DAILY MORNING NOTE

DAILY MORNING NOTE
24 March 2017
Indices
Current
Value
%
1 D
%
YTD
Sensex 29332 0.56 10.16
Nifty 9086 0.62 11.00
BSE – Mid Cap 13853 0.96 15.14
BSE – Sml Cap 14028 0.91 16.45
SGX Nifty Fut 9119 0.18 11.41
Sectors –Performance (BSE)
Oil & Gas 13434 1.21 10.55
Power 2233 1.20 12.36
Metal 11831 1.08 17.03
FMCG 9169 (0.10) 12.77
Consumer Dur 14411 0.12 28.25
Realty 1583 0.31 25.23
Index FY16E FY17E FY18E
SensexEPS 1399 1452 1799
P/E 20.97 20.20 16.30
NiftyEPS 403 440 549
P/E 22.55 20.65 16.55
FII Trading activities in Cash
Date Net MTD CYTD
FII 23/03 1094 21260 31576
DII 23/03 (591) (8758) (3074)
Figs. in Rs Cr., Source: Bloomberg.
Global Indices
Current
Value
%
1 D
%
YTD
Dow Jones 20657 (0.02) 4.52
Dow Futures 20658 0.34 5.08
Nasdaq 5818 (0.07) 8.07
DAX 12040 1.14 4.87
Nikkei 225 19275 0.99 0.84
FTSE 100 7341 0.22 2.77
Hang Seng 24313 (0.06) 10.51
Shanghai A Sha 3253 0.12 4.80
Bovespa 63531 0.01 5.49
Strait Times 3132 0.16 8.72
Source: Bloomberg; As on 8.30 am IST
India's current account deficit widens in Oct-Dec to $7.9
billion, or 1.4 % of GDP
Asian markets are trading mixed despite a soft close on Wall Street
overnight. Nikkei was trading higher by 0.99%, while Hang Seng is trading
lower by 0.04%. Sgx Nifty is trading higher by 0.18%.
The US markets ended with minor losses as key vote in the House
regarding a health care bill was delayed. On the data front , weekly jobless
claims rose by 15,000 to 258,000, above the expected 240,000. The Dow
Jones lost 5 points or 0.02% to close at 20,657 while the NASDAQ lost 4
points or 0.07% to close at 5,818.
What to watch
• Central Excise mop-up from city jumps 29% in Apr-Feb
• India's current account deficit widens in Oct-Dec to $7.9 billion, or 1.4
% of GDP
Corporate
• Bharti Airtel will acquire Tikona Digital Networks’ 4G Biz For Rs
1,600 Cr.
• Dilip Buildcon has signed an MOU with Shrem Infraventure who will
invest 49 % of the equity share capital in the SPV and the company
will hold the remaining 51 % stake.
• YES BANK has launched QIP. It has Set QIP Floor Price Range At Rs
1,455- Rs 1,500per share.
• Sunil Hitech Engineers has received a Letter of Award (LoA) from
National Highways Authority of India (NHAI) for a bid project cost
of Rs 982 cr on hybrid annuity model (HAM).The construction period
is 2.5 years.
Forex Rate
INR/USD 65.53 (0.38) 3.65
INR/EUR 70.68 (0.08) 1.41
INR/GBP 81.93 (0.50) 1.91
INR/YEN (100) 58.85 0.31 (1.26)
• Union Bank of India sold entire 5% stake in TUCIBIL for Rs190.6cr
• Siemens gets order worth Rs187.4cr from Bangladesh Rural
Electrification Board
24 March 2017 For private circulation only

Trading Insights
Insight from trading volumes
Scrip
% Chg in Qty Traded
(OverAvg 30 days)
Qty Traded
(‘000s)
Delivery %
CMP*
Va Tech Wabag 28 303 41 623
Marico Ltd 59 2081 27 292
Jet Airways Ind 35 5044 13 481
Rupa& Co 436 2391 73 312
Ge T&D India 25 122 56 318
Repco Home Finan 57 286 76 681
Snowman Logistic -10 960 38 65
Insight from delivery
Scrip Delivery % Total Volume (‘000s) 30 days avg Delivery % CMP*
Bata India 50 480 39 544
Cadila Healthcare 52 587 38 448
Kaveri Seed 30 957 28 550
Balmer Lawrie 6 2521 52 238
LIC Housing Fin 48 1880 52 599
Alembic Pharma 91 1161 55 600
Indian Hotels Co 42 1030 71 124
*CMP-Closing Market Price
24 March 2017 2

Investment Picks
Company
Target
Price
CMP
Target
Price/
CMP (%)
ABB 1390 1193 17%
Arvind 426 389 10%
Ashok Leyland 116 87 33%
Aurobindo Pharma 800 687 17%
Bata India 580 544 7%
BHEL 210 168 25%
BPCL 795 654 22%
CARE 1558 1474 6%
CholamandalamInvst 1075 997 8%
City Union Bank 166 142 17%
DhanukaAgritech 860 801 7%
EID Parry 390 281 39%
Equitas hold 215 159 35%
EsselPropack 275 239 15%
Federal Bank 96 88 9%
Firstsource Sol 55 42 31%
Glenmark Pharma 1100 893 23%
Godrej Inds 517 492 5%
GSPL 175 160 10%
Gulf Oil Lubricants 830 686 21%
Company
Target
Price
CMP
Target
Price/
CMP (%)
HDFC 1540 1456 6%
Hero Motocorp 3655 3367 9%
HPCL 655 522 26%
Indraprastha Gas 1150 1001 15%
J Kumar Infra 300 270 11%
Manappuram Fin 114 94 22%
Maruti Suzuki 6735 6013 12%
MCX Ltd 1500 1218 23%
Mirza Int'l 96 86 11%
Mold-Tek Pack 250 227 10%
Petronet LNG 455 394 16%
PTC India Fin 49 39 26%
Repco Home Fin 750 679 10%
South Indian Bank 24 20 19%
Strides Arcolab 1340 1148 17%
SuprajitEngg 238 225 6%
TechnocraftInds 466 411 13%
Thermax 1010 911 11%
Tube Invst 736 610 21%
Zee Learn 72 49 46%
Note : Selection criteria based on Potential upside ranging from 5 to 50%. Source: Axis Direct.
24 March 2017 3

Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 9,086.30 0.62% 9030 9055 9080 9105 9130
Sensex 29332.16 0.56% 29125 29230 29300 29405 29475
Nifty Daily chart
Comments:
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at
9086 with a gain of 56 points.
On the daily chart the index has formed a small Bullish candle with shadows on either side indicating
indecisiveness amongst participants regarding the direction. The index is moving in a Higher Top and
Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests
that if Nifty breaks and sustains below 9060 level it would witness selling which would lead the index
towards 9030-9000 levels. However if index crosses above 9090 level it would witness buying which
would take the index towards 9120-9150. Nifty is sustaining above its 20 , 50 and 100 day SMA which
signals bullish sentiments in near term. Nifty continues to remain in an uptrend in the short and
medium term, so buying on dips continues to be our preferred strategy.
The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative and
are below their respective reference lines indicating negative bias
The trend deciding level for the day is 9080. If NIFTY trades above this level then we may witness a
further rally up to 9105-9130-9160 levels. However, if NIFTY trades below 9080 levels then we may see
some profit booking initiating in the market, which may correct up to 9055-9030-9005 levels
Stocks to focus for intraday Long
Relcap, Adanient, Bergerpaint, Bata Ind, Upl
Stocks to focus for intraday Short
Tcs
24 March 2017 4

Technical View (Currency)
Technical View (Currency)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
USD/INR
(Future)
65.56 +0.07% 65.34 65.45 65.54 65.62 65.73
USDINR (Mar. Future) Daily chart
Comments:
USDINR (Mar. Future) CMP: 65.56
In previous session USDINR has opened with a downward gap and buying momentum for most part of the session
led it to close in positive territory. On the daily chart USDINR has formed a small bullish candle carrying either side
shadows indicating absence of strength. Since past six consecutive sessions USDINR consolidating within 65.70-
65.30 levels indicating short term sideways trend. Currently USDINR is sustaining below its 20 and 50 day SMA
which supports bearish sentiments ahead
For the day if USDINR trade and sustains above 65.60 levels then it may witness some pullback rally towards 65.80-
65.90 levels. On the downside an immediate intraday support is around 65.45 levels however any violation of this
support zone will cause further selling pressure towards 65.30-65.20 levels.
The daily strength indicator RSI as well as the momentum indicator Stochastic both have witnessed positive
crossover from oversold zone which signals possible pullback rally from lower levels.
24 March 2017 5

Daily Support/ Resistance of Nifty Companies
Company Pivot Point R1 R2 S1 S2 RSI-9D
ACC 1395 1410 1420 1386 1371 44
AMBUJACEM 233 235 237 231 229 51
ADANIPORTS 325 328 330 323 320 70
ASIANPAINT 1062 1070 1078 1054 1046 58
AUROPHARMA 687 692 697 681 676 55
AXISBANK 488 493 497 484 479 35
BHARTIARTL 339 342 345 335 332 29
BHEL 167 170 171 166 163 64
INFRATEL 314 316 319 312 310 60
BAJAJ-AUTO 2863 2878 2890 2851 2836 50
BANKBARODA 162 164 165 161 159 45
BOSCHLTD 22936 23123 23264 22796 22609 67
BPCL 654 661 666 649 642 54
CIPLA 592 602 608 586 576 56
COALINDIA 295 298 300 293 290 34
DRREDDY 2633 2646 2661 2618 2605 21
EICHERMOT 24362 24653 24933 24082 23791 53
GAIL 375 380 383 372 366 50
GRASIM 1089 1099 1106 1081 1071 70
HCLTECH 875 881 886 870 864 68
HDFC 1452 1465 1474 1444 1431 70
HDFCBANK 1430 1436 1442 1424 1418 73
HEROMOTOCO 3355 3391 3414 3332 3297 64
HINDALCO 194 195 196 193 191 53
HINDUNILVR 903 908 914 897 892 63
ICICIBANK 267 269 270 265 263 35
IDEA 92 92 93 91 90 28
INDUSINDBK 1382 1392 1400 1374 1364 67
INFY 1037 1047 1053 1030 1020 60
ITC 278 282 286 274 271 58
KOTAKBANK 868 874 879 862 856 84
LUPIN 1484 1502 1513 1473 1455 68
LT 1540 1562 1580 1523 1501 60
M&M 1274 1281 1288 1268 1261 34
MARUTI 6040 6064 6093 6011 5987 49
NTPC 163 166 167 162 160 60
ONGC 194 194 195 193 192 53
POWERGRID 193 194 195 192 191 44
RELIANCE 1270 1281 1289 1262 1250 59
SBIN 268 270 271 267 266 42
SUNPHARMA 702 706 708 700 697 61
TATASTEEL 493 499 502 490 484 58
TCS 2464 2481 2502 2443 2426 43
TECHM 480 485 488 477 473 45
TATAPOWER 87 88 88 87 86 71
TATAMOTORS 470 480 486 464 455 52
TATAMTRDVR 281 285 288 278 275 45
ULTRACEMCO 3978 3997 4020 3956 3937 62
WIPRO 508 514 519 503 497 69
YESBANK 1501 1539 1560 1480 1441 61
ZEEL 522 526 529 520 516 59
Source: Axis Direct.
24 March 2017 6

DAILY DERIVATIVES 24 March 2017
Nifty Futures View
Nifty Active Futures 9107.65
Nifty Active Futures OI 33962625
Change in OI 363300
Premium / Discount 21.35
Inference
Long Build Up
Volatility
India VIX Index 11.83
Nifty ATM Call IV 10.26
Nifty ATM Put IV 10.22
PCR Index Options 0.79
PCR F&O Total 0.77
FII Activity
INDEX FUTURES 101
INDEX OPTIONS 707
STOCK FUTURES -232
STOCK OPTIONS 9
FII Net Activity 585
Nifty Options OI Distribution
Nifty Futures closed at 9107.65
increased by 0.63% with 1.07%
increased in open interest
indicates long buildup. Nifty
futures closed with 21 points
premium compared to previous
day premium of 19 point.
Nifty Options -Change in OI
FII's were buyers in Index Futures
to the tune of 101 crores and
were buyers in Index Options to
the tune of 707 crores, Stock
Futures were sold to the tune of
232 crores. FII's were net buyers
in derivative segment to the tune
of 585 crores.
HIGHLIGHTS:
Nifty Futures closed at 9107.65 increased by 0.63% with 1.07%
increased in open interest indicates long buildup. Nifty futures closed
with 21 points premium compared to previous day premium of 19
point.
FII's were buyers in Index Futures to the tune of 101 crores and were
buyers in Index Options to the tune of 707 crores, Stock Futures were
sold to the tune of 232 crores. FII's were net buyers in derivative
segment to the tune of 585 crores.
India VIX index is at 11.83. Nifty ATM call option IV is currently at 10.26
whereas Nifty ATM put option IV is quoting at 10.22.
Index options PCR is at 0.79 and F&O Total PCR is at 0.77.
Among stock futures CEATLTD, ADANIPORTS, BAJAJ-AUTO and
ABIRLANUVO have witnessed long build up and may show strength in
coming session.
Stocks which witnessed short build up are PCJEWELLER, TVSMOTORS,
IGL and DABUR may remain weak in coming session.
Nifty options OI distribution shows that 9000 has highest OI
concentration followed by 8900 and may act as good support for
current expiry.
Nifty call strike 9200 witnessed significant OI concentration and may
act as resistance for current expiry.
SECURITIES IN BAN PERIOD
Market Indsite:
BHARATFIN, JETAIRWAYS , JPASSOCIAT, CENTURYTEX, RELCAPITAL, SINTEX, WOCKPHARMA,JSWENERGY, ORIENTBANK,HDIL,
India VIX index is at 11.83. Nifty
ATM call option IV is currently at
10.26 whereas Nifty ATM put
option IV is quoting at 10.22.
Stock Futures - Long Build Up
Symbol Fut Price % Chg Open Interest % Chg
CEATLTD 1324.6 2.88 2100000 6.72
ADANIPORTS 326.55 0.77 10315000 4.24
Stock Futures - Short Build Up
Market Indsite:
Symbol Fut Price % Chg Open Interest % Chg
PCJEWELLER 406.45 -2.81 1090500 11.16
TVSMOTORS 429.35 -0.89 5402000 4.21
BAJAJ-AUTO 2876.9 0.43 1408000 4.22
Index options PCR is at 0.79 and
F&O Total PCR is at 0.77.
ABIRLANUVO 1579.2 1.22 3358000 3.57
Source: NSE,SeeDiff,AXISDIRECT Research
Among stock futures
IGL 1004 -0.22 2325000 3.58
DABUR 282.4 -0.67 12405000 3.50

DAILY DERIVATIVES
Stock OI Data
S ec to r Sc ri p sp o t p ri c e % c hg F u tu re s OI (in 0 00 's) % c hg
T ext ile ABI RL AN UV O 1 ,57 3.8 5 1 .22 3 ,4 28 4.4 7
Ot hers AD AN IEN T 10 4.5 5 2 .75 21 ,4 80 2.3 6
Ot hers AD AN IPO RT S 32 5.6 0 0 .60 11 ,4 45 4.6 9
A uto mo bile APOL LOT Y RE 20 6.5 0 0 .90 17 ,3 04 3.3 7
T ext ile AR VIN D 38 9.5 5 0 .72 8 ,1 62 7.0 0
Nifty Options OI Distribution
Market Indsite:
A uto mo bile ASH OK LEY 8 7.0 5 -0 .11 78 ,3 65 3.9 4
A uto mo bile BAJA J-A UT O 2 ,86 5.9 5 0 .43 1 ,4 54 4.7 4
B ankin g BAN KB AR OD A 16 2.2 0 0 .37 60 ,2 42 2.0 3
B ankin g BAN KI ND IA 12 6.5 0 0 .56 29 ,4 12 1.2 8
F M CG BAT A IN DIA 54 3.9 5 1 .67 3 ,8 95 4.1 8
Ot hers BEL 15 7.2 0 2 .21 29 ,3 72 1.9 5
Ot hers BEM L 1 ,31 7.3 0 1 .63 2 ,3 60 3.3 1
F ina nce BH AR AT F IN 84 1.6 5 4 .44 20 ,0 65 2 8.4 4
A uto mo bile BH AR AT F OR G 1 ,00 8.3 5 -0 .61 4 ,4 46 5.4 7
B ankin g CA NB K 28 3.0 5 0 .28 19 ,1 45 1.2 6
A uto mo bile CE AT LT D 1 ,32 2.1 0 2 .31 2 ,3 42 1 3.0 0
P ow er CE SC 83 3.4 5 0 .22 4 ,2 19 1.1 3
Ot hers COA LIN D IA 29 5.9 0 1 .28 22 ,8 19 5.1 9
F ina nce DH F L 35 8.7 5 0 .93 19 ,7 67 3.0 0
C em en t GRA SIM 1 ,09 1.9 0 1 .09 7 ,3 49 1.4 0
M eta ls HI ND AL CO 19 3.7 0 0 .16 45 ,2 62 3.1 8
B ankin g IC IC IBA NK 26 6.9 5 0 .74 80 ,1 63 2.7 8
T ext ile IC IL 19 6.4 0 0 .49 8 ,7 19 1 5.5 4
B ankin g ID BI 7 5.2 0 -0 .53 38 ,6 40 4.8 9
B ankin g ID FC BA N K 6 0.5 0 0 .33 67 ,4 56 1.6 9
F ina nce IF CI 3 0.2 5 2 .20 82 ,3 68 7.9 3
B ankin g IN DU SI ND BK 1 ,38 3.9 0 0 .53 6 ,9 05 3.5 8
Oil_G as IOC 37 6.8 0 1 .09 20 ,6 28 5.0 3
In frastruc ture IR B 23 4.4 5 1 .60 15 ,8 50 3.1 1
M eta ls JIN DA LST E L 12 5.5 0 0 .60 39 ,7 62 1.3 5
B ankin g KOT AK BAN K 86 8.1 5 0 .69 10 ,2 32 1.8 1
B ankin g KT KB AN K 13 8.0 0 0 .88 33 ,5 34 1.7 2
F ina nce L&T F H 12 1.5 5 -0 .29 21 ,0 33 4.5 6
A uto mo bile M&M 1 ,27 4.5 5 0 .29 4 ,9 63 3.1 1
A uto mo bile MAR U T I 6 ,03 4.8 0 0 .48 2 ,5 34 2.6 0
A uto mo bile MR F 59 ,50 7.1 0 2 .87 62 1.4 2
M eta ls NM D C 13 5.5 0 1 .38 26 ,0 40 1.2 1
Market Indsite:
T ext ile PAGE IN D 14 ,78 1.3 0 1 .63 33 2.5 1
B ankin g PN B 13 5.8 5 -0 .40 60 ,0 18 2.9 4
P ow er POW ER GR ID 19 3.0 5 0 .49 30 ,2 32 1.3 8
T ele com RC OM 3 7.8 5 1 .07 1 ,14 ,6 36 3.4 1
F ina nce RE LC API T AL 61 2.1 0 3 .92 11 ,8 82 1 5.0 3
M eta ls SAI L 6 1.9 0 0 .57 53 ,9 40 4.9 3
B ankin g SBI N 26 8.5 0 0 .37 90 ,9 87 2.5 1
F ina nce SR T RA NS F IN 1 ,03 2.9 0 -0 .14 2 ,7 85 3.5 5
P harm a ST AR 1 ,14 9.2 5 -0 .03 2 ,0 42 2.2 0
T ele com TA T AC OM M 73 3.5 5 0 .76 6 ,5 65 3.3 5
F M CG TA T AGL OBA L 15 1.6 0 5 .94 35 ,4 96 2.1 4
P ow er TA T APO WE R 8 7.1 0 0 .17 30 ,8 52 3.4 7
T ech no logy TC S 2 ,46 0.3 5 -0 .75 6 ,5 82 2.8 4
Source: NSE,SeeDiff,AXISDIRECT Research

Disclosures
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24 March 2017 For private circulation only

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Axis Securities Limited, Corporate office: Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-
400070, Tel No. – 18002100808/022-61480808, Regd. off.- Axis House, 8th Floor, Wadia International Centre, PandurangBudhkar Marg,
Worli, Mumbai – 400 025. Compliance Officer: AnandShaha, Email: compliance.officer@axisdirect.in, Tel No: 022-42671582.
24 March 2017 8

Disclaimer : The views expressed / recommendations made in this report are based on Technical Analysis techniques and could be at
variance with the company's / group's views based on fundamental research. The report and information contained herein is strictly
confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part
or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information
herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell
or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice
or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and
opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their
own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of
independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to
arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits
and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment
discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options
another derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No
representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions
contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the
transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change
without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required
from time to time without any prior approval. Axis Securities Ltd. (ASL), its affiliates, their directors and the employees may from time to
time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this
document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other
business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each
other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of ASL. The views expressed are those of
the analyst and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely
for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published,
copied, in whole or in part, for any purpose. Neither this document nor any copy of it may be taken or transmitted into the United State
(to U.S. Persons), Canada, or Japan or distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in
Japan or to any resident thereof. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen
or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would
be contrary to law, regulation or which would subject ASL to any registration or licensing requirement within such jurisdiction. The
securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose
possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its
directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or
consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.
Axis Securities Limited, SEBI Reg. No.- NSE-INB/INF/INE 231481632, BSE- INB/INF 011481638,MSEI-INB/INF/INE 261481635, ARN No.
64610, CDSL-IN-DP-CDSL-693-2013, SEBI-Research Analyst Reg. No. INH 000000297, Main/Dealing off.- Unit No. 2, Phoenix Market
City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-400070, Tel No. – 18002100808, Reg. off.- Axis House, 8th Floor,
Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400 025.Compliance Officer: Anand Shaha, E-Mail ID:
compliance.officer@axisdirect.in,Tel No: 022-42671582.
Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.
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