- The key Indian indices ended higher led by gains in banking and oil & gas stocks, with the Sensex rising 255 points and Nifty closing at a new record high. - US stocks ended mixed as falling crude prices weighed on markets, while European markets finished mixed as well. - Asian markets are higher today led by gains in Chinese and Hong Kong shares. - The rupee weakened against the dollar continuing its fall for a fifth straight week, while oil prices fell over 10% and gold lost nearly 2%.

1. Morning Note
Retail Research
Key Indices Nov 28 % Chg
Sensex 28694 +0.90
Nifty 8588 +1.11
BSE 500 10956 +1.05
DJIA* 17828 0.00
Nasdaq* 4791 +0.09
MSCI Emerging Markets* 1005 -0.78
MSCI AC Pacific* 137 -0.11
MSCI World* 1739 -0.30
*= in USD
Sectoral Indices Nov 28 % Chg
Major Gainers
BSE BANKEX 21212 +2.87
BSE AUTO 19220 +1.95
Major Losers
BSE TECK 6159 -0.18
BSE IT 11207 -0.05
Top Gainers
(BSE-100) CMP (Rs) % Chg
HINDPETRO 596.75 +8.93
PNB 1076.95 +7.92
CANBK 412.25 +7.67
Top Losers
(BSE-100) CMP (Rs) % Chg
CAIRN 260.55 -4.35
IDEA 159.30 -3.34
RCOM 102.85 -3.29
52 Week High Price (Rs)
ABBOTINDIA 3627.75
BANKBARODA 1097.95
52 Week Low Price (Rs)
ANGL 149.30
MASL 39.35
Turnover (Rs bn) NSE BSE
Nov 28 38.35 38.35
5 days average 42.11 42.11
Advance-Decline NSE BSE
Nov 28 0.95:1 0.99:1
5 days average 1.05:1 0.97:1
Volatility Index (ViX) Nifty CBOE
Nov 28 12.90 13.33
5 days average 13.03 12.63
Net Flows (Cr) Debt FII FII MF
Nov 27 764.9 738.8 770.0
Cumulative for
Nov 11403.0 11846.6 1442.0
5 days average 570.5 595.1 394.8
Interest Rates 3 month Chg bps
MIBOR 8.66 +2.00
10 yr bond yield 8.10 -5.00
LIBOR – UK 0.55 -1.00
LIBOR – USA 0.23 -1.00
LIBOR – Europe 0.06 0.00
Exchange Rates Value % Chg
USD/INR 61.97 +0.17
USD/EURO 0.80 +0.12
USD/YEN 118.66 +0.80
USD/POUND 0.64 +0.72
Other Value % Chg
RJ/CRB Index 254.37 -4.61
Gold ($ / Oz) 1175.20 -1.79
Crude Oil ($ / Barrel) 66.15 -10.23
Brent Oil ($ / Barrel) 70.15 -9.77
1
Market Round Up Dec 01, 2014
Indian Markets
 Nifty closed at fresh record closing high led by banking and Oil and gas sector. As
new series started traders created new long positions in F & O market. The 30-share
Sensex ended up 255 points at 28,694 after hitting an all-time high of 28,822.37 and
Nifty closed 94 points higher at 8,588 after touching a record high of 8,616.70.
 In the broader market, BSE midcap index ended up 1% and BSE Smallcap index
gained 0.3%. NSE cash turnover was at Rs. 21068.
 All sectoral indices except IT ended in the green led by Bankex which gained nearly
3%. BSE Auto, Consumer Durables, Realty and Capital Goods indices ended up
between 1-2% each. ICICI Bank, SBI, ICICI Bank, Axis Bank, HDFC Bank ended up
1-5.4% each. Mortgage lended HDFC ended with marginal gains. Tata Motors, Maruti
Suzuki, M&M, Hero MotoCorp ended up 1-2.7% each.
 As per the provisional figures on Friday, FIIs were net buyers of Rs. 936 cr in the cash
market and Rs. 4413 cr in the F&O markets. DIIs were net sellers of Rs. 439 cr in the
cash market.
US & European Markets
 U.S. stocks ended on a mix note as falling crude prices weighed on the market. The
Standard & Poor's 500 index fell by 0.3%, while Nasdaq gained 0.1% and Dow Jones
ended flat.
 European markets finished mixed. The DAX gained 0.1% and the CAC 40 rose 0.2%.
However, FTSE 100 closed flat.
 Most of the Indian ADRs ended mixed. Infosys was flat while Wipro closed up by
0.4%. Among banks, HDFC Bank was up 2.8% while ICICI Bank was up 2.3%. Tata
Motors was up 1.9% while Dr Reddy’s was up 0.3%.
Latin American Markets
 Among the Latin American markets, the Mexican markets ended lower by 1.1%, while
the Brazilian index ended lower by 0.1%.
Asian Markets
 Asian markets are higher today as Chinese and Hong Kong shares show gains. The
Shanghai Composite is up 0.74% while the Hang Seng is up 1.78%. The Nikkei 225 is
not trading.
 As of IST 8.35 am SGX Nifty is trading lower by 8.5 points.
Currencies
 The rupee weakened on Friday, continuing to fall for a fifth straight week, as the broad
rally in the dollar globally and expectations of a cut in interest rates next week hurt
sentiment for the local currency. The partially convertible rupee closed at
62.0250/0350 per dollar versus Thursday's close of 61.8750/8850.
 The euro ended the day lower against the dollar on Friday after data showed that euro
zone inflation slowed to five year low this month and tumbling oil prices fuelled
concerns over the outlook for the global economic recovery. EUR/USD dipped 0.11%
to 1.2451 late Friday, closing in on Monday’s two year lows of 1.2359.
Commodities
 Oil for Jan 2014 contract lost 10.2% at $66.2/barrel.
 Gold for Dec 2014 delivery lost 1.8% at $1175.2/troy ounce.
Key Events for Today
 Japan – Capital Spending
 China – Manufacturing PMI, HSBC Manufacturing PMI
 India – HSBC Markit Manufacturing PMI
 UK – BOE Consumer Credit, Manufacturing PMI, Mortgage Approvals & Spending
 US – Manufacturing PMI, ISM Manufacturing prices
Outlook
Indian markets could open flat and consolidate at higher levels. Immediate support for Nifty is
seen around 8530 level, while immediate resistance is at 8650 level. Auto, Banks, Capital
Goods, Power could relatively outperform.
For fresh and / or open calls refer to page 4

2. Technical Analysis – Market Pulse Dec 01, 2014
Nifty Perspective Support Resistance 200 Day EMA
8588.25 Bullish 8430 - 8350 8720 - 8900 7503
Observation:
 Week’s action formed a strong bull candle with good volumes which indicates bulls are continuing their momentum in the short term.
 As per our preferred wave count, index has completed the major “wave iv” at 7723; and index is in progress of major “wave v” towards
Retail Research
2
extended target of 8900 -9000 band. (Our initial targets of 8350 - 8600 was attained already)
 Index has held the crucial swing support of 8350 during the week; now the crucial level has shifted to 8430 which is the swing and short
term trend line value on daily chart.
 Index has been forming higher highs on weekly chart which is a bullish continuation sign, the progressing “wave v” is extending its
move towards 8900 – 9000 band which is 100% of “wave i” from the end of “wave iv”(7723). Two weeks back price has tested the
61.8% projection level and now it is heading towards 100% projection levels as per the extension rule (when “wave iii” is 161.8% or
more then “wave v” is 61.8% or 100% of “wave i”).
 Trend reversal is placed at 8430 on closing basis, unless we see the violation of this level “wave v” could extend and price could form
further higher highs and higher lows.
 Overall short term traders can continue with positive bias in market towards 8900 – 9000 levels.
Observation:
 Day’s action formed a strong bull candle on daily chart which indicates bulls are continuing their momentum in the near term.
 Technically, index has breached the rising channel decisively; this indicates bulls are in the stable momentum.
 Another record high and close has been witnessed which could keep the short term sentiments as positive and bulls could lead the
market further higher.
 Price is continuously forming higher tops and higher bottoms in the uncharted territory with healthy A/D ratio.
 Index held the support of 8430 on closing basis which is trend reversal for short term.
 Overall the progressing “wave v” has surpassed the short term hurdles and it is extending towards 8720 in the near term and 8900 –
9000 in the short term which is 100% projection level of “wave i”.

3. Retail Research
For forthcoming Board Meeting on Dec 01, 2014
click on the following link
http://www.bseindia.com/mktlive/board_meeting.asp#1
3
News Flash Dec 01, 2014
Economy News
 The Finance Ministry has rejected demands of the Commerce Ministry to remove
minimum alternate tax on special economic zones.
 Gold imports could climb to around 100 tonne for a third straight month in
November as dealers buy heavily for fear of curbs on overseas purchases,
especially as the wedding season picks up.
 The government plans to raise about 891.2 billion rupees ($14.4 billion) by reducing
its stakes in state-run banks to 52 percent. The government holds stakes ranging
from 56 percent to 84 percent in 24 state-run banks that account for 70 percent of
total outstanding loans of about $1 trillion in Asia's third-largest economy.
Corporate News
 Essar Steel announced commissioning of an iron ore beneficiation plant, an
integrated 6 million tonnes pellet plant and 253 kms long slurry pipe line with 12
million tonnes per annum (MTPA) carrying capacity connecting the beneficiation
facility and pellet plant in Odisha. Essar has invested around Rs 6000 crore in
setting up this integrated complex.
 Lumax Industries Ltd, the flagship company of the $400 million D K Jain Group,
plans to invest Rs 300 crore and double its turnover to Rs 2,500 crore in the next
five years. During the past 2 years, the company has invested about Rs 160 crore
in its Bawal and Bangalore facilities.
 Eros International Media Ltd informed that Mr. Kamal Kumar Jain, who joined the
company in 2010 as Group Chief Financial Officer is moving on from the Company
to pursue other interests.Mr. Dinesh Modi has joined the Company as the new
Group Chief Financial Officer India and he comes with over 15 years’ experience in
finance
 Real estate biz revenue is expected to exceed Rs 300 cr in H2FY15 as per
NBCC’s management due to higher levels of inventory selling.
Bulk Deals
Scrip Name Quantity (in lakhs) Fund Name Price
FULFORD +0.30 ITF MAURITIUS 2050.00
BOMSS -0.25 HYPNOS FUND LIMITED 27.55

4. Stock Ideas Dec 01, 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
24-Nov-14 B Nifty Nov Fut
8527.15-
8517 8490 8600 8490 25-Nov-14 -0.4 Stop Loss Triggered 3 Days 8527.15 -37.1
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
28-Nov-14 B Tata Global 170 Call 3.90 2.4 7.0 2.85 -26.9 Hold 1-5 Days 3.90 -1.1
27-Nov-14 B Sun Pharma 860 Dec Call 26.00 17.0 50.0 27.90 27-Nov-14 7.3 Premature Exit 1-5 Days 26.00 1.9
25-Nov-14 B Apollo Tyre 230 Call 2.95 1.8 5.0 1.80 25-Nov-14 -39.0 Stop Loss Triggered 1-3 Days 2.95 -1.2
24-Nov-14 B Infy Dec 4200 Calls 145 101 235 185 25-Nov-14 27.6 Premature Profit Booked 1-5 days 145 40.0
24-Nov-14 B M&M 1250 Call 14.80 9.0 26.0 9.00 25-Nov-14 -39.2 Stop Loss Triggered 1-5 Days 14.80 -5.8
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
28-Nov-14 B Talwalkar 226, 231.45 224.00 244.00 239.60 28-Nov-14 3.5 Premature Profit Booked 2-3 days 231.45 8.15
28-Nov-14 B HDIL 82.50 79.6 87.0 84.2 28-Nov-14 2.0 Premature Profit Booked 3 - 7 Days 82.50 1.7
28-Nov-14 B Godrej Ind 284-287.35 277.00 310.00 286.20 -0.4 Hold 1-5 days 287.35 -1.15
28-Nov-14 B Lloyd Electric 138.05 134.00 148.00 135.60 -1.8 Hold 2-3 days 138.05 -2.45
28-Nov-14 B Astra Micro 115.70 111.50 127.00 113.50 -1.9 Hold 2-3 days 115.70 -2.2
28-Nov-14 B Indiabulls Housing Finance 451.5 435.0 482.0 451.0 -0.1 Hold 3-5 Days 451.50 -0.5
28-Nov-14 B KALPATPOWER 186.8 179.9 201.0 183.7 -1.7 Hold 3-5 Days 186.80 -3.1
27-Nov-14 B Ingersoll Rand 870-886 845.00 970.00 914.90 28-Nov-14 3.3 Premature Profit Booked 1-5 days 886.00 28.9
27-Nov-14 B Philps Carbon 138, 144.2 135.00 158.00 148.00 28-Nov-14 2.6 Premature Profit Booked 2-3 days 144.20 3.8
27-Nov-14 B HUL 781.00 760.0 825.0 795.4 28-Nov-14 1.8 Premature Profit Booked 3 - 7 Days 781.00 14.4
27-Nov-14 B Jyoti Structure 40.35 38.00 45.00 41.70 27-Nov-14 3.3 Premature Profit Booked 2-3 days 40.35 1.35
27-Nov-14 B Surya Roshini 92.00 87.85 98.00 93.90 27-Nov-14 2.1 Premature Profit Booked 2-3 days 92.00 1.9
27-Nov-14 B GULFOILLUB 396.4 381.0 425.0 409.0 27-Nov-14 3.2 Premature Profit Booked 3-5 Days 396.40 12.6
27-Nov-14 B Harrsom Mallyam 61.00 57.00 68.00 59.10 -3.1 Hold 2-3 days 61.00 -1.9
26-Nov-14 B MANAKSIA 128.25 124.0 137.0 131.0 27-Nov-14 2.1 Premature Profit Booked 3-5 Days 128.25 2.8
26-Nov-14 B Century Ply 149.30 145.00 164.00 152.75 26-Nov-14 2.3 Premature Profit Booked 2-3 days 149.30 3.45
26-Nov-14 B Valecha Engg. 67.50-66.50 64.5 73.0 69.9 26-Nov-14 3.5 Premature Profit Booked 3-5 Days 67.50 2.3
26-Nov-14 B Oil Country Tub. 44.20 42.7 48.0 45.4 26-Nov-14 2.7 Premature Profit Booked 3 - 7 Days 44.20 1.2
26-Nov-14 B Den Networks 147.5-144 140.0 160.0 151.8 26-Nov-14 2.9 Premature Profit Booked 3 - 7 Days 147.50 4.3
26-Nov-14 B Thomas Cook 165, 174.7 162.00 188.00 170.85 -2.2 Hold 2-3 days 174.70 -3.85
25-Nov-14 S AXIS Bank Dec Fut 472.75 487.0 447.0 470.1 26-Nov-14 0.6 Premature Profit Booked 3-5 Days 472.75 2.6
25-Nov-14 B Amrutanjan 432.55-428 417.0 460.0 436.7 25-Nov-14 1.0 Premature Profit Booked 3-5 Days 432.55 4.1
25-Nov-14 B Venus Rem 233.00 225.00 245.00 225.00 25-Nov-14 -3.4 Stop loss Triggered 2-3 days 233.00 -8
25-Nov-14 B HBL Power 27.30 26.6 31.0 28.6 25-Nov-14 4.6 Premature Profit Booked 3 - 7 Days 27.30 1.3
25-Nov-14 B KwalIty 45, 47 44.10 53.00 45.10 -2.0 Hold 2-3 days 46.00 -0.9
3,322.0
25-Nov-14 S Maruti Dec Fut. 3,322.00 3414.0 3170.0 3359.8 -1.1 Hold 3 - 7 Days
0 -37.8
24-Nov-14 B Apollo tyre 225-228.35 222.00 245.00 222.00 25-Nov-14 -2.1 Stop loss Triggered 1-5 days 226.68 -4.68
24-Nov-14 B Ess Dee 385.85 374.00 420.00 374.00 25-Nov-14 -3.1 Stop loss Triggered 2-3 days 385.85 -11.85
24-Nov-14 B Ceat Ltd 921 895.0 985.0 944.0 25-Nov-14 2.5 Premature Profit Booked 3-5 Days 921.00 23.0
24-Nov-14 B BANCOINDIA 182-180.50 176.5 195.0 176.5 25-Nov-14 -2.6 Stop loss Triggered 3-5 Days 181.25 -4.8
24-Nov-14 B TV 18 Brdcst 30.65 29.4 33.0 29.9 -2.4 Hold 3 - 7 Days 30.65 -0.8
1,220.0
1,300.0
1,282.5
1,240.0
21-Nov-14 B M&M 1235-1245
0
0
0 27-Nov-14 3.4 Premature Profit Booked 1-5 days
0 42.5
21-Nov-14 B Harrison Malayalam 61.00 58.9 66.0 58.9 25-Nov-14 -3.4 Stop loss Triggered 3 - 7 Days 61.00 -2.1
20-Nov-14 B Divi's Lab 1730-1738 1705.0 1850.0 1743.2 26-Nov-14 0.5 Premature Profit Booked 1-5 days 1734.00 9.2
19-Nov-14 B Kajariya Ceramic 611.15 597.00 649.00 597.00 25-Nov-14 -2.3 Stop loss Triggered 2-3 days 611.15 -14.15
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-Nov-14 B TRITURBINE 102.95-101 99.0 110.0 101.0 -1.0 Hold 5 Days 101.97 -1.0
26-Nov-14 B Sks Microfin 328, 335.45 323.0 365.0 348.8 27-Nov-14 4.0 Premature Profit Booked 5-7 days 335.45 13.4
26-Nov-14 B Williamson Magor 72-69.5 66.3 80.0 69.8 -1.4 Hold 3-14 days 70.75 -1.0
25-Nov-14 S IOB Dec Fut. 55.30-57 58.3 50.0 56.5 28-Nov-14 -2.0 Premature Exit 3-14 days 55.30 -1.2
21-Nov-14 B Granules 787-778 752.0 850.0 752.0 25-Nov-14 -3.9 Stop loss Triggered 5 Days 782.50 -30.5
13-Nov-14 S DLF Nov Fut. 138.1-143 149.0 115.0 136.1 26-Nov-14 3.3 Premature Profit Booked 3-14 days 140.55 4.5

5. Retail Research
5
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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This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry
prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams
(Institutional, PCG) of HDFC Securities Ltd.