- The key Indian indices ended lower on October 27 with the Sensex down 0.37% and Nifty down 0.29%. Most global indices also ended lower except for MSCI AC Pacific which was up 0.65%. - On October 27, sectoral indices like BSE Realty and BSE Oil & Gas declined the most, down 3.79% and 1.45% respectively. Top gainers included BHEL up 4.98% and Yes Bank up 3.61%. Top losers were Jindal Steel down 7.90% and DLF down 7.84%. - Market trading activity and volatility was mixed on October 27 according to various indices tracked in the document. The rupee

1. Morning Note
Retail Research
Key Indices Oct 27 % Chg
Sensex 26753 -0.37
Nifty 7992 -0.29
BSE 500 10214 -0.40
DJIA* 16818 +0.07
Nasdaq* 4486 +0.05
MSCI Emerging Markets* 978 -0.67
MSCI AC Pacific* 135 +0.65
MSCI World* 1667 -0.06
*= in USD
Sectoral Indices Oct 27 % Chg
Major Gainers
BSE CD 9863 +2.11
BSE CG 15246 +0.70
Major Losers
BSE Realty 1432 -3.79
BSE Oil & Gas 10642 -1.45
Top Gainers
(BSE-100) CMP (Rs) % Chg
BHEL 252.00 +4.98
Yes Bank 643.50 +3.61
M&M Financials 289.40 +3.12
Top Losers
(BSE-100) CMP (Rs) % Chg
Jindal Steel 152.70 -7.90
DLF 110.50 -7.84
Crompton Greaves 178.60 -5.18
52 Week High Price (Rs)
Ajanta Pharma 1931.45
Bajaj Finance 2878.00
52 Week Low Price (Rs)
City Online 24.05
PDSMFL 212.70
Turnover (Rs bn) NSE BSE
Oct 27 137.04 26.14
5 days average 125.42 24.81
Advance-Decline NSE BSE
Oct 27 0.64:1 0.77:1
5 days average 2.17:1 1.89:1
Volatility Index (ViX) Nifty CBOE
Oct 27 13.52 16.04
5 days average 13.19 16.87
Net Flows (Cr) Debt FII FII MF
Oct 21 +653.1 72.73 -
Cumulative for
Oct +11874.7 -3553.87 -
5 days average +681.2 -346.2 -
Interest Rates 3 month Chg bps
MIBOR 8.84 +2.00
10 yr bond yield
LIBOR – UK 0.55 0.00
LIBOR – USA 0.23 0.00
LIBOR – Europe 0.06 0.00
Exchange Rates Value % Chg
USD/INR 61.23 -0.01
USD/EURO 0.79 -0.23
USD/YEN 107.84 -0.30
USD/POUND 0.62 -0.19
Other# Value % Chg
RJ/CRB Index 270.41 +0.07
Gold ($ / Oz) 1229.30 -0.20
Crude Oil ($ / Barrel) 81.00 -0.01
1
Market Round Up Oct 28, 2014
Indian Markets
 The 30-share Sensex ended down 98 points at 26,753 and the 50-share Nifty closed
24 points lower at 7,992. In the broader market, the BSE Mid-cap ended down 0.8%
and Small-cap indices closed 0.2% lower.
 Market breadth ended weak with 1,605 losers and 1,245 gainers on the BSE. NSE
cash turnover was at Rs. 13699.
 BSE Realty index was the top loser down 3.8% followed by Auto, FMCG, Oil and Gas
indices. Bankex, Capital Goods, Consumer Durables and Power indices were among
the losers.
 As per provisional figures on Monday, FIIs were net buyers of Rs 49 cr in the cash
market and net buyers of Rs 1071 cr in F&O markets. DIIs were net buyers of Rs 10 cr
in the cash market.
US & European Markets
 US stocks ended near flat on Monday, pausing after the S&P 500's biggest weekly gain
since January 2013, while energy shares fell with another decline in oil prices.The Dow
Jones industrial average rose 12.53 points, or 0.07 percent, to 16,817.94, the S&P 500
lost 2.95 points, or 0.15 percent, to 1,961.63 and the Nasdaq Composite added 2.22
points, or 0.05 percent, to 4,485.93.
 European markets finished lower today with shares in Germany leading the region. The
DAX is down 0.95% while France's CAC 40 is off 0.78% and London's FTSE 100 is
lower by 0.40%.
 Most of the ADRs ended mixed. Banking stocks, HDFC Bank was up 0.6% while ICICI
Bank was up 0.8%. Infosys was down 0.4% while Wipro was up 1.1%. Tata Motors
was down 1.6% while Dr Reddy’s was down 0.2%.
Latin American Markets
 Among the Latin American markets, Shares in Mexico was up 0.3% while Brazil
Bovespa was down 3.3%.
Asian Markets
 Asian markets are higher today as Chinese and Hong Kong shares show gains. The
Shanghai Composite is up 0.70% while the Hang Seng is up 0.42%. The Nikkei 225 is
not trading.
 As of IST 8.30 am SGX Nifty is trading higher by 22 points.
Currencies
 The Indian rupee on Monday erased all the morning gains and closed marginally lower
against dollar, tracking weak local equity markets. The Indian currency opened at 61.18
per dollar compared with its previous close of 61.28. The rupee ended 0.04% lower at
61.31.
 The US dollar ceded a bit of ground against the euro, which last traded at $1.2698 off
Monday's low of $1.2665. But with U.S. inflation weak, the European economy
stumbling and the dollar on the rise, markets are keen to see if Fed officials will
acknowledge risks to their expectations that the U.S. recovery will continue to
strengthen.
Commodities
 Oil for Dec 2014 contract was almost flat at $81/barrel.
 Gold for Dec 2014 delivery ended lower by 0.2% at $1229.3/troy ounce.
Key Events for Today
 US – Chain Store Sales, Core Durable Goods Orders, Redbook, S&P HPI Composite,
CB Consumer Confidence, Richmond Manufacturing Index, 4 week Bill Auction
 UK – MPC Member Cunliffe Speaks
 EU – German Import Price Index, Italian Business Confidence
 Japan – Retail Sales
Outlook
Indian markets could open flat and be range-bound with positive bias. Banks, Auto, Capital
Goods could relatively outperform. Immediate support for Nifty is at 7936 level, while
immediate resistance is at 8065 level.
For fresh and / or open calls refer to page 4

2. Technical Analysis – Market Pulse Oct 28, 2014
Nifty Perspective Support Resistance
7991.70 Minor Negative 7940 8160
Nifty Trend Target Reversal
Near Term (1 day) Minor Negative 7940 8065
Short Term (7-21 days) Up 8180 7725
Observation
 Consistent upmoves with opening upside gaps of the last 3-4 sessions seems to have halted in Nifty as per daily timeframe chart, as
Retail Research
2
Nifty drifted lower yesterday with the negative breadth formation (negative advance-decline ratio).
 Nifty opened yesterday with an upside gap of around 50 points and declined immediately after the opening. There was lack of
strength of the follow-through buying and Nifty eventually declined during later part, after shifting into sideways consolidation for
better part of the session.
 We observe the negative candlestick formation yesterday of bearish engulfing and shaven head in Nifty as per daily timeframe chart
at the swing high of 8065 levels. This is indicating a short term set back for Nifty and this could lead to minor corrections in the
market.
 Nifty is currently entering the previous opening upside gap areas and the nearest gap support is placed around 7975-7935 levels
(brown horizontal parallel lines).
 After the smaller declines with lower tops and bottoms in the last 5-6 weeks, Nifty showing a sharp upmove during last week from
the important low of around 7724-17th Oct, could be considered as a fresh upmove and this has a possibility of forming a new
higher bottom of new sequence. Hence, further decline from here could be an opportunity for new higher bottom formation around
7860 levels.
 The study of time cycle is indicating that the time window of Oct-30 or 31 could be a short term bottom forming period for Nifty for
near term.
Conclusion & Strategy
 The sharp upmove of the last 3-4 sessions seems to have halted and Nifty is now shifting into short term correction. The expected
correction could possibly end around the crucial support of 7860-70 levels in the next 2-3 sessions.

3. Retail Research
For forthcoming Board Meeting on Oct 28, 2014
click on the following link
http://www.bseindia.com/mktlive/board_meeting.asp#1
3
News Flash Oct 28, 2014
Economy News
 On the eve of the Supreme Court hearing in the black money case, the government
filed an affidavit naming one firm and a few prominent businesspersons who hold
accounts in tax havens abroad. They are Pradip Burman, formerly of Dabur India
group; Goa-based mining firm Timblo Private Ltd and its directors Mrs Radha S.
Timblo, Chetan Timblo, Rohan Timblo, Mrs Anna Timblo and Mrs Maillka Timbo;
and bullion trader Pankaj Chimanlal Lodhya. The information is based on data
received from French tax authorities.
 The government will consider extending the incentives for raw sugar exports after
October 29 when leading cane growing states forecast their sugar output for the
new season beginning October.
 The government is considering raising the import taxes on crude and refined
vegetable oils to protect local farmers and the refining industry as purchases by the
world's top importer are expected to hit a record this year.
Corporate News
 UCO Bank has joined the growing list of lenders in identifying grounded Kingfisher
Airlines as a wilful defaulter for non-payment of dues. However, the bank is yet to
declare the company a wilful defaulter. The state-run bank has lent over Rs 300
crore to Kingfisher Airlines.
 Government-owned IFCI aims to reduce its net non-performing asset (NPA) ratio
by 200 basis points by the end of this financial year. In last one month IFCI has
sold NPAs worth Rs 200 crore to ARCs.
 Alembic Pharmaceuticals will acquire 49 per cent stake in Algeria-based Adwiya
Mami SARL for an undisclosed sum as it seeks to enter the North African country.
Algeria is a large market with a size of $3 billion and investment in Adwiya Mami
will give Alembic a quick entry in the country.
 Hindustan Unilever Ltd’s second-quarter net profit grew 8%, in line with estimates
as sales remained robust despite slower economic growth. Standalone net profit
rose to Rs 988 crore for the three months to Sept 30 from Rs 914 crore a year
earlier. HUL reported 5% volume growth.
 Oil and Natural Gas Corp (ONGC) wants to take advantage of falling oil prices to
more than double its overseas output to the equivalent of 400,000 barrels per day
of oil by 2018. Global oil prices sank to a four-year low at below $83 a barrel this
month, hitting valuations of energy explorers.
Bulk Deals
Scrip Name Quantity (in lakhs) Fund Name Price
INVICTA +0.39 EURO PLUS CAPITAL LIMITED 4.66
SECHE -5.34 SILVERCADE TRADING PVT LTD 8.01
Key Corporate Action
BC/RD
SCRIP NAME BC/RD
FROM EX-DATE PURPOSE
GCM Securities RD 29/10/2014 27/10/2014 4% interim Dividend and Stock Split from Rs. 10 to Rs. 1

4. Stock Ideas Oct 28, 2014
Retail Research
4
Update of Index Futures
Date B/S Positional Call Entry at Sloss Targets
Exit
Price /
CMP Exit Date
%
G/L Comments
Time
Horizon
Avg.
Entry
Abs.
Gain/Loss
27-Oct-14 S Nifty Future 8020.35 8051 7950 8001.15 27-Oct-14 0.2 Premature Profit Booked 2-3 days 8020.35 19.2
21-Oct-14 B Nifty Fut 7927 7880 8020 7949.65 21-Oct-14 0.3 Premature Profit Booked 1-5 days 7927 22.6
Update of Stock and Nifty Options Calls:
Date B/S Positional Call Entry at Sloss Targets
Exit
Price /
CMP Exit Date % G/L Comments
Time
Horizon
Avg.
Entry
Abs.
Gain/Loss
27-Oct-14 B Tata Steel 450 Put 4.35 1.95 10 5.35 27-Oct-14 23.0 Premature Profit Booked 2-3 days 4.35 1.0
17-Oct-14 B Zeel 310 Put 4 1.85 12 1.85 20-Oct-14 -53.8 Stop Loss Triggered 2-3 days 4 -2.2
Update of Momentum / Intra Day/Futures Calls:
Date B/S Positional Call Entry at Sloss Targets
Exit
Price /
CMP Exit Date
%
G/L Comments
Time
Horizon
Avg.
Entry
Abs.
Gain/Loss
27-Oct-14 B Orchid Chem 73.10 70.50 78.00 72.7 -0.5 Hold 2-3 days 73.10 -0.4
27-Oct-14 B Jet Airways 228, 235.75 225.00 248.00 233.0 -1.2 Hold 2-3 days 235.75 -2.8
27-Oct-14 B Union Bank 226.4 217.0 245.0 228.4 0.9 Hold 3-5 Days 226.40 2.0
22-Oct-14 B Dredging Corp 440, 447.7 425.0 500.0 457.0 27-Oct-14 3.0 Premature Profit Booked 1-5 days 443.90 13.1
22-Oct-14 B GRUH FIN. 194.25 186.5 210.0 200.7 27-Oct-14 3.3 Premature Profit Booked 3-5 Days 194.25 6.4
22-Oct-14 B Jyothy Lab 248 238.0 269.0 245.4 -1.1 Hold 3-5 Days 248.00 -2.7
21-Oct-14 B Gold Bees 2540.9 2490.0 2650.0 2490.0 27-Oct-14 -2.0 Stoploss Trig. 1-5 days 2540.90 -50.9
21-Oct-14 B GAIL 471.8 455.0 502.0 487.4 22-Oct-14 3.3 Premature Profit Booked 3-5 Days 471.80 15.6
21-Oct-14 B IRB Infra 243.4 234.0 265.0 248.0 22-Oct-14 1.9 Premature Profit Booked 3-5 Days 243.40 4.5
21-Oct-14 B BEL 2100 2000.0 2300.0 2029.1 21-Oct-14 -3.4 Exit Called 5-10 days 2100.00 -70.9
21-Oct-14 S Bharat Forge Oct Fut 765, 770 790.0 725.0 769.9 -0.3 Hold 3-5 Days 767.50 -2.4
20-Oct-14 B PNB 946.15 910.0 1050.0 969.9 21-Oct-14 2.5 Premature Profit Booked 1-5 days 946.15 23.8
20-Oct-14 B Auro Pharma 931.7 899.5 995.0 959.0 21-Oct-14 2.9 Premature Profit Booked 3-5 Days 931.70 27.3
20-Oct-14 B TVS Motors 235.8 227.0 255.0 242.6 20-Oct-14 2.9 Premature Profit Booked 3-5 Days 235.80 6.8
17-Oct-14 S Century Textile Oct Fut 508.45 530.0 465.0 530.0 21-Oct-14 -4.1 Stoploss Trig. 3-5 Days 508.45 -21.6
17-Oct-14 B ABG Shipyard 223.65 215.0 239.0 224.0 21-Oct-14 0.2 Premature Exit 3-5 Days 223.65 0.3
17-Oct-14 S SAIL 75.75 77.0 71.0 77.0 20-Oct-14 -1.6 Stoploss Trig. 3-7 Days 75.75 -1.3
Update of Positional Calls:
Date B/S Positional Call Entry at Sloss Targets
Exit
Price /
CMP Exit Date
%
G/L Comments
Time
Horizon
Avg.
Entry
Abs.
Gain/Loss
27-Oct-14 B Centum 465, 485.05 449.0 550.0 513.1 27-Oct-14 5.8 Premature Profit Booked 5-7 days 485.05 28.1
27-Oct-14 B Fortis 120.60 116.0 135.0 119.7 -0.7 Hold 5-10 days 120.60 -0.9
27-Oct-14 B Lloyd Ele 153, 159.8 149.0 175.0 157.5 -1.4 Hold 5-7 days 159.80 -2.3
22-Oct-14 B ABIRLANUVO 1685.00 1609.0 1810.0 1665.0 -1.2 Hold 3-5 Days 1685.00 -20.0
20-Oct-14 B SKS Micro Finance 288, 297.65 282.0 320.0 313.7 20-Oct-14 5.4 Premature Profit Booked 5-7 days 297.65 16.0
17-Oct-14 S Allahabad Bank Fut. 101.00 105.0 93.0 105.0 20-Oct-14 -3.8 Stop loss Triggered 2 Weeks 101.00 -4.0
13-Oct-14 S Ambuja Cements Oct Fut 208.10 216.5 192.0 213.0 20-Oct-14 -2.3 Premature Exit 5-7 Days 208.10 -4.8
25-Sep-14 S ONGC Oct Fut. 402 - 410 420.0 360.0 420.0 20-Oct-14 -3.3 Stop loss Triggered 2 Weeks 406.00 -14.0
HDFC securities Limited, I Think Techno Campus, Building –B, ”Alpha”, Office Floor 8, Near Kanjurmarg Station,
Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Fax: (022) 30753435
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