US stocks ended lower on Tuesday, weighed down by lingering uncertainty over the outcome of trade talks between the United States and China and declines in energy and industrial shares.

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Special Report
23-May-2018
Global markets at a glance
US stocks ended lower on Tuesday, weighed down by
lingering uncertainty over the outcome of trade talks
between the United States and China and declines in
energy and industrial shares.
President Donald Trump on Tuesday said he was not
pleased with recent trade talks between the United States
and China and earlier said there was no deal yet with China
on ZTE Corp .
Trump floated a plan to fine ZTE and shake up its
management after his administration considering rolling
back more severe penalties imposed for violating U.S.
sanctions by shipping goods to Iran.
Asian shares edged up on Wednesday but investors were
cautious after U.S. President Donald Trump tempered
optimism over progress made so far in trade talks between
the world's two largest economies.
MSCI's broadest index of Asia-Pacific shares outside Japan
was up 0.15 percent while Japan's Nikkei lost 0.2 percent.
On Wall Street, the S&P 500 shed 0.31 percent overnight,
losing steam after hitting a two-month high.
Previous day Roundup
The Nifty recouped early losses but managed to snap its 5-
days losing streak on Tuesday. The index moved in a
narrow range of nearly 70 points and made a small bullish
candle on the daily charts which also resembles a ‘Spinning
Top’ kind of pattern on charts.
The Nifty index opened at 10,518 and slipped to an
intraday low of 10,490 but then bulls took charge and
pushed the index back above 10,500. The index made an
intraday high of 10,558 before closing the day 20 points
higher at 10,536.The Nifty closed below its 100-days
moving average and 50-DEMA which does not augur well
for the bulls. The bulls will only gain strength once Nifty
closes above its 5-DEMA placed around 10,600.
Index stats
The Market was very volatile in last session. The sartorial in
dices performed as follow; Commodities[11.70],
Consumption[25.60pts],PSE[3.40pts],CPSE[-0.30
pts],Energy[ -57.00pts],FMCG[ -80.35pts],Auto
[180.55pts],Pharma[135.70pts],IT[0.70pts],Metal
[62.55pts],Realty[3.60 pts], Fin Serv sector[27.90 pts].
World Indices
Index Value % Change
DJI 24,834.40 -0.70
S&P500 2,719.00 -0.26
NASDAQ 6,873.75 -0.52
FTSE100 7,778.79 -0.12
NIKKEI 22,691.89 -1.18
HANG SENG 30,918.59 -1.00
Top Gainers
Company CMP Change % Chg
SBI 244.45 5.60 2.34
BPCL 393.85 7.50 1.94
Bharti Infratel 321.70 5.55 1.76
TCS 3,556.75 54.70 1.56
Idea Cellular 52.85 0.75 1.44
Top Losers
Company CMP Change % Chg
Sun Pharma 443.75 -21.15 -4.55
Dr Reddys Labs 1,893.05 -88.95 -4.49
UPL 682.55 -26.90 -3.79
Yes Bank 334.15 -11.35 -3.29
Tata Motors 295.90 -8.70 -2.86
Stocks at 52 Week’s HIGH
Symbol Prev. Close Change %Chg
BAJAJFINSV 5722.05 276.95 4.84
BAJFINANCE 2105.45 40.55 1.93
BERGEPAINT 284.95 8.8 3.09
LIQUIDETF 1000.01 0 0
MAGMA 180.6 11.5 6.37
- - - -
- - - -
ARVSMART
Indian Indices
Company CMP Change % Chg
NIFTY 10536.70 20.00 0.19
SENSEX 34651.24 35.11 0.10
Stocks at 52 Week’s LOW
Symbol Prev. Close Change %Chg
ABB 1200.2 9.8 0.82
ABMINTLTD 22.55 -0.9 -3.99
ACC 1344.1 -23.85 -1.77

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Special Report
23-May-2018
STOCK RECOMMENDATION [CASH]
GRAPHITE [CASH]
This particular counter is making a bullish continuous
pattern and here we can follow buy on strength to get
good return so we advice you to BUY GRAPHITE ABOVE
833 tgt 850-870 SL BELOW 824.
MACRO NEW
 Trends on SGX Nifty indicate a negative opening for
the broader index in India, a fall of 27 points, or 0.26
percent. Nifty futures were trading around 10,515
on the Singaporean Exchange.
 The dollar hovered near four-month highs on Tuesday
on renewed optimism about global growth as the
United States and China agreed to drop their tariff
threats, while oil stayed at multi-year peaks over
potential sanctions in Venezuela.Beijing and
Washington both claimed victory on Monday as the
world’s two largest economies stepped back from the
brink of a global trade war and agreed to hold further
talks to boost US exports to China.
 Rating agency Icra Ltd expects gross domestic product
(GDP) growth in the fourth quarter of the fiscal 2017-
18 at 7.4 percent on account of good rabi crop harvest
and improved corporate earnings, up from 7.2 percent
in the third quarter.The Central Statistics Office (CSO)
is scheduled to come out with GDP estimate for the
March 2018 quarter and provisional annual estimates
for the year 2017-18 on May 31. “
 Securities in ban period for the next day's trade under
the F&O segment includes companies in which the
security has crossed 95 percent of the market-
wide position limit.For May 22, 2018, Balrampur Chini,
DHFL, Jet Airways, Just Dial, PC Jeweller, Reliance
Communications, and Wockhardt are present in this
list.
 NSE to delist Kingfisher Airlines, 17 others from May
30
 SBI likely to report loss in Q4FY18 on rise in provisions,
NPAs
RECOMMENDATIONS [FUTURE]
1.ASHOKLEY [FUTURE ]
The particular script has rebounded from its support level of
133 and closed with a good volume since it has clsoed above
its previous day 50% candle so we can remark a good bullish
sign here we advice you to BUY ASHOKLEY AROUND 144-
144.50 TGT 148-150 SL BELOW 142.
2.IDEA [FUTURE]
After consolidating at its lower level a bullish breakout
candle is found at this level here we can get buying
opportunity on reversal so we advice to BUY IDEA FUTURE
TGT 56.20 TGT 57.20-59.20 SL BELOW 54.50

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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
23-May-2018
MOST ACTIVE CALL OPTION
Symbol Optio
n
Type
Strike
Price
LTP Traded
Volume
(Contracts)
Open
Interest
NIFTY CE 10,600 45.75 2,68,252 36,06,750
BANKNIFTY CE 26,200 12.35 2,51,012 6,76,480
BANKNIFTY CE 25,900 80.7 2,35,371 3,16,120
SBIN CE 260 4.7 17,143 86,49,000
SBIN CE 250 10 14,256 55,17,000
ASHOKLEY CE 150 1 11,395 88,06,000
SBIN CE 270 2 9,618 48,06,000
SBIN CE 255 7.05 8,073 34,41,000
MOST ACTIVE PUT OPTION
Symbol Optio
n
Type
Strike
Price
LTP Traded
Volume
(Contracts)
Open
Interest
BANKNIFTY PE 25,500 21 2,54,361 5,83,960
BANKNIFTY PE 25,700 62.1 2,48,519 3,93,960
NIFTY PE 10,500 48 2,44,925 60,00,225
SBIN PE 240 1.95 14,067 1,08,57,000
SBIN PE 230 1.05 9,256 54,99,000
SBIN PE 250 4.15 8,853 52,47,000
SBIN PE 220 0.6 7,330 49,53,000
DLF PE 180 1.9 6,605 20,62,500
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 14306 1180.59 23845 1988.88 263188 21764.20 -808.2935
INDEX OPTIONS 888965 81733.37 889140 81817.91 895340 73096.79 -84.541
STOCK FUTURES 195457 12214.39 194443 12234.40 1255437 84290.64 -20.0155
STOCK OPTIONS 155154 10483.89 155275 10530.38 150165 10296.96 -46.4886
-959.3386
STOCKS IN NEWS
 Motilal Oswal Q4: Net Profit rose 64% at Rs 147.6
crore and Revenue was up 42.8% at Rs 752.1 crore
 DLF Q4: Net profit was up 70.5% at Rs 243.3 crore
and Revenue was down 38% at Rs 1,377.7 crore
NIFTY FUTURE
The Nifty recouped early losses but managed to snap its
5-days losing streak on Tuesday. The index moved in a
narrow range of nearly 70 points and made a small
bullish candle on the daily charts which also resembles a
‘Spinning Top’ kind of pattern on charts.
The Nifty index opened at 10,518 and slipped to an
intraday low of 10,490 but then bulls took charge and
pushed the index back above 10,500. The index made an
intraday high of 10,558 before closing the day 20 points
higher at 10,536.so we advice to BUY NIFTY FUTURE
AROUND 10570-10580 TGT 10520-10450 SL BELOW
10620.
INDICES R2 R1 PIVOT S1 S2
NIFTY 10596.00 10566.00 10528.00 10498.00 10460.00
BANKNIFTY 26051.00 25914.00 25807.00 25670.00 25563.00

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Special Report
23-May-2018
COMMODITY ROUNDUP
Sentiments remained weak for COMEX Gold after the break
under $1300 per ounce. The metal slipped near $1285 per
ounce today, marking another fresh five month low amid
continued firmness in US dollar. Large metals speculators
slightly increased their bullish net positions in the Gold
futures markets last week after two down weeks, according
to the latest Commitment of Traders (COT) data released by
the Commodity Futures Trading Commission (CFTC). The
non-commercial futures contracts of Gold futures, traded
by large speculators and hedge funds, totaled a net position
of 107,440 contracts in the data reported through Tuesday
May 8th. This was a weekly rise of 661 contracts from the
previous week. Speculative positions had dropped sharply in
the previous two weeks before this small increase. It is very
much likely that the recent week would have seen
resumption is selling by speculators and unless the prices
are back above $1300 levels, the fund buying is expected to
be lax. COMEX Gold is currently trading at $1286 per ounce,
down 0.26% on the day. MCX Gold futures also extended
losses and quote at Rs 30985 per 10 grams, almost
unchanged on the day.
Crude oil futures were flat Friday, clinging to this week's
significant gains amid U.S. rig count data. The total oil rig
count held at 844 in the week to May 18, according to Baker
Hughes. That's after U.S drillers added many rigs in the past
few weeks in hopes of capitalizing on surging oil prices. WTI
light sweet crude oil was at $71.28/bbl, down 21 cents, or
0.3%. Still, oil posted a wekly gain of nearly 1 percent,
touching a fresh 4-year peak along the way.
Prices rose amid amid speculation OPEC supplies are
dwindling.OPEC officials told Reuters that this month's spike
in oil prices is due to temporary geopolitical tensions and
not a fundamental re-balance in oil markets. Therefore, the
carter is expected to continue its supply quota plan with
Russia. The EIA reported that U.S. crude oil refinery inputs
averaged over 16.6 million barrels per day during the week
ending May 11, 2018, 149,000 barrels per day more than
the previous week's average. Refineries operated at 91.1%
of their operable capacity last week. his is up week over
week but still down year over year. Gasoline production
increased last week, averaging about 10.5 million barrels
per day. Distillate fuel production increased last week,
averaging over 5.0 million barrels per day. Despite rising
imports stocks moved lower. The EIA revealed that U.S.
commercial crude oil inventories decreased by 1.4 million
barrels from the previous week.
Total commercial petroleum inventories decreased by 0.7
million barrels last week.Demand remain strong.
RECOMMENDATIONS
GOLD
TRADING STRATEGY:
BUY GOLD JUN FUT ABOVE 31150 TGT 31200-31250 SL BELOW
31100
SELL GOLD JUN FUT BELOW 30070 TGT 30020-29070 SL ABOVE
31020
SILVER
TRADING STRATEGY:
BUY SILVER JUL FUT ABOVE 40420 TGT 40500-40600 SL BELOW
39350
SELL SILVER JUL FUT BELOW 40190 TGT 40000-39900 SL ABOVE
39920

5. _____________________________________________________________________________________________________________________
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Special Report
23-May-2018
NCDEX INDICES
Index Value % Change
Barley 1476 1.37
Castor Seed 4071 0.92
Chana 3621 1.15
Coriander 4615 -1.66
Cotton Seed Oilcake 1266.5 1.36
Guar Seed 10 MT 3827 1.18
Jeera 15785 0.48
Mustardseed 4000 1.01
Soy Bean 3788 0.91
Turmeric 7300 1.28
RECOMMENDATIONS
GUARGUM5
BUY GUARGUM JUN FUT ABOVE 8430 tgt 8480-8530 SL
BELOW 8380
SELL GUARGUM5 JUN FUT BELOW 8130 tgt 8080 8030 SL
ABOVE 8180
DHANIYA
BUY DHANIYA JUN FUT ABOVE 4850 TGT 4900-4950 SL
BELOW 4800
SELL DHANIYA JUN BELOW 4680 TARGET 4660-4640 SL
ABOVE 4700
Demand moderated in Turmeric after recent gains in prices.
The total daily arrivals of 8000-9000 bags have been
reported in Nizamabad mandi, while 6000-5000 bags in
Erode mandi. The spot prices of turmeric decreased by Rs
70 per quintal, with the price range of Rs 6600-6700 per
quintal.
Meal export demand has supported buying in mustard seed
market. However, the total production in the current year is
anticipated at 72 lakh tonnes against 68 lakh tonnes
previously. Traders stated that spot prices increased by
more than Rs 20 per quintal today in Jaipur, while arrivals
were reported in the range of 4.50-5 lakh bags.
Crude oil futures were flat Friday, clinging to this week's
significant gains amid U.S. rig count data. The total oil rig
count held at 844 in the week to May 18, according to
Baker Hughes. That's after U.S drillers added many rigs in
the past few weeks in hopes of capitalizing on surging oil
prices. WTI light sweet crude oil was at $71.28/bbl, down
21 cents, or 0.3%. Still, oil posted a wekly gain of nearly 1
percent, touching a fresh 4-year peak along the way.
Prices rose amid amid speculation OPEC supplies are
dwindling.OPEC officials told Reuters that this month's spike
in oil prices is due to temporary geopolitical tensions and
not a fundamental re-balance in oil markets. Therefore, the
carter is expected to continue its supply quota plan with
Russia. The EIA reported that U.S. crude oil refinery inputs
averaged over 16.6 million barrels per day during the week
ending May 11, 2018, 149,000 barrels per day more than
the previous week's average. Refineries operated at 91.1%
of their operable capacity last week. This is up week over
week but still down year over year. Gasoline production
increased last week, averaging about 10.5 million barrels
per day.

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
23-May-2018
RBI Reference Rate
Currency Rate Currency Rate
Rupee- $ 68.0187 Yen 61.2500
Euro 80.0716 GBP 91.2471
USD/INR
BUY USD/INR AROUND 68.20 TGT 68.40-68.60 SL 68.00
SELL USD/INR BELOW 68.00 TGT 67.80-67.60 SL 68.20
GBP/INR
BUY GBP/INR ABOVE 91.85 TGT 92.00-92.20 SL 91.70
SELL GBP/INR BELOW 91.20 TGT 91.00-90.80 SL 91.35
The rupee lost nearly half a percent to the dollar in a
choreographed southward journey as fear of higher oil
prices and rising US treasury yields continue to haunt
overseas investors and domestic importers.
The rupee closed at 68.01 Friday versus 67.70 a day earlier.
During the day, it dipped as much as 68.08 – the near 16-
month low level.
The bond market whipsawed showing early gains during
the day. The benchmark yield dipped as much as 12 basis
points amid speculation of new government measures.
Bond yields and prices move in opposite directions.
The USDCAD moved higher towards the end of the week
after having spent much of the past week chopping around
the 1.28 region. The region around 1.28 had seen a lot of
activity over the past week as the bulls and the bears in the
pair fought it out in that region for control of the pair. It
was a strong region of support and this was clear by the
consolidation and the ranging that we saw in that region.
The dollar rose to a five-month high against a basket of
major currencies on Friday, helped by weakness in the
euro as investors fretted about political uncertainty in
Italy.
The dollar index has climbed for five straight sessions,
posting a 1.2 percent weekly gain. It has risen 5 percent
since mid-February, with investors betting U.S. interest
rates will need to rise further to curb inflation.The euro on
Friday tracked its fifth successive weekly decline versus the
dollar, its first such fall since 2015.

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Special Report
23-May-2018
Date
Commodity/
Currency Pairs
Contract Strategy Entry Level Target Stop Loss Remark
21/05/18 NCDEX DHANIYA MAY BUY 4850 4900-4950 4800 NOT EXECUTED
21/05/18 NCDEX DHANIYA MAY SELL 4700 4650-4600 4750 OPEN
21/05/18
NCDEX
GUARGUM5
MAY BUY 8430 8480-8530 8380 NOT EXECUTED
21/05/18
NCDEX
GUARGUM5
MAY SELL 8200 8150 8100 8250 TARGET HIT
21/05/18 MCX GOLD JUN BUY 32000 32050-32100 31950 NOT EXECUTED
21/05/18 MCX GOLD JUN SELL 30500 30450-30400 30550 NOT EXECUTED
21/05/18 MCX SILVER JUL BUY 40250 40350-40450 39150 1ST TARGET HIT
21/05/18 MCX SILVER JUL SELL 39830 39780-39730 39920 NOT EXECUTED
Date Scrip
CASH/
FUTURE/
OPTION
Strategy Entry Level Target Stop Loss Remark
22/05/18 NIFTY FUTURE BUY 10570-10580 10520-10450 10620 OPEN
22/05/18 JETAIRWAYS FUTURE SELL 394 390-385 399 TARGET HIT
22/05/18 ASHOKLEY FUTURE SELL 140-139 134-130 144 SL TRIGGERED
22/05/18 WELENT FUTURE BUY 186.50 190-194 183 TARGET HIT

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Special Report
23-May-2018
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Disclaimer
NEXT WEEK'S MAJOR U.S. ECONOMIC REPORTS
MONDAY,
MAY 21
MONDAY, MAY 21
MONDAY,
MAY 21
MONDAY, MAY 21
MONDAY, MAY
21
MONDAY,
MAY 21
8:30 am
TUESDAY,
MAY 22
TUESDAY, MAY 22
TUESDAY,
MAY 22
TUESDAY, MAY 22
TUESDAY, MAY
22
TUESDAY,
MAY 22
WEDNESDA
Y, MAY 23
WEDNESDAY, MAY 23
WEDNESD
AY, MAY
23
WEDNESDAY, MAY
23
WEDNESDAY,
MAY 23
WEDNESDA
Y, MAY 23
9:45 am Markit manufacturing PMI (flash) May -- 56.5
9:45 am
10 am New home sales April 678,000 694,000
2 pm FOMC minutes
THURSDAY, MAY 24
8.30 am Weekly jobless claims 5/19 -- 222,000
10 am Existing home sales April 5.50 mln 5.60 mln
FRIDAY,
MAY 25
FRIDAY, MAY 25
FRIDAY,
MAY 25
FRIDAY, MAY 25 FRIDAY, MAY 25
FRIDAY,
MAY 25
8:30 am Durable goods orders April -1.% 2.6%
8:30 am
10 am Consumer sentiment index May 99.0 98.8
8:30 am Phily Fed index May 23.2