Momentum Picks

New recommendations

MOMENTUM PICK
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
5-Jan-18 Nifty NIFTY Buy 10510-10520 10565.00 10,495.00 Intraday
Gladiator Stocks
5-Jan-18 Vedanta VEDLIM Buy 340.50-341.00 343.80/346.80 337.50 Intraday
5-Jan-18 Grasim GRASIM Buy 1170.00-1175.00 1184.50/1196.30 1,161.50 Intraday
Scrip Action
Intraday recommendations are for current month futures. Positional recommendations are in Cash segment
Titan Buy
Praj Industries Buy
Open recommendations National Fertilizers Buy
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration Duration: 6 Months
1-Jan-18 Reliance Infrastructure RELINF Buy 560.00-570.00 635.00 525.00 30 Days Click here to know more…
3-Jan-18 Maharashtra Seamless MAHSEA Buy 517.00-523.00 578.00 491.00 30 Days

Stocks on the move

ICICI Securities – Retail Equity Research

Scrip Action
JK Paper Buy
Graphite India Buy
Duration: 3 Months

Click here to know more…

January 5, 2018

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

Pabitro Mukherjee Vinayak Parmar

pabitro.mukherjee@icicisecurities.com vinayak.parmar@icicisecurities.com
 NSE Nifty:(10505)
Technical Outlook NSE Nifty – Daily Candlestick Chart Domestic Indices

Equity benchmarks ended on a positive note on Thursday as the Open High Low Close Indices Close Change Change%

PICK
government sought Parliament approval for recap bonds, boosting

MOMENTUMPICK
10469.40 10513.00 10441.45 10504.80 S&P BSE Sensex 33969.64 176.26 0.52
PSU banks (up 2.69%). The Nifty gained 60 points or 0.59% to
settle at 10505. The index opened on an optimistic note and Nifty 50 10504.80 61.60 0.59
10552
recorded a low of 10442 in the early part of the session. Then it Nifty 50 future 10526.20 56.80 0.54

MOMENTUM
gradually strengthened as the session progressed. Apart from
S&PBSE 500 15032.66 100.70 0.67
realty (down 0.56%), auto (down 0.45%) and IT (down 0.39%)
sectors, all other indices gained led by the metal index (up 2.79%) 10491 S&PBSE Midcap 17945.62 126.30 0.71
as it continued to outshine for a third consecutive session to end at S&PBSE Smallcap 19515.64 170.18 0.88
fresh 52-weeks high. Broader markets outperformed with midcap SGX Nifty 10556.50 23.00 0.22
(up 0.56%, small cap (up 0.63%), resulting in a positive market
breadth with A/D ratio of 1.72:1. 10410 * SGX Nifty at 7:30 am

The price action formed a sizable bull candle characterised by a Nifty Technical Picture
substantial real body and minor shadows on either side
highlighting a sturdy thrust. Prices have been consolidating for the Intraday Short term
past three trading sessions within the price range of the first
session of CY18 and forming a higher high - higher low formation. Trend
During this consolidation, the market respected 10420-10400 range Support 10500-10470 10200
and ended above 10500, clearly suggesting strength. Thus, we
believe that expectation of positive Q3 earnings and instigation of a

ICICI Securities – Retail Equity Research

Resistance 10552-10585 10836
pre-Budget rally will assist the Nifty to make an all-time high and
extend the ongoing rally to our positional target of 10836. 20 day EMA 10411
Structurally market is displaying strength on the weekly chart. 200 day EMA 9840
Resilience of midcap/small cap space also underscores positive
sentiments. On the back of expectation of Q318 earnings and Union
Budget 2018 expectation we expect markets to head towards Nifty Futures Intraday Strategy
10836 as broad based participation makes us believe the index is
on firm ground and is likely to extend current bull phase. Current
up move from December low of 10033 would equate with October Bullish crossover of Stochastic Action Buy
rally (9687-10490) at 10836. augurs fresh up move
10033
Price Range 10510-10520
From a short-term perspective we peg the key support for the Nifty
at 10200 region as it is the confluence zone of Target 10565
- the long term rising trend line joining the lows of December 2016
and September 2017 lows around 10200 Stop loss 10495
- 61.8% retracement of recent up move from 10033 to 10552
placed around 10231
Short-term stochastic oscillator has recorded bullish crossover and
concluded at 42, indicating signs of short term trend change.

Source: Bloomberg, ICICI Direct.com Research

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 2
 Bank Nifty Future (25496)
Technical Outlook Bank Nifty Index – Daily Candlestick Chart Nifty Bank Futures

Bank Nifty futures snapped a three session decline and ended up Open High Low Close Indices Close Change change%

MOMENTUM PICK
almost 0.5% on Thursday. The up move was mainly led by PSU 25394.75 25524.00 25379.55 25496.40 Nifty Bank 25496.40 109.60 0.43
banking stocks after the recent sideways corrective decline. For the
day, near month Bank Nifty futures ended at 25496, up by 109 26200
points or 0.4%.
The index began the session flat and consolidated in a range in the
first hour of trade. After the initial consolidation, the index moved Nifty Bank Technical Picture
higher as the session progressed and formed an intraday high of
25524 in late trade. The index ended near the high of the session at Intraday Short term
25496, up 0.4%. Nifty PSU banking stocks were major gainers on
Thursday as the Nifty PSU bank index ended up 2.7% as the Trend
government sought to take Parliament's approval for additional Support 25490-25380 25000
| 80,000 crore aimed at recapitalising the ailing public sector banks
whereas the Nifty private bank index ended up 0.2%. Resistance 25580-25670 26200
24885
The price action formed a bullish engulfing candle, which engulfed 20 day EMA 25475
the previous two session’s price action signalling a reversal of the
last 10 session’s corrective decline. The index is likely to witness a 200 day EMA 23866
pullback in the coming sessions towards the high of the last two
weeks at 25850, which also coincides with the falling gap recorded

ICICI Securities – Retail Equity Research

on November 30, 2017, placed in the range of 25818–25790. On the
lower side, the index has major support around 25200. In the
coming weeks, we expect the index to remain in the consolidation Nifty Bank vs. Nifty
trend in the broad range of 25850 and 25200.
The overall structure in the index remains positive. We expect the
index to resume up move after the current consolidation and head 23886
10200 25100
towards 26200 in the short-term as it is the confluence point of the
preceding top and the measuring implication of the double bottom 23900
above the recent breakout area of 25488 levels. The measuring The daily stochastic has generated a bullish crossover above its 9700
implication of this pattern is ~700 points, added to the recent three periods average thus supports pullback in coming sessions 22700
breakout area of 25488 project upside towards 26200
As already mentioned, the short-term support is placed near 25000- 9200 21500

5-Sep
21-Sep

14-Nov
30-Nov

5-Jan
18-Dec
10-Oct
27-Oct
17-Aug
25200 as it is the confluence of the following technical observation:
 Key trend line connecting December 2016 and September 2017
lows placed at 25200
 The lower band of the recent consolidation placed around Bank Nifty (RHS) NSE (LHS)
24944 levels
Among oscillators, the daily stochastic has rebounded from the
oversold territory and has given a bullish crossover above its three
period’s average thus supports the continuation of pullback in
coming sessions.
Source: Bloomberg, ICICI Direct.com Research
January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 3
Stock Picks
Duration: Intraday

Vedanta (VEDLIM) – Daily Candlestick Chart

Technical Observations
Price resumes uptrend after consolidation signaling further
CMP 340.55

MOMENTUM PICK
upsides in coming sessions
Action Buy

Price resumes uptrend after

Rationale consolidation & MACD in
rising trajectory

MACD(12,26,9) in rising trajectory suggest positive bias Initiation

340.50-341.00
Range
Target 343.80/346.80

Stop Loss 337.50

Grasim (GRASIM) – Daily Candlestick Chart

ICICI Securities – Retail Equity Research

Technical Observations

Price close above 50 day EMA suggests further CMP 1171.65

upward momentum in coming sessions
Action Buy

Price close above 50 day EMA

Rationale
& bullish crosover in RSI

14 period RSI generated bullish crossover suggest positive bias Initiation

1170.00-1175.00
Range
Target 1184.50/1196.30

Stop Loss 1161.50

Source: Bloomberg, ICICI Direct.com Research

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 4
Stock Picks
Duration: 30 days

Buy Maharashtra Seamless (MAHSEA) in the range of 517.00-523.00 Target: 578.00 Stop Loss: 491.00 Technical Observations
• The share price of Maharashtra

MOMENTUM PICK
Price has broken out of recent consolidation along with strong volume signaling Seamless has broken out of a
resumption of up move after the recent consolidation consolidation pattern,
characterised by a healthy bull
candle while also being
513 accompanied by a sharp surge in
volume that is more than five
times the average volume seen
over the past 200 sessions
450 • After a strong rally in October
2017, the stock entered a
consolidation phase over the next
two months during which it
384 formed a higher low after having
retraced just 50% of the preceding
rally. The stock has now given a
resolute breakout from this
consolidation, suggesting at
resumption of uptrend

ICICI Securities – Retail Equity Research

• We feel that the stock is likely to
Target: 358.00 Stop Loss: 285.00 head higher in the near-term
towards | 580, being the price
parity of the previous up move
from | 384 to | 513 as projected
from recent trough of | 450
Recommendation initiated on i-click to
gain at 14:00 on January 03, 2018

Source: Bloomberg, ICICI Direct.com Research

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 5

Stock Picks
Duration: 30 days

Buy Reliance Infrastructure (RELINF) in the range of 560.00-570.00 Target: 635.00 Stop Loss: 525.00 Technical Observations
Last months price action has covered last six months • The share price of Reliance Infra

MOMENTUM PICK
consolidation, suggesting faster retracement has been consolidating in a
downward slanting channel
936 620 formation for past fifteen months
• Last months price action has
covered last six months
consolidation, suggesting faster
retracement backed by fourteen
427 436 390 months highest volume of 8 crore
• We feel that the stock is poised to
head higher in the near-term
towards |635 levels, being starting
point of the aforementioned
consolidation which coincides
with 61.8% retracement level of
major fall recorded from June
2014 highs of | 820 to the low of
August 2015 of | 282
Recommendation initiated on i-click to

ICICI Securities – Retail Equity Research

Target: 358.00 Stop Loss: 285.00 gain at 12:24 on January 01, 2018

Source: Bloomberg, ICICI Direct.com Research

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 6

 Market Activity Report
Global Currency, Commodities and Bold Yield performance Global Equity Market Performance
1 Day % 5 Day % 1 Month % 3 Months %
Value 0.40.5

MOMENTUM PICK
India
Change Change Change Change
Germany 0.7 1.5
Currency
France 0.8 1.5
USD INR 63.41 0.20 1.06 1.52 2.53 UK 1.0
0.3
US 1.2
EURO USD 1.21 0.04 0.57 2.09 3.09 0.6
China 2.7
0.0
GBP USD 1.36 0.04 0.33 0.85 3.34 Japan 3.0
0.3
Hong… 3.3
0.4
JPY 112.78 -0.03 -0.08 -0.16 0.04 3.9
Brazil 0.8
Swiss Franc 0.97 0.01 0.02 1.37 0.43 0.0 1.0 2.0 3.0 4.0 5.0
% Change
Dollar Index 91.83 -0.02 -0.83 -1.66 -2.26 5 Day Change 1 Day Change

Commodities

ICICI Securities – Retail Equity Research

Advance Decline
Gold 1,321.4 -0.12 1.43 4.40 4.20
4-Jan-18
Brent 68.1 -0.01 2.01 8.27 19.40 2000
1500
Copper 7,145.8 0.63 -0.78 5.07 10.42 27-Dec-17 3-Jan-18
1000
Silver 17.2 -0.17 1.54 6.80 3.63 500
Advances
Yield (%) bps Change 0
Declines
28-Dec-17 2-Jan-18
India 10 Year Bond 7.3 -0.30 1.20 27.33 60.42

US 2.5 0.38 5.09 10.54 10.83

29-Dec-17 1-Jan-18
EURO 0.4 -0.59 1.18 11.39 -2.26

Japan 0.1 -0.05 0.85 1.05 1.05

Source: Bloomberg, ICICI Direct.com Research

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 7

 Market Activity Report
Sectoral Indices Performance Fund Flow activity
1 Day % 5 Day % 1 Month % 3 Months %
Index Value

MOMENTUM PICK
Change Change Change Change FII
Sensex 33,970 0.52 0.36 3.56 7.53
55,000 53,253
1,251
Nifty 10,505 0.59 0.26 3.82 6.23
53,000 532
3,838
BSE Auto 26,390 -0.11 -0.20 6.54 8.05 51,000

Rs Crore
49,000
Bankex 28,777 0.51 0.08 1.12 6.41 359 212 47,485
47,000
Capital Goods 19,806 2.11 4.04 8.69 15.29 45,000
Consumer
23,454 2.53 4.25 10.70 31.35 43,000
Durables Year till 29-Dec 1-Jan 2-Jan 3-Jan 4-Jan Year Till
FMCG 10,635 0.00 0.29 3.60 6.27 28 Dec Date

ICICI Securities – Retail Equity Research

Healthcare 14,819 0.99 0.31 6.51 6.97
DII
IT 11,157 0.01 0.12 4.30 11.73
93,000
Metal 15,578 2.77 3.82 14.45 13.46 91,000 88,652
461 1,300 65 87,934
89,000 269 325
Oil & Gas 16,223 0.80 -0.83 2.90 7.08 87,000
Rs Crore 85,000
Power 2,421 0.33 3.12 7.34 9.57 83,000
81,000
Realty 2,600 -0.22 0.13 9.33 23.59 79,000
77,000
BSE 500 15,033 0.67 0.78 4.93 9.04 75,000
Year till 29-Dec 1-Jan 2-Jan 3-Jan 4-Jan Year Till
BSE Midcap 28 Dec Date
17,946 0.71 1.43 6.74 14.36
Index
BSE Small Cap 19,516 0.88 2.13 8.91 18.64

Source: Bloomberg, ICICI Direct.com Research

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 8

 Trend Scanner
Heat Map Positive Trend Universe: NSE 500 Overbought Stocks
Bank of 163.9 Tata 760.3 1,315.7 199.5 Dr 2,410.8 % 10-Day Delivery Scrip Name LTP Stochastic
L&T ONGC

MOMENTUM PICK
Baroda 3.8% Steel 3.4% 3.2% 3.1% Reddy 3.1% Scrip Name Close Change SMA ( %) BHEL 101 92.14
Asian 1,172.1 Coal 277.8 Sun 581.2 Vedanta 339.1 308.5 Asian Paints Ltd 1172.05 2.64 1147.90 68.34 KPIT 204 95.97
SBI
Paints 2.6% India 2.2% Pharma 2.1% Ltd 2.0% 1.9% Grasim Industries Ltd 1170.30 3.82 1142.41 75.85 Hexaware 353 82.4
616.8 1,801.4 496.7 279.8 4,345.5
Cipla ACC GAIL Hindalco Ultratech Hindustan Unilever Ltd 1352.25 0.14 1351.36 71.40
1.6% 1.5% 1.3% 1.2% 1.0%
Praj Industries Ltd 120.15 9.98 111.50 74.86 Oversold Stocks
Indusind 1,646.6 Bharti 523.0 Bajaj 3,264.5 2,657.1 920.3
TCS RIL Titan Industries Ltd 892.90 4.27 857.58 58.66
Bank 1.0% Airtel 0.9% Auto 0.7% 0.7% 0.6% Scrip Name LTP Stochastic
Tech 522.6 311.7 Adani 409.9 Auro 668.3 Yes 317.1 BPCL 392 4
Wipro
Mah 0.6% 0.5% Ports 0.5% Pharma 0.4% Bank 0.4% Bajaj Finserv 5064 12.6
Negative Trend Universe: NSE 500
HDFC 1,859.9 Ambuja 273.5 387.3 261.6 756.0 Tata Comm 676 15.68
IOC ITC M&M % 10-day Delivery
Bank 0.4% Cement 0.3% 0.3% 0.2% 0.1%
Scrip Name Close Change SMA (%)
HDFC 1,703.2 1,352.3 Bharti 379.1 580.0 Kotak 1,000.4
HUL Zee Ent Power Grid Corp of India Ltd 200.35 -0.64 201.23 75.28 52 Weeks High
Ltd 0.1% 0.1% Infratel 0.1% 0.0% Bank 0.0%
India Apollo Hospitals Enterprise Ltd 1160.10 -1.39 1191.97 56.84
177.1 878.2 ICICI 314.7 Axis 559.9 1,184.0 Scrip Name LTP

ICICI Securities – Retail Equity Research

NTPC Lupin Bulls
0.0% -0.1% Bank -0.1% Bank -0.1% -0.1% Automotive axle 1640.0
Hsg Fin
19,652.7 9,386.3 Hero 3,738.9 HCL 893.1 1,015.4 Bajaj Electrical 540.0
Bosch Maruti Infosys
-0.2% -0.3% Moto -0.4% Tech -0.5% -0.6%
CESC 1090.0
Power 200.4 491.5 Eicher 28,570.8 Tata 430.0 Tata 99.6
BPCL Hexaware 352.0
Grid -0.6% -0.7% Motors -0.8% Motors -0.9% power -1.2%
Hindalco 280.0
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
JCHAC Piercing line 2690.0 GMDC Engulfing 168.2 NA
Minda Industries Hammer 1255.0 Can fin home Continuation 468.0
Rajesh Export Engulfing 854.0 Eicher Motors Continuation 28570.0
VRL Logistics Engulfing 433.2 Apollo hospital Continuation 1160.0
Titan Company Continuation 894.0
Praj Industries Continuation 120.2

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 9

Supports and Resistance ( Cash Levels)
SCRIP Close S1 S2 S3 R1 R2 R3 Trend
Nifty 50 10504.8 10459 10414 10387 10531 10558 10602 Positive

MOMENTUM PICK
S&P BSE SENSEX INDEX 33969.64 33849 33729 33655 34042 34115 34235 Neutral
Nifty Bank 25462.6 25352 25241 25172 25532 25601 25712 Positive
Nifty 50 Futures 10535 10487 10439 10414 10561 10585 10634 Neutral
Nifty Bank Futures 25522.95 25428 25332 25284 25572 25620 25717 Positive
ACC LTD 1801.35 1778 1755 1740 1816 1831 1854 Positive
AMBUJA CEMENTS 273.45 272 269 268 275 277 279 Positive
ADANI POWER LTD 44.25 43 43 42 44 45 45 Neutral
ADANI ENTERPRISE 183.3 177 170 166 188 192 199 Positive
ADANI PORTS AND 409.85 407 404 403 412 414 417 Neutral
AJANTA PHARMA 1483.35 1462 1441 1427 1496 1509 1530 Positive
ASHOK LEYLAND 126.95 125 122 121 128 130 132 Positive
ALLAHABAD BANK 73.6 72 69 68 76 77 79 Neutral
AMARA RAJA BATT 839.75 835 830 822 848 856 861 Neutral
ANDHRA BANK 59.4 58 56 55 61 62 64 Positive

ICICI Securities – Retail Equity Research

APOLLO HOSPITALS 1160.1 1148 1136 1116 1179 1200 1211 Negative
ASIAN PAINTS LTD 1172.05 1152 1133 1120 1184 1197 1216 Positive
APOLLO TYRES LTD 270.9 268 266 264 272 274 275 Positive
AUROBINDO PHARMA 668.3 664 658 655 672 676 681 Negative
ARVIND LTD 452.1 442 433 427 457 463 472 Neutral
AXIS BANK LTD 559.9 557 554 550 564 568 571 Neutral
BAJAJ FINANCE LT 1754 1726 1698 1682 1770 1786 1814 Positive
BATA INDIA LTD 767.35 762 755 746 778 787 793 Positive
BEML LTD 1530.8 1511 1492 1473 1550 1569 1588 Neutral
BHARAT FINANCIAL 1003.65 998 990 986 1010 1014 1021 Positive
BHARTI AIRTEL 523 517 509 504 530 535 542 Neutral
BHARAT ELECTRON 180.05 180 179 178 182 183 185 Negative
BHARAT HEAVY ELE 100.75 99 97 96 102 103 105 Positive
BHARAT FORGE CO 726.95 723 718 713 734 740 745 Negative
BHARTI INFRATEL 379.05 376 374 372 381 384 385 Neutral

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 10

Supports and Resistance ( Cash Levels)
SCRIP Close S1 S2 S3 R1 R2 R3 Trend
BALKRISHNA INDS 1705.75 1683 1660 1639 1727 1748 1771 Positive
BIOCON LTD 332.15 328 326 322 335 338 341 Neutral

MOMENTUM PICK
BAJAJ AUTO LTD 3109.4 3061 3013 2974 3149 3187 3236 Positive
BAJAJ FINSERV LT 5154.45 5062 4971 4879 5245 5337 5429 Positive
BANK OF BARODA 137.6 135 134 132 139 142 143 Neutral
BANK OF INDIA 137.55 136 135 133 139 141 142 Neutral
BOSCH LTD 20545.1 20370 20194 19938 20802 21058 21234 Negative
BHARAT PETROL 471.3 464 456 450 478 484 492 Positive
BALRAMPUR CHINI 160.9 158 156 155 162 164 166 Neutral
BERGER PAINTS 245.1 239 234 230 248 252 257 Neutral
BRITANNIA INDS 4344.25 4326 4309 4294 4358 4373 4390 Neutral
CAPITAL FIRST LT 728 721 714 708 734 740 747 Positive
CAN FIN HOMES 469.3 464 459 451 477 485 490 Negative
CANARA BANK 362.55 354 346 341 368 374 382 Positive
CONTAINER CORP 1376.3 1360 1344 1325 1394 1412 1428 Positive

ICICI Securities – Retail Equity Research

CADILA HEALTHCAR 431.5 429 427 425 433 435 438 Positive
CEAT LTD 1941.15 1930 1919 1902 1958 1975 1986 Positive
CENTURY TEXTILE 1436.75 1417 1397 1386 1449 1461 1480 Positive
CESC LTD 1090.05 1069 1048 1035 1104 1117 1138 Positive
CG POWER AND IND 91.9 91 89 88 94 95 96 Neutral
CHOLAMANDALAM IN 1309.5 1297 1285 1276 1318 1327 1340 Neutral
CIPLA LTD 616.75 608 598 593 623 628 638 Neutral
COLGATE PALMOLIV 1094.35 1086 1079 1069 1103 1113 1120 Negative
COAL INDIA LTD 277.8 274 269 267 282 285 289 Positive
CASTROL INDIA 191.45 191 190 189 193 194 195 Negative
DABUR INDIA LTD 355 354 353 352 356 357 359 Neutral
DALMIA BHARAT LT 3109.4 3084 3058 3034 3134 3158 3184 Negative
DCB BANK LTD 194.85 193 190 189 196 198 200 Positive
DEWAN HOUSING 588.55 585 581 578 592 595 599 Negative
DISH TV INDIA 84.55 84 84 83 86 86 87 Negative

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 11

Supports and Resistance ( Cash Levels)
SCRIP Close S1 S2 S3 R1 R2 R3 Trend
DIVI LABS LTD 1106.55 1096 1084 1076 1116 1124 1136 Neutral
DLF LTD 257.5 256 253 251 260 263 265 Neutral

MOMENTUM PICK
DR REDDY'S LABS 2410.8 2362 2314 2285 2439 2468 2516 Positive
EICHER MOTORS 28570.75 28338 28105 27796 28881 29191 29424 Negative
ENGINEERS INDIA 199.5 198 196 194 202 204 207 Positive
EQUITAS HOLDINGS 146.25 144 143 141 147 149 150 Positive
ESCORTS LTD 788.55 773 759 747 799 811 826 Positive
EXIDE INDUS LTD 222.1 222 220 218 225 227 229 Neutral
FED BANK LTD 108.65 107 106 105 109 110 112 Neutral
FORTIS HEALTHCAR 164.05 162 161 159 165 167 168 Neutral
GAIL INDIA LTD 496.7 492 486 483 500 504 509 Positive
GODREJ CONSUMER 989.45 984 978 973 995 1000 1006 Positive
GODREJ INDUSTRIE 612.45 607 600 593 621 628 634 Positive
GMR INFRASTRUCTU 21.05 20 20 19 21 22 22 Negative
GLENMARK PHARMA 589.4 584 579 574 595 600 605 Negative

ICICI Securities – Retail Equity Research

GODFREY PHILLIPS 988.7 982 975 970 994 999 1006 Negative
GRANULES INDIA 135.15 134 132 131 137 138 140 Neutral
GRASIM INDS LTD 1170.3 1141 1111 1093 1188 1205 1235 Positive
GUJARAT STATE F 152.05 149 148 146 152 154 156 Neutral
HAVELLS INDIA 562.85 556 549 545 568 571 579 Positive
HINDUSTAN CONST 41.65 40 39 38 42 43 44 Positive
HCL TECH LTD 893.1 885 876 868 901 908 917 Negative
HOUSING DEV FIN 1703.2 1693 1683 1675 1711 1719 1729 Negative
HDFC BANK LTD 1859.9 1853 1847 1840 1865 1872 1878 Neutral
HOUSING DEVELOPM 62.15 61 60 59 62 64 64 Neutral
HEXAWARE TECHNOL 352 350 347 345 355 357 360 Positive
HERO MOTOCORP LT 3738.9 3720 3702 3682 3758 3778 3797 Negative
HINDALCO INDS 279.8 277 273 270 283 286 290 Positive
HINDUSTAN PETRO 418.85 411 404 399 424 428 436 Positive
HINDUSTAN UNILEV 1352.25 1344 1335 1329 1359 1365 1373 Neutral

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 12

Supports and Resistance ( Cash Levels)
Scrip Name Close S1 S2 S3 R1 R2 R3 Trend
HINDUSTAN ZINC 317.85 314 308 306 321 324 329 Positive
INDIABULLS REAL 219.25 215 211 208 222 225 229 Neutral

MOMENTUM PICK
INDIA CEMENTS 190.35 187 184 181 192 194 197 Positive
ICICI BANK LTD 314.7 312 310 308 317 318 321 Negative
INDO COUNT INDS 118.85 118 117 115 120 122 123 Negative
IDBI BANK LTD 64.4 61 58 55 66 68 71 Positive
IDEA CELLULAR 104.55 102 100 99 106 108 110 Positive
IDFC LTD 61.7 62 61 61 62 63 63 Positive
IDFC BANK LTD 54.55 53 53 53 54 55 55 Neutral
IFCI LTD 29.2 28 28 28 29 30 30 Positive
INDRAPRASTHA GAS 329.05 326 324 320 332 336 339 Negative
INDIABULLS HOUSI 1183.95 1178 1173 1165 1191 1199 1204 Negative
INDUSIND BANK 1646.6 1634 1622 1612 1655 1665 1677 Positive
INDIAN BANK 380.15 373 366 361 385 390 396 Neutral
INTERGLOBE AVIAT 1213.65 1206 1199 1192 1221 1227 1235 Positive

ICICI Securities – Retail Equity Research

INFIBEAM INCORPO 142.55 140 139 137 144 147 147 Negative
INFOSYS LTD 1015.4 1009 1004 998 1020 1026 1032 Negative
INDIAN OIL CORP 387.3 386 383 382 390 391 394 Negative
ICICI PRUDENTIAL 379.9 377 373 370 384 387 391 Positive
IRB INFRASTRUCTU 236.75 235 234 232 239 240 242 Positive
ITC LTD 261.55 261 260 259 263 264 266 Positive
JET AIRWAYS IND 865.2 858 852 842 875 885 891 Positive
JAIN IRRIGATION 136.25 131 126 123 139 142 148 Positive
JAIPRAKASH ASSOC 24.4 25 24 24 26 26 27 Neutral
JINDAL STEEL & P 244.55 224 203 189 259 273 294 Positive
JSW STEEL LTD 277.15 270 264 258 283 288 295 Positive
JSW ENERGY LTD 91.05 90 89 88 93 94 95 Neutral
JUBILANT FOODWOR 1838.75 1818 1797 1775 1862 1885 1905 Positive
JUST DIAL LTD 516.05 506 496 487 525 534 544 Negative
KARNATAKA BANK 155.45 153 152 150 157 158 160 Positive

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 13

Supports and Resistance ( Cash Levels)
Scrip Name Close S1 S2 S3 R1 R2 R3 Trend
KAJARIA CERAMICS 743.7 736 729 719 752 761 768 Positive
CUMMINS INDIA 972.95 942 910 889 995 1016 1048 Positive

MOMENTUM PICK
KOTAK MAHINDRA 1000.4 997 993 990 1004 1007 1011 Negative
KPIT TECHNOLOGIE 203.8 197 191 187 207 211 216 Positive
KAVERI SEED 534.4 529 524 518 540 546 551 Negative
LIC HOUSING FIN 567.6 563 558 555 570 574 578 Negative
LUPIN LTD 878.15 871 864 859 884 890 897 Negative
LARSEN & TOUBRO 1315.7 1290 1265 1250 1330 1345 1370 Positive
L&T FINANCE HOLD 172.4 171 169 168 174 175 177 Neutral
MAHANAGAR GAS LT 1091.4 1084 1078 1068 1100 1110 1116 Negative
MAX FINANCIAL SE 589.6 583 577 570 597 603 610 Positive
MCX INDIA LTD 925.2 916 907 900 932 939 948 Positive
MANAPPURAM FINAN 119.8 118 117 116 121 123 123 Neutral
MAHINDRA & MAHIN 756 751 746 741 762 767 772 Positive
M&M FIN SERVICES 478.75 466 455 445 487 497 509 Positive

ICICI Securities – Retail Equity Research

MARICO LTD 323.35 322 319 318 326 327 330 Neutral
MRF LTD 71219.88 70833 70445 70040 71627 72033 72420 Negative
CHENNAI PETROLEU 423.3 422 419 415 428 431 434 Negative
MANGALORE REFINE 128.2 127 126 125 130 130 132 Positive
MARUTI SUZUKI IN 9386.25 9340 9293 9219 9461 9535 9582 Negative
MOTHERSON SUMI 375.35 372 369 366 377 379 382 Negative
MINDTREE LTD 599.9 594 587 582 607 613 620 Negative
MUTHOOT FINANCE 461.95 455 450 445 466 471 476 Neutral
NATIONAL ALUMIN 88.05 87 86 85 90 90 92 Positive
NBCC INDIA LTD 249.15 246 243 240 251 253 256 Positive
NESTLE INDIA LTD 7864 7834 7805 7771 7897 7931 7960 Negative
NHPC LTD 33.75 34 33 32 35 35 36 Positive
NIIT TECH LTD 653.15 644 637 631 657 663 671 Neutral
NCC LTD 132.65 131 128 127 135 136 138 Positive
NMDC LTD 154.75 151 147 145 157 159 163 Positive

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 14

Supports and Resistance ( Cash Levels)
Scrip Name Close S1 S2 S3 R1 R2 R3 Trend
NTPC LTD 177.1 176 176 175 177 178 179 Negative
ORIENTAL BANK OF 124 121 119 117 126 128 130 Positive

MOMENTUM PICK
ORACLE FINANCIAL 4057 4008 3960 3870 4146 4236 4284 Neutral
OIL INDIA LTD 381.55 379 375 372 386 389 392 Positive
OIL & NATURAL GA 199.5 196 193 191 201 203 206 Positive
PAGE INDUSTRIES 24595.7 24299 24003 23705 24893 25191 25487 Positive
PC JEWELLER LTD 486.6 476 465 459 493 499 509 Positive
PIDILITE INDS 905.6 901 895 886 916 925 931 Positive
PIRAMAL ENTERPRI 2819.3 2795 2770 2744 2846 2872 2897 Negative
PETRONET LNG LTD 252.7 251 250 248 255 256 258 Negative
PUNJAB NATL BANK 176.45 168 160 154 183 188 197 Neutral
POWER FINANCE 125.3 124 123 122 126 127 128 Positive
PTC INDIA LTD 120.4 119 117 116 122 123 124 Positive
PVR LTD 1399 1389 1378 1363 1414 1429 1440 Neutral
POWER GRID CORP 200.35 199 198 196 202 204 205 Neutral

ICICI Securities – Retail Equity Research

RBL BANK LTD 517.4 512 507 503 521 525 530 Positive
RELIANCE CAPITAL 596.35 587 576 567 606 616 626 Negative
RELIANCE COMMUNI 33.3 29 25 22 36 39 43 Neutral
REC LIMITED 161.95 160 156 154 165 166 170 Positive
RELIANCE INFRAST 565.55 558 551 546 570 575 583 Negative
REPCO HOME FINAN 696.5 687 679 671 703 711 719 Positive
RELIANCE INDS 920.3 916 913 910 922 925 928 Neutral
RELIANCE POWER 58.45 57 55 54 61 62 64 Positive
RAYMOND LTD 1097.3 1065 1032 1012 1118 1138 1171 Positive
STEEL AUTHORITY 97.9 95 92 90 101 102 106 Positive
STATE BANK IND 308.5 304 300 297 311 314 318 Positive
SHRIRAM TRANSPRT 1468.85 1451 1434 1418 1484 1500 1518 Positive
SOUTH INDIAN BK 31.3 30 30 30 31 32 32 Positive
SIEMENS LTD 1277.05 1265 1252 1243 1286 1294 1307 Positive
SYNDICATE BANK 80.65 78 75 74 83 85 88 Neutral

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 15

Supports and Resistance ( Cash Levels)
Scrip Name Close S1 S2 S3 R1 R2 R3 Trend
SHREE CEMENT 17910 17794 17677 17454 18134 18357 18474 Negative
SREI INFRASTRUCT 99.8 99 98 97 102 102 104 Positive

MOMENTUM PICK
SRF LTD 1934.4 1918 1902 1889 1947 1960 1976 Neutral
STRIDES SHASUN L 822.05 818 813 807 828 833 838 Positive
SUZLON ENERGY 15.8 16 16 16 16 16 17 Neutral
SUN PHARMA INDU 581.2 566 551 542 590 599 614 Neutral
SUN TV NETWORK 1028.2 1012 996 987 1037 1046 1062 Positive
TATA STEEL LTD 760.25 741 721 709 772 783 803 Positive
TATA COMMUNICATI 674.7 670 664 661 679 682 688 Negative
TATA CONSULTANCY 2657.1 2644 2631 2622 2666 2675 2688 Neutral
TECH MAHINDRA LT 522.55 517 510 506 528 532 539 Neutral
TATA ELXSI LTD 998.35 991 984 977 1005 1012 1020 Neutral
TATA GLOBAL BEVE 312.25 309 305 302 315 317 321 Negative
TORRENT POWER LT 280.6 278 274 272 283 286 289 Positive
TATA POWER CO 99.6 99 98 97 101 102 103 Negative

ICICI Securities – Retail Equity Research

RAMCO CEMENT/THE 801.35 796 791 788 805 809 814 Positive
TORRENT PHARMA 1393.9 1377 1361 1350 1405 1415 1432 Neutral
TITAN CO LTD 892.9 865 837 820 909 925 953 Positive
TATA CHEMICALS 754.4 750 744 738 761 768 773 Neutral
TATA MOTORS LTD 429.95 427 422 419 434 438 442 Negative
TV18 BROADCAST L 60 59 59 58 60 61 62 Negative
TVS MOTOR CO LTD 766.55 759 753 746 772 779 785 Negative
UNITED BREWERIES 1078.85 1068 1056 1041 1095 1110 1122 Positive
UJJIVAN FINANCIA 406.6 402 397 392 411 415 420 Positive
UNION BANK INDIA 147.5 144 139 137 150 153 157 Neutral
UNITED SPIRITS 3688.85 3628 3568 3532 3724 3760 3820 Positive
UPL LTD 781.65 776 772 767 786 792 796 Neutral
ULTRATECH CEMENT 4345.5 4310 4275 4255 4365 4385 4420 Positive
VEDANTA LTD 339.1 333 326 321 344 348 355 Positive
V-GUARD IND LTD 235.35 235 233 232 238 239 240 Negative

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 16

Supports and Resistance ( Cash Levels)
Scrip Name Close S1 S2 S3 R1 R2 R3 Trend
VOLTAS LTD 645.7 637 630 623 651 658 666 Negative
WOCKHARDT LTD 926.7 918 910 898 939 950 959 Positive

MOMENTUM PICK
WIPRO LTD 311.65 309 305 303 315 317 320 Negative
YES BANK LTD 317.1 314 311 308 319 321 324 Positive
ZEE ENTERTAINMEN 580 577 573 571 583 585 590 Negative

ICICI Securities – Retail Equity Research

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 17
Forthcoming Economic Event Calendar

Date Event Date Event

US China

MOMENTUM PICK
5-Jan Change in Nonfarm Payrolls 7-Jan Foreign Reserves
5-Jan Labor Force Participation Rate 8-Jan Foreign Direct Investment YoY CNY
9-Jan Consumer Credit 10-Jan Money Supply M1 YoY
10-Jan MBA Mortgage Applications 10-Jan Money Supply M2 YoY
10-Jan Import Price Index MoM 12-Jan Exports YoY CNY
11-Jan Initial Jobless Claims UK
11-Jan Continuing Claims 5-Jan New Car Registrations YoY
India 8-Jan Halifax House Prices MoM
10-Jan Trade Balance 8-Jan Halifax House Price 3Mths/Year
12-Jan CPI YoY 10-Jan Industrial Production MoM
15-Jan Wholesale Prices YoY 10-Jan Manufacturing Production MoM

ICICI Securities – Retail Equity Research

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 18
 Momentum Picks: Strategy Follow up

Duration: Intraday *

MOMENTUM PICK
Idirect Gain/Loss
Date Scrip Code Strategy Recommended Price Targets SL % Comment
4-Jan Nifty NIFTY Buy 10475-10485 10530 10460 50 Points Target Achieved
4-Jan Larsen& Toubro LARTOU Buy 1279.00-1282.00 1293.80/1306.20 1268.80 1.7 Target 2 Achieved
4-Jan Tata Chemical TATCHE Buy 759.00-761.00 767.20/774.50 752.80 -0.3 Closed at 757.50

Duration: 30 Days
Gain/Loss
Date Scrip Product Strategy Recommended Price Target SL % Comment
22-Dec Tata Power TATPOW Buy 92.00-94.00 106.00 86.70 7.0 Booked 50% profit at 99.00
4-Jan Meghmani organics MEGORG Buy 116.00 130.00 107.00 7.0 Booked 50% profit at 122.70

ICICI Securities – Retail Equity Research

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 19
Gladiator Stocks: Open Recommendations

MOMENTUM PICK
Date Stock Strategy Recommendation Price Target Stoploss Time Frame

13-Jul-17 ABB India Buy 1445-1480 1,720.00 1320.00 6 month

1-Nov-17 Oberoi Realty Buy 475-490 590.00 417.00 6 month

30-Nov-17 Wim plast Buy 1330-1360 1,595.00 1220.00 6 month

1-Jan-18 Chambal Fertliser Buy 151-154 182.00 135.00 6 month

1-Jan-18 National Fertiliser Buy 72-75 90.00 66.00 6 month

4-Jan-18 Titan Buy 855-875 1,048.00 768.00 6 month

4-Jan-18 Praj Industries Buy 115-118 142.00 104.00 6 month

All the recommendations are in Cash segment

ICICI Securities – Retail Equity Research

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January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 20

 Stocks on the Move: Open Recommendations

Date Stock Strategy Recommendation Price Target Stoploss Time Frame Remark

MOMENTUM PICK
30-Oct-17 Graphite India Buy 450-458 735.00 595.00 3 month Revised Target to 1045 and trail stoploss to 785
4-Jan-18 JK Paper Buy 151-154 178.00 139.00 3 month
All the recommendations are in Cash segment

ICICI Securities – Retail Equity Research

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January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 21

Price history of last three years of the short
term recommendations
Reliance Infrastructure Maharashtra Seamless

MOMENTUM PICK
ICICI Securities – Retail Equity Research
January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 22
 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

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 23

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%

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 24

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 session’s 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 session’s 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 session’s 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 body—warns 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 session’s price opens over the
prior session’s high (or above the prior session’s close). By the end of the second session, it closes near the low of the session and should fall well into the prior
session’s 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

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 25

 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

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 26

Disclaimer
We /I, Dharmesh Shah, Nitin Kunte, Ninad Tamhanekar, 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 India’s 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, Nitin Kunte, Ninad Tamhanekar, 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

January 5, 2018 ICICI Securities Ltd. | Retail Equity Research 27