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1. _____________________________________________________________________________________________________________________
Special Report
23–JAN-2019
Global markets at a glance
US stocks ended lower on Tuesday, snapping a four-session
rally, as a gloomy global economic growth outlook, trade
concerns and disappointing company forecasts dampened
sentiment. All three major US stock indexes pared losses
after White House economic advisor Larry Kudlow denied a
report by the Financial Times that the Trump
administration cancelled preparatory trade talks with
China.The Dow Jones Industrial Average fell 301.87 points,
or 1.22 percent, to 24,404.48. The S&P 500 lost 37.81
points, or 1.42 percent, to 2,632.9 and theNasdaq
Composite dropped 136.87 points, or 1.91 percent, to
7,020.36.Asian stocks edged down on Wednesday on
mounting signs of slowing global growth and anxiety over a
yet-unresolved Sino-US trade dispute. Japan's Nikkei
dropped 0.7 percent while MSCI's broadest index of Asia-
Pacific shares outside Japan dipped 0.1 percent. Trends on
SGX Nifty indicate a flat to negative opening for the
broader index in India, a fall of 3 points or 0.03 percent.
Nifty futures were trading around 10,929 level on the
Singaporean Exchange. Oil prices extended falls from the
previous session on Wednesday, as concerns of an
economic slowdown weighed on markets. US West Texas
Intermediate (WTI) crude futures were at $52.74 per barrel
at 0024 GMT, down 27 cents, or 0.5 percent from their last
settlement.The decline followed a 2 percent fall in crude oil
futures and a slump in global financial markets on Tuesday
as concerns over global growth spooked investors into
looking for safe-haven assets like government bonds or
gold.
PREVIOUS DAY ROUNDOFF It's a negative end for the
market, but off the low points as bulls put up a strong fight
in the last hour. Shares broke their five-day gaining streak
as the Nifty finished below 10,950, while Sensex ended 134
points lower.The Sensex was down 134.32 points at
36444.64, while Nifty was down 39.10 points at 10922.80.
About 941 shares have advanced, 1584 shares declined,
and 170 shares are unchanged.Sun Pharma, Kotak
Mahindra Bank, Hero Motocorp, Bajaj Finance and Yes
Bank .
Index stats
The Market was very volatile in last session. The sartorial in
dices performed as follow; Commodities[-23.20pts],
Consumption[-13.95pts],PSE[ -3.45pts],CPSE[ -
9.75pts],Energy[-14.0ts],FMCG[+22.6pts],Auto[-
71.7pts],Pharma[+157.90Pts],IT[-3.8pts],Metal[-
65.15pts],Realty[+1.75pts], Fin Serv sector[-47.25pts].
World Indices
Index Value % Change
DJI 24465 +0.31
S&P500 2632 -1.42
NASDAQ 7020 -1.91
FTSE100 6901 -0.99
NIKKEI 20654 +1.24
HANG SENG 27033 +0.37
Top Gainers
Company CMP Change % Chg
Sun Pharma 418.95 20.65 5.18
Wipro 346.5 8.7 2.58
Titan Company 982.65 19.9 2.07
Kotak Mahindra 1,291.75 24.15 1.91
Dr Reddys Labs 2,640.30 40.5 1.56
Top Losers
Company CMP Change % Chg
Vedanta 191.5 -6.95 -3.5
Tata Steel 456.55 -15.15 -3.21
M&M 708.5 -21.8 -2.99
Zee Entertain 425.25 -11.4 -2.61
HCL Tech 940.75 -25 -2.59
Stocks at 52 Week’s HIGH
Symbol Prev. Close Change %Chg
ALKYLAMINE 880 -3.95 -0.47
DALBHARAT 860 0 0
IOLCP 225.6 -7.2 -3.21
LIQUIDETF 1,000.01 -0.01 0
KILITCH 242 11.55 5.17
Indian Indices
Company CMP Change % Chg
NIFTY 10922 -39.10 -0.36
SENSEX 36444 -134.32 -0.37
Stocks at 52 Week’s LOW
Symbol Prev. Close Change %Chg
3PLAND 10 -0.05 -0.45
ABCAPITAL 90.05 -1.75 -1.89
ADROITINFO 16.75 0.35 1.96
ADVENZYMES 163.05 -3.8 -2.27
ANGIND 1.05 -0.05 -4.55

2. _____________________________________________________________________________________________________________________
Special Report
23–JAN-2019
STOCK RECOMMENDATION [CASH]
REPCOHOME
Stock has given the breakout of the neckline of the double
bottom pattern on the daily chart with the good volumes
and closed near to days high. We recommend buying
above 440 for the target of 450/455 with the stop loss of
430
MACRO NEWS
 Private life insurer Max Life Insurance has overtaken
Life Insurance Corporation of India (LIC) to the best
track record in terms of claims settlement for
individual deaths in FY18. According to IRDAI's Annual
Report 2017-18, Max Life settled 98.26 percent of
individual death claims while LIC settled 98.04 percent.
 One of the most awaited SUVs in India, the Tata
Harrier is finally set for its launch today, January 23.
Thanks to the ample supply of teasers, spy shots and
leaked details, there is quite a lot we know of the
upcoming SUV.First up, powertrain. As far as we know,
the Harrier will only be offered as a 5-seater with a
diesel engine mated to a 6-speed manual transmission
at launch which will be streamed live here.
 Former RBI deputy governor R Gandhi on January 22
said following the Supreme Court order in the Aadhaar
case, there is great uncertainty, confusion and
reluctance on the part of banks and financial
institutions to use biometrics as the basis for
identifying individuals
RECOMMENDATIONS [FUTURE]
1. BIOCON [FUTURE ]
In Biocon we have seen that stock closing near its pivot
resistense level . Strong buying seen in last 3 days .Traders
view that company shows strong fundamnetal ,so bullish on
this stock . All though pharma sector is not performing as
good .Our recommendation is to buy stock above 670
Target 675/685 Sl 660
2. SIEMENS [FUTURE]
Stock siemens near to its resistense level 1075. If resistense
level breakout we get then we expect move of 100-150
points in up side . In last week we have seen that stock is
traded in a particular range . Derivative data also suggest
that traders are bullish on this stock .Our recommendation is
to buy the stock in the range of 1055 Target 1065/1070 Sl
1030.

3. _____________________________________________________________________________________________________________________
Special Report
23–JAN-2019
MOST ACTIVE CALL OPTION
Symbol Optio
n
Type
Strike
Price
LTP Traded
Volume
(Contracts)
Open
Interest
BANKNIFTY CE 27,600 91 4,48,064 4,74,660
BANKNIFTY CE 27,700 56.45 4,30,403 5,22,480
BANKNIFTY CE 27,500 136 4,12,453 5,57,100
RELIANCE CE 1,260 12.3 27,700 13,65,000
RELIANCE CE 1,240 20.1 25,646 17,76,500
RELIANCE CE 1,300 4.15 19,134 18,53,000
RELIANCE CE 1,280 7 19,116 14,42,500
KOTAKBANK CE 1,300 21.5 9,990 10,16,800
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 27,300 74 3,91,150 5,06,820
BANKNIFTY PE 27,400 106.05 3,76,919 4,35,840
BANKNIFTY PE 27,200 49 3,16,706 3,94,520
RELIANCE PE 1,200 8.95 22,669 21,62,500
RELIANCE PE 1,220 14.6 17,669 10,01,000
RELIANCE PE 1,180 5.15 10,355 12,25,000
RELIANCE PE 1,240 23.45 9,664 6,64,500
RELIANCE PE 1,160 3.25 7,427 13,77,000
FII DERIVATIVES STATISTICS
BUY OPEN INTEREST AT THE END OF THE DAY
No. of
Contracts
Amount in
Crores
No. of
Contracts
Amount in
Crores
No. of
Contracts
Amount in
Crores
NET AMOUNT
INDEX FUTURES 26997 1973.28 30984 2371.62 486893 38410.31 -398.3401
INDEX OPTIONS 1018352 64278.91 1030427 65333.37 837589 63239.00 -1054.4608
STOCK FUTURES 212137 12749.79 205414 12212.19 1398720 85334.80 537.6038
STOCK OPTIONS 165428 9773.67 167597 9888.25 179897 10518.47 -114.5799
-1029.777
SELL
STOCKS IN NEWS
IDBI Bank: Bank approved in-principle, proposal to
reinitiate divestment process of IDBI stake in IDBI Federal
Life Insurance.
Automotive Stampings Q3: Loss at Rs 5.7 crore versus
loss Rs 11.8 crore; revenue rises to Rs 103.7 crore versus
Rs 94.3 crore YoY.
NIFTY FUTURE Nifty followed global market and started
with gap up but today Pharam and Media share made
pressure in market due to that whole day Nifty traded in
sideways and in last one hour it loosed almost fifty per
cent gains in intraday. On daily chart it created bearish
candle since Nifty forming Open Broadening pattern so
we it will be buy in decline around 10850 with stop loss o
10770 for the target of 10920/10970.
INDICES R2 R1 PIVOT S1 S2
NIFTY 10997 10960 10912 10874 10826
BANKNIFTY 27614 27548 27466 27400 27319

4. _____________________________________________________________________________________________________________________
Special Report
23–JAN-2019
COMMODITY ROUNDUP
Oil prices fell more than 1 percent on Tuesday on signs that
an economic slowdown in China was spreading, stoking
concerns about global growth and fuel demand.The gloomy
news from the world's second-largest economy and top
importer of oil pulled down financial markets across Asia.
Brent oil futures LCOc1 were at $61.94 per barrel at 0950
GMT, down 80 cents or 1.28 percent.U.S. West Texas
Intermediate (WTI) crude futures CLc1 were at $53.16 per
barrel, down 1.19 percent or 64 cents.China reported the
lowest annual economic growth in nearly 30 years on
Monday. Its state planner warned on Tuesday that falling
factory orders pointed to a further drop in activity in coming
months and more job losses. China's oil imports have so far
defied the economic slowdown, hitting a record above 10
million barrels per day (bpd) in late 2018, many analysts
believe the country has reached peak energy growth, with
its thirst set to wane. manufacturing activity in China is
likely weighing on demand," said Singapore-based tanker
brokerage Eastport, adding that industrial slowdowns
tended to be leading indicators that fed gradually into lower
demand for shipped oil products.
Gold firmed up by Rs 125 to Rs 33,325 per 10 grams on
Tuesday, largely on the back of sustained wedding season
buying by jewellers even as it weakened to near three-week
lows overseas.Silver, however, turned weak due to reduced
offtake by coin makers and consuming industries and lost Rs
250 to Rs 39,850 per kg Persistent buying by local jewellers,
triggered by the ongoing wedding season, kept gold prices
higher, bullion traders said.Globally, gold fell 0.13 per cent
to USD 1,278.90 an ounce in New York as a firmer dollar
made bullion more expensive for buyers using other
currencies. Silver also eased by 0.46 per cent to USD 15.26
an ounce.In the national capital, gold of 99.9 per cent and
99.5 per cent purity advanced by Rs 125 each to Rs 33,325
and Rs 32,175 per 10 grams, respectively.The yellow metal
had gained Rs 40 on Monday. Sovereign, however,
remained unaltered at Rs 25,500 per piece of eight grams
on scattered enquiries.
Malaysian palm oil futures extended gains to a more than
four-month high on Tuesday evening, supported by bullish
price forecasts at an industry conference over the weekend
and strength in U.S. soyoil.
RECOMMENDATIONS
GOLD
TRADING STRATEGY:
BUY GOLD ABOVE 32100 TGT 32150/32190 SL BELOW
32000
SELL GOLD BELOW 31900 TGT 31850/31800 SL ABOVE
32020
SILVER
TRADING STRATEGY:
BUY SILVER ABOVE 39500 TGT 39550/39600 SL BELOW
39350
SELL SILVER BELOW 39200 TGT 39100 39050 SL ABOVE
39350

5. _____________________________________________________________________________________________________________________
Special Report
23–JAN-2019
NCDEX INDICES
Index Value % Change
Barley 1941 -1.27
Castor Seed 5348 1.44
Chana 4198 -1.85
Coriander 6167 -2.74
Cotton Seed Oilcake 1930 -1.43
Guar Seed 10 MT 4348 0.24
Jeera 17490 -0.51
Mustardseed 3959 0.61
Soy Bean 3466 0.7
Turmeric 6626 0.18
RECOMMENDATIONS
GUARGUM5
TRADING STRATEGY:
BUY GUARGUM FEB ABOVE 8750 TARGET 8765/8785/8810
SL 8690
SELL GUARGUM FEB BELOW 8700 TARGET
8685/8660/8640 SL 8760
DHANIYA
TRADING STRATEGY:
BUY DHANIYA APR ABOVE 6680 TARGET 6695/6720/6740
SL 6620
SELL DHANIYA APR BELOW 6620 TARGET 6605/6580/6560
SL 6680
Despite various government measures to bail out Sugar
mills from their financial woes, cane payment arrears
reached Rs 19,000 crore for the season up to December 31.
Sugar millers have urged government for an increase in the
minimum sale price of Sugar by Rs 5 a kg, to Rs 34 a kg.Of
the total, around Rs 5,000 crore was carried over from last
year. The rest was for cane supplies for barely six weeks of
the current season.Prices in the country are inching up but
are still only Rs 2,950 a quintal (Rs 29.5 a kg) in the
wholesale market.Indian Sugar Mills Association (Isma) has
estimated Sugar production at 31.5 million tonnes in its
Second Advance Estimate, a sharp downward revision from
its earlier one of 35.5 mt. Another revision is due by end-
January, likely to be lower still. Carryover stock from the
earlier year is a little over 10 mt, the country’s annual
consumption is 25 mt.
The farm credit target is likely to be raised by about 10% to
a record Rs 12 lakh crore in the 2019-20 Budget to be
presented on February 1, according to sources.For the
current fiscal, the government has set a credit target of Rs
11 lakh crore.The agricultural credit flow has increased
consistently over the years, exceeding the target set for
each fiscal. For instance, credit worth Rs 11.68 lakh crore
was given to farmers in 2017-18, much higher than the Rs
10 lakh crore target set for that year, they added. Similarly,
crop loans worth Rs 10.66 lakh crore were disbursed in the
2016-17 fiscal, higher than the credit target of Rs 9 lakh
crore.Normally, farm loans attract an interest rate of 9%.
However, the government has been providing interest
subvention to make available short-term farm credit at an
affordable rate and help boost farm output.

6. _____________________________________________________________________________________________________________________
Special Report
23–JAN-2019
RBI Reference Rate
Currency Rate Currency Rate
Rupee- $ 71.49 Yen 65.3550
Euro 81.25 GBP 92.3250
USD/INR
TRADING STRATEGY:
USD/INR
BUY USDINR FUTURE ABOVE 71.40 TARGET 71.50 71.6 SL
71.20
SELL USDINR FUTURE BELOW 71.30 TARGET 71.2 71.10 SL
71.5
GBP/INR
TRADING STRATEGY:
BUY GBPINR FUTURE ABOVE 92.5 TARGET 92.6 92.7 SL 92.3
SELL GBPINR FUTURE BELOW 92.3 TARGET 92.2 92.10 SL
92.5
The dollar fell versus other major currencies for a fourth
straight session on Tuesday, as investors grew increasingly
convinced the Federal Reserve will not raise interest rates
this year amid uncertainties over the US economy.The
rupee weakened further by 19 paise on Wednesday to
close at 71.24 against the US dollar amid a strengthening
greenback and fresh capital outflows.Higher bond yields,
which spiked on concerns that the government may over-
shoot the fiscal deficit target in an election year, too
weighed on the domestic unit, forex traders said.The rupee
has now lost a hefty 83 paise in four straight
sessions.Meanwhile, the pound rallied after British Prime
Minister Theresa May's divorce deal to leave the EU was
overwhelmingly rejected by MPs, leading to speculation
that UK lawmakers may be forced to have a re-look at the
entire Brexit process.The rupee opened on a weak note at
71.10 at the interbank forex market and lost further
ground to reach an intra-day low of 71.27.However, it
pared some losses to finally finish at 71.24 per US dollar,
down 19 paise over its previous close of 71.05."Indian
rupee depreciated for the fourth day in row amid higher
bond yield and expectation of expansionary fiscal policy in
coming budget. The rupee was Asia's worst performing
major currency in 2018 when it lost 9 per cent versus the
dollar, and it's still in the cellar for 2019 so far," said V K
Sharma, Head PCG and Capital Markets Strategy, HDFC
Securities.
The US dollar gained against key currencies overseas, while
rise in demand for the greenback from exporters also
pressured the domestic unit, traders said.The dollar index,
which gauges the greenback's strength against a basket of
six currencies, rose 0.03 per cent to 96.06 in late afternoon
trade.Easing crude oil prices supported the domestic
currency to some extent.Brent crude, the global
benchmark, was trading at USD 60.48 per barrel, lower by
0.26 per cent.
Meanwhile, after swinging nearly 200 points, the 30-share
BSE Sensex index settled just 2.96 points, or 0.01 per cent,
higher at 36,321.29. The broader NSE Nifty inched up 3.50
points, or 0.03 per cent, to 10,890.30.

7. _____________________________________________________________________________________________________________________
Special Report
23–JAN-2019
Date
Commodity/
Currency Pairs
Contract Strategy Entry Level Target Stop Loss Remark
22/1/19 NCDEX DHANIYA APR BUY 6680
6695/6720/67
40
6620 OPEN
22/1/19 NCDEX DHANIYA APR Sell 6620
6605/6580/65
60
66680 NOT EXECUTED
22/1/19
NCDEX
GUARGUM5
FEB BUY 8750
8765/8785/88
10
8690 OPEN
22/1/19
NCDEX
GUARGUM5
FEB SELL 8700
8685/8660/86
40
88760 TARGET
22/1/19 MCX GOLD FEB BUY 32100 32150/32190 32000 TARGET HIT
22/1/19 MCX GOLD FEB SELL 31900 31850/31800 32020
NOT EXECUTED
22/1/19 MCX SILVER MAR BUY 39500 39550 39600 39350 NOT EXECUTED
22/1/19 MCX SILVER MAR SELL 39200 39100 39050 39350 TARGET HIT
Date Scrip
CASH/
FUTURE/
OPTION
Strategy Entry Level Target Stop Loss Remark
22/1/19 NIFTY FUTURE BUY 10850 10920/10970 10750 NOT EXECUTED
22/1/19 BIOCON FUTURE BUY 660 665/670 650 TARGET
22/1/19 SIEMENS FUTURE BUY 1055 1065/1070 1030 OPEN
22/1/19 REPOHOME CASH BUY 430 435 420 OPEN

8. _____________________________________________________________________________________________________________________
Special Report
23–JAN-2019
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Disclaimer
NEXT WEEK'S MAJOR U.S. ECONOMIC REPORTS
9:45 am Markit manufacturing index flash Nov. -- 55.7
9:45 am Markit services index flash Nov. -- 54.8
TIME (ET) REPORT PERIOD ACTUAL FORECAST PREVIOUS
THE GOVERNMENT SHUTDOWN COULD DELAY THE RELEASE OF SOME DATA THIS WEEK
MONDAY, JAN. 21
None scheduled
Martin Luther King Jr. Day
TUESDAY, JAN. 22
10 am Existing home sales Dec. 5.32 mln
WEDNESDAY, JAN. 23
None scheduled
THURSDAY, JAN. 24
8:30 am Weekly jobless claims 1/19
9:45 am Markit manufacturing PMI Jan. 53.8
9:45 am Markit services PMI Jan. 54.4
10 am Leading economic indicators Dec. 0.2%
FRIDAY, JAN. 25
8:30 am Durable goods orders* Dec. 0.8%
8:30 am Core capital equipment orders* Dec. -0.6%
10 am New home sales* Dec.
544,000
(Oct)