DAILY MORNING NOTE

2 November 2017
Indices Current % %
Value 1D YTD U.S. Fed Reserve signals December hike on track
Sensex 33600 1.17 26.19
Nifty 10441 1.02 27.54 Asian markets are mixed as investors digested the Federal
BSE Mid Cap 16647 0.35 38.36 Reserve's decision to keep interest rates steady. Nikkei was
BSE Sml Cap 17697 0.55 46.91 trading higher by 0.17% Hang Seng was trading higher by 0.07%
SGX Nifty Fut 10469 (0.15) 27.91 and Shanghai was trading lower by 0.47%. The domestic markets
Sectors Performance (BSE)
are expected to open lower. Sgx Nifty is trading lower by 0.20%.
Realty 2369 2.93 87.41
Bankex 28853 2.01 39.06 The U.S. markets ended mixed as the Federal Reserve kept interest rates
Metal 15008 1.89 48.46 unchanged. However, the Fed reserve indicated it may raise interest rates
Consumer Dur 18353 (0.61) 63.32 in December as it upgraded the assessment of the U.S. economy. The Dow
Auto 25363 (0.20) 25.20 Jones gained 58 points, or 0.25%, to close at 23,435 while NASDAQ gained
Healthcare 14259 (0.16) (3.18) 11 points or 0.17% to close at 6,716.

Index FY17E FY18E FY19E What to watch

SensexEPS 1440 1564 1897
Results Today: Akzo Nobel, Andhra Bank, Berger Paints, CCL
P/E 23.33 21.48 17.71
Products, Cera Sanitaryware, Deepak Fertilisers, Edelweiss, GE
NiftyEPS 454 527 629
Power, Glenmark Pharma, Gujarat Pipavav , Hathway Cable, HCC,
P/E 23.00 19.81 16.60
ICRA, Natco Pharma, Power Grid, Ramco Cements , Orient Cement,
FII Trading activities in Cash Shriram City Union Finance, Sundram Fasteners, Transport Corp. of
Date Net MTD CYTD India, Ujjivan , Vedanta.
FII 01/11 1038 1038 (22533) U.S. Fed Reserve signals December hike on track
DII 01/11 (668) (668) 72781 NHAI Plans to Sell Rs 500 cr 5 Year Bonds
Figs. in Rs Cr., Source: Bloomberg.
Corporate

Current % % Gail India plans to invest approximately Rs 5000 cr for pipelines and
Global Indices
Value 1D YTD
Dow Jones 23435 0.25 18.58
city gas distribution in U.P.
Nasdaq 6717 (0.17) 24.77 NBCC India has won contracts wort Rs 400 cr for Manora Aamdar
DAX 13466 1.78 17.28
Niwas reconstruction project at Nariman Point, Mumbai.
Nikkei 225 22458 0.17 17.49
FTSE 100 7488 (0.07) 4.83 Shree Cement has won Chhattisgarh coal linkages for Raipur Captive
Hang Seng 28609 0.05 30.04 power plant.
Shanghai A Sha 3379 (0.48) 8.89
Bovespa 73824 (0.65) 22.58
Coal India: Odisha government has sent a penalty notice of Rs 20,169
Strait Times 3376 (0.47) 17.18 crore to Coal India's subsidiary Mahanadi Coalfields for not following
Source: Bloomberg; As on 8.30 am IST
environment and mining plant norms.

Forex Rate
GOCL corporations unit IDL explosives has been awarded contract
INR/USD 64.60 0.39 5.15 worth Rs 322 cr by Coal India for supply of bulk explosives.
INR/EUR 75.16 0.23 (4.64)
Solar Industries India has been awarded a Rs 1,143 cr contract from
INR/GBP 85.91 (0.38) (2.81)
INR/YEN (100) 56.71 (0.11) 2.47 Coal India for supply of bulk explosives.

2 November 2017 For private circulation only

Trading Insights

Insight from trading volumes

% Chg in Qty Traded Qty Traded

Scrip Delivery % CMP*
(OverAvg 30 days) (000s)

Shipping Corp 569 13142 22 103

Idfc Bank Ltd 426 49312 36 62

Shoppers Stop 26 730 27 573

Rashtriya Chemicals 350 21734 29 97

Alembic Ltd 241 2595 43 42

Minda Industries 346 415 63 887

Idea Cellular 153 42923 27 99

Insight from delivery

Scrip Delivery % Total Volume (000s) 30 days avg Delivery % CMP*

Ifci Ltd 30 16292 25 26

Greenply Indus 66 68 62 291

Mahanagar Gas 36 519 35 1253

Lakshmi Vilas Bk 68 1210 45 156

Bombay Rayon Fashions 75 405 69 137

Redington India 69 1019 66 163

Infibeam Incorporation 24 6529 23 132

*CMP-Closing Market Price

2 November 2017 2
Investment Picks

Company CMP Target Price Company CMP Target Price

ABB 1389.95 1690 J Kumar Infra 266.75 330

Advanced Enzyme 271.55 370 Jagran Prakashan 175.2 205
Alkem Labs 1887.25 2000 JK Cement 1004.5 1144
APL Apollo Tubes 1875 2195 JK Lakshmi Cement 434.05 451
Apollo Hospitals 1034.8 1410 Karnataka Bank 162.55 192
Arvind 402.8 415 Karur Vysya Bank 129.45 132
Ashok Leyland 126.45 131 LIC Housing 598.5 790
Ashoka Buildcon 215.15 240 Mahindra CIE 249.65 282
Aurobindo Pharma 761.9 825 Mahindra Lifespace 437.1 508
Balkrishna Industries 1739.15 1781 Manappuram Fin 100.6 122
Biocon 361.85 380 Maruti Suzuki 8235.05 9298
Can Fin Homes 470.6 580 MCX Ltd 1044.65 1280
Capital First 744.3 920 Minda Inds 885.45 920
CARE 1494.35 1558 Motherson Sumi 368.45 396
Cholamandalam Invst 1221.95 1370 Mphasis 690.55 705
City Union Bank 160.95 166 Narayana Hrudayalaya 306.65 363
Coromandel Intl 511.3 570 Natco Pharma 974.45 1240
Dalmia Bharat 2970.35 3044 ONGC 190.9 200
Dhanuka Agritech 636.8 915 Phoenix Mills 538.5 601
Divi's Lab 920.3 1080 PI Industries 803 980
EID Parry 371.8 480 Power Finance 140.05 150
Endurance Technologies 1177.35 1230 RBL Bank 524.8 620
Equitas hold 146.05 184 Reliance Inds 952.3 990
Federal Bank 120.65 139 Repco Home Fin 618.75 800
Future Retail 518.05 650 Sadbhav Engg 317.8 336
Gateway Distriparks 268.05 270 Steel Strips 833.4 1061
GlaxoSmithKline Strides Arcolab 826.15 1030
5281.55 6025
Consumer
Suprajit Engg 275.95 326
Glenmark Pharma 621.25 840
Supreme Ind 1152.85 1240
Gulf Oil Lubricants 795.25 1000
Tata Motors 436.75 493
HDFC 1751.35 1850
Tata Steel 707.05 765
HDFC Bank 1820.4 2150
Thermax 995.1 1140
Hero Motocorp 3816.45 4278
Thomas Cook 241.45 290
Hindustan Unilever 1259.65 1400
Trident Ltd 103.9 124
Hindustan Zinc 324.6 336
Va Tech Wabag 586.75 740
ICICI Bank 313.2 350
Vedanta 343.45 362
Indusind Bank 1641.5 1920
Zee Learn 44.85 72
Infosys Tech 926.25 1200
Interglobe 1246.45 1386
ITC 269.7 330
ITD Cemenration 181.8 202

2 November 2017 3
Technical View (Equity)

Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,440.50 1.02% 10355 10400 10425 10465 10495
Sensex 33600.27 1.17% 33220 33410 33530 33720 33840

Nifty Daily Chart

Comments:
Nifty opened with an upward gap and buying momentum throughout the session led it closed at 10441 with a
gain of 105 points.
On the daily chart the index has formed a long bullish candle forming higher High-Low compare to previous
session and has closed above previous three sessions resistance which signals further strength. Nifty has formed
a bullish gap area in the range of 10383-10367 levels which remains an immediate short term support zone. The
index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend.
The chart pattern suggests that if Nifty crosses and sustains above 10450 level it would witness buying which
would lead the index towards 10470-10500 levels. Important Supports for the day is around 10430 However if
index sustains below 10430 then it may witness profit booking which would take the index towards 10410-10380
levels. Nifty is trading above 20, 50 and 100 day SMA's which are important short term moving averages,
indicating positive bias in the short to medium term. Nifty continues to remain in an uptrend in the short and
medium term, so buying on dips continues to be our preferred strategy.
The daily strength indicator RSI and momentum oscillator Stochastic have both turned positive and are above
their respective reference lines indicating positive bias
The trend deciding level for the day is 10425. If NIFTY trades above this level then we may witness a further rally
up to 10465-10495-10535 levels. However, if NIFTY trades below 10425 levels then we may see some profit
booking initiating in the market, which may correct up to 10400-10355-10330 levels

Stocks to focus for intraday Long SBIN, Muthootfin, KEC, Mgl, Hindzinc, Hindalco,
Tataspong, ITC

Stocks to focus for intraday Short Ashokley, Jswenergy, Colpal, Tvsmot

2 November 2017 4
Technical View (Currency)

Daily call
Index CMP % up/dn S2 S1 P R1 R2
USD/INR
64.82 -0.28% 64.56 64.69 64.84 64.97 65.12
(Future)

USDINR (Nov. Future) Daily chart

Comments:

USDINR (Nov. Future) CMP: 64.82

USDINR opened on a flat note but selling led USDINR downwards to end near the low of the day. USDINR closed
at 64.82 with a loss of 0.28 %.

On the daily chart USDINR has formed a sizable bearish candle forming lower High-low comapre to previous
session indicating negative bias USDINR is moving in a Lower Top and Lower Bottom formation on the daily chart
indicating sustained down trend. USDINR is trading below 20 and 50 day SMA's which are important short term
moving averages, indicating negative bias in the short to medium term

The chart pattern suggests that if USDINR crosses and sustains above 64.85 level it would witness buying which
would lead USDINR towards 64.95-65.10 levels. However if index breaks below 64.70 level it would witness selling
which would take USDINR towards 64.60-64.50.

The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative and are below their
respective reference lines indicating negative bias

2 November 2017 5
Daily Support/ Resistance of Nifty Companies

Company Pivot Point R1 R2 S1 S2 RSI-9D

AMBUJACEM 284 287 292 279 276 58
ADANIPORTS 430 434 437 426 422 78
ASIANPAINT 1182 1188 1195 1175 1169 46
AUROPHARMA 762 770 779 753 745 59
AXISBANK 515 537 551 501 479 70
BAJFINANCE 1800 1825 1849 1775 1750 44
BHARTIARTL 496 505 512 488 479 79
INFRATEL 437 454 466 425 407 46
BAJAJ-AUTO 3268 3285 3313 3240 3222 57
BOSCHLTD 21110 21220 21428 20902 20792 40
BPCL 538 548 555 531 520 72
CIPLA 628 634 641 621 615 67
COALINDIA 286 289 291 284 281 55
DRREDDY 2441 2491 2555 2377 2327 45
EICHERMOT 32400 32600 32967 32033 31833 39
GAIL 469 474 482 460 455 69
HCLTECH 851 865 875 842 828 30
HDFC 1711 1724 1741 1694 1681 61
HDFCBANK 1806 1814 1819 1801 1794 50
HEROMOTOCO 3847 3873 3896 3824 3799 57
HINDALCO 269 273 278 264 260 64
HINDPETRO 450 457 466 440 434 41
HINDUNILVR 1239 1248 1259 1229 1220 54
ICICIBANK 301 303 306 298 296 76
IBULHSGFIN 1251 1262 1280 1233 1222 38
INDUSINDBK 1629 1640 1653 1617 1606 43
INFY 924 928 934 918 914 48
IOC 417 421 427 411 407 52
ITC 266 267 269 264 262 57
KOTAKBANK 1027 1033 1040 1020 1014 41
LUPIN 1025 1041 1053 1013 997 50
LT 1224 1237 1251 1209 1196 66
M&M 1355 1368 1391 1332 1319 51
MARUTI 8202 8236 8261 8177 8142 77
NTPC 182 183 185 180 178 59
ONGC 189 194 197 186 182 86
POWERGRID 214 217 222 209 206 49
RELIANCE 940 947 953 933 926 74
SBIN 308 312 318 302 298 74
SUNPHARMA 553 559 565 546 540 61
TATASTEEL 710 723 743 691 678 52
TCS 2622 2642 2660 2604 2583 62
TECHM 482 487 492 477 471 69
TATAMOTORS 432 436 443 424 420 62
UPL 810 825 851 784 769 40
ULTRACEMCO 4423 4453 4506 4370 4340 70
VEDL 335 340 348 327 322 63
WIPRO 294 296 298 292 291 49
YESBANK 315 319 323 311 307 32
ZEEL 543 547 552 538 533 59
Source: Axis Direct.

2 November 2017 6
Global Equity Valuation

PER (x) PBR (x) ROE (%) Div Yield (%)

Mcap Index CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18
Indices ($bn) Value
Developed
US (Dow Jones) 28596 23435 19 17 3.7 3.5 21 21 2.3 2.4
US (S&P 500) - 2579 19 18 3.1 2.9 16 16 1.9 2.1
UK (FTSE 100) 3648 7488 15 14 1.9 1.9 9 13 4.1 4.3
Germany (DAX) 2383 13466 15 14 1.8 1.7 12 12 2.7 3.0
France (CAC ) 2529 5514 16 15 1.6 1.6 9 10 3.0 3.2
Japan (Nikkei 225) 6043 22458 19 17 1.9 1.7 10 10 1.7 1.8
BRIC
Brazil (Bovespa) 891 73824 14 13 1.6 1.5 11 12 2.8 3.4
Russia (Micex) 580 2083 7 6 0.7 0.7 7 11 5.4 6.0
India (Sensex) 2236 33600 22 17 3.0 2.7 12 16 1.4 1.5
China (HSCEI) 7778 11659 9 8 1.0 0.9 12 12 3.5 3.7
Asia
Hong Kong (H S I) 5156 28624 13 12 1.3 1.3 13 11 3.5 3.4
Korea (KOSPI) 1641 2552 11 10 1.2 1.1 11 11 1.5 1.8
Singapore (Strait) 568 3377 15 14 1.2 1.2 10 8 3.2 3.3
Taiwan (TWSE) 1198 10821 15 14 1.9 1.8 15 13 3.8 4.0
Source: Bloomberg

2 November 2017 7
 DAILY DERIVATIVES 02 November 2017

Nifty Futures View Volatility FII Activity

Nifty Active Futures 10477.3 India VIX Index 12. 13 INDEX FUTURES -49
Nifty Active Futures OI 25422600 Nifty ATM Call IV 8. 13 INDEX OPTIONS 215
Change in OI 751575 Nifty ATM Put IV 13. 04 STOCK FUTURES 225
Premium / Discount 36.80 PCR Index Options 1. 08 STOCK OPTIONS 0
Inference Long Build Up PCR F&O Total 1. 01 FII Net Activity 390

Nifty Options OI Distribution HIGHLIGHTS:

Nifty Futures closed at 10477.30
increased by 1.05% with 2.96%
increased in open interest
indicates long buildup. Nifty
futures closed with 37 points
premium compared to previous
dayOptions
Nifty premium of 33inpoint.
-Change OI
FII's were sellers in Index Futures
to the tune of 49 crores and were
buyers in Index Options to the
tune of 215 crores, Stock Futures
were bought to the tune of 225
crores. FII's were net buyers in
derivative segment to the tune of
390 crores.
SECURITIES IN BAN PERIOD Market Indsite:
JSWENERGY, WOCKPHARMA, HDIL
Nifty Futures closed at 10477.30 increased by 1.05% with 2.96%
increased in open interest indicates long buildup. Nifty futures closed
with 37 points premium compared to previous day premium of 33
point.
FII's were sellers in Index Futures to the tune of 49 crores and were
buyers in Index Options to the tune of 215 crores, Stock Futures were
bought to the tune of 225 crores. FII's were net buyers in derivative
segment to the tune of 390 crores.
India VIX index is at 12.13. Nifty ATM call option IV is currently at 8.13
whereas Nifty ATM put option IV is quoting at 13.04.
Index options PCR is at 1.08 and F&O Total PCR is at 1.01.
Among stock futures MARICO, BATAINDIA, HINDALCO and
GODREJIND have witnessed long build up and may show strength in
coming session.
Stocks which witnessed short build up are POWERGRID, UPL,
TVSMOTORS and PIDILITIND may remain weak in coming session.
Nifty put options OI distribution shows that 10000 has highest OI
concentration followed by 9900 and may act as good support for
current expiry.
Nifty call strike 10500 followed by 10600 witnessed significant OI
concentration and may act as resistance for current expiry.

India VIX index is at 12.13. Nifty

Stock Futures - Long Build Up Market Indsite:
Stock Futures - Short Build Up

ATM call option

Symbol Fut Price % IVChg
is currently
Open Interest at
% Chg Symbol Fut Price % Chg Open Interest % Chg
8.13 whereas
MARICO Nifty 0.ATM
316.15 22 put 5493000 9.65 POWERGRID 211. 7 -0. 56 22728000 16.34

option IV is quoting
BATAINDIA 819. 9 0.at
53 13.04. 1971200 9.07 UPL 788.15 -2. 14 10172400 13.01

HINDALCO 277. 4 3. 12 41534000 7.73 TVSMOTORS 711.05 -1. 78 5770000 12.32

Index options
GODREJIND
PCR is0. 85at 1.083415500
600.85
and 6.70 PIDILITIND 778.25 -1. 09 1762000 10.40
F&O Total PCR is at 1.01.
Source: NSE,SeeDiff,AXISDIRECT Research

Among stock futures MARICO,

 DAILY DERIVATIVES
Stock OI Data

S ec tor Sc ri p sp ot p ri ce % ch g F u ture s OI (in 0 00 's) % chg

Ba nking ANDHRABANK 68.70 4.01 21,830 3.46
O thers APO LLO HOS P 1,033.85 -0.45 1,835 3.53
T extile ARVIND 402.90 0.46 5,522 4.98
Autom obile ASHO KLE Y 126.45 -3.62 57,946 5.04
FMCG ASIANP AINT 1,175.95 -0.41 3,085 3.09
Ba nking BANKBARODA 172.45 1.50 47,957 3.89
FMCGOptions OIBATAINDIA
Nifty Distribution 813.10 0.25 2,041 9.76
Autom obile BHARATFORG
Market Indsite: 703.75 0.79 6,701 3.14
T ele com BHARTIART L 539.10 8.43 41,285 15.09
P harm a CADILAHC 496.55 -1.37 3,195 7.19
Fina nce CANFI NHO ME 470.90 -1.93 4,581 2.55
O il_G as CAST ROLIND 404.75 1.21 15,491 4.55
P ower CGP OW ER 86.60 4.46 28,008 5.32
FMCG COLP AL 1,040.40 -2.28 1,549 5.73
Ca pital_ Goods CUMMINSIND 895.00 -1.12 749 9.47
Ba nking DCBBANK 179.00 0.59 7,160 4.88
P harm a DIVIS LAB 923.65 4.66 4,450 2.96
P harm a DRREDDY 2,354.20 -3.05 4,637 15.12
Autom obile EICHE RMOT 30,929.80 -4.04 170 13.85
Infra structure ENG INERS IN 183.75 -0.97 14,637 2.78
Autom obile ES CORT S 740.95 -2.53 3,487 20.58
Ba nking FEDE RALBNK 120.55 -0.99 68,915 3.43
Nifty Options -Change in OI
P harm a GLE NMARK 621.80 0.66 7,623 3.43
FMCG GO DFRY PHLP 1,029.15 2.14 591 10.57
FMCG GO DREJIND 595.95 0.49 3,458 6.56
T echnology HCLTE CH 840.65 -1.77 10,007 4.63
Re alty HDIL 60.80 2.88 42,063 11.43
T echnology HEX AWARE 281.15 -1.28 2,490 32.38
Me tals HINDALCO 275.30 2.95 42,011 7.72
O il_G as HINDPE TRO 443.30 -0.86 25,580 4.26
Re alty IBREALE ST 234.45 4.34 48,418 16.08
Ba nking ICICIBANK 313.40 4.43 85,242 4.28
T ele com IDEA 99.00 6.62 61,796 4.25
Ba nking IDFCBANK 62.30 9.97 1,32,957 8.38
Ba nking INDIANB 323.20 2.67 4,426 7.06
T ele com INFRATE L 426.55 -3.53 8,845 3.03
O thers KAJARIACE R 672.95 -1.07 1,209 3.71
SECURITIES
Fina nce IN BAN
LICHSGPERIOD
FIN 597.30
Market Indsite:
-0.23 15,579 11.80
Autom obile M&M 1,350.75 0.44 4,350 2.93
O thers MCX 1,043.85 -0.94 1,833 2.63
O il_G as MGL 1,253.05 4.23 743 14.63
T echnology MINDTRE E Market Indsite:
474.75 -1.02 3,514 4.09
O il_G as MRPL 139.95 -1.69 11,439 9.57
Fina nce MUTHO OT FIN 511.85 3.76 1,982 5.76
Me tals NATIO NALUM 94.35 -1.41 26,632 3.32
FMCG NES TLE IND 7,317.70 1.09 96 4.95
P harm a PE L 2,724.70 -0.86 1,460 3.47
FMCG PIDILIT IND 772.75 -1.16 1,778 10.43
Ba nking PNB 198.90 0.89 34,556 4.24
P ower PO WE RGRID 210.35 -0.71 22,876 16.24
P ower PT C 124.35 1.02 18,024 3.87

Source: NSE,SeeDiff,AXISDIRECT Research

Disclosures

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2 November 2017 8
 Disclosures

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recommendation and other related information and opinions. Each of these entities functions as a separate, distinct and independent of
each other. The recipient should take this into account before interpreting this document.

ASL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a
result, the recipients of this report should be aware that ASL may have a potential conflict of interest that may affect the objectivity of this
report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage service
transactions. ASL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in
this report.

Neither this report nor any copy of it may be taken or transmitted into the United State (to U.S. Persons), Canada, or Japan or distributed,
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herein may or may not be eligible for sale in all jurisdictions or to certain category of investors.

The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be
treated as endorsement of the views expressed in the report. The Company reserves the right to make modifications and alternations to this
document as may be required from time to time without any prior notice. The views expressed are those of the analyst(s) and the Company
may or may not subscribe to all the views expressed therein.

Copyright in this document vests with Axis Securities Limited.

Axis Securities Limited, Corporate office: Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-
400070, Tel No. 18002100808/022-61480808, Regd. off.- Axis House, 8th Floor, Wadia International Centre, Pandurang Budhkar Marg,
Worli, Mumbai 400 025. Compliance Officer: Anand Shaha, Email: compliance.officer@axisdirect.in, Tel No: 022-42671582. SEBI-Portfolio
Manager Reg. No. INP000000654

2 November 2017 For private circulation only

Disclaimer : The views expressed / recommendations made in this report are based on Technical Analysis techniques and could be at
variance with the company's / group's views based on fundamental research. 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. This report and information
herein is solely for informational purpose and may 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. Nothing in this report 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 in this report 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. Each recipient of this document should make such investigations as it deems necessary to
arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits
and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment
discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options
another derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No
representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions
contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the
transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change
without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required
from time to time without any prior approval. Axis Securities Ltd. (ASL), its affiliates, their directors and the employees may from time to
time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this
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business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each
other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of ASL. The views expressed are those of
the analyst and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely
for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published,
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(to U.S. Persons), Canada, or Japan or distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in
Japan or to any resident thereof. This report is 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 ASL 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. Neither the Firm, not its
directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or
consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.

Axis Securities Limited, SEBI Reg. No.- NSE-INB/INF/INE 231481632, BSE- INB/INF 011481638,MSEI-INB/INF/INE 261481635, ARN No.
64610, CDSL-IN-DP-CDSL-693-2013, SEBI-Research Analyst Reg. No. INH 000000297, SEBI Portfolio Manager Reg. No-
INP000000654, Main/Dealing off.- Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-
400070, Tel No. 18002100808, Reg. off.- Axis House, 8th Floor, Wadia International Centre, Pandurang Budhkar Marg, Worli,
Mumbai 400 025.Compliance Officer: Anand Shaha, E-Mail ID: compliance.officer@axisdirect.in,Tel No: 022-42671582.

Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.