Institutional Equity Research NIFTY 21183 BANK NIFTY 47732 Intraday Picks December 15, 2023

Support 21101 Supprt 47514 Intraday Pick CHOLAFIN

21020 47296
MARKET LENS Resistance 21238 Resistance 47947
Intraday Pick HINDPETRO

21292 48162 Intraday Pick IDFC

EQUITY INDICES
Indices Absolute Change Percentage Change
Domestic Last Trade Change 1-D 1-Mth YTD
BSE Sensex 70,514 929.6 1.3% 6.9% 15.9%
CNX Nifty 21,183 256.4 1.2% 7.2% 17.0%
S&P CNX 500 18,974 222.4 1.2% 7.9% 22.8%
SENSEX 50 22,173 264.5 1.2% 7.1% 16.3%

International Last Trade Change 1-D 1-Mth YTD

DJIA 37,248 158.1 0.4% 6.6% 12.4%
NASDAQ 14,762 27.6 0.2% 4.6% 41.0%
NIKKEI 33,084 397.3 1.2% (1.0%) 26.8%
HANGSENG 16,698 331.0 1.9% (6.5%) (15.7%)
NIFTY-50 OUTLOOK
f NIFTY-50 has broken on the higher side with strong positive ADRs / GDRs
momentum which could take the index towards 21,300-21,500 Last Trade Change 1-D 1-Mth YTD
levels. Dr. Reddy’s Lab (ADR) 66.6 (0.7) (1.0%) 0.4% 28.8%
f The hourly average support has moved to 20,950 levels followed Tata Motors (ADR) 25.1 0.0 0.0% (0.2%) 8.8%
by 20,700 the last week double bottom lows. Infosys (ADR) 18.4 0.9 5.2% 6.4% 2.0%
f RSI and other key technical indicators have move upwards from the ICICI Bank (ADR) 24.7 0.0 0.0% 10.9% 12.8%
average line after a strong up move over the previous day after a HDFC Bank (ADR) 66.9 0.9 1.4% 15.7% (2.3%)
time correction. Axis Bank (GDR) 67.2 0.1 0.2% 9.5% 18.3%

f Highest call OI has moved to 21,300 strike while on the downside Reliance Ind (GDR) 59.0 0.9 1.6% 4.6% (4.1%)

the highest put OI is at 20,800 for the weekly expiry.

COMMODITY MARKET
Key Commodities Last Trade Change 1-D 1-Mth YTD
Brent Crude ($/bl) 76.8 0.1 0.1% (0.8%) (10.6%)
Silver ($/Oz) 24.3 (0.1) (0.3%) 1.6% 1.2%
Gold ($/Oz) 2,047.7 2.8 0.1% 3.0% 12.1%
Copper LME ($/MT) 8,529.0 (1.0) (0.0%) 3.8% 1.9%
Aluminium LME ($/MT) 2,201.0 (11.0) (0.5%) (0.6%) (7.4%)

CURRENCY RATES
Last Trade Change 1-D 1-Mth YTD
USD/INR 83.5 0.05 0.1% 0.3% 0.8%
EUR/INR 90.0 (0.12) (0.1%) (0.4%) 1.6%

BANK NIFTY OUTLOOK

RATES
f BANK NIFTY opened higher at all time high levels and witnessed
Last Trade Change 1-D 1-Mth YTD
minor pullback from the highs of 47,943 to close near the opening
T-Bill - 91 D 7.0 0.02 0.00 0.01 0.10
levels of the day.
10 Year G-sec Yield 7.2 (0.07) 0.00 (0.01) (0.02)
f The previous last week top of 47,200 will act as strong support
while on the higher side the round number of 48,000 and weekly INVESTMENT ACTIVITY (RS. CR)
pivot will act as resistance.
Category BUY SELL NET Prev
f RSI and other key technical indicators has moved to the higher
FII 21,080.4 17,510.3 3,570.1 4,710.9
end of the range at 82 levels and over bought on hourly charts.
DII 12,118.3 11,565.1 553.2 (958.5)
f Bank Nifty 48,000 CE has the highest OI while on the downside
has moved lower to 47,000 for the put OI. EXCHANGE TURNOVER
INTRADAY PICKS Exchange Rs Crore
NSE Symbol Reco. Prev. Cls Reco. Range Stop Loss Target BSE Equity 10,068.9
CHOLAFIN BUY 1229 1210-1220 1203 1250 BSE Derivatives 13,98,732.2
HINDPETRO SELL 376 379-381 386 370 NSE Equity 1,02,347.4
IDFC BUY 123 121-122 121 125
NSE Derivatives 41,496,952.6
1
Institutional Equity Research NIFTY 21183 BANK NIFTY 47732 Intraday Picks December 15, 2023

Support 21101 Supprt 47514 Intraday Pick CHOLAFIN

21020 47296
MARKET LENS Resistance 21238 Resistance 47947
Intraday Pick HINDPETRO

21292 48162 Intraday Pick IDFC

Derivatives Snapshot
f NIFTY-50 opened higher on back of strong positive global cues and continued to sustain higher to close near the high point of the day. Nifty
closed up by 256 points at 21,183 levels. Among the nifty stocks 38 advanced and 12 declined during the day.
f Among sectors it was a mixed bag with IT, Realty and Banks gained by 3% average while Media, Consumer and Healthcare declined by
0.3% average for the day
f Broader market indices remained positive with NIFTY 100, 200 and 500 to close up by 1.3% average while midcap indices and small cap
indices gained by 1.4% average for the day.
f Nifty Dec futures ended with a 108 points premium at 21,034 mark, while on other hand, Bank Nifty Dec futures ended with a premium of
304 points at 47,092 mark.
f NIFTY-50 has broken on the higher side with strong positive momentum which could take the index towards 21,300-21,500 levels.

Sectoral Activity: Amongst sectoral indexes Banks and IT remained in focus with positive momentum.
Stock Activity: ICICI Bank and Techm have witnessed long buildup in today’s trade.

2
Institutional Equity Research NIFTY 21183 BANK NIFTY 47732 Intraday Picks December 15, 2023

Support 21101 Supprt 47514 Intraday Pick CHOLAFIN

21020 47296
MARKET LENS Resistance 21238 Resistance 47947
Intraday Pick HINDPETRO

21292 48162 Intraday Pick IDFC

Pivot Table
Name LTP Support 2 Support 1 Pivot Resistance 1 Resistance 2
SENSEX 70514 69917 70216 70409 70708 70901
NIFTY 21183 21020 21101 21156 21238 21292
BANKNIFTY 47732 47296 47514 47729 47947 48162
ADANIENT 2894 2859 2876 2905 2922 2951
ADANIPORTS 1075 1049 1062 1076 1089 1103
APOLLOHOSP 5516 5419 5468 5500 5549 5581
ASIANPAINT 3241 3199 3220 3239 3261 3280
AXISBANK 1120 1105 1113 1126 1133 1146
BAJAJ-AUTO 6342 6253 6297 6329 6373 6405
BAJAJFINSV 1731 1685 1708 1721 1744 1757
BAJFINANCE 7474 7217 7346 7429 7557 7640
BHARTIARTL 1005 993 999 1005 1011 1017
BPCL 446 438 442 446 450 454
BRITANNIA 4947 4868 4907 4936 4975 5004
CIPLA 1205 1188 1196 1209 1218 1231
COALINDIA 348 343 345 348 351 354
DIVISLAB 3683 3613 3648 3676 3711 3739
DRREDDY 5573 5531 5552 5589 5611 5648
EICHERMOT 4086 4022 4054 4077 4109 4132
GRASIM 2104 2069 2087 2099 2117 2129
HCLTECH 1415 1368 1391 1405 1429 1443
HDFCBANK 1650 1637 1644 1651 1658 1665
HDFCLIFE 685 664 674 689 699 714
HEROMOTOCO 3884 3809 3846 3876 3914 3943
HINDALCO 543 533 538 542 547 551
HINDUNILVR 2516 2491 2503 2514 2527 2538
ICICIBANK 1034 1013 1023 1032 1042 1050
INDUSINDBK 1552 1502 1527 1541 1566 1580
INFY 1501 1442 1472 1491 1521 1541
ITC 460 445 453 457 464 468
JSWSTEEL 847 836 842 852 857 867
KOTAKBANK 1854 1818 1836 1851 1869 1884
LT 3433 3385 3409 3424 3449 3464
LTIM 5944 5727 5836 5900 6009 6074
M&M 1704 1656 1680 1695 1719 1734
MARUTI 10353 10204 10279 10387 10461 10570
NESTLEIND 24793 24502 24648 24896 25042 25290
NTPC 295 291 293 296 298 301
ONGC 196 192 194 195 197 198
POWERGRID 232 227 230 234 236 240
RELIANCE 2464 2428 2446 2461 2479 2493
SBILIFE 1470 1445 1457 1467 1480 1490
SBIN 624 619 621 625 627 630
SUNPHARMA 1231 1216 1224 1232 1239 1247
TATACONSUM 950 935 943 952 959 968
TATAMOTORS 720 715 717 721 723 727
TATASTEEL 132 131 131 132 133 134
TCS 3667 3607 3637 3658 3688 3708
TECHM 1265 1215 1240 1255 1280 1295
TITAN 3591 3545 3568 3608 3631 3670
ULTRACEMCO 9963 9697 9830 9910 10043 10123
UPL 599 592 596 600 603 607
WIPRO 434 418 426 431 439 444

3
Institutional Equity Research NIFTY 21183 BANK NIFTY 47732 Intraday Picks December 15, 2023

Support 21101 Supprt 47514 Intraday Pick CHOLAFIN

21020 47296
MARKET LENS Resistance 21238 Resistance 47947
Intraday Pick HINDPETRO

21292 48162 Intraday Pick IDFC

Simple Moving Average

Scrip Name Close Rate 20-SMA 50-SMA 100-SMA 200-SMA HIGH_52WEEK LOW_52WEEK
SENSEX 70514 67541 66077 66043 63773 70603 57085
NIFTY 21183 20281 19773 19699 18936 21211 16828
BANKNIFTY 47732 45182 44292 44598 43637 47944 38613
ADANIENT 2894 2489 2398 2448 2253 4190 1017
ADANIPORTS 1075 893 837 821 755 1090 395
APOLLOHOSP 5516 5474 5208 5109 4881 5689 4123
ASIANPAINT 3241 3176 3119 3200 3124 3568 2686
AXISBANK 1120 1065 1026 1003 953 1152 814
BAJAJ-AUTO 6342 5958 5533 5165 4761 6360 3520
BAJAJFINSV 1731 1658 1621 1578 1495 1734 1215
BAJFINANCE 7474 7229 7525 7432 6991 8192 5486
BHARTIARTL 1005 990 956 921 862 1046 736
BPCL 446 431 385 372 364 483 314
BRITANNIA 4947 4827 4669 4649 4628 5270 4153
CIPLA 1205 1219 1203 1204 1073 1284 852
COALINDIA 348 345 324 287 257 363 208
DIVISLAB 3683 3699 3614 3662 3453 3935 2730
DRREDDY 5573 5657 5536 5597 5159 5990 4175
EICHERMOT 4086 3938 3647 3512 3420 4200 2836
GRASIM 2104 2014 1958 1904 1800 2129 1527
HCLTECH 1415 1332 1287 1240 1174 1419 1012
HDFCBANK 1650 1569 1531 1571 1602 1758 1460
HDFCLIFE 685 671 643 643 601 711 458
HEROMOTOCO 3884 3608 3306 3160 2909 3906 2246
HINDALCO 543 513 490 477 447 546 381
HINDUNILVR 2516 2526 2514 2524 2553 2770 2393
ICICIBANK 1034 962 946 959 934 1040 796
INDUSINDBK 1552 1494 1467 1441 1320 1555 990
INFY 1501 1454 1431 1427 1387 1620 1185
ITC 460 445 441 447 433 500 323
JSWSTEEL 847 802 776 787 754 863 649
KOTAKBANK 1854 1785 1759 1782 1812 2064 1644
LT 3433 3194 3084 2912 2593 3440 2045
LTIM 5944 5572 5348 5271 5022 5965 4121
M&M 1704 1614 1562 1556 1429 1710 1123
MARUTI 10353 10546 10484 10210 9621 10933 8076
NESTLEIND 24793 24492 24018 23173 22077 25241 17880
NTPC 295 267 250 237 208 299 162
ONGC 196 196 191 185 172 206 139
POWERGRID 232 217 209 199 188 238 153
RELIANCE 2464 2405 2349 2409 2319 2631 1986
SBILIFE 1470 1428 1366 1338 1260 1492 1054
SBIN 624 585 579 583 572 630 499
SUNPHARMA 1231 1214 1168 1150 1069 1258 922
TATACONSUM 950 939 914 886 829 963 687
TATAMOTORS 720 699 664 643 573 728 375
TATASTEEL 132 128 125 124 116 135 102
TCS 3667 3536 3484 3472 3365 3698 3070
TECHM 1265 1214 1185 1202 1149 1320 981
TITAN 3591 3470 3333 3214 2963 3647 2270
ULTRACEMCO 9963 9051 8659 8477 8110 10043 6604
UPL 599 575 579 594 646 789 528
WIPRO 434 407 399 408 397 444 352

4
Institutional Equity Research NIFTY 21183 BANK NIFTY 47732 Intraday Picks December 15, 2023

Support 21101 Supprt 47514 Intraday Pick CHOLAFIN

21020 47296
MARKET LENS Resistance 21238 Resistance 47947
Intraday Pick HINDPETRO

21292 48162 Intraday Pick IDFC

Bulk Deals Snapshot

Deal Date Scrip Code Company Client Name Deal Type* Quantity Price
14-12-2023 04-11-3377 ADVIKCA NISHCHAYA TRADINGS PRIVATE LIMITED B 21,14,883 2
14-12-2023 25-04-3358 CYBERMEDIA ABHINAV AGARWAL S 84,708 28
14-12-2023 25-04-3358 CYBERMEDIA ABHINAV AGARWAL B 49,562 28
14-12-2023 31-12-3388 DEVLAB CHAKRAVARTHI ABHINAYA S 58,000 70
14-12-2023 03-02-3388 DHYAANI PURE BROKING PRIVATE LIMITED S 8,400 40
14-12-2023 03-02-3388 DHYAANI SUMANBEN PRAVINBHAI PATEL S 5,600 39
14-12-2023 03-02-3388 DHYAANI SUMANBEN PRAVINBHAI PATEL B 8,400 39
14-12-2023 28-01-3302 EY SURYA PRAKASH RAO EJJIPARAPU S 13,130 450
14-12-2023 28-01-3302 EY GLASTONMARIOMENEZES B 11,945 450
14-12-2023 18-06-3388 FUSION BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED B 6,00,000 556
14-12-2023 18-06-3388 FUSION KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED B 7,12,000 556
14-12-2023 18-06-3388 FUSION MORGAN STANLEY ASIA SINGAPORE PTE B 17,80,000 556
14-12-2023 18-06-3388 FUSION SOCIETE GENERALE B 8,80,000 556
14-12-2023 18-06-3388 FUSION FRANKLIN TEMPLETON MUTUAL FUND B 9,00,000 556
14-12-2023 18-06-3388 FUSION HDFC MUTUAL FUND B 31,29,172 556
14-12-2023 18-06-3388 FUSION HONEY ROSE INVESTMENT LTD S 64,57,849 556
14-12-2023 18-06-3388 FUSION CREATION INVESTMENTS FUSION, LLC S 38,41,172 556
14-12-2023 27-01-3377 GARBIFIN KALPATARU SHARES & STOCK BROKING PRIVATE LIMITED S 60,013 28
14-12-2023 27-01-3377 GARBIFIN KALPATARU SHARES & STOCK BROKING PRIVATE LIMITED B 13,892 29
14-12-2023 26-07-3387 GCSL PURVI PRABHATCHANDRA JAIN B 73,710 233
14-12-2023 24-06-3389 KALYANI RESONANCE OPPORTUNITIES FUND S 54,000 405
14-12-2023 18-06-3380 MEHAI JATESH JAIN B 65,083 25
14-12-2023 18-06-3380 MEHAI JATESH JAIN S 25,083 26
14-12-2023 13-04-3329 MIVENMACH AJAYKUMAR TULSIBHAI VIRADIYA (HUF) B 25,000 66
14-12-2023 13-04-3329 MIVENMACH SYKES AND RAY EQUITIES (INDIA) LIMITED S 21,905 66
14-12-2023 13-04-3329 MIVENMACH APARNA SARVOTTAM KINI S 31,859 66
14-12-2023 13-04-3329 MIVENMACH KANTA DEVI SAMDARIA B 27,929 66
14-12-2023 17-12-3316 ONWARDTEC WHITEOAK CAPITAL MUTUAL FUND B 4,78,900 564
14-12-2023 17-12-3316 ONWARDTEC WHITE OAK INDIA EQUITY FUND IV B 2,21,650 564
14-12-2023 17-12-3316 ONWARDTEC ASHOKA INDIA EQUITY INVESTMENT TRUST PLC B 1,77,500 564
14-12-2023 17-12-3316 ONWARDTEC INDIA ACORN INDIA ACORN FUND LIMITED B 2,21,650 564
14-12-2023 17-12-3316 ONWARDTEC ONWARD SOFTWARE TECHNOLOGIES PRIVATE LIMITED S 10,99,700 564
14-12-2023 05-03-3356 ORIRAIL SETU SECURITIES PVT LTD S 3,79,201 166
14-12-2023 30-01-3377 RAJKOTINV MANOJ CHANDRAWANSHI S 10,224 30
14-12-2023 09-04-3352 SHIVAAGRO VRAMATH FINANCIAL SERVICES PRIVATE LIMTED S 1,50,000 57
14-12-2023 09-04-3352 SHIVAAGRO VRAMATH INVESTMENT CONSULTANCY PVT LTD B 1,50,000 57
14-12-2023 533019 SIMPLXPAP MANJU GAGGAR B 155 1,152.81
14-12-2023 538923 SOFCOM SAMKIT BHAWAR JAIN S 37,864 57
14-12-2023 538923 SOFCOM COMMENDAM INVESTMENTS PVT LTD B 40,000 56.99
14-12-2023 539310 THINKINK B B COMMERCIAL LTD B 1,82,414 83.91
14-12-2023 539310 THINKINK B B COMMERCIAL LTD S 1,49,325 83.54
14-12-2023 542765 TRANSPACT GARIMA GOYAL S 2,000 311.00
14-12-2023 542765 TRANSPACT CHITRESH KUMAR LUNAWAT S 2,000 317.5
14-12-2023 542765 TRANSPACT YELLOWSTONE VENTURES LLP B 6,000 320.67
14-12-2023 542765 TRANSPACT VIPUL PRAVINCHANDRA KOTADIYA S 5,000 318
14-12-2023 542765 TRANSPACT YELLOWSTONE VENTURES LLP S 6,000 318.33
14-12-2023 542765 TRANSPACT GAURANG JITENDRA PAREKH HUF B 11,000 317.55

5
Institutional Equity Research NIFTY 21183 BANK NIFTY 47732 Intraday Picks December 15, 2023

Support 21101 Supprt 47514 Intraday Pick CHOLAFIN

21020 47296
MARKET LENS Resistance 21238 Resistance 47947
Intraday Pick HINDPETRO

21292 48162 Intraday Pick IDFC

Monthly Economic Calendar

Date Country Event Period Survey Prior
15-12-2023 China China Fixed Assets Investment NOV - 2.9
15-12-2023 China China Retail Sales Cumulative NOV - 6.9
15-12-2023 China China Value Added of Industry NOV - 4.1
15-12-2023 China China Retail Sales Value YoY NOV - 7.6
15-12-2023 China China Value Added of Industry NOV - 4.6
15-12-2023 United States Of America US Empire State Manufacturing DEC - 9.1
15-12-2023 United States Of America US Industrial Production MOM S NOV - -0.630
15-12-2023 United States Of America US Capacity Utilization % of T NOV - 78.900
15-12-2023 United States Of America US Industrial Production Indus NOV - -0.7
16-12-2023 United States Of America US Foreign Net Transactions OCT - -1.717
16-12-2023 United States Of America US Treasury International Capi OCT - -67.4
18-12-2023 United States Of America National Association of Home B DEC - 34
20-12-2023 United States Of America US NAR Total Existing Homes Sa NOV 3.9 3.8
20-12-2023 United States Of America US Existing Homes Sales MoM SA NOV -1.6 -4.1
21-12-2023 United States Of America Philadelphia Fed Business Outl DEC - -5.9
21-12-2023 United States Of America Conference Board US Leading In NOV -0.7 -0.8
21-12-2023 United States Of America Kansas City Federal Reserve SA DEC - -2

6
Institutional Equity Research NIFTY 21183 BANK NIFTY 47732 Intraday Picks December 15, 2023

Support 21101 Supprt 47514 Intraday Pick CHOLAFIN

21020 47296
MARKET LENS Resistance 21238 Resistance 47947
Intraday Pick HINDPETRO

21292 48162 Intraday Pick IDFC

Corporate Actions
Company Name Purpose Ex-Date Record Date
Goenka Diamond and Jewels Limited Annual General Meeting 15-Dec-23 -

Max Estates Limited Annual General Meeting 15-Dec-23 -

Tembo Global Industries Limited Annual General Meeting/Dividend - Rs 1.50 Per Share 15-Dec-23 15-Dec-23

Somany Ceramics Limited Buy Back 15-Dec-23 15-Dec-23

GOVERNMENT OF INDIA Interest Payment 18-Dec-23 18-Dec-23

Government of India Interest Payment 18-Dec-23 18-Dec-23

Kritika Wires Limited Bonus 2:1 19-Dec-23 19-Dec-23

Easy Trip Planners Limited Interim Dividend - Re 0.10 Per Share 19-Dec-23 19-Dec-23

Poddar Housing and Development Limited Annual General Meeting 22-Dec-23 -

Pritika Auto Industries Limited Annual General Meeting 22-Dec-23 -

Sarthak Metals Limited Interim Dividend - Re 1 Per Share 22-Dec-23 22-Dec-23

7
Institutional Equity Research NIFTY 21183 BANK NIFTY 47732 Intraday Picks December 15, 2023

Support 21101 Supprt 47514 Intraday Pick CHOLAFIN

21020 47296
MARKET LENS Resistance 21238 Resistance 47947
Intraday Pick HINDPETRO

21292 48162 Intraday Pick IDFC

Guided Allocation Towards Research Products

Product Max. Allocation Number Frequency Call Duration
Allocation (%) in 1 stock (%) of Calls
Trading Products
Intraday 30 25-30 3-4 stocks Daily Daily
Positional Calls/weekly calls/BTST 30 15-20 6-7 stocks Weekly Fortnightly
TradEdge 15 25-50 2 stocks Fortnightly Monthly
Option Strategies 15 10-20 2 stocks Weekly Weekly
Cash 10
Total 100

Product Max. Allocation Number Frequency Call Duration

Allocation (%) in 1 stock (%) of Calls
Investment Products
Rsec Model Portfolio 25 10 8-10 stocks Monthly Half Yearly
Stock In Focus 25 5 1 stock Daily Quarterly
Fundamental Calls 25 5 10 Quarterly Yearly
Initiating Coverage 20 10 As and When Yearly
Cash 5
Total 100

8
Institutional Equity Research NIFTY 21183 BANK NIFTY 47732 Intraday Picks December 15, 2023

Support 21101 Supprt 47514 Intraday Pick CHOLAFIN

21020 47296
MARKET LENS Resistance 21238 Resistance 47947
Intraday Pick HINDPETRO

21292 48162 Intraday Pick IDFC

VIKAS Digitally signed by

VIKAS INDER JAIN
INDER Date: 2023.12.15

Disclaimer: JAIN 07:24:16 +05'30'

Reliance Securities Limited (RSL), the broking arm of Reliance Capital is one of the India’s leading retail broking houses. Reliance Capital is amongst India’s
leading and most valuable financial services companies in the private sector. Reliance Capital has interests in asset management and mutual funds, life
and general insurance, commercial finance, equities and commodities broking, wealth management services, distribution of financial products, private
equity, asset reconstruction, proprietary investments and other activities in financial services. The list of associates of RSL is available on the website www.
reliancecapital.co.in. RSL is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014
General Disclaimers: This Research Report (hereinafter called ‘Report’) is prepared and distributed by RSL for information purposes only. The
recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the
purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading
opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a
professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients of this Report should rely
on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed
trading/investment decision before executing any trades or making any investments. This Report has been prepared on the basis of publicly available
information, internally developed data and other sources believed by RSL to be reliable. RSL or its directors, employees, affiliates or representatives do
not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such information / opinions / views. While due care
has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives
of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way
whatsoever from the information / opinions / views contained in this Report.
Risks: Trading and investment in securities are subject to market risks. There are no assurances or guarantees that the objectives of any of trading /
investment in securities will be achieved. The trades/ investments referred to herein may not be suitable to all categories of traders/investors. The names
of securities mentioned herein do not in any manner indicate their prospects or returns. The value of securities referred to herein may be adversely
affected by the performance or otherwise of the respective issuer companies, changes in the market conditions, micro and macro factors and forces
affecting capital markets like interest rate risk, credit risk, liquidity risk and reinvestment risk. Derivative products may also be affected by various risks
including but not limited to counter party risk, market risk, valuation risk, liquidity risk and other risks. Besides the price of the underlying asset, volatility,
tenor and interest rates may affect the pricing of derivatives.
Disclaimers in respect of jurisdiction: The possession, circulation and/or distribution of this Report may be restricted or regulated in certain jurisdictions
by appropriate laws. No action has been or will be taken by RSL in any jurisdiction (other than India), where any action for such purpose(s) is required.
Accordingly, this Report shall not be possessed, circulated and/or distributed in any such country or jurisdiction unless such action is in compliance with
all applicable laws and regulations of such country or jurisdiction. RSL requires such recipient to inform himself about and to observe any restrictions
at his own expense, without any liability to RSL. Any dispute arising out of this Report shall be subject to the exclusive jurisdiction of the Courts in India.
Disclosure of Interest: The research analysts who have prepared this Report hereby certify that the views /opinions expressed in this Report are their
personal independent views/opinions in respect of the securities and their respective issuers. None of RSL, research analysts, or their relatives had any
known direct /indirect material conflict of interest including any long/short position(s) in any specific security on which views/opinions have been made in
this Report, during its preparation. RSL’s Associates may have other potential/material conflict of interest with respect to any recommendation and related
information and opinions at the time of publication of research report. RSL, its Associates, the research analysts, or their relatives might have financial
interest in the issuer company(ies) of the said securities. RSL or its Associates may have received a compensation from the said issuer company(ies) in last
12 months for the brokerage or non brokerage services.RSL, its Associates, the research analysts or their relatives have not received any compensation
or other benefits directly or indirectly from the said issuer company(ies) or any third party in last 12 months in any respect whatsoever for preparation of
this report.

The research analysts has served as an officer, director or employee of the said issuer company(ies)?: No
RSL, its Associates, the research analysts or their relatives holds ownership of 1% or more, in respect of the said issuer company(ies).?: No

Copyright: The copyright in this Report belongs exclusively to RSL. This Report shall only be read by those persons to whom it has been delivered. No
reprinting, reproduction, copying, distribution of this Report in any manner whatsoever, in whole or in part, is permitted without the prior express written
consent of RSL.
RSL’s activities were neither suspended nor have defaulted with any stock exchange with whom RSL is registered. Further, there does not exist any
material adverse order/judgments/strictures assessed by any regulatory, government or public authority or agency or any law enforcing agency in last
three years. Further, there does not exist any material enquiry of whatsoever nature instituted or pending against RSL as on the date of this Report.
Important These disclaimers, risks and other disclosures must be read in conjunction with the information / opinions / views of which they form part of.
RSL CIN: U65990MH2005PLC154052. SEBI registration no. (Stock Broker: INZ000172433, Depository Participants: CDSL IN-DP-257-2016 IN-DP-
NSDL-363-2013, Research Analyst: INH000002384); AMFI ARN No.29889.