April 22, 2020

Market Updates

Coronavirus clouds Infy's prospects; firm suspends guidance over pressure. Q4

results also indicate the quantum of pain Infosys is witnessing due to the Covid-

19 pandemic.

Share holdings of RIL, GAIL come under pressure amid oil price crash. Though

WTI recovered, investment in alternative fuels like shale has become unviable.

ACC reports drop of nearly 7% in Q1 consolidated net profit at Rs 323 cr. The

company, which follows January-December financial year, had posted a profit of

Rs 346.02 crore in the same quarter a year ago, ACC said in a BSE filing.

IOC, BPCL restart project-work after relaxation of Covid-19 lockdown norms.

IOC said it has resumed work on 64 select projects with a combined allocation

of about Rs 21,375 crore.

Voda Idea pays Rs 1,367 cr to govt towards licence, spectrum charges. Officials

said that the telecom department has received the payment made by Vodafone

Idea, and added that other operators had made their payments earlier.

IOC says working full throttle to meet rising LPG demand in Tamil Nadu. Com-

pany says its 12 bottling plants in the state are running at full capacity without

disruptions, many a times on Sundays and holidays as well.

US FDA clears Aurobindo Pharma Unit IV, reverts classification to VAI. The latest

classification, VAI, suggests that though certain objectionable conditions were

found during the review, they did not warrant any further regulatory action.

Economic News

Transporters demand reduction in fuel prices amid Covid-19 lockdown.

AIMTC said Covid-19 and the lockdown have hit the transport sector adverse-

ly, and exerting acute pressure on the sector.

RBI considers standing deposit facility to manage extra liquidity. No firm deci-

sion has been reached on this, said sources. The SDF, when introduced, will

become the lower bound of the corridor for the liquidity management win-

dow.

UPI transactions drop in March, RTGS shoots up due to lockdown. According

to the data, the volume of UPI transactions in March slipped to 124.68 crore

from 132.57 crore in February.

Farmers can continue to avail special interest rate till May 31, says RBI. This

will be applicable for short-term crop loans of up to Rs 3 lakh per farmer, the

RBI said.

Global News

Oil firms float finished fuel products on Arabian Sea as demand slumps. They're

running out of storage space on land and their refineries are running only at

50% of capacity; US Oil futures touch an unprecedented negative pricing.

China's central bank conducting tests of digital yuan payment in 4 cities. The

DC/EP system remains in a period of research and development, and that the

pilots do not mean the PBOC has officially issued digital yuan.

Coronavirus global update: The worst-hit nations and UNGA vaccine plan. 193

members of the UN General Assembly have adopted by consensus a resolution

that calls for "equitable, efficient and timely" access to any future vaccines de-

veloped to fight Covid-19.

Stocks in News

Fund Flow

Source: BS = Business Standard, ToI: Times of India, MC = Money Control, B = Bloomberg

Asian Markets CloseAbs.

Change

Per.

Change

HANG-SENG (22Apr2020) 23669.19 (124.36) (0.52)

NIKKEI 225 (22Apr2020) 19044.77 (236.01) (1.22)

STRAIT TIMES (22Apr2020) 2519.42 (32.50) (1.27)

Global Bellwethers CloseAbs.

Change

Per.

Change

DOW JONES 30 (21Apr2020) 23018.88 (631.56) (2.67)

NASDAQ (21Apr2020) 8263.23 (297.50) (3.48)

FTSE UK (21Apr2020) 5641.00 (171.80) (2.96)

Indian Benchmarks (21Apr2020) CloseAbs.

Change

Per.

Change

NIFTY 50 8981.45 (280.40) (3.03)

NIFTY 200 4675.35 (137.40) (2.85)

NIFTY 500 7395.85 (218.75) (2.87)

Indian B ro ader M arkets

NIFTY MIDCAP 100 12708.70 (404.95) (3.09)

NIFTY SMLCAP 100 3948.85 (157.00) (3.82)

N SE Secto r indices

NIFTY BANK 19409.35 (1113.30) (5.42)

NIFTY FINANCIAL SERRVICES 9468.80 (461.85) (4.65)

NIFTY IT 12408.85 (438.80) (3.42)

NIFTY ENERGY 12090.55 (311.50) (2.51)

NIFTY FMCG 28480.60 (117.50) (0.41)

NIFTY AUTO 5294.05 (296.95) (5.31)

NIFTY METAL 1666.60 (89.85) (5.12)

NIFTY CONSUMPTION 4346.05 (52.75) (1.20)

NIFTY PHARMA 9381.65 232.45 2.54

NIFTYINFRA 2565.25 (53.30) (2.04)

NIFTY REALTY 185.45 (3.45) (1.83)

NIFTY MEDIA 1079.20 (58.75) (5.16)

NIFTY MNC 11920.90 (197.40) (1.63)

Participant (21Apr2020) LatestMTD

(Calendar)YTD (FY)

Flls (2095.23) (5213.50) (5213.50)

DIIs (68.46) (4542.95) (4542.95)

Apr 22, 2020

Technical Snapshot

NIFTY SPOT: 8981.45 (-3.03%)

DYNAMIC PARAMETER: Nifty formed Island reversal pattern

TRADING ZONE:

Resistance: 9044 (Day High) / 9230 (Gap Resistance)

Support: 8909 (Day Low) / 8821 (5 Day Low)

BROADER MARKET: UNDERPERFORMED,

MIDCAP 12708.70 (-3.09%), SMALLCAP 3948.85 (-3.82%) Advance-Decline: 495/ 1311

VIEW: Bearish below 8821 (5 Day Low)

Key Highlights:

Nifty breaches 9000 mark on closing basis, is this a re-entry of the BEARS ?....

Stocks to Watch: Sector view for the day:

Stock view for the day:

NamePrevious

CloseReversal Support 2 Support 1 Pivot Point Resistance 1 Resistance 2 Trend

NIFTY-NEAR MONTH 8961.05 8909.40 8821.62 8891.33 8979.12 9048.83 9136.62 BULL

BANKNIFTY-NEAR MONTH 19258.45 19166.95 18722.08 18990.27 19435.13 19703.32 20148.18 BULL

NIFTY MIDCAP 100 12708.70 12571.76 12494.97 12601.83 12746.32 12853.18 12997.67 BULL

NIFTY SMLCAP 100 3948.85 3882.14 3860.78 3904.82 3975.88 4019.92 4090.98 BULL

BANKNIFTY SPOT: 19409.35 (-5.42%)

DYNAMIC PARAMETER: Index formed Lower Top Lower Bottom pat-tern

TRADING ZONE:

Resistance: 19891 (Day High) / 20444 (Gap Resistance)

Support: 19117 (20 Day SMA) / 18703 (5 Day Low)

VIEW: Bearish below 18703 (5 Day Low)

BULLISH BEARISH

DRREDDY PEL

AUROPHARMA JUSTDIAL

BHARTIARTL CHOLAFIN

BRITANNIA SRTRANSFIN

CADILAHC PVR

Bullish Sectors Bearish Sectors

PHARMA PVT BANK

AUTO

Stock View Duration CMP Support Resistance

AUROPHARMA BULLISH INTRADAY 644 632 658

CHOLAFIN BEARISH INTRADAY 144 137 149

Apr 22, 2020

Equity Technical Recommendation:

Equity Technical - Product Profile

Product Maximum Open

Recommendations Return Objective Segment Duration

Intraday 5 1% Cash + F&O Intraday

BTST / STBT 2 1-2% F&O 1 Day

5-Day 5 2-4% F&O T + 5

Smart Trader Delivery 10 3-15% Cash Only Week to 3 Months

Rolling Reversal 1 Variable subject to market F&O -

Sr.

No.Date Action Company Product * Reco. Price Target 01 Target 02 Stop Loss Remarks

1 16-Apr-20 BUY L&TFH 5 DAY 61.5 66 72 56 1st Target

2 17-Apr-20 BUY EICHERMOT 5 DAY 14465 15100 15800 13940 Stop Loss

3 17-Apr-20 BUY BIOCON 5 DAY 359 387 415 328 Open

April 22, 2020

Fundamental Recommendation:

Current Calls: Fundamental

Sr.

NoDate Company Product * CMP Reco. Price Target

Return since

InceptionRemarks

1 10-Sep-18 Havells India Ltd IC 503.35 661.00 809.00 -24% Open

2 16-Aug-18 Alembic Pharmaceuticals Ltd. SALES NOTE 617.00 674.00 808.00 -8% Open

3 9-Aug-18 Escorts Ltd SALES NOTE 722.15 873.00 1,012.00 -17% Open

4 2-Aug-18 Goodricke Group Ltd SALES NOTE 140.75 295.80 364.00 -52% Open

5 20-Jul-18 MAHINDRA CIE SALES NOTE 79.00 256.00 306.00 -69% Open

6 11-Jun-18 Wonderla Holidays Ltd. SALES NOTE 129.95 334.00 1,195.00 -61% Open

7 24-Apr-18 Ultamarine and Pigments Ltd SALES NOTE 159.00 365.00 446.00 -56% Open

8 30-Jan-19 CCL Products (India) Ltd. SALES NOTE 186.00 270.00 342.00 -31% Open

Average Returns as on21-Apr-

2020-41%

Sr.

NoDate Company Product * CMP Reco. Price Target

Return since

InceptionRemarks

1 12-Dec-19 State Bank of India New Year Pick 184.90 321.00 382.00 -42% Open

2 12-Dec-19 Godrej Consumer Products New Year Pick 529.35 660.00 765.00 -20% Open

Average Returns as on21-Apr-

2020-31%

April 22, 2020

Fundamental Recommendation:

Current Calls: Value Picks

Our recommendation of Diwali Picks 2018

*Product profile

Value Picks : Multi-bagger stocks with more than 2 years horizon.

Initiating coverage(IC) : Average returns of 20-30% with a 12-24 months horizon.

Sales Note : Average returns of 15-20% with a 10-15 months horizon.

Diwali Picks : Average returns of 15-20% with a 10-15 months horizon.

Sr.

NoDate Company Product * CMP Reco. Price Target

Return since

InceptionRemarks

1 17-Jun-15 BASF INDIA VALUE PICK 1,058.00 1091 2079 -3% Open

2 17-Jun-15 EICHER MOTORS VALUE PICK 13,501.55 19297 36957 -30% Open

3 17-Jun-15 GULF OIL LUBRIC VALUE PICK 575.15 442 802 30% Open

4 17-Jun-15 KAJARIA CERA VALUE PICK 368.05 380 665 -3% Open

5 17-Jun-15 KOVAI MEDICAL VALUE PICK 637.90 560 1118 14% Open

6 17-Jun-15 REPRO INDIA VALUE PICK 411.35 452 926 -9% Open

7 17-Jun-15 TATA ELXSI VALUE PICK 724.75 559 1084 30% Open

8 17-Jun-15 UNITED SPIRITS VALUE PICK 522.15 693 1371 -25% Open

9 17-Jun-15 WABCO INDIA VALUE PICK 6,289.70 5406 10474 16% Open

10 17-Feb-16 MINDA IND VALUE PICK 262.45 151 295 74% Open

Average Returns as on21-

Apr-20202%

Sr.

NoDate Company Product * CMP Reco. Price Target

Return since

InceptionRemarks

1 12-Oct-19 Kotak Mahindra Bank Ltd. Diwali Pick 1,130.45 1,588.00 1,870.00 -29% Open

2 12-Oct-19 Reliance Industries Ltd. Diwali Pick 1,236.05 1,353.00 1,620.00 -9% Open

3 12-Oct-19ICICI Lombard General Ins Co.

Ltd.Diwali Pick 1,150.00 1,207.00 1,425.00 -5% Open

4 12-Oct-19 Bajaj Finance Ltd. Diwali Pick 2,098.70 3,973.00 4,720.00 -47% Open

5 12-Oct-19 Hindustan Unilever Ltd. Diwali Pick 2,316.35 2,005.00 2,400.00 16% Open

Average Returns as on21-

Apr-2020-15%

Our recommendation of Diwali Picks 2019

Sr.

NoDate Company Product * CMP Reco. Price Target

Return since

InceptionRemarks

1 31-Oct-18 Exide Industries Ltd. Diwali Pick 141.30 255.50 305.00 -45% Open

2 31-Oct-18 Tata Elxsi Ltd. Diwali Pick 724.75 955.30 1,144.00 -24% Open

Average Returns as on21-

Apr-2020-34%

22, April 2020

Debt Market Snapshot

The Inter-bank call money rate traded in the range of 2.30% - 5.00% on

Tuesday ended at 4.45%.

The benchmark 6.45% GOI 2029 closed at 6.2116% on Tuesday Vs. 6.2092%

on Monday.

Global Debt Market:

U.S. government debt prices were higher Tuesday morning, after a historic oil

price plunge stunned market participants in the previous session. It comes after

U.S. oil prices tumbled below zero for the first time on record, with crude stor-

age facilities filling rapidly and as the coronavirus crisis ravages demand.

10 year Benchmark yield likely to move in the range of 6.18 to 6.22% level

on Wednesday.

Government Security Market:

Highly Traded Govt. Bonds (Top 5) Tax free Bonds in Secondary Market:

Forex Rates Prev. Close

Abs. Change

Change (%)

USD/INR 76.57 0.39 0.51

EUR/INR 83.17 0.22 0.27

GBP/INR 95.215 (0.54) (0.57)

JPY/INR 71.15 0.49 0.69

Particulars Latest Previous Chg (bps)

5 Year GOI Bond 5.21 5.20 0.01

10 Year GOI Bond 6.21 6.21 -

15 Year GOI Bond 6.58 6.61 (0.04)

Call Money (WAR) 4.10 4.16 (0.06)

CBLO (WAR) 3.28 2.97 0.31

US 10 Year 0.63 0.66 (0.03)

Crude Oil (in $/bl) 20.43 25.03 (4.60)

Inflation (Monthly CPI) 5.91 6.58 0.67

Issuer Coupon Yield LTP Vol-ume

Maturity Date

RECLTD 8.12 5.415 1,218.52 7,930 27-Mar-27

NABARD 7.64 (7.35) 5.305 1,172.00 4,876 23-Mar-31

NHAI 7.6 (7.35) 5.2079 1,176.50 3,245 11-Jan-31

HUDCO 8.1 4.7037 1,070.00 3,048 5-Mar-22

IRFC 8 5.0581 1,092.00 2,740 23-Feb-22

Security Volume High Low LTP

6.45% GS 2029 14360 101.9375 101.51 101.6825

7.27% GS 2026 3825 106.87 106.5225 106.73

7.57% GS 2033 3800 108.82 108.20 108.5675

7.32% GS 2024 2270 107.1750 107.04 107.12

6.79% GS 2027 1750 103.40 103.25 103.2725

Issuer Coupon Yield LTP Volume Maturity

Date

NTPC 8.49 6.6442 13.38 7,587 25-Mar-25

TCFSL 8.8 8.7374 1,049.81 2,246 27-Sep-21

EHFLNCD 10 19.4031 750 1,764 19-Jul-26

TCFSL 8.9 8.61 1,058.00 1,392 27-Sep-23

EHFLNCD 9.57 14.41 831 951 19-Jul-26

Taxable Bonds in Secondary Market:

Research Team:

We, Research Analyst of GEPL Capital, 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.

Disclosure :-

This document has been prepared by Research Department of GEPL Capital Pvt. Ltd. (hereinafter referred to as GEPL) and this report is for personal information of the selected

recipient/s and does not construe to be any investment, recommendation, prospectus, offering circular or legal or taxation advice to you. This research report does not consti-

tute an offer, invitation or inducement to invest in securities or other investments and GEPL is not soliciting any action based upon it. This report is not for public distribution

and has been furnished to you solely for your general information and should not be reproduced or redistributed to any other person in any form. This report does not consti-

tute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any advice or

recommendation in this material, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. The price and

value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past perfor-

mance is not a guide for future performance, future returns are not guaranteed and a loss of original capital may occur. GEPL makes no representation or warranty, express or

implied, as to, and does not accept any responsibility or liability or obligation with respect to, the fairness, accuracy, completeness or correctness of any information or update

information or opinions contained herein.

All investments including Future and Options are involving risks and investors should exercise prudence in making their investment decisions. The report should not be regard-

ed by the recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this report are subject to change without notice and may differ or be

contrary to opinions expressed by other business areas or GEPL as a result of using different assumptions and criteria. Foreign currency rates of exchange may adversely affect

the value, price or income of any security or related instrument mentioned in this report.

The information contained in this report has been obtained from sources that are considered to be reliable. However, GEPL has not independently verified the accuracy or

completeness of the same. Neither GEPL nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements

and opinion given, made available or expressed herein or for any omission therein.

GEPL and its affiliates and/or their officers, directors and employees may have similar position in any securities mentioned in this document (or in any related investment) and

may from time to time add to or dispose of any such securities (or investment. GEPL specifically prohibits the redistribution of this material in whole or in part without the

written permission of GEPL and GEPL accepts no liability whatsoever for the actions of third parties in this regard. GEPL or its director or its research analysts or its associates or

his relatives and/or its affiliates and/or employees do not have actual/beneficial ownership of one per cent or more securities of the subject company at the end of the month

immediately preceding the date of publication of the research report.

Our sales people, traders, and other professionals or affiliates may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are

contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommenda-

tions expressed herein.

Disclaimers in respect of jurisdiction:

This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdic-

tion where such Distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject GEPL its affiliates to any registration or

licensing requirement within such jurisdiction. If this report is inadvertently send or has reached any individual the same may be ignored and brought to the attention of the

sender. This document may not be reproduced, distributed or published for any purposes without prior written approval of GEPL.

Analyst Certification:

The views expressed in this research report reflect the personal views of the analyst(s) about the subject securities or issues. Compensation of our Research Analysts is not

based on any specific merchant banking, investment banking or brokerage service transactions. Research Analysts of this report have not received any compensation from the

companies mentioned in the report in the preceding twelve months. GEPL Capital Private Limited is a SEBI registered Research Analyst entity bearing SEBI Reg. No.

“INH000000081” under SEBI (Research Analysts) Regulations, 2014.

Reg. Office : D-21 Dhanraj Mahal, CSM Marg, Colaba, Mumbai 400 001 | Contact No +91 22 66182400 | CIN No.: U67120MH1997PTC11094

SEBI Reg.No. NSE/BSE/CURRENCY/F&O - INZ000168137

For more information visit us at: www.geplcapital.com | For research related queries email at research@geplcapital.com

Name Designation Email Id Contact

Pushkaraj Kanitkar AVP - Technical Research pushkaraj@geplcapital.com 022 - 6614 2686

Vidnyan Sawant Sr. Analyst - Technical Research vidnyan@geplcapital.com 022 - 6614 2687

Jigar Doshi Derivatives Analyst jigardoshi@geplcapital.com 022 - 6618 2322

Paramita Guha Fundamental Research Associate paramita@geplcapital.com 022 - 6614 2693