Post on 27-Mar-2020
ICICI Securities Ltd. | Retail Equity Research
August 30, 2017
Monthly Technical
Runway clear; Nifty to challenge life-time highs
Domestic equity benchmarks touched fresh life-time highs at the start of
August 2017 before entering into a corrective phase amid profit booking
as risk-off sentiment was triggered by rising geopolitical tensions on the
Korean peninsula along with the Doklam standoff. After the initial down
move from life-time high of 10137 to 9685, the Nifty has been undergoing
a steady base formation between the broad range of 9700 and 9950 over
the last three weeks.
What we expect
We believe the market has undergone a round of healthy corrective
consolidation in August 2017. The market has displayed resilience in
the face of turbulent global cues and absorbed a range of adverse
events like rising geopolitical tensions, FII outflows, Infosys boardroom
tussle while protecting the earmarked support base of 9700 over the
last four weeks. We believe the strong base formation above 9700 has
laid the foundation for the next up move within the structural uptrend.
We reiterate our positive stance and advocate that the current
consolidation should be used as an incremental opportunity to enter
into quality stocks in a staggered manner to ride the next up move
We believe a decisive close above the upper band of the current
consolidation range above 9950 will trigger short covering in the
market and provide the necessary impetus for challenging the recent
life-time high of 10137 over the coming months
Key market internals substantiate overall positive price structure…
Time wise, the Nifty has so far taken four weeks under the corrective
phase while retracing about 61.8% of its last rising segment (9448 to
10137), which occurred in five weeks. The bulk of the price wise
correction occurred in just a week, post which the index entered into a
base formation phase in the last three weeks. Almost equal time wise
consolidation and limited price wise correction highlight the robust
price structure and quantify this as a healthy corrective phase within
the larger degree uptrend
The broader markets represented by the midcap and small cap indices
posted a strong recovery after testing their May 2017 lows post the
sharp correction in second week of August. Thereafter, the broader
markets have consistently outperformed the benchmark over the last
three weeks. It highlights strong demand emerging in broader markets
and stock specific action prevailing in the market while the benchmark
is still undergoing a base formation
In the entire up move since January 2017 till date, the index has
witnessed maximum time wise consolidation for five weeks. In the
present scenario, with four weeks of time wise consolidation above the
key value area of 9700 already in place we believe the index is well
poised to resume its upward momentum over the coming month
Based on the aforementioned observations, we reiterate our positive
stance and conclude that the current corrective phase forms part of the
larger degree uptrend. Going forward, we expect the index to conclude
the ongoing secondary consolidation and resume its primary uptrend to
challenge its recent life-time high of 10137 over the coming months.
Therefore, it presents an incremental opportunity with favourable
risk/reward to enter quality stocks in a staggered manner to ride the next
up move within the larger degree uptrend.
Bia74
Indices Snapshot
% from 3-month 12-month
Indices 200 EMA % chg % chg
Sensex 31388 13 1.7 11.8
CNX Nifty 9796 6 2.9 13.3
CNX Mid Cap 17956 6 4.6 18.8
CNX Small Cap 7522 7 7.6 24.5
CNX IT 10506 0 -0.9 -0.6
BSE Auto 23455 14 -1.2 8.1
CNX Pharma 8865 -13 -0.3 -22.4
CNX FMCG 25530 6 -0.3 14.0
BSE Banking 27261 24 4.2 22.9
BSE Oil & Gas 14752 30 6.1 36.1
BSE Metal 12950 31 16.3 31.6
BSE Capital Goods 17116 15 -1.4 15.5
BSE Power 2232 12 2.1 7.5
BSE Realty 2080 30 11.0 36.6
BSE PSU 8507 18 -0.4 14.9
* Closing Price of Aug 29, 2017
Close
Source: BSE India, NSE India, ICICIdirect.com Research
* BSE has replaced IT, health care, FMCG, midcap and small cap
indices with new ones. Due to lack of historical data, we have
considered the CNX IT, pharma, FMCG, mid-cap and small cap
indices for reference
Top picks for September 2017
Ambuja Cement
All stock recommendations have been initiated on i-click to gain
prior to releasing of report. Exact timings mentioned at bottom of
the rationale mentioned later in the report
Performance of stock recommendations (January
2017 till date)
Total Recommendation 25
Positive 19
Open 0
Strike rate 76%
Avg. return on positive call 13%
Research Analyst
Dharmesh Shah
dharmesh.shah@icicisecurities.com
Nitin Kunte, CMT
nitin.kunte@icicisecurities.com
Dipesh Dagha
dipesh.dagha@icicisecurities.com
Pabitro Mukherjee
pabitro.mukherjee@icicisecurities.com
Vinayak Parmar
vinayak.parmar@icicisecurities.com
ICICI Securities Ltd. | Retail Equity Research
Page 2
Support base fortified at 9700 region...
The index has respected its earmarked value area of 9700 during the
current corrective phase precisely in line with our expectation as
highlighted in the earlier edition of this report. We do not foresee the
index going below the 9700 support zone as it is the confluence of the
following technical parameters:
As per the change of polarity principle, the upper band of June 2017
consolidation and recent breakout area of 9700 has reversed its role
and is providing support in the present scenario.
61.8% Fibonacci retracement of the last rising segment (9448 to
10137) is placed at 9700
The lower boundary of the expanding channel encompassing the
up move since April 2017 till date is placed around 9740 region
Momentum oscillators
Among oscillators, the weekly RSI is seen rebounding from its bull market
support base placed around 55-60 reading while the short-term stochastic
is at the cusp of generating a positive crossover above its three period
average from the neutral zone of 31 after working off its overbought
conditions seen during the previous month’s rally and supports
continuance of the up move, going forward.
NSE Nifty CMP - 9796
Exhibit 1: NSE Nifty – Weekly Bar Chart
Source: Bloomberg, ICICIdirect.com Research
Weekly RSI as well as stochastic are rebounding from respective support
threshold and support continuance of the up move going forward
7893
Nifty attractively poised to resume its uptrend after
steady base formation above key value area of 9700
Support base @ 9700
- Breakout area of June
2017 consolidation
- Lower band of
expanding channel
- 61.8% retracement of
last up move
9119
6825
10137
9700
ICICI Securities Ltd. | Retail Equity Research
Page 3
Nifty Bank (24107) – Attractively poised at key value area…
Exhibit 2: Nifty Bank Generic Futures– Weekly Bar Chart
Source: Bloomberg, ICICIdirect.com Research
The Nifty Bank index witnessed a round of
profit booking after the RBI cut policy rates by
25 bps at the start of August 2017, which was
in line with market expectations. The index had
already seen a sharp up move in anticipation of
the rate cut in July 2017 and the subsequent
round of profit booking is a normal phenomenon
The monthly price action has formed the
biggest bear candle in the entire up move since
January 2017 highlighting the broad based
profit booking trend after the strong rally in July
2016 approached the upper band of the major
rising channel in place since March 2016. The
index, however, carries a higher high higher low
on the monthly scale for an eighth month in a
row. Structurally, the current decline has the
underpinnings of a healthy corrective phase
within the larger degree uptrend. We believe
the index is attractively poised after a decent
price wise and time wise correction and
provides incremental buying opportunity to ride
the next up move within the structural uptrend
Time wise, the index has spent five weeks
under a corrective phase while price wise it has
retraced just 61.8% of its preceding four week
up move (23007 to 25260). Extended time wise
consolidation and limited price wise correction
is the hallmark of a healthy corrective phase
and highlights the overall robust price structure
It has been observed in the entire up move
since January 2016, the intermediate corrective
phases have not lasted more than four to five
weeks. In the present scenario, with five weeks
of corrective consolidation already in place, we
believe the ongoing secondary corrective is
approaching maturity and the index is set to
resume its primary uptrend in the coming
month. We expect the index to resolve higher
from here on and head towards 25060 in the
coming month. The high formed post RBI policy
session (25060) will act as an immediate hurdle
for the index in the coming month
After the initial price correction, the index is
witnessing a base formation above its support
zone of 23800-24000 over the last three weeks.
We do not expect the index to go below the
23800-24000 value area as it is the confluence
of following technical parameters:
As per change of polarity, the recent
breakout area and upper band of June 2017
consolidation placed around 23900 has
reversed its role and is providing support to
the index in the present scenario
Bullish gap area formed on July 13, 2017 is
placed between 23810-23721
61.8% Fibonacci retracement of the last
rising segment is placed at 23870 region
Among oscillators, the weekly stochastic has
approached oversold threshold with a reading of
20 while the 14 week RSI has gradually eased
off towards its major rising trend line and
support pullback efforts in the coming month
Weekly RSI is approaching its major rising trendline
Support@
24000-23800 20934
17617
20650
13406
Weekly Stochastic is poised at oversold threshold
25260
ICICI Securities Ltd. | Retail Equity Research
Page 4
BSE sectoral merry-go-round
In this section, we focus on the relative performance of the BSE sectoral
indices. The adjacent scatter chart highlights the relative performance of
the 11 major sectors of the BSE relative to the Sensex with the y-axis
plotting the relative price momentum in the past 12 months and the x-axis
plotting the relative price. The chart is then subdivided into four
quadrants.
Leadership quadrant: Top right is “Leadership” quadrant, which
represents a sector that has strengthened in relative price and momentum
vis-à-vis the Sensex.
Weakening quadrant: Bottom right is the “Weakening” quadrant where
the relative price of a sector has started to deteriorate and momentum
has started to slow.
Lagging quadrant: Bottom left is the “Lagging” quadrant where the
relative price of a sector has become negative with momentum
suggesting underperformance vis-à-vis the benchmark.
Improving quadrant: Top left is the “Improving” quadrant where the
relative price trend of the sector has started to rise with momentum.
In summary, if a sector appears in the top right quadrant, it indicates the
sector is trending higher and outperforming the benchmarks. If a sector
appears on the bottom left it indicates it is trending lower. Sectors
appearing on the bottom right indicate they are underperforming the
benchmark while if they appear in the top left it suggests an improving
price momentum.
Note: BSE has replaced IT, health care, FMCG, midcap and small cap indices with new ones. Due to lack of
historical data, we have considered the NSE IT, pharma and FMCG indices for reference
Exhibit 3: BSE sectoral indices relative performance
Source: Bloomberg, ICICIdirect.com Research
Sector rotation monitor
What each quadrant indicates
Sectors in the top right quadrant indicate
strong trending sectors
Cyclicals near neutral zone amid pick up in
select laggards: The BSE banking, FMCG and
auto sectors moved towards the neutral zone as
the sectors consolidated their recent gains.
Going forward, we expect these sectors to
resume their up move after the recent
consolidation. The Realty index saw profit
booking on expected lines as it surrendered the
momentum within the leading quadrant after the
recent outperformance
BSE capital goods index has further drifted
towards the weakening quadrant suggesting
further consolidation. Going forward, we expect
stock specific outperformance to continue from
this space
BSE metal index has seen a pick-up in relative
momentum and is at the cusp of re-entering the
leading quadrant implying that the consolidation
over last couple of months is approaching
maturity. This sector is set to resume its
momentum, going forward, thereby presenting
buying opportunities
BSE IT index remain at the improving quadrant
implying consolidation in this space, with stock
specific action
BSE oil & gas and PSU indices has seen a pick-
up in relative momentum after slipping in the
lagging quadrant implying consolidation over the
last couple of months is approaching maturity
BSE healthcare has moved higher in the lagging
quadrant signalling a pause in the recent
downtrend The sector is likely to enter
consolidation phase, going forward
ICICI Securities Ltd. | Retail Equity Research
Page 5
Sectoral performance – Relative to benchmarks
In order to closely gauge the underlying strength in respective sectors
vis-à-vis the benchmark, we analyse the Relative Strength Comparative
(RSC) indicator. As the name suggests, it is a comparative measure of
strength vis-à-vis a benchmark or a sector.
While the RSC line is rising, the sector is outperforming the general
market, i.e. it is either rising faster than the benchmark in an up trending
market or going down less, in a down trending market or even rising.
While the RSC line is falling, the sector is underperforming the broad
equity market. If the market is going up, the sector is going up less or may
be even going down. If the market is going down when the RSC line is
falling, the sector is going down more than the market. A flat RSC line
indicates in line market performance going up or down by the same
magnitude.
The purpose of this exercise is to identify those sectors that are
outperforming and avoid sectors that are underperforming.
BSE Auto Index
The Auto Index reacted from the higher band of the rising channel amid
selling pressure in index heavyweights. In relative terms, the index
underperformed the benchmark mainly due to a decline in Tata Motors.
However, a micro view of sectoral constituents indicates stock specific
outperformance, which is likely to continue. Technically, we continue to
like Maruti Suzuki, Hero MotoCorp and TVS Motors.
Exhibit 4: BSE Auto Index – Monthly Bar Chart
Source: Bloomberg, ICICIdirect.com Research
Exhibit 5: BSE Auto Index vs. Sensex – Relative Comparison
Source: Bloomberg, ICICIdirect.com Research
Relative Strength Comparative: Evaluating
the underlying strength
Ratio line is seen approaching its trend line support
and likely to revert higher
BSE Auto Index and relative to Sensex
Sector likely to resume its relative out performance...
20386
Index is seen entering a consolidation while
maintaining its positive structure
23209
15385
RSI continues to trend above bull market support of 45-50 zone
although remains ambivalent of short term direction
ICICI Securities Ltd. | Retail Equity Research
Page 6
BSE Capital Goods Index
The capital goods index extended its round of consolidation. In relative
terms, the sector underperformed the benchmark. However, slower pace
of retracement of last rising segment indicates robustness in price
structure. We expect the sector to do well in medium term. RSC line
eased to its channel support and may revert higher given the bullish price
structure. Stocks like L&T, KEC are positively poised on technical charts.
Exhibit 6: BSE Capital Goods Index Weekly Bar Chart
Source: Bloomberg, ICICIdirect.com Research
Exhibit 7: BSE Capital Goods vs. Sensex – Relative Comparison
Source: Bloomberg, ICICIdirect.com Research
NSE Pharma Index
Pharma stocks underwent another round of selling last month extending
their down trend. In relative terms, it remained the most laggard sector
against benchmark. After last month’s sell-off, prices have approached
the lower band of the channel and momentum oscillator has developed
positive divergence against price. Going forward, we expect relative
underperformance to continue as the sector enters a consolidation phase.
Exhibit 8: NSE Pharma Index Weekly Bar Chart
Source: Bloomberg, ICICIdirect.com Research
Exhibit 9: NSE Pharma Index vs. Nifty – Relative Comparison
Source: Bloomberg, ICICIdirect.com Research
Relative Underperformance to stay...
Index is poised at lower band of channel
and likely to enter consolidation pattern
BSE Capital Goods Index and relative to Sensex
Consolidation augurs well...
RSC line seen easing down spelling
underperformance over coming weeks
Consolidation to act as launching pad for next up move
RSI remains in rising trajectory and taking
support at previous trend line breakout
RSC line continues to trend downwards scripting
continuation of relative under performance
NSE Pharma Index and relative to Nifty
ICICI Securities Ltd. | Retail Equity Research
Page 7
BSE Oil & Gas Index
The Oil & Gas index continued its uptrend as it scaled new life-time highs.
In relative terms also, index maintained leadership profile. Going forward,
we expect the sector to trade with a positive bias with stock specific
action. Relative outperformance may continue. Gas distribution
companies like IGL, MGL and RIL stay structurally positive on price charts
Exhibit 10: BSE Oil & Gas Index Monthly Bar Chart
Source: Bloomberg, ICICIdirect.com Research
Exhibit 11: BSE Oil & Gas Index vs. Sensex – Relative Comparison
Source: Bloomberg, ICICIdirect.com Research
NSE IT Index
The IT index extended its consolidation over the previous month amid a
host of news flow. While the relative underperformance of the index is
likely to continue for a while, the index has held its early 2017 lows
despite a host of negative news flow and is currently seen in a basing
formation process. Only a decisive resolution above the down trend
channel would indicate the end of the corrective phase. In relative terms,
the index is likely to continue its relative underperformance.
Exhibit 12: NSE IT Index Monthly Bar Chart
Source: Bloomberg, ICICIdirect.com Research
Exhibit 13: NSE IT Index vs. Nifty – Relative Comparison
Source: Bloomberg, ICICIdirect.com Research
Stock specific action…
Index likely to consolidate with positive bias...
Oil & Gas index scaled fresh life high powered by
strength in OMC’S and Gas distributors
Index is likely to extend its out performance over
medium term
The RSC remains in well defined down trend
maintaining negative bias on relative terms
IT index is likely to undergo basing
formation over few months
BSE Oil & Gas Index and relative to Sensex
Monthly RSI in rising trajectory at resistance
NSE IT Index and relative to Nifty
ICICI Securities Ltd. | Retail Equity Research
Page 8
NSE FMCG Index
The FMCG index ex-ITC remained in consolidation. Selective
outperformance has continued in the space barring ITC. We maintain our
positive bias on the sector while in relative terms the index is likely to see
an outperformance. We remain positive on Nestlé, Manpasand Beverages
and Britannia Industries.
Exhibit 14: NSE FMCG Index Weekly Bar Chart
Source: Bloomberg, ICICIdirect.com Research
Exhibit 15: NSE FMCG Index vs. Nifty – Relative Comparison
Source: Bloomberg, ICICIdirect.com Research
BSE REALTY Index
Realty index took a breather after recent up move as it is poised at the
multiyear breakout levels around 2250. In relative terms, index is
expected to do well as it breaks out of a double bottom formation. After
an elongated multiyear down trend and underperformance, realty space
is witnessing positive developments on price charts. Stocks like Brigade
Enterprises, Godrej Properties and Oberoi Realty are attractively poised.
Exhibit 16: BSE Realty Index Monthly Bar Chart
Source: Bloomberg, ICICIdirect.com Research
Exhibit 17: BSE Realty Index vs. Sensex – Relative Comparison
Source: Bloomberg, ICICIdirect.com Research
Consolidation augurs amid stock specific action…
Index at an inflection point...
On relative terms index is expected to enjoy
leadership profile barring ITC
Ratio line is seen breaking out of double
bottom formation indicating change of guard
after multiyear under performance
Index at an inflection point as it
challenges 2010-2014 peaks
NSE FMCG Index and relative to Nifty
Weekly RSI is seen reverting from oversold zone
BSE Realty Index and relative to Sensex
17406
23219 22716
19457
Monthly RSI is approaching overbought threshold
Index ex-ITC expected to
continue uptrend
ICICI Securities Ltd. | Retail Equity Research
Page 9
BSE Metal Index
The Metal Index is set to extend its next up leg as it breaks above the key
trend line resistance. The robust price structure of most index
constituents may lead index higher. In relative terms, index is likely to
resume its outperformance after recent breather. We remain positive on
stocks like JSW Steel, Hindalco and Hindustan Zinc over medium term.
Exhibit 18: BSE Metal Index Monthly Bar Chart
Source: Bloomberg, ICICIdirect.com Research
Exhibit 19: BSE Metal Index vs. Sensex – Relative Comparison
Source: Bloomberg, ICICIdirect.com Research
Relative outperformance to continue...
Metal index is seen breaking above
key long term trend line thereby
reinforcing positive bias
Ratio line is likely to head higher after
forming a higher low
BSE Metal Index and relative to Sensex
ICICI Securities Ltd. | Retail Equity Research
Page 10
Stock Picks
Ambuja Cement (AMBCE)
Buying Range: ` 275.00–280.00 Target: ` 308.00 Stop loss: ` 262.00
Exhibit 20: Ambuja Cement – Weekly Bar Chart
Source: Bloomberg, ICICIdirect.com Research
Strategy Follow up – August 2017
Date Scrip Product Strategy RP Target SL Gain/Loss % Comment
26-Jul RCF Cash Buy 84.00 104.00 77.00 25.00 Target price achieved
28-Aug L&T Financial Holding Cash Buy 181.00 205.00 167.00 8.00 Booked 50% profit at 195.00
26-Jul Hindustan Zinc Cash Buy 280.00 327.00 262.00 7.00 Booked 50% profit at 300.00
23-Feb Axis Bank Cash Buy 521.00 610.00 479.00 -3.00 Square off at 505
26-Jul Emami Cash Buy 1105.00 1250.00 1040.00 -3.00 Square off at 1068
26-Jul Birgade Enterprise Cash Buy 284.00 335.00 262.00 -6.00 Square off at 267.00
Long term trendline breakout signals
continuation of the uptrend
The share price of Ambuja Cement remains in a
strong up trend forming higher peak and higher
trough in all time frame
The key observation on the price chart of Ambuja
Cement is that the stock has recently registered a
breakout above the falling trend line joining the
yearly high of 2015 (| 287) and 2016 (| 281)
currently placed around | 275 levels signalling
continuation of the current uptrend and relative
outperformance in the short term
The weekly MACD is in uptrend and is seen taking
support at its nine period’s average highlighting
strength and validates positive bias in the stock
We expect the stock to continue with its current
uptrend and head towards | 308 levels in the
coming month being the price parity with the
previous up move from | 191 to | 270 (270-
191=79 points) added to the recent trough of |
229 (229+ 79=308) project upside towards | 308
in the short term
Recommendation has been initiated on i-click to gain
at 12:08 on August 28, 2017.
Price parity with previous
up move @ 308
287
191
281
Weekly MACD in strong up trend
270
229
ICICI Securities Ltd. | Retail Equity Research
Page 11
Forthcoming Economic Events Calendar
Date Event
India
31-Aug Fiscal Deficit INR Crore
1-Sep Nikkei India PMI Mfg
5-Sep Nikkei India PMI Services/Composite
12-Sep Industrial Production YoY
12-Sep CPI YoY
14-Sep Wholesale Prices YoY
29-Sep Fiscal Deficit INR Crore
US
31-Aug Initial Jobless Claims
1-Sep Change in Nonfarm Payrolls
1-Sep Markit US Manufacturing PMI
1-Sep ISM Manufacturing
6-Sep Markit US Services PMI
15-Sep Industrial Production MoM
20-Sep FOMC Rate Decision (Upper Bound)
22-Sep Markit US Manufacturing PMI
22-Sep Markit US Composite PMI
28-Sep Personal Consumption
28-Sep GDP Price Index
Eurozone
1-Sep Markit Eurozone Manufacturing PMI
5-Sep Markit Eurozone Services PMI
5-Sep Markit Eurozone Composite PMI
13-Sep Industrial Production SA MoM
28-Sep Economic Confidence
28-Sep Industrial Confidence
China
1-Sep Caixin China PMI Mfg
5-Sep Caixin China PMI Composite
14-Sep Industrial Production YTD YoY
27-Sep Industrial Profits YoY
Japan
1-Sep Nikkei Japan PMI Mfg
5-Sep Nikkei Japan PMI Services
5-Sep Nikkei Japan PMI Composite
12-Sep PPI MoM/YoY
14-Sep Industrial Production MoM
21-Sep BOJ Policy Balance Rate
29-Sep Retail Sales MoM
UK
1-Sep Markit UK PMI Manufacturing SA
5-Sep Markit/CIPS UK Construction PMI
5-Sep Markit/CIPS UK Services PMI
5-Sep Markit/CIPS UK Composite PMI
9-Sep Industrial Production MoM
29-Sep GDP QoQ
29-Sep Nationwide House PX MoM
ICICI Securities Ltd. | Retail Equity Research
Page 12
NOTES:
It is recommended to enter in a staggered manner within the prescribed range provided in the report
Once the recommendation is executed, it is advisable to keep strict stop loss as provided in the report
on closing basis.
The recommendations are valid for three to six months and in case we intend to carry forward the
position, it will be communicated through separate mail.
Trading Portfolio allocation
It is recommended to spread out the trading corpus in a proportionate manner between the various
technical research products
Please avoid allocating the entire trading corpus to a single stock or a single product segment
Within each product segment it is advisable to allocate equal amount to each recommendation
For example: The ‘Daily Calls’ product carries 3 to 4 intraday recommendations. It is advisable to
allocate equal amount to each recommendation
Recommended product wise trading portfolio allocation
ICICI Securities Ltd. | Retail Equity Research
Page 13
Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com
ICICIdirect.com Technical & Derivative Desk,
ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai – 400 093
research@icicidirect.com
ICICI Securities Ltd. | Retail Equity Research
Page 14
Disclaimer ANALYST CERTIFICATION We /I, Dharmesh Shah, Dipesh Dagha, Nitin Kunte, Pabitro Mukherjee and Vinayak Parmar Research Analysts, authors and the names subscribed to this report, hereby certify
that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was,
is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
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ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its
Analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report.
Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this report.
It is confirmed that Dharmesh Shah, Dipesh Dagha, Nitin Kunte, Pabitro Mukherjee and Vinayak Parmar, Research Analysts giving these recommendations have not received
any compensation from the companies mentioned herein in the preceding twelve months.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
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herein as of the last day of the month preceding the publication of these research recommendations.
Since Associates (ICICI group companies) of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in
various companies including the subject company/companies mentioned herein.
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