Weekly Derivatives Report :26 November 2018

1. WEEKLY DERIVATIVE REPORT 26 November 2018 Nifty Futures View Nifty Active Futures Volatility FII Activity 10524.7 India VIX Index 19.16 INDEX FUTURES 1601 10.64 Nifty Active Futures OI 22878000 Nifty ATM Call IV INDEX OPTIONS 1605 15.69 Change in OI -531075 Nifty ATM Put IV STOCK FUTURES -289 Premium / Discount -2.05 PCR Index Options 1.46 STOCK OPTIONS -90 Inference Long Unwinding PCR F&O Total 0.60 FII Net Activity 2826 HIGHLIGHTS: Nifty futures closed at 10524.7 on a negative note with -2.27% decrease in open interest indicating Long Unwinding. Nifty Futures closed at a discount of -2 points compared to previous day premium of 22 points. FII's were Buyers in Index Futures to the tune of 1601 crores and were Buyers in Index Options to the tune of 1605 crores, Stock Futures were Sellers to the tune of 289 crores. FII's were Net Buyers in derivative segment to the tune of 2826 crores. India VIX index is at 19.16 Nifty ATM call option IV is currently at 10.64 whereas Nifty ATM put option IV is quoting at 15.69. N Ni if ft ty y O Op pt ti io on ns s O OI I D Di is st tr ri ib bu ut ti io on n N Ni if ft ty y O Op pt ti io on ns s - -C Ch ha an ng ge e i in n O OI I Index options PCR is at 1.46 and F&O Total PCR is at 0.60. Among stock futures DALMIABHA ,OIL ,IDFCBANK & ESCORTS have witnessed long build up and may show strength in coming session. Stock which witnessed short build up are AMARAJABAT ,CEATLTD ,SYNDIBANK & APOLLOTYRE and may remain weak in coming session. Nifty Put options OI distribution shows that 10000 has highest OI concentration followed by 9800 & 10500 which may act as support for current expiry. Nifty Call strike 10700 followed by 11000 witnessed significant OI concentration and may act as resistance for current expiry. S SE EC CU UR RI IT TI IE ES S I IN N B BA AN N P PE ER RI IO OD D: : ADANIENT,ADANIPOWER,DHFL,JETAIRWAYS _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _ S St to oc ck k F Fu ut tu ur re es s - - L Lo on ng g B Bu ui il ld d _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _ S St to oc ck k F Fu ut tu ur re es s - - S Sh ho or rt t B Bu ui il ld d U Up p Fut Price Open Interest Symbol % Chg % Chg Symbol Fut Price % Chg Open Interest % Chg AMARAJABAT 717.55 -0.01 1533700.00 0.11 DALMIABHA 2361.35 0.01 797400.00 0.29 CEATLTD 1235.75 -0.02 1009600.00 0.08 OIL 198.85 0.01 4836777.00 0.09 SYNDIBANK 35.30 -0.01 26058000.00 0.08 IDFCBANK 38.90 0.07 139208000.00 0.09 APOLLOTYRE 218.90 -0.03 12423000.00 0.08 ESCORTS 663.10 0.00 4757500.00 0.08 26 November 2018 For private circulation only

2. WEEKLY DERIVATIVE REPORT Week ended 23rd Nov 2018 N NI IF FT TY Y H HI IG GH HL LI IG GH HT TS S: : Nifty Futures has decreased by 1.52% to close at 10525 from previous week close of 10687. Nifty futures annualized volatility has fallen to 18.60% from 18.83% The total open interest (OI) in the Nifty stood at RS 10875cr.Where as stock futures OI is at 44291 cr. The open interest position of FII in Index Futures is at 32937 cr and in Stock futures is at 83331 cr. Call OI Put OI PCR OI has gone below from the high of 1.73 to close at 1.46 levels. 9.00 1.80 8.00 1.60 PUT CALL RATIO 7.00 1.40 PCR OI currently is at 1.46 levels and this indicates that we can see some cautiousness in Nifty from current levels. 6.00 1.20 OI in cr. 5.00 1.00 4.00 0.80 3.00 0.60 2.00 0.40 1.00 0.20 0.00 0.00 12-Nov 13-Nov 14-Nov 15-Nov 16-Nov 2-Nov 5-Nov 6-Nov 7-Nov 9-Nov O Op pe en n I In nt te er re es st t A An na al ly ys si is s Open Interest Put OI Call OI Options Built up Shows that now for nifty has strong support at 10500 and resistance at 10700 and 11000 levels. 4,500,000 4,000,000 3,500,000 10600 strike call and 10500 put has almost equal amount of open interest which suggest that index may see some consolidation around the 10600 levels. 3,000,000 Open Interest 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 10000 10100 10200 10300 10400 10500 10600 10700 10800 10900 11000 11100 11200 9900 C Ch ha an ng ge e i in n O Op pe en n I In nt te er re es st t Call OI Put OI Change in Open Interest This week major unwinding was seen on the Put front with 10200 and 10000 strikes shedding 10.50 and lakh in OI respectively. 1,500,000 1,000,000 On the Call front we have seen addition at 10600 to 10700 strikes with increase in OI of 12 lakh and 9 lakh respectively. Open Interest 500,000 0 -500,000 -1,000,000 10600 10000 10100 10200 10300 10400 10500 10700 10800 10900 11000 11100 11200 9900 26 November 2018 For private circulation only

3. WEEKLY DERIVATIVE REPORT V Vo ol la at ti il li it ty y A An na al ly ys si is s Implied volatility(IV) Iv Put IV Call Historic volatility IV differential between call and put has came down from previous level which implies that nifty is likely to witness less volatility with a bit of positive bias. 22.30 20.30 18.30 Call IV’s currently at 13.54%, while Put IV’s are at 15.38%. 16.30 14.30 Implied Volatility of option for the November series is at 14.41% and has seen declining trajectory this week. 12.30 10.30 8.30 9-Nov-18 12-Nov- 13-Nov- 14-Nov- 15-Nov- 16-Nov- 19-Nov- 20-Nov- 21-Nov- 22-Nov- 18 18 18 18 18 18 18 18 18 W We ee ek kl ly y P Pa ar rt ti ic ci ip pa an nt t W Wi is se e O Op pe en n I In nt te er re es st t FUT IDX Long (contracts) 148310 -13855 FUT IDX Short (contracts) 119502 FUT STK Long (contracts) FUT STK Short (contracts) Participant Net Chg Net Chg Participant Net Chg Net Chg Client 196 Client 827433 17762 237271 -7525 DII DII 68123 -4092 28725 -769 35001 -1528 1020648 5697 FII 183472 9275 248267 -19054 FII 895003 -1425 548782 15892 Pro 21935 -5727 25346 5228 Pro 188021 29202 138757 29947 F FI II I I In nd de ex x F Fu ut tu ur re es s FII activity in the index futures has seen buying during this week. 500000 16-Nov 19-Nov 20-Nov 21-Nov 22-Nov 2000.00 FII have been buyer in Index future to the tune of 2091 crore during this week. 1500.00 In Crores 1000.00 500.00 0.00 -500.00 -1000.00 400000 NET AMT OI IN CONTRACT F FI II I S St to oc ck k F Fu ut tu ur re es s FII activity in Stock futures is been inclined on the sell side during the last week. 16-Nov 19-Nov 20-Nov 21-Nov 22-Nov 400 This week FII have been net seller in stock future segment to the tune 1383 crore In Crores 0 -400 -800 NET AMT OI IN CONTRACT 26 November 2018 For private circulation only

4. WEEKLY DERIVATIVE REPORT S Se ec ct to or r W Wi is se e O Op pe en n I In nt te er re es st t A An nd d P Pr ri ic ce e D Da at ta a W We ee ek kl ly y P Pr ri ic ce e C Ch ha an ng ge e W We ee ek kl ly y O OI I C Ch ha an ng ge e W We ee ek kl ly y P PC CR R C Ch ha an ng ge e Weekly PCR OI change Weekly Price Change Weekly OI change FMCG FMCG FMCG 8.98% -1.53% -1.99% Automobile Automobi le Others Automobi le Others 6.11% 1.02% 0.69% Others 5.17% -0.63% 2.21% Pharma Pharma Pharma 4.19% -0.62% -2.22% Cement Cement Cement 3.48% -0.45% 1.29% Telecom Telecom Telecom -1.56% -2.57% 2.78% Fertilisers -2.33% Fertilisers Fertilisers 0.34% 1.02% Realty -2.63% 4.19% Realty Realty 9.44% -5.11% Capital_Go ods Finance -2.08% 9.09% Capital_ Goods Finance Capital_ Goods Finance -5.43% -0.68% 4.69% -10.98% -0.19% Media 3.78% Media Media -11.51% -0.25% Banking 3.30% Banking Banking -11.63% -1.92% -1.89% Index Index Index -11.81% 0.39% 7.60% Power Power Power -12.64% 4.20% 1.15% Infrastructu re Metals Infrastruc ture Metals Infrastruc ture Metals -16.99% -4.55% 6.96% -18.13% 5.17% -7.61% Textile -18.68% Textile Textile -1.16% 14.29% -25.45% -3.77% 4.47% W We ee ek kl ly y O Op pe en n I In nt te er re es st t G Ga ai in ne er r zzScript ID Price APOLLOHOSP 1,238.00 W We ee ek kl ly y O Op pe en n I In nt te er re es st t L Lo os se er r Script ID Price % Chg 7.21 OI Futures 1343000 % Chg % Chg OI Futures % Chg 106 JUSTDIAL 491.65 -3.83 2E+06 -31 SIEMENS 977.50 2.35 1977500 79 DIVISLAB 1554.05 0.09 25.2 3E+06 -28 KSCL 491.40 -5.55 1170000 52 JETAIRWAYS 323.10 5E+06 -27 3 ASHOKLEY 105.95 -10.82 6.4E+07 40 ADANIENT 162.40 -2.90 3E+07 -21 TATAELXSI 965.10 -6.68 1632800 36 DABUR 395.10 4.65 1E+07 -18 We ee ek kl ly y P Pr ri ic ce e G Ga ai in ne er r Script ID We ee ek kl ly y P Pr ri ic ce e L Lo os se er r Script ID W W Price % Chg OI Futures % Chg Price % Chg OI Futures % Chg JETAIRWAYS 323.10 25.23 5E+06 -27 PCJEWELLER 73.80 -20.09 1E+07 11 INFIBEAM 46.85 -18.80 1E+07 -8 BHARTIARTL 333.60 11.29 4E+07 2 YESBANK 191.85 -16.00 1E+08 11 GODREJIND 518.80 10.24 2E+06 5 MOTHERSUMI 149.05 -13.04 3E+07 35 EICHERMOT 24689 9.26 263525 -9 SUNPHARMA 521.25 -12.90 3E+07 28 JUBLFOOD 1187.70 8.88 3E+06 -15 26 November 2018 For private circulation only

5. WEEKLY DERIVATIVE REPORT S St to oc ck k w wi is se e O Op pe en n I In nt te er re es st t D Di is st tr ri ib bu ut ti io on n i in n B Ba an nk ki in ng g S Se ec ct to or r BANKBARODA ALBK AXISBANK BANKINDIA UNIONBANK DCBBANK CANBK YESBANK SYNDIBANK, 2% FEDERALBNK HDFCBANK SOUTHBANK, 12% ICICIBANK SBIN IDFCBANK PNB IDBI, 4% INDIANB, 1% RBLBANK, 1% INDUSINDBK KOTAKBANK KTKBANK ORIENTBANK B Ba an nk k N Ni if ft ty y O Op pe en n I In nt te er re es st t f fo or r P PS SU U B Ba an nk ks s V V/ /s s P Pr ri iv va at te e B Ba an nk ks s Open Interest 39% 61% Psu Bank Private Bank B Ba an nk k N Ni if ft ty y S St tr ri ik ke e w wi is se e o op pe en n i in nt te er re es st t d di is st tr ri ib bu ut ti io on n Open Interest Call OI Put OI 1,000,000 900,000 800,000 700,000 600,000 Open Interest 500,000 400,000 300,000 200,000 100,000 0 25200 26200 25000 25100 25300 25400 25500 25600 25700 25800 25900 26000 26100 26300 26400 26500 26600 26700 26800 26900 27000 KOTAKBANK, SBIN and ICICIBANK can see some positive move next week. Bank Nifty has a very strong support at 25500 with 25500 PE strike having highest OI concentration and on the call front 26500 CE strike has highest OI concentration indicating strong resistance level. 26 November 2018 For private circulation only

6. WEEKLY DERIVATIVE REPORT Disclosures: The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations). 1. Axis Securities Ltd. (ASL) is a SEBI Registered Research Analyst having registration no. INH000000297. ASL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services, Depository participant services & distribution of various financial products. ASL is a subsidiary company of Axis Bank Ltd. Axis Bank Ltd. is a listed public company and one of India’s largest private sector bank and has its various subsidiaries engaged in businesses of Asset management, NBFC, Merchant Banking, Trusteeship, Venture Capital, Stock Broking, the details in respect of which are available on www.axisbank.com. 2. ASL is registered with the Securities & Exchange Board of India (SEBI) for its stock broking & Depository participant business activities and with the Association of Mutual Funds of India (AMFI) for distribution of financial products and also registered with IRDA as a corporate agent for insurance business activity. 3. ASL has no material adverse disciplinary history as on the date of publication of this report. 4. I/We, authors (Research team) and the name/s subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect my/our views about the subject issuer(s) or securities. I/We also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. I/we or my/our relative or ASL does not have any financial interest in the subject company. Also I/we or my/our relative or ASL or its Associates may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Since associates of ASL are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report. I/we or my/our relative or ASL or its associate does not have any material conflict of interest. I/we have not served as director / officer, etc. in the subject company in the last 12- month period. Research Team E-mail Sr. No Name Designation 1 Rajesh Palviya Technical & DerivativeAnalyst - (Head) Technical Analyst Derivative Analyst rajesh.palviya@axissecurities.in 2 Vaishnavi Jagtap vaishnavi.jagtap@axissecurities.in 3 Miraj Vora miraj.vora@axissecurities.in 4 Hiren Trivedi Kiran Gawle Research Associate hiren.trivedi@axissecurities.in 5 Associate kiran.gawle@axissecurities.in 5. ASL has not received any compensation from the subject company in the past twelve months. ASL has not been engaged in market making activity for the subject company. 6. In the last 12-month period ending on the last day of the month immediately preceding the date of publication of this research report, ASL or any of its associates may have: i. Received compensation for investment banking, merchant banking or stock broking services or for any other services from the subject company of this research report and / or; ii. Managed or co-managed public offering of the securities from the subject company of this research report and / or; iii. Received compensation for products or services other than investment banking, merchant banking or stock broking services from the subject company of this research report; ASL or any of its associates have not received compensation or other benefits from the subject company of this research report or any other third-party in connection with this report Term& Conditions: This report has been prepared by ASL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential 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 ASL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ASL will not treat recipients as customers by virtue of their receiving this report. 26 November 2018 For private circulation only

7. WEEKLY DERIVATIVE REPORT Disclaimer: Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to the recipient’s specific circumstances. The securities and strategies discussed and opinions expressed, if any, 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 report may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this report 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 report (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. Certain transactions, including those involving futures, options and other derivatives as well as non-investment grade securities involve substantial risk and are not suitable for all investors. ASL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. Past performance is not necessarily a guide to future performance. Investors are advise 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. ASL and its affiliated companies, their directors and employees may; (a) from time to time, have long or short position(s) in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities or earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or investment banker, lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any 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, directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any resident thereof. If this report is inadvertently sent or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. 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. 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, SEBI Single Reg. No.- NSE, BSE & MSEI – INZ000161633, 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. 26 November 2018 For private circulation only

8. WEEKLY DERIVATIVE REPORT Disclosures: The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations). 1. Axis Securities Ltd. (ASL) is a SEBI Registered Research Analyst having registration no. INH000000297. ASL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services, Depository participant services & distribution of various financial products. ASL is a subsidiary company of Axis Bank Ltd. Axis Bank Ltd. is a listed public company and one of India’s largest private sector bank and has its various subsidiaries engaged in businesses of Asset management, NBFC, Merchant Banking, Trusteeship, Venture Capital, Stock Broking, the details in respect of which are available on www.axisbank.com. 2. ASL is registered with the Securities & Exchange Board of India (SEBI) for its stock broking & Depository participant business activities and with the Association of Mutual Funds of India (AMFI) for distribution of financial products and also registered with IRDA as a corporate agent for insurance business activity. 3. ASL has no material adverse disciplinary history as on the date of publication of this report. 4. I/We, authors (Research team) and the name/s subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect my/our views about the subject issuer(s) or securities. I/We also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. I/we or my/our relative or ASL does not have any financial interest in the subject company. Also I/we or my/our relative or ASL or its Associates may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Since associates of ASL are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report. I/we or my/our relative or ASL or its associate does not have any material conflict of interest. I/we have not served as director / officer, etc. in the subject company in the last 12- month period. Research Team E-mail Sr. No Name Designation 1 Rajesh Palviya Technical & DerivativeAnalyst - (Head) Technical Analyst Derivative Analyst rajesh.palviya@axissecurities.in 2 Vaishnavi Jagtap vaishnavi.jagtap@axissecurities.in 3 Miraj Vora miraj.vora@axissecurities.in 4 Hiren Trivedi Kiran Gawle Research Associate hiren.trivedi@axissecurities.in 5 Associate kiran.gawle@axissecurities.in 5. ASL has not received any compensation from the subject company in the past twelve months. ASL has not been engaged in market making activity for the subject company. 6. In the last 12-month period ending on the last day of the month immediately preceding the date of publication of this research report, ASL or any of its associates may have: i. Received compensation for investment banking, merchant banking or stock broking services or for any other services from the subject company of this research report and / or; ii. Managed or co-managed public offering of the securities from the subject company of this research report and / or; iii. Received compensation for products or services other than investment banking, merchant banking or stock broking services from the subject company of this research report; ASL or any of its associates have not received compensation or other benefits from the subject company of this research report or any other third-party in connection with this report Term& Conditions: This report has been prepared by ASL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential 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 ASL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ASL will not treat recipients as customers by virtue of their receiving this report. 26 November 2018 For private circulation only

9. WEEKLY DERIVATIVE REPORT Disclaimer: Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to the recipient’s specific circumstances. The securities and strategies discussed and opinions expressed, if any, 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 report may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this report 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 report (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. Certain transactions, including those involving futures, options and other derivatives as well as non-investment grade securities involve substantial risk and are not suitable for all investors. ASL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. Past performance is not necessarily a guide to future performance. Investors are advise 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. ASL and its affiliated companies, their directors and employees may; (a) from time to time, have long or short position(s) in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities or earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or investment banker, lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any 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, directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any resident thereof. If this report is inadvertently sent or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. 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. 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, SEBI Single Reg. No.- NSE, BSE & MSEI – INZ000161633, 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. 26 November 2018 For private circulation only