI in rising trajectory suggest bullish bias Target 151.30/152.80

Stop Loss 148.30

ICICI Securities Retail Equity Research

Apollo Hospitals (APOHOS) Daily Candlestick Chart Technical Observations

CMP 1074.35
Bearish Flag breakdown signals further
downsides in coming sessions
Action Sell

Bearish flag breakdown &

Rationale
bearish crossover in RSI

Initiation
1076.00-1078.00
14 periods RSI generated bearish crossover suggest negative bias Range
Target 1067.20/1057.00

Stop Loss 1087.10

Source: Bloomberg, ICICI Direct.com Research

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 4

 Market Activity Report
Global Currency, Commodities and Bold Yield performance Global Equity Market Performance
1 Day % 5 Day % 1 Month % 3 Months %
Value

MOMENTUM PICK
UK 0.3
Change Change Change Change -0.3
China 0.0 0.5
Currency
Hong Kong -0.2 1.1
USD INR 64.00 0.07 0.17 0.20 0.54 US 1.6
0.2
India 1.7
EURO USD 1.19 -0.11 -1.26 0.78 5.83 0.1
France 2.3
0.2
GBP USD 1.32 -0.06 0.78 1.84 3.54 Japan 0.1
2.6
Germany 2.8
0.2
JPY 110.73 -0.22 -2.06 -0.99 -1.04
Brazil 3.7
0.3
Swiss Franc 0.97 -0.11 -1.51 0.70 0.61 -1.0 0.0 1.0 2.0 3.0 4.0
% Change
Dollar Index 92.46 -0.06 0.87 -1.01 -4.62 5 Day Change 1 Day Change

Commodities

ICICI Securities Retail Equity Research

Advance Decline
Gold 1,319.6 -0.28 -2.20 2.92 4.66
13-Sep-17
Brent 55.1 -0.20 1.03 8.52 17.13 2500
2000
Copper 6,511.3 -1.75 -5.30 2.01 14.52 5-Sep-17 12-Sep-17
1500
1000
Silver 17.7 -0.26 -2.19 3.79 4.91
Advances 500
Yield (%) bps Change 0
Declines
6-Sep-17 11-Sep-17
India 10 Year Bond 6.6 0.19 6.99 6.61 11.25

US 2.2 0.00 14.95 -3.02 6.27

7-Sep-17 8-Sep-17
EURO 0.4 0.05 5.42 -0.47 17.45

Japan 0.0 0.90 2.50 -2.20 -3.40

Source: Bloomberg, ICICI Direct.com Research

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 5

 Market Activity Report
Sectoral Indices Performance FII and DII activity
1 Day % 5 Day % 1 Month % 3 Months %
Index Value

MOMENTUM PICK
Change Change Change Change FII
Sensex 32,186 0.09 1.66 2.34 3.31 45,000 44,182 303
Nifty 10,079 -0.14 1.64 2.91 4.79 44,000 127 416
1,233
43,000
BSE Auto 24,373 -0.36 1.55 3.25 0.68 827

Rs Crore
42,000 41,278
Bankex 27,950 0.17 1.89 2.65 5.19
41,000
Capital Goods 18,212 -0.43 5.70 5.41 3.48 40,000
Consumer
18,065 -0.32 0.30 2.83 13.35 39,000
Durables
Year till 7-Sep 8-Sep 11-Sep 12-Sep 13-Sep Year Till
FMCG 10,153 -1.03 1.00 3.75 0.88 06 Sep Date

ICICI Securities Retail Equity Research

Healthcare 13,505 1.15 2.41 3.16 -5.18
DII
IT 9,949 -0.01 0.31 -2.56 -1.09
48,000 726 47,190
Metal 14,031 -1.12 1.96 10.36 25.60 47,000 1,313
46,000
Oil & Gas 15,234 -1.70 -0.05 4.60 10.24 45,000 43,541 488 877
Rs Crore 245
44,000
Power 2,290 -0.09 1.58 1.08 2.96
43,000
42,000
Realty 2,211 -1.06 0.52 6.43 8.44
41,000
BSE 500 14,038 -0.26 1.59 3.89 5.53 40,000
Year till 7-Sep 8-Sep 11-Sep 12-Sep 13-Sep Year Till
BSE Midcap 06 Sep Date
15,927 -0.69 1.41 5.53 7.62
Index
BSE Small Cap 16,520 -0.59 1.63 7.21 5.97

Source: Bloomberg, ICICI Direct.com Research

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 6

 Trend Scanner
Heat Map Positive Trend Universe: NSE 500 Overbought Stocks
Tata 84.8 Sun 503.4 849.0 Dr 2,217.4 Bank of 143.8 % 10-Day Delivery Scrip Name LTP Stochastic
RIL

MOMENTUM PICK
power 4.7% Pharma 4.1% 3.1% Reddy 2.4% Baroda 1.4% Scrip Name Close Change SMA ( %) HDFC Bank 1842 93.84
992.4 HCL 871.3 Axis 499.3 1,307.4 HDFC 1,841.9 Dr Reddy's Laboratories Ltd 2217.35 2.38 2176.97 59.17 Larsen& Toubro 1223 93.64
Lupin M&M
1.1% Tech 0.8% Bank 0.6% 0.5% Bank 0.4%
Rallis India Ltd 225.90 1.21 224.19 61.10 Nestle India 7256 85.98
Tata 389.7 ICICI 292.0 Adani 390.0 Auro 760.0 Indusind 1,744.8
Swaraj Engines Ltd 2053.40 0.91 2047.74 56.96
Motors 0.4% Bank 0.3% Ports 0.2% Pharma 0.2% Bank 0.2%
Reliance Industries Ltd 849.00 3.07 817.36 37.01 Oversold Stocks
Bharti 370.7 1,251.0 532.7 2,489.2 273.4
HUL Zee Ent TCS SBI
Infratel 0.1% 0.1% 0.0% 0.0% 0.0% Scrip Name LTP Stochastic
Bajaj 2,935.0 883.8 Asian 1,255.0 Tech 440.8 Kotak 1,020.2 Equitas 167 14.13
Infosys
Auto 0.0% 0.0% Paints -0.1% Mah -0.1% Bank -0.2% Hero Motocorp 3915 7.85
Negative Trend Universe: NSE 500
408.0 8,122.6 1,843.8 22,012.4 Coal 256.4 LIC Housing Finance 662 19.49
GAIL Maruti ACC Bosch % 10-day Delivery
-0.4% -0.4% -0.4% -0.4% India -0.5%
Scrip Name Close Change SMA (%)
Tata 679.7 1,223.4 Yes 1,839.0 Hero 3,893.6 Power 213.8
L&T Apollo Hospitals Enterprise Ltd 1070.10 -2.24 1091.43 56.84 52 Weeks High
Steel -0.5% -0.6% Bank -0.6% Moto -0.6% Grid -0.7%
JBF Industries Ltd 170.45 -3.84 175.71 61.65
295.9 161.1 169.0 4,184.9 Bharti 401.7 Scrip Name LTP

ICICI Securities Retail Equity Research

Wipro ONGC NTPC Ultratech
-0.7% -0.8% -0.8% -0.8% Airtel -0.9% Ashok Leyland 118.0
Ambuja 285.8 554.4 Vedanta 327.1 HDFC 1,778.1 248.0 Asian paints 1256.0
Cipla Hindalco
Cement -1.1% -1.1% Ltd -1.1% Ltd -1.1% -1.2%
BBTC 1056.6
Eicher 32,226.4 India 1,268.9 271.5 416.0 500.2
ITC IOC BPCL HDFC Bank 1845.0
Motors -1.3% Bulls -1.7% -2.2% -4.4% -6.3%
Hsg Fin Tata Elxsi 1816.1
Bullish Candlestick Pattern Bearish Candlestick Pattern
Bullish Candlestick Formations Bearish Candlestick Formations 52 Weeks Low
Scrip Name Pattern name LTP Scrip Name Pattern name LTP Scrip Name LTP
Reliance Continuation 852.0 BPCL Engulfing 499.0 8K Miles 403.2
Reliance defence Continuation 59.5 CEAT Engulfing 1756.0
Bank of India Continuation 150.0 Gujarat gas Engulfing 823.0
Aurobindopharma Continuation 764.0 Apollo hospital Continuation 1068.0

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 7

Supports and Resistance ( Cash Levels)
SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND
SENSEX 32186.41 32203.45 32148.05 32092.7 32314.2 32386.8 32459.35 +ve

MOMENTUM PICK
BANK NIFTY FUTURE 24821.85 24826.5 24775.85 24725.25 24927.75 24964 25000.3 +ve
NIFTY FUTURE 10091.45 10064.75 10042.6 10020.5 10098.1 10114.75 10131.45 - ve
BANK NIFTY 24831.8 24835.65 24782.9 24730.15 24941.15 24983.05 25025 +ve
NIFTY 10079.3 10068.2 10051 10028.1 10102.6 10119.8 10142.65 Neutral
ACC 1843.75 1839.25 1831.3 1816.15 1855.15 1863.05 1878.2 Neutral
ADANI ENTER. 130.75 129.2 128.1 126.95 131.3 132.35 133.4 - ve
ADANI PORT 390 390.15 387.95 385.75 394.5 395.75 397 +ve
ADANI POWER 31.85 31.2 30.6 30.05 32.1 32.55 33 - ve
AJANTA PHARMA 1201.3 1205.85 1189.4 1172.9 1238.8 1246.9 1255 +ve
ALLAHABAD BANK 69.45 69.45 69.05 68.65 70.25 70.7 71.1 +ve
AMARA RAJA BATT. 781.05 771.8 766.8 761.8 784 790.05 796.15 - ve
AMBUJA CEMENT 285.75 282.5 281.3 280.1 286.4 288.3 290.25 - ve
ANDHRA BANK 52.6 52.65 52.4 52.1 53.2 53.45 53.65 +ve

ICICI Securities Retail Equity Research

APOLLO HOSP.ENT. 1070.1 1058.45 1053.5 1048.5 1074.35 1082.3 1090.25 - ve
APOLLO TYRES 260 256.6 254.5 252.4 260.8 262.9 264.95 - ve
ARVIND 411.7 407.35 404.85 402.35 412.25 414.7 417.15 - ve
ASHOK LEYLAND 117.7 116.8 116.2 115.55 117.85 118.35 118.85 - ve
ASIAN PAINTS 1254.95 1251.9 1248.65 1242.65 1258.4 1261.65 1267.6 Neutral
AUROBINDO PHARMA 760 760.5 755.4 750.3 770.7 776 781.3 +ve
AXIS BANK 499.3 499.65 497 494.35 504.9 507.15 509.4 +ve
BAJAJ FINANCE 1907.15 1900.6 1893.2 1880.95 1915.45 1922.9 1935.15 Neutral
BOB 143.8 143.8 142.7 141.65 145.95 147.25 148.6 +ve
BOI 148.95 148.6 147.2 145.85 151.35 152.3 153.25 +ve
BATA INDIA 710.55 702.3 698.85 695.45 712.4 717.45 722.5 - ve
BEML 1845.5 1828.7 1814.95 1801.15 1851.15 1862.4 1873.65 - ve
BHARAT ELECTRON. 194.85 192.8 191.3 189.8 195.4 196.7 198 - ve
BHARAT FORGE 1225.85 1221.95 1215.3 1201.85 1235.25 1241.95 1255.4 Neutral
BPCL 500.2 479.35 473.6 467.9 505.05 517.9 530.75 - ve
BHARTI AIRTEL 401.65 398.4 396.15 393.9 402.35 404.3 406.3 - ve

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 8

Supports and Resistance ( Cash Levels)
SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND
BHEL 132.35 132.55 131.95 131.35 133.75 134.3 134.8 +ve

MOMENTUM PICK
BHARTI INFRATEL 370.65 370.55 368.55 366.6 374.55 376.3 378.1 +ve
BIOCON 338.8 335.35 333.85 332.4 339.9 342.15 344.45 - ve
BOSCH 22012.4 21910.35 21826 21741.65 22032.7 22093.9 22155.05 - ve
BRITANNIA IND. 4329.95 4306.65 4286.65 4276.35 4346.65 4366.65 4376.95 Neutral
CADILA HEALTHCARE 481.4 481.65 479.1 476.5 486.75 490.55 494.35 +ve
CANARA BANK 339.9 340.7 338.9 337.15 344.25 346.35 348.45 +ve
CASTROL INDIA 390.15 388.75 387.15 386.05 391.95 393.55 394.65 Neutral
CEAT 1761 1745.95 1737.9 1729.9 1765.55 1775.35 1785.15 - ve
CENTURY TEXT. 1289 1269 1260.6 1252.2 1294.5 1307.25 1320 - ve
CESC 1048.9 1045.2 1040.05 1037.6 1055.55 1060.75 1063.2 Neutral
CIPLA 554.4 550.6 545.75 540.9 555.4 557.75 560.15 - ve
COAL INDIA 256.35 254.4 253.2 251.95 256.7 257.85 259 - ve
COLGATE PALM. 1147.5 1131.55 1126.8 1122.05 1151.2 1161.05 1170.9 - ve

ICICI Securities Retail Equity Research

CONTAINER CORP 1370.85 1354.55 1348.45 1342.3 1376.05 1386.8 1397.55 - ve
CROMPTON GREAVES 85.35 85.15 84.75 84.05 85.95 86.35 87 Neutral
CUMMINS INDIA 930.85 932.2 927.25 922.3 942.1 945.85 949.6 +ve
DABUR INDIA 308.3 308.65 306.95 305.25 312.05 313.15 314.25 +ve
DEWAN HOUSING F. 552.1 546.05 541.75 537.45 553.8 557.65 561.5 - ve
DISH TV 79.05 79.1 78.6 78.1 80.1 80.6 81.1 +ve
DIVI'S LAB. 828.25 828.45 810.1 791.75 865.15 888.15 911.15 +ve
DLF 192.75 190.5 189 187.5 193.4 194.85 196.3 - ve
DR.REDDY'S LAB. 2217.35 2211.1 2196.4 2181.65 2240.5 2256.85 2273.2 +ve
EICHER MOTORS 32226.4 32004.35 31890.25 31776.1 32265.35 32395.85 32526.35 - ve
ENGINEERS INDIA 158.6 156.6 155.95 155.3 159.3 160.65 162.05 - ve
EXIDE IND. 217.85 213.5 211.25 209 219.25 222.15 225.05 - ve
FEDERAL BANK 113.05 112.1 111.6 111.15 113.3 113.9 114.5 - ve
GAIL 408 404.1 400.35 395.65 411.6 415.35 420 Neutral
GLENMARK PHARMA. 594.5 593.7 587.25 580.85 606.6 610.65 614.75 +ve
GODREJ CONSUMER 942.7 938.05 932.55 926.05 948.95 954.4 960.95 Neutral

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 9

Supports and Resistance ( Cash Levels)
SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND
GODREJ IND. 634.75 625.95 619.3 612.7 637 642.55 648.1 - ve

MOMENTUM PICK
GRANULES INDIA 125.35 125.8 124.75 123.75 127.85 128.55 129.3 +ve
GRASIM 1229.55 1212.25 1201.3 1190.4 1234.75 1246 1257.3 - ve
HAVELL'S INDIA 501.45 494.35 490 485.6 503.5 508.1 512.65 - ve
HCL TECH 871.3 870.3 867 863.65 876.95 879.7 882.4 +ve
HDFC BANK 1841.85 1833.8 1827.55 1822.15 1846.3 1852.55 1857.95 Neutral
HDFC 1778.1 1767.9 1759.55 1751.25 1780.95 1787.45 1794 - ve
HERO MOTO 3893.55 3857.7 3842.6 3827.5 3903.7 3926.7 3949.7 - ve
HEXAWARE TECH. 275.55 276.05 274.3 272.6 279.5 280.35 281.2 +ve
HINDALCO 248 245.65 244.4 243.1 248.35 249.7 251 - ve
HIND. UNILEVER 1250.95 1247.9 1244.45 1235.65 1254.8 1258.25 1267 Neutral
HPCL 457.5 439 434.3 429.55 459.85 470.3 480.7 - ve
HINDUSTAN ZINC 307.1 304.25 302.9 301.6 308 309.9 311.75 - ve
HDIL 64.8 63.9 63.45 63.05 65 65.5 66.05 - ve

ICICI Securities Retail Equity Research

IBULL HSG FIN 1268.85 1258.75 1251.1 1243.5 1272.3 1279.05 1285.85 - ve
IDBI 55.75 55.1 54.9 54.7 55.95 56.4 56.8 - ve
IDEA CELLULAR 82.6 82.25 80.8 79.3 85.15 85.85 86.5 +ve
IDFC 58.75 59.2 58.4 57.6 60.85 61.15 61.5 +ve
IFCI 23.9 23.8 23.65 23.55 24.15 24.3 24.4 Neutral
INDUSIND BANK 1744.75 1732.45 1715.75 1699.05 1746.75 1753.9 1761.05 - ve
INDIA CEMENTS 189.55 187.3 185.2 183.05 190.2 191.65 193.1 - ve
INDO COUNT IND. 123.5 123.8 122.65 121.5 126.1 127.1 128.15 +ve
INDRAPRASTHA GAS 1400.4 1373 1358.65 1344.3 1403.2 1418.25 1433.35 - ve
IB REAL ESTATE 253.25 252.6 250.1 247.65 257.55 260.1 262.65 +ve
INFOSYS 883.75 882.3 880.65 878.35 885.6 887.25 889.5 Neutral
IRB INFRA. 213.1 211.25 209.65 208 213.35 214.4 215.45 - ve
ITC 271.5 269.15 267.95 266.75 272.4 274.05 275.7 - ve
JAIN IRRIGATION 105.3 104.05 103.55 103 105.65 106.45 107.2 - ve
JET AIRWAYS 574.95 568.95 564.9 560.85 576.85 580.8 584.75 - ve
JINDAL ST&POW 141.95 139.75 138.7 137.65 142.65 144.1 145.5 - ve

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 10

Supports and Resistance ( Cash Levels)
SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND
JSW ENERGY 77.05 77.6 76.1 74.65 80.6 81.65 82.7 +ve

MOMENTUM PICK
JSW STEEL 264.15 260.85 259.4 257.95 265.25 267.45 269.6 - ve
JUBILANT FOOD 1323.35 1278.6 1263.8 1249 1336.6 1365.55 1394.55 - ve
JUSTDIAL 389.75 390.5 388.3 386.1 394.9 398.55 402.2 +ve
KARNATAKA BANK 154.7 153.2 151.7 150.2 155.15 156.1 157.1 - ve
KAVERI SEEDS.COM 570.4 561.25 558.8 556.3 573.45 579.55 585.6 - ve
KOTAK MAH.BANK 1020.15 1017.85 1015.45 1010.95 1022.6 1024.95 1029.5 Neutral
KPIT TECH. 122.05 122.8 121.35 119.85 125.7 127.95 130.15 +ve
L&T 1223.35 1210.9 1206.55 1202.2 1221.65 1227 1232.4 - ve
LIC HOUSING 660.5 658.9 655.85 653.3 665 668.05 670.6 Neutral
L&T FINANCE 202.3 200.45 199.45 198.45 202.85 204.05 205.25 - ve
LUPIN 992.4 992.1 983.35 974.6 1009.6 1012.55 1015.5 +ve
M& M 1307.35 1308.75 1304.5 1300.2 1317.25 1324.3 1331.35 +ve
MARICO 337.75 338.3 333.65 329 347.6 349.65 351.7 +ve

ICICI Securities Retail Equity Research

MARUTI SUZUKI 8122.6 8081.85 8062.85 8043.85 8131.75 8156.7 8181.7 - ve
MCLEOD RUSSEL 170.55 169.05 168.35 167.65 171 172 172.95 - ve
MINDTREE 444.25 444.9 443.3 441.75 448 450.4 452.85 +ve
M&M FIN.SERV. 441.45 435.3 433.55 431.8 442.55 446.15 449.75 - ve
MOTHERSON SUMI 333 329.75 327.6 325.45 333.85 335.9 338 - ve
MRF 64334.3 63739.55 63465.55 63191.55 64514.55 64902.05 65289.55 - ve
NCC 88.8 87.6 86.05 84.5 89.1 89.85 90.6 - ve
NHPC 28.8 28.55 28.4 28.3 28.85 29 29.15 - ve
NIIT TECHNOLOGIES 500.7 496.85 494.55 492.25 501.9 504.4 506.95 - ve
NMDC 133.15 131 130.6 130.15 133.75 135.15 136.55 - ve
NTPC 168.95 167.9 167.25 166.6 169.3 170 170.7 - ve
OIL INDIA 323.5 315.75 313.05 310.4 324.2 328.4 332.65 - ve
ONGC 161.05 160.35 159.85 159.35 161.3 161.8 162.3 - ve
OBC 130.95 130.55 129.05 127.55 133.55 134.2 134.9 +ve
PAGE INDUSTRIES 18607.25 18484.55 18397.3 18310.1 18637.25 18713.6 18790 - ve
PC JEWELLER 349.15 346.05 344.05 342.1 349.95 351.9 353.9 - ve

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 11

Supports and Resistance ( Cash Levels)
SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND
PETRONET LNG 234.7 231.35 229.85 228.35 235.15 237.1 239 - ve

MOMENTUM PICK
PIDILITE INDUSTRIES 832.15 823.6 820.4 817.2 834.9 840.55 846.25 - ve
POWER FINANCE 128.6 128.85 127.6 126.3 131.4 132.1 132.75 +ve
POWER GRID 213.75 212.45 211.95 211.45 214 214.8 215.55 - ve
PTC INDIA 120.75 119.3 117.9 116.5 121.15 122.1 123.05 - ve
PNB 143 143 142.1 141.15 144.8 145.8 146.8 +ve
RCOM 21.75 20.95 20.6 20.25 21.9 22.35 22.85 - ve
REL. CAPITAL 754.3 744.1 741.3 738.5 757.25 763.85 770.4 - ve
RELIANCE INFRA. 515.65 517.3 512.75 508.15 526.45 529.45 532.45 +ve
RELIANCE 849 846.3 836.85 827.35 865.25 867.25 869.25 +ve
RELIANCE POWER 40.25 39.65 39.45 39.2 40.35 40.7 41.05 - ve
REC 171.35 170.55 168.1 165.7 175.45 176.05 176.65 +ve
SAIL 61.95 61.25 61 60.75 62.15 62.6 63.05 - ve
SHRIRAM TRANS. 1059.75 1045.55 1038.8 1032.1 1063.25 1072.1 1081 - ve

ICICI Securities Retail Equity Research

SIEMENS 1335.3 1324.35 1316.45 1308.5 1336.7 1342.9 1349.05 - ve
SINTEX IND. 28.95 28.8 28.5 28.25 29.4 29.75 29.95 Neutral
SOUTH INDIAN BANK 28.8 28.45 28.25 28.1 28.95 29.2 29.45 - ve
S.R.F. 1565 1551.9 1538.45 1525 1569.2 1577.85 1586.5 - ve
SBI 273.4 272.75 271.75 270.45 274.8 275.85 277.1 Neutral
STRIDES SHASUN 957.6 958.15 951.4 944.6 971.7 984.35 996.95 +ve
SUN PHARMA 503.35 500.65 493 485.35 515.95 520.45 525 +ve
SUN TV 812.5 802.3 797.75 793.2 815.45 822 828.55 - ve
SYNDICATE BANK 66.3 66.15 65.55 64.95 67.4 67.8 68.25 +ve
TATA COMM. 684.4 673.55 667.1 660.6 686.85 693.5 700.1 - ve
TATA CHEM. 636.35 637.4 633.65 629.95 644.9 649 653.15 +ve
TATA ELXSI 1815.3 1811.05 1803.55 1794.8 1826 1833.5 1842.25 Neutral
TATA MOTOR DVR 220.1 218.05 216.1 214.1 220.55 221.8 223.05 - ve
TATA MOTORS 389.65 389.95 388.25 386.6 393.35 397 400.7 +ve
TATA POWER 84.8 84.9 84.1 83.3 86.5 87.45 88.35 +ve
TATA GLOBAL BEV. 207.3 204 202.9 201.8 208.4 210.6 212.75 - ve

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 12

Supports and Resistance ( Cash Levels)

SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND

TCS 2489.2 2493.95 2479.85 2465.7 2522.15 2532.8 2543.45 +ve

MOMENTUM PICK
TECH MAHINDRA 440.8 438.25 434.15 431.7 446.45 450.55 453.05 Neutral
TATA STEEL 679.65 675.6 668 660.4 679.7 681.7 683.75 - ve
TITAN IND. 630.3 622.55 620.45 618.3 632.85 638 643.15 - ve
TORRENT PHARMA 1212.9 1212.75 1204 1195.25 1230.25 1247.25 1264.2 +ve
TV18 BROADCAST 42.95 42.9 42.35 41.75 44.05 44.25 44.45 +ve
TVS MOTOR 637.8 633 631.2 629.45 639.35 642.5 645.7 - ve
UCO BANK 31.3 31.15 30.95 30.55 31.55 31.75 32.1 Neutral
ULTRATECH CEMENT 4184.85 4163.7 4149.1 4134.5 4190.1 4203.3 4216.5 - ve
UNITED BREW. 781.2 778.45 774.45 771 786.45 790.45 793.9 Neutral
UNITED PHOSPH. 811.45 803.9 801.55 799.25 813.55 818.4 823.25 - ve
UNITED SPIRITS 2656.2 2654.6 2630.4 2606.15 2703.05 2719.75 2736.45 +ve
VEDANTA 327.1 324.15 322.9 321.7 327.65 329.4 331.15 - ve
VOLTAS 549.2 542.75 535.2 527.6 551.55 555.95 560.3 - ve

ICICI Securities Retail Equity Research

WIPRO 295.9 294.25 292.9 291.55 296.45 297.55 298.65 - ve
WOCKHARDT 643.95 644.2 628.85 613.5 674.95 680.25 685.6 +ve
YES BANK 1839 1827.05 1817.85 1808.65 1841.75 1849.1 1856.45 - ve
ZEE 532.7 530.45 528.45 524.6 534.45 536.45 540.35 Neutral

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 13

 Forthcoming Economic Event Calendar
Date Event Date Event
US China

MOMENTUM PICK
13-Sep MBA Mortgage Applications 14-Sep Retail Sales YoY
14-Sep CPI MoM 14-Sep Industrial Production YTD YoY
15-Sep Industrial Production MoM 18-Sep China August Property Prices
15-Sep Manufacturing (SIC) Production 27-Sep Industrial Profits YoY
19-Sep Total Net TIC Flows UK
19-Sep Housing Starts MoM 14-Sep Retail Sales Ex Auto Fuel MoM
20-Sep FOMC Rate Decision (Upper/Lower Bound) 18-Sep Rightmove House Prices MoM
21-Sep Initial Jobless Claims 20-Sep CBI Trends Total Orders
22-Sep Markit US Manufacturing/Service PMI 21-Sep Public Sector Net Borrowing
25-Sep Chicago Fed Nat Activity Index 24-Sep CBI Retailing Reported Sales
26-Sep New Home Sales 24-Sep CBI Total Dist. Reported Sales
28-Sep GDP Annualized QoQ 28-Sep Nationwide House PX MoM
India 29-Sep Current Account Balance
14-Sep Wholesale Prices YoY 29-Sep Mortgage Approvals

ICICI Securities Retail Equity Research

25-Sep Eight Infrastructure Industries 29-Sep M4 Money Supply YoY
29-Sep Fiscal Deficit INR Crore 29-Sep GDP YoY
29-Sep Index of Services MoM

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 14

 Momentum Picks: Strategy Follow up

Duration: Intraday *

MOMENTUM PICK
Idirect Gain/Loss
Date Scrip Code Strategy Recommended Price Targets SL % Comment
13-Sep NIFTY NIFTY Buy 10055-10065 10110.00 10035.00 - No Trade
13-Sep BEML BEML Buy 1882.00-1286.00 1899.40/ 1915.00 1868.00 -0.8 Stoploss Triggered
13-Sep Apollo Tyre APOTYR Buy 264.00-265.00 267.10/ 269.70 261.90 0.9 Target 1 almost achieved

Duration: 30 Days
Gain/Loss
Date Scrip Product Strategy RP Target SL % Comment
26-Jul Hindustan Zinc Cash Buy 280.00 327.00 262.00 7.0 Booked 50% profit at 300.00
4-Sep Hudco Cash Buy 82.50 94.00 77.00 8.0 Booked 50% profit at 88.70
4-Sep JK Tyre JKIND Buy 146.00 168.00 138.00 8.0 Booked 50% profit at 157.2
*Intraday recommendations are for current month futures. Positional recommendations are in Cash segment

ICICI Securities Retail Equity Research

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 15
Gladiator Stocks: Open Recommendations
Date Stock Strategy Recommendation Price Target Stoploss Time Frame Remark

13-Jul-17 ABB India Buy 1445-1480 1720.00 1,320.00 6 month

MOMENTUM PICK
13-Jul-17 VA Tech Wabag Buy 655-675 795.00 570.00 6 month

19-Jul-17 Sundaram Finance Buy 1635-1670 1990.00 1,490.00 6 month

27-Jul-17 GE T&D India Buy 400-415 505.00 355.00 6 month

2-Aug-17 United spirits Buy 2550-2615 3150.00 2,298.00 6 month

3-Aug-17 Phillips Carbon Buy 590.00 960.00 710.00 6 month Revised Target to 960 and trail stoploss to 710

7-Aug-17 CESC Buy 970-985 1180.00 850.00 6 month

7-Aug-17 HEG Buy 478.00 875.00 615.00 6 month Revised Target to 875 and trail stoploss to 615

8-Aug-17 Relaxo Buy 486-496 575.00 6 month

16-Aug-17 NCC Buy 84-87 112.00 73.00 6 month

ICICI Securities Retail Equity Research

16-Aug-17 Simplex Infra Buy 452-467 589.00 395.00 6 month

5-Sep-17 Titan Buy 612-630 725.00 567.00 6 month

8-Sep-17 Tata Sponge Iron Buy 880-910 1135.00 775.00 6 month

11-Sep-17 Shoppers Stop Buy 412-425 512.00 372.00 6 month

13-Sep-17 Reliance Defence Buy 54-57 69.00 47.50 6 month

13-Sep-17 Reliance Inds Buy 830-846 942.00 788.00 6 month

All the recommendations are in Cash segment

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September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 16

Stocks on the Move: Open Recommendations

Date Stock Strategy Recommendation Price Target Stoploss Time Frame

MOMENTUM PICK
23-Aug-17 Bharti Airtel Buy 420-430 485.00 392.00 3 month
31-Aug-17 MRPL Buy 134-138 155.00 126.00 3 month

12-Sep-17 Sunteck Realty Buy 298-305 345.00 275.00 3 month

All the recommendations are in Cash segment

ICICI Securities Retail Equity Research

Back to Top

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 17

 Notes......
In case of intraday recommendations, execute the trade (in stocks) within +/- 0.25% of the recommended range
provided in the report. The recommendation has to be executed after the first 5 minutes of trade and only upto 11:00 am

MOMENTUM PICK
In case of positional recommendations, execute the recommendations in the range provided in the report
Once the recommendation is executed, it is advisable to maintain strict stop loss as provided in the report. Applicable to
all products
We adapt a trading strategy of booking 50% profit when the position is in profit by 4-5% and trail stop loss on remaining
position to the entry point
If the recommended stock hits the target price before getting activated, then it is considered not initiated
The Intra day recommendations are valid only for the day and should be squared off by 15:10 hrs. The positional
recommendations are valid only for the prescribed period and are to be squared off at the end of mentioned period
unless communicated otherwise through separate mail or on i-click to gain page
Only stocks in derivatives segment have been considered for intra day recommendations
Medium to long-term prospects of a stock does not have any bearing on the intra day view

ICICI Securities Retail Equity Research

Trading portfolio allocation
It is recommended to spread out the trading corpus in a proportionate manner between the various technical research
products
Please avoid allocating the entire trading corpus to a single stock or a single product segment
Within each product segment it is advisable to allocate equal amount to each recommendation
For example: The Momentum Pick product carries 2 to 4 intraday recommendations. It is advisable to allocate equal
amount to each recommendation

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 18

Recommended product wise allocation
Allocations
Product Product wise Max allocation
Number of Calls Return Objective Duration

MOMENTUM PICK
allocation In 1 Stock

Momentum Picks- 10% 30-50% 2-3 Stocks 1-2% Intraday

Intraday
Momentum Picks- 25% 8-10% 6-8 Per Month 5-8% 1 Month
Positional
Stocks on the move 25% 12-15% 6-8 Per Month 10-12% 3 Months

Gladiator Stocks 35% 15-20% Opportunity based 20-30% 6 Months

Cash 5%

ICICI Securities Retail Equity Research

100%

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 19

Candlesticks Glossary
Candlestick patterns describe the market sentiment for the specified period. Some of the formations suggest reversal of sentiment (trend) and, therefore, are important
for a chart reader. By themselves, the patterns do not carry any price target but only an indication of change in market behaviour. More importance needs to be given
to the placement of the pattern within larger trend

MOMENTUM PICK
Morning Star: Potential bottom reversal pattern made of three candle lines. The first sizeable black candle reflects a market in which the bears are in complete charge.
The next candle line--the small real body--shows a slight diminution of the bearish force. The white candle that makes up the last part of the morning star visually
displays the bulls are gaining the upper hand. Lowest low amongst three candles becomes technical support

Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or downtrend. The market falls, and a black
candle forms (ideally a small black candle). Next, a white real body wraps around the prior sessions black body. Low of the pattern becomes short term support for
prices

Piercing Line: Potential bottom reversal pattern. A black body forms in the downtrend. The market continues moving south on the next sessions open but that session
culminates in a white real body that closes (e.g. pierces) than half way or more into the prior black body. Lowest low between two candles is referred to as technical
support for prices

Hammer: A candlestick line which, during a downtrend, has a very long lower shadow and small real body (black or white) at the top end of the sessions range. There
should be no, or a very small, upper shadow. Pattern suggests buying support during declines and needs confirmation in terms of sustainability of prices above head of
the Hammer in following session

ICICI Securities Retail Equity Research

Evening Star: Potential Top reversal pattern made of three candle lines. Comparable with a traffic signal. First white candle reflects a market in bullish trend. The next
candle line--the small real bodywarns waning momentum. The black candle that completes the evening star visually exhibits that prior up trend has stopped or
reversed

Bearish Engulfing Line: Potential top reversal signal. This two candlestick pattern emerges during a rally. A black candle real body wraps around a white real body
(classically a small white candle) Highest high between two candles becomes resistance level for prices for future reference

Dark Cloud cover: A dark cloud cover forms a top reversal pattern. The first session should be a strong, white real body. The second sessions price opens over the
prior sessions high (or above the prior sessions close). By the end of the second session, it closes near the low of the session and should fall well into the prior
sessions white body. Pattern suggests that market has a poor chance of rising immediately

Shooting Star: A single candlestick line during a rally in which there is a small real body (white or black) at the bottom end of the session's range and a very long
upper shadow. The candle line should also have little or no lower shadow. Pattern suggest the trouble for prices overhead

Continuation Patterns: Other than widely known Candlestick reversal patterns discussed above, there are numerous patterns mentioned in literature on Candlestick
which describe the continuation of existing sentiments i.e. bullish or bearish. We have refrained from mentioning names of these patterns to avoid confusion. However,
the remark Continuation Pattern refers to bullish or bearish candlestick patterns which suggest continuation of existing trend

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 20

 MOMENTUM PICK
Pankaj Pandey Head Research pankaj.pandey@icicisecurities.com

ICICI Securities Retail Equity Research

ICICIdirect.com Research Desk,

ICICI Securities Limited,

1st Floor, Akruti Trade Centre,

Road No 7, MIDC,

Andheri (East)

Mumbai 400 093

research@icicidirect.com

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 21

Disclaimer
We /I, Dharmesh Shah, Dipesh Dagha, Nitin Kunte, Pabitro Mukherjee, Vinayak Parmar Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the
subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

Terms & conditions and other disclosures:

MOMENTUM PICK
ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities Limited is a SEBI registered Research Analyst with SEBI
Registration Number INH000000990.ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is Indias largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general
insurance, venture capital fund management, etc. (associates), the details in respect of which are available on www.icicibank.com

ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of
companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
The information and opinions in this section have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in
any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on reasonable basis, ICICI
Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been
suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.

The research recommendations are based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. These research recommendations and
information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. ICICI Securities will not treat recipients as customers by
virtue of their receiving these recommendations. Nothing in this section constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and
opinions expressed herein may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of
independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no
liabilities whatsoever for any loss or damage of any kind arising out of the use of these recommendations. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated
before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.

ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months.

ICICI Securities or its associates might have received any compensation from the companies mentioned herein during the period preceding twelve months from the date of these recommendations for services in respect of managing or co-managing public offerings,
corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.

ICICI Securities Retail Equity Research

ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned herein in the past twelve months.

ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its Analysts did not receive any compensation or other benefits from the companies
mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this reports.

It is confirmed that Dharmesh Shah, Dipesh Dagha, Nitin Kunte, Pabitro Mukherjee and Vinayak Parmar, Research Analysts giving these recommendations have not received any compensation from the companies mentioned herein in the preceding twelve months.

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions

ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the company/companies mentioned herein as of the last day of the month preceding the publication of these research
recommendations.

Since Associates (ICICI group companies) of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned herein.

It is confirmed that Research Analysts do not serve as an officer, director or employee or advisory board member of the companies mentioned herein.

ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented herein.

Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned herein.

We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.

This report or recommendations are not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be
contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of
investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction

September 14, 2017 ICICI Securities Ltd. | Retail Equity Research 22