The document provides analysis and commentary on the Indian stock market index Nifty. It discusses that Nifty has seen a strong correction recently but is now showing signs of bottoming out. On the daily chart, Nifty is forming a bullish harmonic pattern and momentum indicators are near support, implying the index may rise without making new lows. On the weekly chart, Nifty is in an uptrend and is approaching short term support levels near the channel support area. Specific stocks like NTPC, PFC, Reliance, Axis Bank, and Narayana Hrudalaya are analyzed and recommended as buy opportunities.
Daily Technical Report:03 February 2020Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
The document provides a technical analysis of the Nifty and Bank Nifty indices for the week. It notes that both indices ended the week lower, forming bearish candlestick patterns and closing at new 3-year lows. It identifies support and resistance levels for the indices and sees further downside if those levels are broken. The analysis recommends selling on rallies as the indices remain in downtrends in the short to medium term. Specific stock ideas are also provided based on the technical analysis.
Daily Technical Report:23 December 2019Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
The document provides a technical analysis of the Nifty, Sensex, and Bank Nifty indexes for the coming week. It notes that the indexes closed the previous week higher, with the Nifty gaining 30 points. It predicts that if the Nifty crosses and sustains above 12320 levels, it could rise to 12420-12500 levels, while a break below 12130 could see it fall to 12050-11950 levels. It provides similar technical analysis for the Bank Nifty and recommends buying opportunities and price targets.
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Weekly Technical Report :26 August 2019Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Daily Technical Report:30 December 2019Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Daily Technical Report:13 November 2019Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Daily Technical Report:03 February 2020Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
The document provides a technical analysis of the Nifty and Bank Nifty indices for the week. It notes that both indices ended the week lower, forming bearish candlestick patterns and closing at new 3-year lows. It identifies support and resistance levels for the indices and sees further downside if those levels are broken. The analysis recommends selling on rallies as the indices remain in downtrends in the short to medium term. Specific stock ideas are also provided based on the technical analysis.
Daily Technical Report:23 December 2019Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
The document provides a technical analysis of the Nifty, Sensex, and Bank Nifty indexes for the coming week. It notes that the indexes closed the previous week higher, with the Nifty gaining 30 points. It predicts that if the Nifty crosses and sustains above 12320 levels, it could rise to 12420-12500 levels, while a break below 12130 could see it fall to 12050-11950 levels. It provides similar technical analysis for the Bank Nifty and recommends buying opportunities and price targets.
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Weekly Technical Report :26 August 2019Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Daily Technical Report:30 December 2019Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Daily Technical Report:13 November 2019Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
The document provides technical analysis and trading strategies for the Nifty 50, Bank Nifty, and M&M indexes and stocks. It recommends buying positions in these indexes and M&M with given entry and stop loss levels, targeting higher price levels. Additional commentary is provided on FII trading data, open interest in index options, and intraday option strategies based on support and resistance levels.
- The Nifty and Sensex indices opened with downward gaps and fell throughout the trading session, closing near their lowest points of the day with losses of over 7%.
- On the daily chart, both indices have formed bearish candles and remain restricted within the high-low ranges of previous sessions, indicating an absence of strength on either side and a sustained downtrend.
- Technical indicators suggest that if the Nifty breaks below 9,130 it could fall to 9,000-8,920, while a move above 9,380 could trigger a short-term pullback rally to 9,450-9,520.
Pick of the Week: LIC Housing Finance Ltd.choice broking
This document provides information on LIC Housing Finance Ltd (LICHF), including that it is one of the largest housing finance companies in India. It was incorporated in 1989 and went public in 1994. The main objective of LICHF is to provide long-term financing to individuals for housing and real estate purposes. The company has an extensive network across India and representative offices in Dubai and Kuwait to serve Non-Resident Indians. The document also provides a technical analysis of LICHF stock and recommends it as a buy, with a price target of Rs. 460 based on the analysis.
The document analyzes the performance of the Nifty index in India. It notes that the index has failed to sustain levels above 6300 since November 2010 and questions whether the bull market is over. It examines technical indicators like the RSI and stochastic momentum index which suggest the index is in oversold territory and due for a short-term pullback. The analysis concludes the long-term uptrend is still intact but warns of caution in the current decline.
The document provides technical analysis and trading strategies for the Nifty 50, Bank Nifty and Axis Bank indexes and stocks. It recommends buying positions in these indexes and Axis Bank based on technical indicators showing upward momentum and breakouts from consolidation patterns. Downside protection levels and upside price targets are provided. Market news and analysis of other stocks is also presented.
- Larsen & Toubro received shareholder approval to raise Rs. 9,600 crore through securities issuance to expand globally. It expects Rs. 3,000 crore worth of infrastructure projects in Sri Lanka over the next 3-4 months.
- Hero MotoCorp set up a new manufacturing plant in Colombia and plans similar facilities in Mexico, Argentina, and Brazil to expand globally. The Colombian plant is expected to export to nearby countries.
- Market indices in India, US, Europe, and Asia rose supported by gains in Apple and biotech stocks, while the yuan strengthened against the dollar easing concerns around China's economy.
The document provides technical analysis and strategies for various Indian stocks and indices. For the Nifty index, it recommends buying futures contracts at 8600-8610 levels. For the Bank Nifty index, it recommends buying futures at 18590-18610 levels. For the stock Bank of India, it recommends buying futures contracts at 288-289 levels. It also provides analysis and recommendations for various other stocks across sectors.
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
The document provides a technical analysis of the Nifty, Bank Nifty, and LIC Housing Finance stock from an Indian equity research firm. It finds that indicators show the Nifty and Bank Nifty rallies are likely to continue higher. For LIC Housing Finance, technical signals and support levels indicate the stock could rise further in the short term. Recommendations are given to buy these stocks on dips or breaks of certain levels.
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Daily Technical Report:05 February 2020Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
The document provides a technical analysis of the Nifty, Bank Nifty, and Crompton Greaves stock. For Nifty, it predicts the index could rally to 8,600 if it closes above 8,420 and could drift to 8,300 if it fails to breach that level. For Bank Nifty, it expects a rally to 17,800 if it sustains above 17,570. For Crompton Greaves, it recommends buying above 198 as it could rally to 204/210.
Daily Technical Report:05 December 2019Axis Direct
The Nifty 50 index closed at 12,037 points, up 0.36% on the day. On the daily chart, the index has formed a bullish candlestick pattern indicating the bulls have returned in the short term. The index needs to break above the previous day's high of 12,069 for the uptrend to continue. Stocks like Titan and Escorts are suggested for the day, with buy and sell triggers provided. Technical indicators like RSI and Stochastic have turned negative from overbought levels.
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
LIC Housing Finance will raise up to Rs 43,000 crore through issuing non-convertible debentures on a private placement basis over the next year. RBI has removed restrictions on purchasing shares of IndusInd Bank, allowing them to be purchased on stock exchanges and in the primary market. Asian stock markets rose as investors expect more stimulus from China to support its slowing economy, with the Shanghai index up 1.77% and other indexes also rising.
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
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The document provides technical analysis and trading strategies for the Nifty 50, Bank Nifty, and M&M indexes and stocks. It recommends buying positions in these indexes and M&M with given entry and stop loss levels, targeting higher price levels. Additional commentary is provided on FII trading data, open interest in index options, and intraday option strategies based on support and resistance levels.
- The Nifty and Sensex indices opened with downward gaps and fell throughout the trading session, closing near their lowest points of the day with losses of over 7%.
- On the daily chart, both indices have formed bearish candles and remain restricted within the high-low ranges of previous sessions, indicating an absence of strength on either side and a sustained downtrend.
- Technical indicators suggest that if the Nifty breaks below 9,130 it could fall to 9,000-8,920, while a move above 9,380 could trigger a short-term pullback rally to 9,450-9,520.
Pick of the Week: LIC Housing Finance Ltd.choice broking
This document provides information on LIC Housing Finance Ltd (LICHF), including that it is one of the largest housing finance companies in India. It was incorporated in 1989 and went public in 1994. The main objective of LICHF is to provide long-term financing to individuals for housing and real estate purposes. The company has an extensive network across India and representative offices in Dubai and Kuwait to serve Non-Resident Indians. The document also provides a technical analysis of LICHF stock and recommends it as a buy, with a price target of Rs. 460 based on the analysis.
The document analyzes the performance of the Nifty index in India. It notes that the index has failed to sustain levels above 6300 since November 2010 and questions whether the bull market is over. It examines technical indicators like the RSI and stochastic momentum index which suggest the index is in oversold territory and due for a short-term pullback. The analysis concludes the long-term uptrend is still intact but warns of caution in the current decline.
The document provides technical analysis and trading strategies for the Nifty 50, Bank Nifty and Axis Bank indexes and stocks. It recommends buying positions in these indexes and Axis Bank based on technical indicators showing upward momentum and breakouts from consolidation patterns. Downside protection levels and upside price targets are provided. Market news and analysis of other stocks is also presented.
- Larsen & Toubro received shareholder approval to raise Rs. 9,600 crore through securities issuance to expand globally. It expects Rs. 3,000 crore worth of infrastructure projects in Sri Lanka over the next 3-4 months.
- Hero MotoCorp set up a new manufacturing plant in Colombia and plans similar facilities in Mexico, Argentina, and Brazil to expand globally. The Colombian plant is expected to export to nearby countries.
- Market indices in India, US, Europe, and Asia rose supported by gains in Apple and biotech stocks, while the yuan strengthened against the dollar easing concerns around China's economy.
The document provides technical analysis and strategies for various Indian stocks and indices. For the Nifty index, it recommends buying futures contracts at 8600-8610 levels. For the Bank Nifty index, it recommends buying futures at 18590-18610 levels. For the stock Bank of India, it recommends buying futures contracts at 288-289 levels. It also provides analysis and recommendations for various other stocks across sectors.
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
The document provides a technical analysis of the Nifty, Bank Nifty, and LIC Housing Finance stock from an Indian equity research firm. It finds that indicators show the Nifty and Bank Nifty rallies are likely to continue higher. For LIC Housing Finance, technical signals and support levels indicate the stock could rise further in the short term. Recommendations are given to buy these stocks on dips or breaks of certain levels.
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Daily Technical Report:05 February 2020Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
The document provides a technical analysis of the Nifty, Bank Nifty, and Crompton Greaves stock. For Nifty, it predicts the index could rally to 8,600 if it closes above 8,420 and could drift to 8,300 if it fails to breach that level. For Bank Nifty, it expects a rally to 17,800 if it sustains above 17,570. For Crompton Greaves, it recommends buying above 198 as it could rally to 204/210.
Daily Technical Report:05 December 2019Axis Direct
The Nifty 50 index closed at 12,037 points, up 0.36% on the day. On the daily chart, the index has formed a bullish candlestick pattern indicating the bulls have returned in the short term. The index needs to break above the previous day's high of 12,069 for the uptrend to continue. Stocks like Titan and Escorts are suggested for the day, with buy and sell triggers provided. Technical indicators like RSI and Stochastic have turned negative from overbought levels.
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
LIC Housing Finance will raise up to Rs 43,000 crore through issuing non-convertible debentures on a private placement basis over the next year. RBI has removed restrictions on purchasing shares of IndusInd Bank, allowing them to be purchased on stock exchanges and in the primary market. Asian stock markets rose as investors expect more stimulus from China to support its slowing economy, with the Shanghai index up 1.77% and other indexes also rising.
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
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How MJ Global Leads the Packaging Industry.pdfMJ Global
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Have you ever dreamed of turning your innovative idea into a thriving business? Starting a company involves numerous steps and decisions, but don't worry—we're here to help. Whether you're exploring how to start a startup company or wondering how to start up a small business, this guide will walk you through the process, step by step.
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Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
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Equity Pulse-March 2023.pdf
1. 1
Equity Pulse
March 14, 2023
By InCred Alternative Desk
Gaurav Bissa
gaurav.bissa@incredcapital.com
2. 2
Nifty weekly chart
Source:- Investing
Comments
▪ Nifty has witnessed strong correction
since past few days from 18000 levels.
▪ Any rise in the index is witnessed by
incremental pressure.
▪ However, the index is now showing strong
bottoming signs.
▪ The index has triggered 3 factor model
which includes price action as well as
different momentum indicators.
▪ The vertical lines show the instances
when the indicators have been in the
extreme zones as marked by oval shape
▪ Since 1998, almost every major or minor
bottom has formed whenever the
indicators entered extreme oversold
zones.
▪ Extreme over sold zones mean the
indicators are at extremely low levels.
Currently, the indicator values are near
lowest levels since 1998.
Nifty Outlook
Nifty showing early signs of bottoming out
3. 3
Nifty daily chart
Source:- Tradingview
Comments
▪ After a strong correction, Nifty is now
trying to protect 17000 levels.
▪ The index has formed bullish harmonic
bat pattern on daily chart.
▪ The prz or trigger point comes around
16950 levels.
▪ Harmonic patterns are reversal patterns in
nature which have a combination of
various Fibonacci retracements.
▪ The momentum indicators are rsi and
macd are near support areas on daily
charts implying the index can witness a
push till indicators don’t make a fresh low
Harmonic Patterns
Nifty is about to trigger bullish harmonic pattern
4. 4
Nifty daily chart
Source:- Investing
Comments
▪ Nifty index is currently in uptrend on
weekly charts with formation of higher
high and higher low being formed.
▪ The index after reversing from
descending channel pattern is now seen
taking support near the channel support
area.
▪ The prices are now trading near 88.6
percent Fibonacci retracement of the rise
that start from 16750 levels to around
19000.
▪ These parameters suggest that if 16750 is
not breached the uptrend will remain
intact which will that push nifty higher
which can try a journey toward the
channel resistance area.
▪ This makes the current levels in the index
extremely lucrative for a contra buy with
favorable risk reward going forward.
Nifty Outlook
Nifty approaching short term support
5. 5
NTPC Weekly Chart
Source:- Tradingview
Comments
▪ NTPC has been one of the most stable names in
recent times
▪ The stock has been making higher high and higher
low which implies it has been in strong uptrend.
▪ The stock has bounced from ascending channel
support which resulted in sustained upside since
last few days.
▪ The stock is trading above ichimoku cloud on
weekly charts which suggests the trend remains
positive.
▪ Also, the stock has witnessed bullish macd
crossover which is a strong buy signal and
generally results in upward thrust in the prices.
BUY NTPC 175-180 TG 200 SL 165 CLOSING
Rising from ascending channel support
6. 6
PFC weekly chart
Source:- Investing
Comments
▪ PFC has been consolidating in a range for
last 12 to 15 months but it has now come
out of this consolidation.
▪ On a larger period., the stock has been
trading in a triangle pattern since 2008
and has now witnessed 15 year breakout.
▪ The stock has witnessed strong volumes
at the time of breakout and has also
witnessed incremental volumes post the
breakout suggesting some follow up
buying in the stock.
▪ The stock is trading above major moving
averages like 55ema, 89ema and 200ema
which is a sign of strength .
BUY PFC 163-168 TG 195 SL 145 CLOSING
PFC strong breakout seen
7. 7
Reliance weekly charts
Source:- Investing
Comments
▪ Reliance has been one of the major
underperformers in recent times.
▪ It has been trading in a range for last one year.
▪ However, it is now trading near descending
channel pattern on weekly charts which make a
strong case to buy it for medium term.
▪ The stock is also trading near its price equilibrium
level which is the zone where most attempts were
made in last 3 years.
▪ Such levels are usually strong support zones which
if held can lead to trend reversal in the prices.
▪ This is supported by the fact that both rsi as well as
macd are trading ear descending wedge support
on weekly charts suggesting the current fall may
halt soon and the stock can begin a fresh journey
towards upper band of the channel pattern.
BUY RELIANCE 2250-2300 TG 2550 SL 2075 CLOSING
Approaching crucial levels
8. 8
AXISBANK Weekly Chart
Source:- Investing
Comments
▪ Axis Bank has one of the best performing large
private banking stock.
▪ The stock witnessed a four year breakout on
weekly charts.
▪ The stock has corrected in line with how the
markets have behaved and is now trading near
breakout retest level.
▪ The stock has history of bouncing from its 89ema
on weekly charts which is expected to lend support
in coming days.
▪ The 89wema level of 775 coincides with rising
trendline support area thereby increasing the
significance of this support zone.
BUY AXISBANK 825-835 TG 940 SL 775 CLOSING
Approaching critical support zones
9. 9
Naryana Hrudalaya weekly Chart
Source:- Investing
Comments
▪ Narayana Hrudalaya has been in a strong uptrend
and forming series of higher high and higher low.
▪ The stock has been a consistent outperformer and
is expected to continue to do so.
▪ The stock has bounced from ascending channel
pattern support area which gave a strong push to
the prices recently.
▪ The stock has also bounced from its 55ema on
weekly charts which has a history of catapulting
the stock in the immediate term.
▪ The stock has seen rsi crossing previous swing
high which is a sign of increasing strength.
▪ Also, the stock has witnessed bullish macd
crossover on weekly charts which is generally
gives a strong push to the prices.
BUY NARAYANA HRUDALAYA 780-790 TG 845 SL 725 CLOSING
Trading in strong uptrend
10. 10
Disclaimer
This report (including the views and opinions expressed therein, and the information comprised therein) has been prepared by Incred Research Services Private Ltd.(formerly known as Earnest Innovation Partners Private Limited) (hereinafter
referred to as “IRSPL”). IRSPL is registered with SEBI as a Research Analyst vide Registration No. INH000011024. Pursuant to a trademark agreement, IRSPL has adopted “Incred Equities” as its trademark for use in this report.
The term “IRSPL” shall, unless the context otherwise requires, mean IRSPL and its affiliates, subsidiaries and related companies. This report is not directed or intended for distribution to or use by any person or entity resident in a state,
country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject IRSPL and its affiliates/group companies to registration or licensing requirements within such
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or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of IRSPL.
The information contained in this report is prepared from data believed to be correct and reliable at the time of issue of this report.
IRSPL is not required to issue regular reports on the subject matter of this report at any frequency and it may cease to do so or change the periodicity of reports at any time. IRSPL is not under any obligation to update this report in the event of
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Unless otherwise specified, this report is based upon reasonable sources. Such sources will, unless otherwise specified, for market data, be market data and prices available from the main stock exchange or market where the relevant security
is listed, or, where appropriate, any other market. Information on the accounts and business of company(ies) will generally be based on published statements of the company(ies), information disseminated by regulatory information services,
other publicly available information and information resulting from our research. Whilst every effort is made to ensure that statements of facts made in this report are accurate, all estimates, projections, forecasts, expressions of opinion and
other subjective judgments contained in this report are based on assumptions considered to be reasonable as of the date of the document in which they are contained and must not be construed as a representation that the matters referred to
therein will occur. Past performance is not a reliable indicator of future performance. The value of investments may go down as well as up and those investing may, depending on the investments in question, lose more than the initial
investment. No report shall constitute an offer or an invitation by or on behalf of IRSPL and its affiliates/group companies to any person to buy or sell any investments.
The opinions expressed are based on information which are believed to be accurate and complete and obtained through reliable public or other non-confidential sources at the time made. (Information barriers and other arrangements may be
established where necessary to prevent conflicts of interests arising. However, the analyst(s) may receive compensation that is based on his/their coverage of company(ies) in the performance of his/their duties or the performance of his/their
recommendations. In reviewing this report, an investor should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Additional information is, subject to the duties of confidentiality,
available on request.
The report is not a “prospectus” as defined under Indian Law, including the Companies Act, 2013, and is not, and shall not be, approved by, or filed or registered with, any Indian regulator, including any Registrar of Companies in India, SEBI,
any Indian stock exchange, or the Reserve Bank of India. No offer, or invitation to offer, or solicitation of subscription with respect to any such securities listed or proposed to be listed in India is being made, or intended to be made, to the
public, or to any member or section of the public in India, through or pursuant to this report.
The research analysts, strategists or economists principally responsible for the preparation of this research report are segregated from the other activities of IRSPL. Information barriers and other arrangements have been established, as
required, to prevent any conflicts of interests.
The research analysts, strategists or economists principally responsible for the preparation of this research report are segregated from the other activities of IRSPL. Information barriers and other arrangements have been established, as
required, to prevent any conflicts of interests.
IRSPL may have issued other reports (based on technical analysis, event specific, short term views etc.) that are inconsistent with and reach different conclusion from the information presented in this report.
Holding of Analysts/Relatives of Analysts, IRSPL and Associates of IRSPL in the covered securities, as on the date of publishing of this report
11. 11
Disclaimer
Analyst declaration
• The analyst responsible for the production of this report hereby certifies that the views expressed herein accurately and exclusively reflect his or her personal views and opinions about any and all of the issuers or securities analysed in this
report and were prepared independently and autonomously in an unbiased manner.
• No part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations(s) or view(s) in this report or based any specific investment banking transaction.
• The analyst(s) has(have) not had any serious disciplinary action taken against him/her(them).
• The analyst, strategist, or economist does not have any material conflict of interest at the time of publication of this report.
• The analyst(s) has(have) received compensation based upon various factors, including quality, accuracy and value of research, overall firm performance, client feedback and competitive factors.
IRSPL and/or its affiliates and/or its Directors/employees may own or have positions in securities of the company(ies) covered in this report or any securities related thereto and may from time to time add to or dispose of, or may be materially
interested in, any such securities.
IRSPL and/or its affiliates and/or its Directors/employees may do and seek to do business with the company(ies) covered in this research report and may from time to time (a) buy/sell the securities covered in this report, from time to time
and/or (b) act as market maker or have assumed an underwriting commitment in securities of such company(ies), and/or (c) may sell them to or buy them from customers on a principal basis and/or (d) may also perform or seek to perform
significant investment banking, advisory, underwriting or placement services for or relating to such company(ies) and/or (e) solicit such investment, advisory or other services from any entity mentioned in thisreport and/or (f) act as a
lender/borrower to such company and may earn brokerage or other compensation. However, Analysts are forbidden to acquire, on their own account or hold securities (physical or uncertificated, including derivatives) of companies in respect of
which they are compiling and producing financial recommendations or in the result of which they play a key part.
Analyst/
Relative
Entity/
Associates
any financial interests in the company covered in this report (subject company) and nature of such financial interest NO NO
actual/beneficial ownership of 1% or more in securities of the subject company at the end of the month immediately preceding the date of publication of the research report
or date of the public appearance;
NO NO
any other material conflict of interest at the time of publication of the research report
or at the time of public appearance
NO NO
received any compensation from the subject company in the past twelve months
for investment banking or merchant banking or brokerage services or investment advisory or depository or distribution from the subject company in the last twelve months for
products/services other than investment banking or merchant banking or broker- age services or investment advisory or depository or distribution from the subject company in the last
twelve months
NO NO
managed or co-managed public offering of securities for the subject company in the last twelve months NO NO
received any compensation or other benefits from the subject company or third party in connection with the research report NO NO
served as an officer, director or employee of the subject company NO NO
been engaged in market making activity for the subject company NO NO