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1. _____________________________________________________________________________________________________________________
Please refer to disclaimer Epic Research Ltd w w w . e p i c r e s e a r c h . c o
Special Report
21-Sep-2018
Global markets at a glance
The S&P 500 and the Dow Jones industrial average rose on
Wednesday, with the Dow hitting its highest closing level
since late January as rising Treasury yields boosted the
financial sector and trade worries subsided.The tech-heavy
Nasdaq ended the session slightly lower.
Financial companies rose 1.8 percent, the biggest
percentage gainer among the major S&P 500 sectors, as
the benchmark 10-year Treasury yield hit a four-month
high. Goldman Sachs , JPMorgan Chase , Citigroup and Bank
of America ended the session up between 2.6 and 3.3
percent.The Dow Jones Industrial Average rose 158.8
points, or 0.61 percent, to 26,405.76, the S&P 500 gained
3.64 points, or 0.13 percent, to 2,907.95 and the Nasdaq
Composite dropped 6.07 points, or 0.08 percent, to
7,950.04.Of the 11 major sectors of the S&P 500, seven
ended in negative territory.So-called defensive stocks lost
ground as rising yields provided investors with an attractive
alternative to higher-risk equities.
MSCI's broadest index of Asia-Pacific shares outside Japan
was up 0.05 percent in early trade in Asia, taking support
from Wall Street overnight.Japan's Nikkei stock index was
0.2 percent higher, while Australian shares eased 0.3
percent.The Dow Jones Industrial Average ended 0.61
percent higher on Wednesday at 26,405.76, its highest
close since late January, while the S&P 500 gained 0.13
percent to 2,907.95.
Previous day Roundup
The index continued to fall for third consecutive session to
break crucial support of 11,250 levels and formed bearish
candle on the daily charts again.
The Nifty Midcap index also caught in bear trap, falling
nearly a percent while all sectoral indices ended in the red
barring Metal and IT.The Nifty50 after gap up opening
above 11,300-mark rallied to hit an intraday high of
11,332.05, but wiped out all gains in last couple of hours of
trade to break crucial support and hit day's low of
11,210.90. The index fell nearly 100 points from day's high
to end down 44.50 points at 11,234.40.
According to Pivot charts, the key support level is placed at
11,186.13, followed by 11,137.97. If the index starts
moving upwards, key resistance levels to watch out are
11,307.23 and 11,380.17.
Index stats
The Market was very volatile in last session. The sartorial in
dices performed as follow; Commodities[17.50],
Consumption[-43.85pts],Bank[-164.10pts],Auto[-
37.75pts],FinService[-92.80pts],Fmcg[-405.55pts],Media[-
50.15pts],Pharma[-8.45pts],IT[32.95pts],Metal
[43.70pts],Realty[-3.20 pts], Pvt Bank[-71.00pts].
World Indices
Index Value % Change
DJI 26,661.72 0.97
S&P500 2,941.25 0.06
NASDAQ 8,028.23 0.98
FTSE100 7,367.32 0.87
NIKKEI 23,886.94 0.89
HANG SENG 27,708.61 0.83
Top Gainers
Company CMP Change % Chg
BPCL 365.05 9.95 2.80
Coal India 280.65 7.45 2.73
GAIL 384.55 9.75 2.60
Tech Mahindra 769.95 15.25 2.02
ONGC 177.00 3.10 1.7
Top Losers
Company CMP Change % Chg
Bajaj Finserv 6,312.05 -215.55 -3.30
IndusInd Bank 1,804.65 -57.50 -3.09
Zee Entertain 450.80 -13.75 -2.96
Bajaj Finance 2,499.55 -70.85 -2.76
UPL 692.30 -16.75 -2.36
Stocks at 52 Week’s HIGH
AIONJSW 24.35 1.2 4.93
CIPLA 663.7 -1.65 -0.25
DELTAMAGNT 124.05 6.2 5
DIVISLAB 1379.8 14.15 1.03
ELECTROSL 18.5 0.9 4.86
GANGOTRI 4.05 0.2 4.94
Indian Indices
Company CMP Change % Chg
NIFTY 11234.40 -44.50 -0.39
SENSEX 37121.22 -169.45 -0.45
Stocks at 52 Week’s LOW
Symbol Prev. Close Change %Chg
ADHUNIK 3.15 0.05 1.59
ADLABS 31.2 -0.5 -1.6
AGCNET 89.35 -0.35 -0.39
AGRITECH 71.65 -1.4 -1.95
AKZOINDIA 1708.8 -58.8 -3.44

2. _____________________________________________________________________________________________________________________
Please refer to disclaimer Epic Research Ltd w w w . e p i c r e s e a r c h . c o
Special Report
21-Sep-2018
STOCK RECOMMENDATION [CASH]
VIPIND [CASH]
This particular counter is showing a clear downtrend ,515
is a nearest support level below which we can withness
freefall as per the market weakness sell on low should be
considered so we suggest to sell vipind around 515-514 for
the targets of 508-500 with stoploss above 520.
MACRO NEWS
 Trends on SGX Nifty indicate a positive opening for the
broader index in India, a gain of 39.5 points or 0.35
percent. Nifty futures were trading around 11,351-
level on the Singaporean Exchange.
 North Korea’s Kim Jong Un wants a second summit
with US President Donald Trump soon to hasten
denuclearization, but a key goal is declaring an end
this year to the 1950-53 Korean War, the South’s
President Moon Jae-in said on Thursday. Moon said he
and Kim spent most of a three-day summit discussing
how to break an impasse and restart nuclear talks
between Pyongyang and Washington, which are at
odds over which should come first, denuclearization or
ending the war.
 Prime Minister Narendra Modi said Thursday the size
of Indian economy will double to $5 trillion by 2022
with manufacturing and agriculture contributing $1
trillion each. Speaking at the foundation laying
ceremony of India International Convention and Expo
Centre, he cited this week's announcement of merger
of Dena Bank, Vijaya Bank and Bank of Baroda to
create the country's third largest lender to say that the
government will not shy away from taking tough
decisions in the national interest.
 The Finance Ministry Thursday pegged the exchange
rate for dollar at Rs 73.65 for calculation of import
duty with effect from September 21, as against Rs
72.55 a fortnight ago. Similarly, in case of Pound
Sterling, the value has been fixed at Rs 97.40
acompared to Rs 94.30 earlier.
RECOMMENDATIONS [FUTURE]
1. IRB [FUTURE ]
After consolidating within a range the particular counter
brooked its support level of 168.40 and closed below
it .Today it may show some correction upto 168, from that
level we can short so we advice to sell IRB infra future
around 168-167.50 for the targets of 165-163 with stoploss
above 170.
2. INDIGO [FUTURE]
Respecting the support level of 860 the particular counter is
showing bounce back closed with a hanging man
candlle .Here we can get the change of buy on dip
oportunity around the levels of 870-874 for the targets of
885-895 with stoploss below 860.

3. _____________________________________________________________________________________________________________________
Please refer to disclaimer Epic Research Ltd w w w . e p i c r e s e a r c h . c o
Special Report
21-Sep-2018
MOST ACTIVE CALL OPTION
Symbol Optio
n
Type
Strike
Price
LTP Traded
Volume
(Contracts)
Open
Interest
BANKNIFTY CE 27,000 0.05 3,44,774 12,49,080
NIFTY CE 11,400 32.5 2,88,873 39,12,900
NIFTY CE 11,300 61.6 2,14,170 24,94,575
TATASTEEL CE 640 5.6 9,440 23,36,322
RELIANCE CE 1,240 8.5 9,276 22,40,000
BANKBARODA CE 120 2.1 8,864 56,96,000
MARUTI CE 8,500 28.4 7,877 1,53,150
RELIANCE CE 1,260 4.7 7,244 27,09,000
MARUTI CE 9,000 111.5 5,823 2,83,500MOST ACTIVE PUT OPTION
Symbol Optio
n
Type
Strike
Price
LTP Traded
Volume
(Contracts)
Open
Interest
BANKNIFTY PE 26,500 115 6,54,055 5,77,240
BANKNIFTY PE 26,600 172.1 5,02,813 2,55,160
BANKNIFTY PE 26,400 72.05 4,49,915 5,00,160
BANKNIFTY PE 26,700 244 4,37,903 1,88,120
RELIANCE PE 1,200 12.85 6,923 18,39,000
BANKBARODA PE 110 4.05 6,381 24,88,000
RELIANCE PE 1,220 20.85 6,332 15,01,000
BANKBARODA PE 120 10 5,228 12,68,000
FII DERIVATIVES STATISTICS
BUY OPEN INTEREST AT THE END OF THE DAYSELL
No. of
Contracts
Amount in
Crores
No. of
Contracts
Amount in
Crores
No. of
Contracts
Amount in
Crores
NET AMOUNT
INDEX FUTURES 42828 4130.75 34490 3165.76 304701 26088.27 964.9908
INDEX OPTIONS 1617033 162967.98 1601002 161430.14 978793 85940.78 1537.8368
STOCK FUTURES 206019 13963.09 224280 15124.92 1223542 89686.08 -1161.8239
STOCK OPTIONS 163739 11817.36 164307 11863.13 136958 9998.05 -45.7675
1295.2362
STOCKS IN NEWS
 Wipro shareholders approve amalgamation with
Wipro Tech Austria
 Sterlite Tech clarified, on Airtel, Jio, Sterlite Tech
among bidders for Aircel Assets - that this is factually
incorrect, and that the company denies having
participated in any such bid
 Stata Bank of India: The bank concluded the
issuance of $650 Mio Green Senior Unsecured Fixed
Rate Notes under $10 billion MTN programme.
NIFTY FUTURE
The Nifty future confirmed its downtrend by making
three consecutive bearish candle and closing below
11297 which was acting as a crucial support level the
index is showing a clear sign of downtrend with no
strong support level so we advice to make a short
position around 11270-250 for the targets of 11200-150
with stoploss above 11320.
INDICES R2 R1 PIVOT S1 S2
NIFTY 11380.00 11307.00 11258.00 11185.00 11136.00
BANKNIFTY 26750.00 26513.00 26374.00 26137.00 25998.00

4. _____________________________________________________________________________________________________________________
Please refer to disclaimer Epic Research Ltd w w w . e p i c r e s e a r c h . c o
Special Report
21-Sep-2018
COMMODITY ROUNDUP
WTI Crude oil futures edged up after correcting heavily this
week. Bargain buying supported the commodity as equities
edged up in Asia and Europe today. Risky assets benefited
on hopes that the potential trade talks between the US and
China would be beneficial. The WTI Crude oil futures are
currently trading at $68.75 per barrel, up 0.26% on the day.
MCX Crude oil futures are quoting at Rs 4943 per barrel, up
half a percent on the day after tanking from highs above Rs
5000 per barrel in last session.
Crude oil futures tumbled from near two month highs this
week as the International Energy Agency or the IEA said that
the global supplies hit a record of 100 million barrels a day.
It also said that daily crude-oil output in the Organization of
the Petroleum Exporting Countries climbed in August by
420,000 barrels a day, to average 32.63 million a day. IEA
noted that as far as oil demand is concerned, following an
increase of 1.4 mb/d in 2018, growth next year will be 1.5
mb/d.
Natural Gas futures stayed slippery after the US Energy
Information Administration (EIA) reported yesterday that
US natural gas stockpiles increased by 69 billion cubic feet
for the week ending August 31. The five-year average for
the week is an injection of 74 billion cubic feet, and last
year’s storage increase for the week totaled 87 billion cubic
feet. Natural gas inventories rose by 63 billion cubic feet in
the week ending August 31. The commodity is currently
trading at $2.80 per mmbtu, down 0.40% on the day. MCX
Natural Gas futures are trading at Rs 201.70 per kg, down
0.64% on the day.
In its Short-term Energy Outlook published earlier this
week, the EIA forecast dry natural gas production to
average 81 billion cubic feet per day in 2018, up by 7.4
billion cubic feet in 2017 and establishing a new record
high. The agency expects natural gas production will
continue to rise in 2019 to an average of 84.7 billion cubic
feet per day. This also pulled the commodity lower. The
demand remains moderate and the energy markets are
eyeing Hurricane Florence now.
US economic data remains sound. IHS Markit US Sector PMI
data revealed yesterday that the August survey data
signalled a pick-up in Industrials output growth, according
to the latest US Sector PMI from IHS Markit.Activity
increased at a sharp rate that was one of the fastest over
the last three- and-a-half years. Industrials also indicated
the quickest expansion of the monitored sectors. Oil market
is also being supported on US sanctions on Iranian crude
exports.
RECOMMENDATIONS
GOLD
TRADING STRATEGY:
BUY GOLD OCT FUT ABOVE 30800 TGT 30900 31100 SL
BELOW 30700
SELL GOLD OCT FUT BELOW 30600 TGT 30500 30300 SL
ABOVE 30700
SILVER
TRADING STRATEGY:
BUY SILVER SEP FUT 37600 TGT 37800 38100 SL BELOW
37400
SELL SILVER SEP FUT 37300 TGT 37100 36800 SL ABOVE
37500

5. _____________________________________________________________________________________________________________________
Please refer to disclaimer Epic Research Ltd w w w . e p i c r e s e a r c h . c o
Special Report
21-Sep-2018
NCDEX INDICES
Index Value % Change
Barley 1653 1.97
Castor Seed 4660 0.43
Chana 3925 2.19
Coriander 4785 -0.31
Cotton Seed Oilcake 1595.5 -2.27
Guar Seed 10 MT 4313 -0.75
Jeera 19450 -0.21
Mustardseed 4121 -0.31
Soy Bean 3300 0.24
Turmeric 6492 -1.40
RECOMMENDATIONS
GUARGUM
TRADING STRATEGY:
BUY GUARGUM OCT FUT ABOVE 9380 TGT 9430 9480 SL
BELOW 9330
SELL GUARGUM OCT FUT BELOW 9330 TARGET 9380-9340
SL 9470.
DHANIYA
TRADING STRATEGY:
BUY DHANIYA SEP FUT ABOVE 5190 TGT 5250 5300 SL
BELOW 5140
SELL DHANIYA SEP FUT BELOW 5110 TARGET 5070-5020 SL
5160
Coriander prices are holding up this week though overall
sentiments appear to be mixed. However, export demand is
seen supporting the trend in prices after the massive
weakness in Indian Rupee. Steady arrivals are likely to
weigh on the sentiments in coming weeks though. The
commodity is holding above Rs 5000 per quintal in Kota.
Rupee has recently dropped near an all time low against the
US dollar and further losses could support exports.
The overall stocks in the ready markets are quite
comfortable though. Selling intensified in major agri
commodities on the back of bearish USDA news along with
rise in imported oil inflows in local mandies. All the major
oilseeds and spices have witnessed heavy selling in last
trading hour of the day.
The latest import data of edible oil has fuelled some
negative sentiments in oilseeds counter. As per the Solvent
Extractors' Association of India, the Import of vegetable oils
during August 2018 is reported at 1,512,597 tons compared
to 1,361,272 tons in August 2017 consisting 1,465,594 tons
of edible oils and 47,003 tons of non-edible oils i.e. Up by
11%. The NCDEX September futures declined by 0.29
percent from previous close. While NCDEX October
Mustard seed futures plummeted by 0.31 percent.
On the other side, as per the latest release by United States
Department of Agrculture (USDA), the global soybean
production is increased 2.2 million tons, with larger crops
for the United States and China that are partly offset by
lower projections for Canada, India, and Uruguay.Despite of
bearish cues from global market , the NCDEX Wheat futures
added more than 1 percent. However, as per the latest
release by United States Department of Agriculture (USDA),
the global wheat supplies for 2018/19 are raised 4.7 million
tons on a 3.4-million-ton production increase to 733 million
tones and higher beginning stocks.

6. _____________________________________________________________________________________________________________________
Please refer to disclaimer Epic Research Ltd w w w . e p i c r e s e a r c h . c o
Special Report
21-Sep-2018
RBI Reference Rate
Currency Rate Currency Rate
Rupee- $ 72.6781 Yen 64.6900
Euro 84.9050 GBP 95.5925
USD/INR
TRADING STRATEGY:
BUY USDINR ABOVE 73.10 TGT 73.50 74.00 SL BELOW 72.80
SELL USDINR BELOW 72.30 TGT 71.80 71.30 SL ABOVE 72.80
GBP/INR
TRADING STRATEGY:
BUY GBPINR ABOVE 95.80 TGT 96.30 96.80 SL BELOW 95.30
SELL GBPINR BELOW 94.90 TGT 94.40 94.00 SL ABOVE 95.40
The rupee Wednesday rebounded from the historic low of
72.91 to end higher by 51 paise at 72.18 against the dollar
after the finance ministry assured of steps to avert its fall
to "unreasonable levels".
The rupee had crashed to an all-time low of 72.91 in
morning trade tracking higher crude oil prices that
increased concerns of widening trade deficit at home. The
forex sentiment bolstered after the government said all
steps will be taken to ensure the domestic currency does
not depreciate to "unreasonable levels", amid reports that
Prime Minister Narendra Modi will take stock of the
economic situation over the weekend. "Government and
RBI will do everything to ensure that rupee does not slide
to unreasonable levels. Today's correction seems to reflect
that realisation," Economic Affairs Secretary Subhash
Chandra Garg tweeted.
Adding to the bullish mode, the country's trade deficit for
August softened to USD 17.4 billion against near five-year
high of USD 18.02 billion.
The rupee hit a day's high of 71.86, showing a sharp jump
of 105 paise from the historic low, in the afternoon trade
on positive sentiment.
India's benchmark 10-year sovereign yield also eased to
8.13 per cent.
The Indian currency has been caught in a free fall for last
few sessions and tagged among the worst performing
currencies in Asia having weakened by a steep 13.81 per
cent since the beginning of the year.
Asia's third-largest economy is battling with deluge of
headlines covering from a range of fundamental concerns
to deteriorating macro environment against the grim
backdrop of surging global crude prices and sustained
capital outflows. Besides, multiple factors including -
inflation fears and a widening current account deficit along
with escalation in global trade war tensions have also
gripped forex sentiment.
This year has also seen a sustained outflow of foreign
funds from equity and debt markets. Meanwhile, crude
prices turned little weak, having neared the USD 78-mark
after a drop in US crude inventories and the prospect of
supply disruption from Iran. Benchmark Brent crude
futures were trading at USD 78.83 a barrel in early Asian
trade.

7. _____________________________________________________________________________________________________________________
Please refer to disclaimer Epic Research Ltd w w w . e p i c r e s e a r c h . c o
Special Report
21-Sep-2018
Date
Commodity/
Currency Pairs
Contract Strategy Entry Level Target Stop Loss Remark
19/09/18 NCDEX DHANIYA SEP BUY 5190 5250 5300 5140 NOT EXECUTED
19/09/18 NCDEX DHANIYA SEP SELL 5110 5070-5020 5160 NOT EXECUTED
19/09/18
NCDEX
GUARGUM5
OCT BUY 9380 9430 9480 9330 NOT EXECUTED
19/09/18
NCDEX
GUARGUM5
OCT SELL 9330 9380-9340 9470 NOT EXECUTED
19/09/18 MCX GOLD OCT BUY 30950 31050 31250 30850 NOT EXECUTED
19/09/18 MCX GOLD OCT SELL 30600 30500 30300 30700 OPEN
19/09/18 MCX SILVER SEP BUY 37700 37900 38200 37500 NOT EXECUTED
19/09/18 MCX SILVER SEP SELL 37300 37100 36800 37500 NOT EXECUTED
Date Scrip
CASH/
FUTURE/
OPTION
Strategy Entry Level Target Stop Loss Remark
19/09/18 NIFTY FUTURE SELL 11370-60 11300-250 11420 TARGET HIT
19/09/18 ORIENTBANK FUTURE SELL 72.80-70 70-68 74 OPEN
19/09/18 ONGC FUTURE BUY 173-174 177-180 171 TARGET HIT
19/09/18 KNRCON CASH SELL 198.30-198 196-194 200 TARGET HIT

8. _____________________________________________________________________________________________________________________
Please refer to disclaimer Epic Research Ltd w w w . e p i c r e s e a r c h . c o
Special Report
21-Sep-2018
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Disclaimer
NEXT WEEK'S MAJOR U.S. ECONOMIC REPORTS
TIME (ET) REPORT PERIOD ACTUAL FORECAST PREVIOUS
MONDAY, SEPT. 17
8:30 am Empire State index Sept. 25.6
TUESDAY, SEPT. 18
10 am Home builders' index Sept. 67
WEDNESDA
Y, SEPT. 19
WEDNESDAY, SEPT. 19
WEDNESD
AY, SEPT.
19
WEDNESDAY, SEPT.
19
WEDNESDAY,
SEPT. 19
WEDNESDAY
, SEPT. 19
8:30 am Housing starts Aug. 1.168mln
8:30 am
8:30 am Current account deficit Q2 -$124bln
THURSDAY,
SEPT. 20
THURSDAY, SEPT. 20
THURSDA
Y, SEPT.
20
THURSDAY, SEPT.
20
THURSDAY,
SEPT. 20
THURSDAY,
SEPT. 20
8:30 am
8:30 am Philly Fed index Sept. 11.9
10 am Existing home sales Aug. 5.34 mln
10 am Leading economic indicators Aug. 0.6%
FRIDAY,
SEPT. 21
FRIDAY, SEPT. 21
FRIDAY,
SEPT. 21
FRIDAY, SEPT. 21
FRIDAY, SEPT.
21
FRIDAY,
SEPT. 21
9:45 am
9:45 am Markit services PMI (flash) Sept. 54.8