HDFC Securities Morning Note 150114

8/12/2019 HDFC Securities Morning Note 150114

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Retail Research 1

Key Indices Jan 14 % Chg

Sensex 21033 -0.48

Nifty 6242 -0.49

BSE 500 7734 -0.39

DJIA* 16374 +0.71

Nasdaq* 4183 +1.69

MSCI Emerging Markets* 975 -0.22

MSCI AC Pacific* 136 -1.53MSCI World* 1652 +0.38*= in USD

Sectoral Indices Jan 14 % Chg

Major Gainers

BSE Healthcare 10245 +0.66BSE Oil & Gas 8748 +0.08Major Losers

BSE Metal 9422 -1.41BSE Realty 1338 -1.40 Top Gainers(BSE-100)

CMP (Rs) % Chg

Cummins India 471.00 +4.03 Adani Enterprises 243.80 +3.48Idea Cellular 167.25 +2.95

Top Losers(BSE-100)

CMP (Rs) % Chg

Zee Entertainment 285.05 -3.45Tata Steel 374.90 -2.91PFC 148.95 -2.65

52 Week High Price (Rs)

Dr.Reddys 2660.00

P&G 3220.00

52 Week Low Price (Rs)

Star Delta Transf 79.25

Unitech 13.30 Turnover (Rs bn) NSE BSE

Jan 14 88.48 16.86

5 days average 111.92 21.41 Advance-Decline NSE BSE

Jan 14 0.65:1 0.81:15 days average 0.56:1 0.82:1

Volatility Index (ViX) Nifty CBOE

Jan 14 15.74 12.285 days average 15.95 12.73

nterest Rates 3 month Chg bps

LIBOR – UK 0.52 0.00LIBOR – USA 0.24 0.00LIBOR – Europe 0.26 0.00 Exchange Rates Value % Chg

USD/INR - -USD/EURO 0.73 -0.07USD/YEN 104.22 +1.23USD/POUND 0.61 -0.31 Other# Value % Chg

RJ/CRB Index 276.77 +0.24Gold ($ / Oz) 1245.40 -0.46Crude Oil ($ / Barrel) 92.59 +0.86

Market Round Up January 15, 2014

Indian Markets

• The BSE Sensex and the NSE Nifty closed the session in negative territory on Tuesday. TheSensex ended the day at 21,032.88, down 101.33 points or 0.5% and the Nifty closed at6,241.9, down 30.9 points or 0.5%.

• It was a one sided day on Dalal Street as all the major benchmark indices closing in the red.

BSE Midcap and Smallcap indices lost 0.32% and 0.2% respectively. Market breadth wasnegative, as the A/D ratio was 0.81:1 on the BSE. NSE cash turnover was Rs.8848 crs. vs.Rs.10528 crs. on Monday.

• All the BSE sectoral indices with the exception of oil and gas and healthcare were in the red.The prominent losers were the realty (down 1.31), metal (1.36), consumer durables (0.75),banking (0.55), TECk (0.56) and IT (0.57) indices. The top gainers on the BSE were Cipla, DrReddy's, Infosys, Coal India and Hero, while the top losers were Wipro, HUL, ICICI Bank,TCS and SSLT.

• As per the provisional figures on Tuesday, FIIs were net sellers of Rs. 261 cr in the cashmarket, while they were net sellers of Rs. 287 cr in the F&O markets. DIIs were net sellers ofRs. 98 cr in the cash market.

US and European Markets

• Stocks bounced back Tuesday as investors cheered results from some of the nation's largestfinancial institutions and also showed enthusiasm about the tech sector.

• The Dow jumped 115 points, while the S&P 500 and Nasdaq also ended higher.•

After a sharp sell-off Monday, investors turned to bank earnings to get a sense of theeconomy's health.• Investors are still digesting Friday's jobs report, which showed a big slowdown in job creation

in the final month of 2013. Despite the lousy jobs news, stocks managed to end higher Fridayas investors generally believe the economy will continue to improve in 2014.

• The European markets finished Tuesday's session with mixed results. DAX of Germanyclimbed by 0.3% and CAC 40 of France advanced by 0.3%. FTSE 100 of U.K. gained 0.1%.

• Barring ICICI Bank, which ended lower by 1%, all the other Indian ADRs ended in the green.Infosys & Tata Motors ended higher by 1.9% & 1.4% respectively, while Dr. Reddy’s endedhigher by 0.4%. HDFC Bank & Wipro ended flat.

Latin American Markets

• Among the Latin American markets, the Mexican markets ended higher by 0.7%, while theBrazilian markets gained 0.6%.

Asian Markets

• Barring Shanghai, which is trading lower by 0.4%, all the other Asian indices are trading in the

green. Nikkei is a top gainer, up 1.8%. Strait Times & Hang Seng are up by 0.5% each, whileKospi & Taiwan are up by 0.4% & 0.7% respectively.

• As of IST 8.25 am SGX Nifty is trading higher by 8 points.

Currencies • The euro was little changed against the US Dollar on Tuesday after data showed that U.S.

retail sales rose more strongly than expected in December, bolstering expectations that theeconomic recovery will continue to strengthen.

• The Japanese Yen fell the most in four weeks versus its US Dollar after a government reportshowed Japan’s current-account deficit widened to a record in November.

Commodities

• Oil for Feb 2014 contract rose by 0.9% at $92.59/barrel.• Gold for February 2014 delivery fell by 0.5% to $1,245.4/troy ounce.

Key Events for today

• India – WPI Inflation (Y-o-Y Chg)• China – Retail Sales, Industrial Production, GDP• EMU – Merchandise Trade• Switzerland – Adjusted real retail sales• US – MBA Purchase Applications, PPI, Empire State Mfg Survey, EIA Petroleum Status

Report

OutlookIndian markets could open marginally in the green and remain volatile in range of plus / minus25 points on Nifty throughout the session. Immediate support for Nifty is at 6190, whileresistance is at 6325 levels. Among the sector indices, Healthcare, Auto & IT look good andcould outperform. However, Realty & Consumer Durables could witness selling pressure.

For fresh and / or open calls refer to page 4

Morning Note



Retail Research 2

Technical Analysis – Market Pulse January 15, 2014

Index Last Close Support Resistance Oscillators Short-term Trend

(0-3 days)

, 14-days RSIand direction

10-days Rocand direction

DKF5 Stochastic& direction

Sensex 21,033 20,850 21,170 54.57Down -0.65Down 74.96Down Sideways20,725 21,336

Nifty 6,2426,190 6,280 52.75

Down-0.99Down

68.81Down

Sideways

On Tuesday 14th

January 2014, the Sensex opened at 21,115, made an intraday high at 21,155 where it witnessed selling and startcoming down. It made an intraday low at 21,009 and finally closed at 21,033.

• The Sensex formed an ‘Inside’ day which does not have any predictive value.• The Sensex formed a ‘Harami White’ pattern on the daily charts which suggests that the current uptrend will take a breath

before moving up further. In short sideways move is expected.• The confirmation of the uptrend can only be obtained when the Sensex will be able to breach the 0-b line which is drawn on t

chart above and which is trading at 21,251.



Retail Research 3

Harami Candlestick

A Harami formation indicates loss of momentum and often warns of reversal after a strong trend. Harami means 'pregnant' which isquite descriptive. The second candlestick must be contained within the body of the first, though the shadows may protrude slightly.

The upward move from 20,739 to 21,169 took 13 half hours which is a Fibonacci number and in the next 13 half hours it was retracedby 38.2% which is also a Fibonacci time. And in spite of taking the same amount of time the retracement is very minimal.

We feel the current uptrend which is of just 1 trading session can retrace up to 20,854, 20,903 as marked on the chart above.



Retail Research 4

For forthcoming Board Meeting on Jan 15, 2014Click on the following linkhttp://www.bseindia.com/mktlive/board_meeting.asp#1

News Flash January 15, 2014

Economy News

• Continuing the downward trend for the fifth year in a row, India’s iron ore exportsdeclined 52.5% to 14.1 million tonnes for the calendar year 2013 (CY13). This

includes 820,000 tonnes of iron ore pellets. In CY2012, the country’s exports stoodat 29.7 million tonnes.

• India may cut Iranian oil imports by 15% in 2014-15 from the current fiscal year'starget, if western sanctions on Iran are not eased and the situation remains thesame.

• In a bid to attract more global oil majors, the Ministry of Petroleum and Natural Gashas proposed exemption from royalty payment and an income-tax holiday of up to10 years for the next round of auction of oil and gas exploration blocks.

• Government could ease restrictions that prevent domestic airlines from flying oninternational services within a month, potentially benefitting start-ups set up bySingapore Airlines and Malaysia's AirAsia that aim to begin operations in 2014.

• India continues to suffer from low, but improving, levels of economic freedom, thelatest Index of Economic Freedom ranks the nation 120th globally and 25th among43 countries in the Asia-Pacific region.

Corporate News

• State-owned NMDC has kept iron ore prices, for both lumps and fines varieties,unchanged for January even as domestic steel producers jacked up rates earlierthis month.

• State-run GAIL India Ltd plans to strike a “time-swap” deal with US shale gassuppliers so that it can import shale gas by 2015-16, ahead of 2017-18 for whichcontracts are in place.

•

Cairn India Ltd will spend up to Rs 5,725 crore to buy back shares to give himgreater control over the nation's largest private oil producer.

• ONGC Ltd signed a memorandum of understanding with Kuwait PetroleumCorporation for upstream, downstream and mid-stream ventures.

• Stating that the media industry is looking up after a long bad patch, diversifiedmedia group Network18 has announced launch of a slew of initiatives, including aGujarati business news channel and its second general entertainment channel.

Bulk Deals

Scrip Name Quantity (in lakhs) Fund Name PriceSOUTHERN ISP +7.78 CHERRY COSMETICS PRIVATE LIMITED 2.73Visa Steel -5.55 DALMIA SECURITIES PRIVATE LIMITED 18.66

Key Corporate Action

SCRIP NAME BC/RDBC/RDFROM EX-DATE PURPOSE

SIEMENS LTD BC 17/01/2014 15/01/2014 A.G.M., 250% Dividend



Retail Research 5

Stock Ideas January 15, 2014Update of Index Future Calls:

Date B/S Positional Call Entry at Sloss Targets

ExitPrice /

CMP Exit Date % G/L Comments Time HorizonAvg.

Entry

AbsGain/L

oss

13-Jan-14 S Nifty Jan Fut 6258.0 6310.0 6130.0 6262.0 -0.1 Hold 1-5 days 6258.0 -4.0

10-Jan-14 B Nifty Jan Fut 6178.7 6140.0 6230.0 6219.0 10-Jan-14 0.7Premature Profit Booked 1-3 days 6178.7 40.3

Update of Stock and Nifty Options Calls:


ExitPrice /

CMPExit Date % G/L CommentsTimeHorizon

Avg.Entry

AbsGain/Loss

10-Jan-14 B Reliance Jan 860 Call Option 21.4 15.0 35.0 26.7 10-Jan-14 24.5Premature Profit Booked 1-5 days 21.4 5.3

10-Jan-14 B L&T 1000 Call Option 25.4 19.0 34.0 19.0 10-Jan-14 -25.2S top Loss Triggered 2-3 days 25.4 -6.4

8-Jan-14 B L&T Jan 980 Put Option 24.3 16.5 40.0 28.4 9-Jan-14 17.1Premature Profit Booked 1-5 days 24.3 4.2

8-Jan-14 B Coal India 280 Call Option 7.2 4.0 12.0 7.2 9-Jan-14 0.0 Premature Exit 7 days 7.2 0.0

8-Jan-14 B Tata Power 80 Call Option 3.6 1.5 7.0 3.7 9-Jan-14 2.8 Premature Exit 7 days 3.6 0.1

7-Jan-14 B Bhel 170 Call Option 4.7 2.0 10.0 2.0 10-Jan-14 -57.4 Stop Loss Triggered 7 days 4.7 -2.7

7-Jan-14 B Axis Bank 1200 Put Option 27.0 18.0 45.0 37.0 7-Jan-14 37.0Premature Profit Booked 2-3 days 27.0 10.0

6-Jan-14 B Bharti 320 Put Option 5.1 2.0 10.0 3.3 -34.7 Hold 7 days 5.1 -1.8

Update of Momentum / Intra Day/Futures Calls:


ExitPrice /

CMPExit Date

%

G/LComments

Time

Horizon

Avg.

Entry

Abs

Gain/Loss

14-Jan-14 S Jindal Steel Fut 254.5 270.0 230.0 253.5 0.4 Hold 4-10 days 254.5 -1.0

14-Jan-14 B Kolte Patil 85.8 83.0 93.0 85.9 0.1 Hold 7 days 85.8 0.0

14-Jan-14 B Torrent Power 109.2 105.0 120.0 109.0 -0.2 Hold 7 days 109.2 -0.2

14-Jan-14 B SKS Micro Fin 172.5 165.0 180.0 179.0 14-Jan-14 3.8Premature Profit Booked 2-3 days 172.5 6.6

14-Jan-14 B Kopran 26.9 25.0 30.0 26.8 -0.4 Hold 2-3 days 26.9 -0.1

14-Jan-14 B Natco Pharma 794.5 774.0 830.0 789.0 -0.7 Hold 3-7 days 794.5 -5.5

13-Jan-14 B TVS Motors 70.8 68.0 77.0 75.5 6.6 Hold 7 days 70.8 4.7

13-Jan-14 B Westcoast Paper 63.7 60.0 71.0 63.9 0.3 Hold 2-3 days 63.7 0.2

13-Jan-14 S Tata Chemicals Jan Fut 266.4 275.0 250.0 262.6 14-Jan-14 1.4Premature Prof it Booked 4-10 days 266.4 -3.8

13-Jan-14 B Astra Micro 61.7 57.0 70.0 59.4 -3.7 Hold 7 days 61.7 -2.3

13-Jan-14 B PSL 24.0 22.1 28.0 24.4 13-Jan-14 1.7 Premature Profit Booked 2-3 days 24.0 0.4

10-Jan-14 B JSW Energy 51.5 49.0 57.0 49.0 10-Jan-14 -4.8 Stop Loss Triggered 7 days 51.5 -2.5

10-Jan-14 B Lovable 303.7 288.0 320.0 293.5 -3.3 Hold 2-3 days 303.7 -10.2

10-Jan-14 B AIA Engg 475.0 455.0 505.0 491.0 10-Jan-14 3.4Premature Profit Booked 3-7 days 475.0 16.0

10-Jan-14 B DLF 161.3 157.0 170.0 157.9 10-Jan-14 -2.1Premature Exit 1-5 days 161.3 -3.410-Jan-14 B Tata Elxsi 399.0 392.0 425.0 392.0 14-Jan-13 -1.8Stop Loss Triggered 7 days 399.0 -7.0

10-Jan-14 B Vakrangee 90.8 86.0 100.0 93.3 13-Jan-14 2.8Premature Profit Booked 2-3 days 90.8 2.5

10-Jan-14 S Century Textile Jan Fut 311.0 321.0 290.0 305.1 2.0 Hold 4-10 days 311.0 -5.9

9-Jan-14 B Edelweiss 28.7 27.2 31.5 30.0 9-Jan-14 4.4 Premature Profit Booked 2-3 days 28.7 1.3

9-Jan-14 B MTNL 16.9 15.9 19.0 18.2 9-Jan-14 8.0 Premature Profit Booked 3-7 days 16.9 1.4

8-Jan-14 B Ballarpur 14.0 12.9 15.5 13.0 -7.2 Hold 2-3 days 14.0 -1.0

Update of Positional Calls:


ExitPrice /CMP Exit Date % G/L Comments Time Horizon

Avg.Entry

Abs.Gain/Loss

14-Jan-14 B Coromandel 247.0 237.0 265.0 242.3 -1.9 Hold 3-7 days 247.0 -4.7

14-Jan-14 B Kirloskar Oil Engines 170.3 160.0 188.0 171.7 0.8 Hold 2-3 days 170.3 1.4

10-Jan-14 B ITC 324.1 310.0 355.0 324.0 0.0 Hold 5-10 days 324.1 -0.1

10-Jan-14 B Shrenuj 99.1 95.0 110.0 97.5 -1.6 Hold 2 weeks 99.1 -1.6



January 15, 2014Leverage

Nifty Spot (L.H.S) Futures OI (R.H.S) Futures Near (R.H.S)

Nifty Spot wi th Nifty Near Month Fut and Nifty Fut OI1,00,000 Units

Market Outlook: In coming session, if Nifty sustains & trade above 6240 level then traders may see Nifty rising upto 6280level. Nifty 6200 Put shows maximum OI (near the strike price) where most of traders has written put options expecting Nifty totake support at this level. Traders could watch for 6300 Call, as OI in the strike price was on the higher side. If in today’ssession traders saw winding up of position in this strike price then traders may expect continuation of up move. If Nifty sustainsbelow 6240 level for 15 mins then traders may see 6180 level. PCR is currently at 0.97 level

Market Wrap & Outlook

Nifty

Nifty Index

Near Basis

C-o-C

Fut(OI)*

Fut(Vol)*

Fut(Vol)**

OI/Vol

6,241.85

14.65

5.35

401,684

164,507

5,154.49

14-Jan-14

2.44

* - cont racts ** - Crores

1.06 1.07

13.70

16.06

11.61

PCR OIPCR Vol

IV Call

IV Put

Hist.Vot

Nifty Sentiment Indicators

13-Jan-14

6,272.75

12.55

4.30

397,911

266,415

8,342.30

1.49

1.12 1.06

14.00

16.54

11.48

6,171.45

6.80

2.01

379,839

349,797

10,863.64

10-Jan-14

1.09

0.97 1.01

13.71

15.61

6.89

6,162.25

33.60

8.65

385,928

268,832

8,339.93

7-Jan-14

1.44

0.96 0.98

14.74

16.33

7.80

6,154.70

25.00

14.83

540,414

5,965.74

192,690

16-Dec-13

2.80

1.01 0.91

18.01

19.42 14.74

6,278.90

0.45

10.90

398,803

468,698

14,789.54

0.85

0.921.03

12.72

15.02

14.88

Last Expiry

-30.90 -0.49

2.10 16.73

0.79 17.31

3,773 0.95

-3,187.82

-38.25

0.95 63.48

Chg

(T -(T-1))

Chg

(T -(T-1)) %

-38.21

-101,908

-0.06 0.00

-0.30

-0.47

0.14

-5.58 0.21

-2.15

-2.86

1.18

Nifty Synopsis

Daily

Index Snapshots

Vol (Cont) Vol (Cont) OI (Cont) OI (Cont) Vol (Crs.) Vol (Crs.) OI (Crs) OI (Crs.)

14-Jan-14 14-Jan-14 14-Jan-14 14-Jan-1413-Jan-14 13-Jan-14 13-Jan-14 13-Jan-14

NFTYMCAP50 3.00 1,795.002.00 1,794.00 0.10 59.560.07 58.07

BANKNIFTY 87,850.00 75,500.00105,932.00 73,397.00 2,418.12 2,071.162,907.11 2,028.81

CNXIT 312.00 1,486.00745.00 1,554.00 15.60 74.4337.18 77.97

S&P500 523.00 947.0094.00 1,019.00 23.78 43.104.32 46.82CNXINFRA 2.00 0.000.00 0.00 0.05 0.000.00 0.00

CNXPSE 0.00 0.000.00 0.00 0.00 0.000.00 0.00

FTSE100 7.00 24.008.00 22.00 0.23 0.800.27 0.74

Sector PricePrice

%ChgVolume Volume

%ChgOI

OI

%Chg

Sectoral Build up

Banking & 47.95 -0.42 900 93.55 946 40.98

Oil & Gas 330.85 1.63 5,251 213.68 7,894 23.48

Realty 49.60 -0.30 2,006 9.68 3,706 14.35

SectorPrice

%ChgPrice VolumeVolume

%Chg OI %

Sectoral Unwinds

-2,73230.471,5802.15147.15Misc

-947456.38523-0.921,821.00Index

-1,486-58.12312-0.1710,017.60Index

Retail Research



14-Jan-14Vol Breakup

7,612.36Index Fut

13,949.88Stock Fut

72,225.43Index Opt

8,397.71Stock Opt

102,185.38Total

13-Jan-14

11,291.24

17,420.29

97,971.04

12,168.11

138,850.69

10-Jan-14

15,139.30

21,666.47

124,968.97

22,354.39

184,129.13

7-Jan-14

12,371.76

18,708.96

80,354.49

8,768.90

120,204.11

16-Dec-1

8,386.38

15,722.85

76,713.05

8,631.17

109,453.45

Last Expiry

19,371.39

41,066.92

184,055.42

10,109.84

254,603.57

Chg(T -(T-1))

Chg(T -(T-1)) %

-3,678.88 -32.58

-3,470.42 -19.92

-25,745.61 -26.28

-3,770.41 -30.99

-36,665.31 -109.77

14-Jan-14OI Breakup

(In cr.)

Index Fut 14,823.90

Stock Fut 36,561.28

Index Opt 56,076.44

Stock Opt 15,125.71

122,587.33Total

13-Jan-14

14,726.22

36,272.95

55,565.05

14,500.12

121,064.34

10-Jan-14

13,916.82

35,630.90

53,204.33

14,006.40

116,758.43

7-Jan-14

14,048.80

35,533.14

49,780.22

10,812.84

110,175.00

16-Dec-13

18,739.05

38,096.83

67,386.36

10,660.56

134,882.80

Last Expiry

14,355.72

33,781.76

29,892.44

3,029.00

81,058.92

Chg

(T-(T-1))

Chg

(T-(T-1)) %

97.68 0.66

288.33 0.79

511.39 0.92

625.59 4.31

1,522.99 6.69

Scrip Price

% Chg

OI

% Chg

Vol

% Chg

DelVol

% Chg

CESC 3.53 9.93 115.73 17.03MCLEODRUSS 2.72 5.40 210.46 25.10

CIPLA 2.21 2.41 116.99 65.40

CAIRN 1.99 23.48 213.68 76.59

Scrip Price

% Chg

OI

% Chg

Vol

% Chg

DelVol

% Chg

DISHTV -4.43 7.27 97.90 334.68ZEEL -3.85 3.46 41.32 120.06

TATASTEEL -3.01 12.16 26.71 73.91

PFC -2.87 4.55 49.24 150.60

Scrip Cash Futures C-O-C%

ADANIPOWER 34.95 16.3235.20

JSWENERGY 50.00 15.9750.35

GMRINFRA 22.45 15.2422.60

JISLJALEQS 70.40 14.5870.85

Scrip Cash Futures C-O-C%

COALINDIA 288.90 -101.47276.05

BHEL 162.20 -54.15158.35

SYNDIBANK 93.95 -50.9991.85

ALBK 94.95 -49.2592.90

Institutional Flows (Rs.Crs.) as On

Vol and OI Analysis

Stocks With Positive Bias Stocks With Negative Bias

Highest C-O-C Lowest C-O-C

FII Mutual Fund

14-01-2014

Most Active Nifty Options (Contracts)

Institutional flows

Index Fut Stock Fut Index Opt Stock Opt Cash Cash

Net Buy (14 - Jan)

Net Buy (13 - Jan)OI (14 - Jan)

OI (13 - Jan)

Chg in OI

-413.42 94.18-3.23 35.52 0.00

0.00

0.00

0.00913.61 1,020.18-46.25 33.22 13,757.15 37,587.9332,588.36 2,624.74

13,113.49 32,378.03 37,758.83 2,578.77

643.66 -170.90210.33 45.97

Retail Research



Strike Vol OI Chg In OIScrip

UNITECH 1,42360015 158

JPASSOCIA

1,00643855 32

IFCI 5753228 -3

Disclaimer: This document has been prepared by HDFC Securities Limited and is meant f or sole use by the recipient and not forcirculation. This document is not to be reported or copied or made available to others.It should not be considered to be taken as an

offer to sell or a solicitation to buy any security. The information contained herein is from sources believed reliable.We do not representthat it is accurate or complete and it should not be relied upon as such. We may have from time to time positions or options on, and buyand sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other services for, any

company mentioned in this document. This report is intended for Retail Clients only and not f or any other category of clients, including,but not limited to, Institutional Clients.

HDFC Securities Limited, I Think Techno Campus, Building -B, ”Alpha”, Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves,Kanjurmarg (East),Mumbai 400 042.

Strike Vol OI Chg In OIScrip

UNITECH 15 727150 -13

APOLLOTYRE 83 4890 0

JPASSOCIAT 50 29185 -1

Most Active Stock Options (Contracts)

Put OptionsCall Options

Most Active Near Month Futures

Scrip OI Chg In OI(%)

UNITECH 1.6311,532

RPOWER -0.7311,224

GMRINFRA 0.007,623

JPASSOCIAT 0.817,312

IFCI 0.554,612

Nifty Spot with IV and HV

Nifty Spot (L.H.S) Nifty IV (R.H.S) Nifty HV (R.H.S)

Scrip Price % Chg %Del 5DMA

SRTRANSFIN 605.65 1,976.34-0.51 88.24

SUNPHARMA 603.55 69.820.20 84.37

NTPC 131.25 263.38-1.13 76.10

HDFC 824.35 74.150.70 71.72

OFSS 3,240.90 45.04-0.33 70.98

Above Average Deliver ies

Retail Research

Derivatives Research Email:

Primer of terms used:Open Interest (OI) - The total number of futures and/or options contracts that are open, undelivered or unsettled on aparticular day. Basis - The difference between the futures price and the spot price of the underlying expressed in terms of basis points i.e.

bps.Put Call Ratio (PCR) -.The ratio of the trading volume or OI of put optionsto call options. A high volume of puts compared to calls indicatesa bearish sentiment in the market and vise-versa.Cost of Carry (CoC) - It explains the relationship between the futures price and the spotprice. It can be defined as interest + storage cost - income earned.It is calculated as an annualised percentage. Implied Volatility (IV) -

Implied volat ility (IV) measures the market's expected best guess of future volatility of the underlying. It is calculated using the marketprice of an option, along with other inputs used in price models, and then solving for volatility.Historical Volatility (HV) - The realized volatilityof the underlying over a given time period. It can be calculated simply by taking the past prices and price changes (from close to

close), then taking an average of those price changes in percentage terms over a period of time, and subtracting the daily percentageprice changes from this average change to derive deviations from the daily average change for a period. Moving Average - The averageprice of a security over a specified time period (the most common being 5,13, 34, 89 and 200 days), used in order to spot pricing trends by

flattening out large fluctuations."

Documents

HDFC Securities Morning Note 150114