INDEX PULLERS & DRAGGERS

Market Recap It was almost a black Thursday kind of feel on the Dalal Street in today s session. Although the benchmark indices maintained their losing streak for the fourth consecutive session but today was more terrible for the traders and investors. The NIFTY spot collapsed almost 250 points from yesterday s low and closed below the 7000 mark. It s a straight 1000 points correction since January 01, 2016 in NIFTY. Meanwhile, the BSE SENSEX plunged more than 800 points to close below the 23000 mark. In line with our view on the markets even the NIFTY BANK corrected more than 600 points to sneak below the 14000 level. The mayhem was mainly on the back of concerns over global slowdown, crude oil close to 12-year lows and domestic banks reporting rising bad debts, higher provisioning and dramatic falls in quarterly profit. On the global front, European indices like FTSE (-2.37%), CAC (-3.42%) and DAX (-2.51%) were trading with heavy loss while the time the report was made. The Asian Indices like NIKKIE (closed), HANGSENG (- 4.00%) and SHANGHAI (closed) ended with heavy loss in the absence of the SHANGHAI index which is shut due to Lunar New Year. On the sectoral front, initially the PSU BANKS stocks tried to remain in positive terrain but eventually all the sectoral indices closed deep in red. From the list of losers, NIFTY REALTY (-6.04%) stocks & NIFTY METAL (-4.39%) stocks were the biggest laggards. The broader markets too corrected sharply as the MIDCAP (-5.72%) and SMALLCAP (-5.41%) indices closed with significant loss. In the money market, all of the currency pairs turned green indicating severe pressure in the INR. Key Market Data Points Name High Low Range Sensex 23758 22909 849 22952 23759 Nifty Spot 7209 6960 249 6976 7216 Nifty Future 7215 6970 245 6993 7247 VIX 26.87 22.11 4.76 25.97 22.47 Name Sentiment Indicators Day Prm/Disc 17.1 30.85-13.75 PCR () 0.79 0.82-0.03 PCR (Vol) 0.79 0.80-0.01 On the stock front, our recommended pick Tata Global slumped 6.93% after consolidated net profit fell 29.78%. On the other hand, stocks like JETAIRWAYS, UNITECH, VOLTAS etc. closed with a loss of more than 10%. Pullers CMP INDEX PULLERS & DRAGGERS Weightage Cipla 543.10 0.52 0.34 (4.02) Bharti Airtel 306.80 (1.08) 0.00 3.05 IDEA 100.45 0.75 0.00 (3.80) Draggers CMP Weightage TCS 2203.15 (3.47) -39.24 1.02 Tata Mot 277.10 (5.25) -30.78 1.36 HUL 805.70 (2.76) -29.93 0.30

MARKET BREADTH SECTORAL ANALYSIS NSE Today % Highest Performer % Lowest performer % Advance 121-59.53% Declines 1480 16.08% A/D Ratio 0.08-65.14% CNXPHRM Index -2.23-1.77 CNXREAL Index -6.04-3.62 CNXMNC Index -2.7-0.72 CNXSMCP Index -5.41-2.42 CNXIT Index -2.71-0.13 CNXMET Index -4.39-0.6 Key Takeaways Today also advancing counters have tumbled while declining stocks risen. Therefore overall market breadth remained weak. Today all indices were in red, amongst them Realty & Metal index recorded new all time low. On the other hand Bank NIfty is at crucial support. During the second half we witnessed that, all sectors were in red lead by PSU Bank -3.99%, Realty -3.73 & Midcap 50-3.43% indices displayed feebleness. **(the above mentioned % change are just for second half i.e. after 1PM) On the F&O stocks front stocks like, UPL 1.87%, Godrej CP 1.79% & Exide 1.67% outperformed the markets. On the other hand, Unitech -13.54%, GMR Infra -11.34% & Wockhardt Pharma -10.86% went through some correction. **(the above mentioned % change are just for second half i.e. after 1PM) OPEN INTEREST (`000) Openinterest Nifty 30,000 25,000 8100 7600 Key Takeaways The Nifty February Fut. closed at 6993.45, with a premium of 17.1 against premium of 26.85 points. 20,000 7100 The open interest increased by 6.96% with a fall in price, indicating short build-up. 15,000 10,000 6600 6100 The total volumes in futures & options is positioned at 71.57 Lakh contracts with a turnover of Rs. 3,65,713 cr., with an ascent of 15%. 5,000,0 1/12 1/14 1/18 1/20 1/22 1/27 1/29 2/2 2/4 2/8 2/10 5600 5100 Today VIX closed at 25.97 levels, up by 16%. Finally VIX registered breakout from 23.6 level, indicating further weakness in the market.

6800 6850 6900 6950 7000 7050 7100 7150 7200 7250 7300 7350 7400 7450 7500 7550 7600 7650 7700 7750 7800 7850 7900 7950 8000 Thursday, February 11, 2016 7000000 6000000 5000000 4000000 3000000 2000000 1000000 0 NIFTY OPTION OPEN INTEREST CE PE On the option front highest call base for the Feb series is at 7500 strike with 65.37 Lakh shares. On the other hand highest PUT base is at shifted to 7000 strikes with 52.46 Lakh shares. Long Build-Up CIPLA 543.1 0.52 8,452,000-4.02 Short Build-Up VOLTAS 233.15-13.71 4,361,600 30.81 PTC 58.00-7.13 8,664,000 8.95 BANKINDIA 82-7.41 23,733,000 7.14 NIFTY 6993.45-3.49 22,217,325 6.96 Short Covering IDEA 100.45 0.75 49,887,000-3.80 INFRATEL 357.1 0.45 2,862,600-1.30 COLPAL 822.85-2.16 2,070,000 0.36 Liquidation ACC 1231.5-2.75 4,447,875-18.88 TORNTPHARM 1266.75-2.83 470,000-12.05 BATAINDIA 480.4-1.07 2,645,000-11.54 AMBUJACEM 192.5-1.03 7,312,200-11.15 Long Build Up:- Rise in Price & Rise in Short Build Up:- Fall in Price & Rise in Liquidation:- Fall in Price & Fall in Short Covering:- Rise in Price & Fall in

F&O Price Gainers & Losers IDEA 100.45 0.75 49,887,000-3.80 CIPLA 543.1 0.52 8,452,000-4.02 INFRATEL 357.1 0.45 2,862,600-1.30 DIVISLAB 1020.2-0.18 2,456,400-3.05 UNITECH 4.10-16.33 240,779,000 0.81 VOLTAS 233.15-13.71 4,361,600 30.81 GMRINFRA 10.55-12.45 231,192,000 0.14 TATAGLOBAL 105.3-11.33 24,180,000 0.72 News Updates Sensex crashes 807 points; Nifty tanks 239 points as slowdown fears hammer markets worldwide. European shares knocked back by banks and miners. SBI net profit down 61% in Q3, gross NPA cross 5%. Tata Motors slumps after declaring poor Q3 result. United Bank of India slumps after reporting dismal Q3 results. Bank of India slumps after reverse turnaround in Q3. Stocks In Action Stock View CMP TGT Rationale Zee Limited Bearish 369 325 Zee Limited has broken down from a range it had been trading for a while. Range had been 440 on the upside & 374 on the downside. Breakdown from the range suggest fresh downside for the stock as it shifts into a new lower range. Stock is trading below all its key moving averages including 200 Ema. Stock is likely to target 325 zone on the downside. Short sell stock at cmp & on pullbacks towards 385-390 with a SL of 406. TGT 325.

CONCLUSION In the end Nifty registered breakdown from downward sloping channel and closed below psychological level of 7000. In line with our view, price accelerated downward momentum on the breakout of 23.60 levels in India VIX, up by 16%. Indicating some more pain left in the markets. Even Nifty failed to respect 50% retracement level placed around 7120 & also filled the positive GAP witnessed on 13th May 2014 placed in the range of 7070 7030 levels. Again there was no improvement in market breadth. The next support for the Nifty is placed at 6900 6820 range. Nifty has plunged more than 500 points (almost 7%) in last four sessions, which lead momentum indicators to trade in oversold zone. Therefore pullback from lower level cannot be ruled out. On the upside resistance for the NIFTY is placed at 7070 7120 levels. Even Bank Nifty filled the positive GAP witnessed on 13th May 2014. Going forward Bank Nifty has crucial support of upward sloping long term trend line placed around 13800 levels. On the flipside resistance is plead at 14270 /14450 levels. Today FII s sold 1113 Cr. while DII s bought 1222 cr. in equity market. On the F&O front FII s were net buyer, they bought 415 cr. in the Index Futures segment & 574 Cr. in Index Option, with a rise in open interest. Meanwhile they sold 265 cr. in the Stock Futures. On the derivative front, activity was seen in 7600 CALL to 7200 CALL, while on the PUT side activity was seen in 7000 -- 6800 PUT. The 7200 strike Call added 20.54 lakh shares respectively; whereas 7000, 6800 & 6700 PUT added 6.93, 6.36 & 6.38 lakh shares in open interest. On the flipside unwinding was seen in 7700, 7800 CALL & 7200, 7300 PUT. With today s nosedive of 240 points, index closed below psychological mark of 7000. The implication of today s breakdown advocates unpleasant consequences for the market. The broader view of the market remains weak. Never the less, traders should note that index has fallen almost 7% in four days, which lead indicators to trade in oversold zone. Hence bounce back from lower levels cannot be ruled out. Both the targets met on our short call of NIFTY & Bank Nifty, whereas stop got triggered on the straddle strategy. Forthcoming Results ADANIPORTS JBFIND SUNTV OMNITECH ADANIPOWER KOLTEPATIL SUVEN OMNITEX ANANTRAJ LUMAXAUTO VALECHAENG PROVOGE APOLLOHOSP MARKSANS HINDPETRO PUNJLLOYD BPCL MAXWELL HMT ROLTA CAMLINFIN MRPL IDBI SKFINDIA CANBK MTNL IFCI SPICEMOBI CORPBANK NESTLEIND IFSL SUNPHARMA GODREJIND NMDC INDIANVSH INDUSFIN IOC

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