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Equity Bazaar
SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds
Nifty Intraday
Today, We may witness strong positive opening in Nifty around
8092 level on back of SGX Nifty and other Asian counters which is
trading on positive note today.
The domestic equity index -- Nifty -- ended higher over one and
half percent, as market participants indulged in buying valuable
stocks in the front line blue chips counters amid firm cues from the
global markets. Sentiments got boost with the rise in crude oil
prices, expectation of above normal monsoon. The G7 summit in
Japan to take stock of the global economy also infused a sense of
confidence. Further, buying in capital goods stocks too supported
the market, as government approved the country’s first ‘National
Capital Goods Policy’, which seeks to treble the production of
capital goods in 10 years to Rs 7,50,000 crore and raise
employment in the sector almost four times to 30 million. Banking
stocks too remained on buyers’ radar after global credit rating
agency Moody's Investors Service on Thursday said India's
bankruptcy code boosts creditors bargaining power against big
borrowers.
The gainers in Nifty index were LT, SBIN , BHEL, AXISBANK, IDEA.
While on the other hand, top loser was INFRATEL, HCLTECH,
EICHERMOT, BOSCHLTD, RELIANCE.
27th May,2016
SENSEX 26,367 1.84%
NIFTY 8,070 1.67%
SGX Nifty* 8,103 0.27%
Global Indices
Dow Jones 17,828 -0.13%
Nasdaq 4,902 0.14%
FTSE 6,266 0.04%
DAX 10,273 0.66%
Straits Times 2,782 0.31%
Nikkei 225 16,846 0.44%
Hang Seng 20,336 -0.30%
Commodities
Gold 28,738 -0.76%
Silver 39,051 -0.46%
Natural Gas 145 -0.83%
Crude Oil 3,327 -0.03%
Currency
Dollar / Rupee 67.17 -0.24%
Euro / Rupee 74.94 0.08%
Pound / Rupee 98.23 0.07%
Volumes Rs.mn
Cash BSE 29,286 26.05
Cash NSE 233,176 39.85
FII Activities Rs.Cr.
Purchase Sale Net
4335.81 4,071 264.47
MF Activities Rs.Cr.
Purchase Sale Net
5467.8 4,974 493.7
Indian Markets
*Sources- Bloomberg, Moneycontrol, Zeebusiness, livemint
Equity Bazaar
SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds
Nifty Outlook
BankNifty Outlook
21 DEMA 7828
50 DEMA 7756
100 DEMA 7576
Moving Averages
L1 L2 L3
R 8119 8168 8253
S 7984 7899 7850
L1 L2 L3
R 17137 17704 17985
S 17079 16799 16626
21 DEMA 16650
50 DEMA 16251
100 DEMA 15697
Moving Averages
 Bank Nifty closed at 17359 with gain of 2.13%. Bank Nifty opened on strong positive note and
thereafter continued to move higher and settled near to day’s high, there was no meaningful setback.
 Bank Nifty has crossed above its 50% retracement level and horizontal resistance band which is
positive development.
 Among Bank Nifty index all banking stock ended on positive note, Some of the public sector bank has
performed very well.
 Going forward, as nifty crossed its immediate hurdle and entered into positive territory. On higher side
immediate potential up move will be in the range of 17800 to 18000 level.
27th May,2016
 Nifty opened on strong positive note and thereafter continued to move higher and settled near to day’s
high, there was no meaningful setback.
 Nifty closed at 8069 level with gain of 134 points or 1.70%. From candlestick perspective Nifty has
formed strong bull candle.
 Nifty has breached its downward slopping channel and index has surpassed its 50% retracement level
which is positive development.
 Going forward, Nifty has ironed out its crucial level of 8000 mark. It has entered into positive territory,
from positional perspective immediate resistance will be in the range of 8200 to 8300 level .
Equity Bazaar
SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds
Derivative Front:
The VIX decreased by 1.26% and reached 15.32. The 50-share
Nifty was up by 134.75 points or 1.70% to settle at 8,069.65
The top gainers from the F&O segment were The Larsen &
Toubro, Ashok Leyland and Adani Power. On the other hand,
the top losers were Jaiprakash Associates, Cummins India and
Indian Overseas Bank. In the index options segment,
maximum OI was being seen in the 8100-8500 calls and 7000-
8000 puts. In today's session, while the traders preferred to
exit 7500 put, heavy buildup was seen in the 8000 put. On the
other hand, traders exited from 8000 Call, while 8100 call
witnessed considerable OI addition.
The Nifty Put Call Ratio (PCR) finally stood at 1.05 for June
month contract. The top five scrips with highest PCR on OI
were UCO Bank (3.33), Indian Overseas Bank (2.78), KPIT
Technologies (2.50), Divis Laboratories (2.00), and Andhra
bank (1.98).
Long Built Up
Symbol Close Price Chng % OI Chng % Buy Above
Short Covering
Symbol Close Price Chng % OI Chng % Buy Above
ADANIPOWER 31.00 2.31 -403.84 31.97
INDIACEM 92.75 3.57 -368.90 94.81
JSWENERGY 68.50 0.59 -352.48 68.90
LICHSGFIN 457.55 0.64 -324.40 464.12
Short Built Up
Symbol Close Price Chng % OI Chng % Sell Below
ALBK 50.45 -5.70 39.31 51.16
UCOBANK 33.60 -9.80 8.31 34.36
Long Liquidation
Symbol Close Price Chng % OI Chng % Sell Below
IDFC 47.35 -1.04 -487.06 47.66
JISLJALEQS 66.15 -1.85 -486.46 66.67
JINDALSTEL 60.70 -5.08 -415.14 61.22
GMRINFRA 11.4 -5.00 -372.20 11.57
27th May,2016
Equity Bazaar
SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds
Symbols CLOSE R3 R2 R1 P S1 S2 S3 Trend Action
ACC 1501 1561 1528 1514 1495 1481 1461 1428 Up Buy
ADANIPORTS 185 197 191 188 185 182 179 172 Up Buy
AMBUJACEM 225 239 232 229 226 222 219 213 Down Sell
ASIANPAINT 994 1041 1015 1005 989 978 963 937 Up Buy
AUROPHARMA 745 767 755 750 743 738 731 719 Up Buy
AXISBANK 521 560 538 529 515 507 492 469 Up Buy
BAJAJ-AUTO 2501 2583 2541 2521 2498 2478 2455 2412 Up Buy
BANKBARODA 135 142 138 137 135 133 131 127 Up Buy
BHARTIARTL 351 368 360 355 352 347 343 335 Down Sell
BHEL 129 138 133 131 127 125 122 116 Up Buy
BOSCHLTD 21770 22937 22412 22091 21886 21565 21360 20835 Down Sell
BPCL 926 969 945 936 921 912 898 874 Up Buy
CIPLA 469 485 477 473 470 465 462 454 Down Sell
COALINDIA 281 286 283 282 280 279 278 275 Up Buy
DRREDDY 3090 3187 3137 3113 3087 3063 3037 2987 Up Buy
EICHERMOT 18400 19178 18819 18610 18460 18251 18102 17743 Down Sell
GAIL 380 406 394 387 383 376 371 360 Down Sell
GRASIM 4331 4459 4394 4362 4329 4297 4264 4199 Up Buy
HCLTECH 742 774 759 750 743 735 728 713 Down Sell
HDFC 1229 1305 1262 1246 1219 1202 1175 1132 Up Buy
HDFCBANK 1183 1225 1202 1192 1179 1170 1157 1134 Up Buy
HEROMOTOCO 2950 3098 3025 2987 2952 2914 2879 2806 Down Sell
HINDALCO 91 96 93 92 90 89 87 84 Up Buy
HINDUNILVR 850 889 867 859 845 837 823 801 Up Buy
ICICIBANK 240 259 249 244 239 234 229 219 Up Buy
IDEA 113 122 117 115 113 111 108 103 Up Buy
INDUSINDBK 1099 1141 1120 1110 1099 1089 1078 1057 Up Buy
INFRATEL 388 410 400 394 390 384 380 370 Down Sell
INFY 1238 1289 1259 1248 1229 1219 1200 1170 Up Buy
ITC 364 381 371 367 361 357 350 340 Up Buy
KOTAKBANK 734 778 754 744 729 719 704 680 Up Buy
LT 1471 1638 1544 1507 1449 1412 1354 1259 Up Buy
LUPIN 1473 1526 1500 1487 1474 1461 1448 1423 Down Sell
M&M 1337 1419 1375 1356 1331 1312 1287 1243 Up Buy
MARUTI 4120 4286 4189 4154 4091 4056 3993 3895 Up Buy
NTPC 142 148 145 143 141 140 138 135 Up Buy
ONGC 214 236 226 220 215 209 205 194 Down Sell
POWERGRID 151 156 153 152 150 149 147 145 Up Buy
RELIANCE 947 965 956 952 948 943 940 931 Down Sell
SBIN 185 205 193 189 181 177 169 157 Up Buy
SUNPHARMA 784 810 796 790 782 776 768 754 Up Buy
TATAMOTORS 400 410 405 402 400 397 394 389 Up Buy
TATAMTRDVR 270 282 276 273 271 268 265 260 Down Sell
TATAPOWER 74 77 75 74 73 73 72 70 Up Buy
TATASTEEL 327 344 335 331 325 322 316 307 Up Buy
TCS 2560 2663 2603 2582 2543 2522 2484 2424 Up Buy
TECHM 541 590 563 552 536 525 509 483 Up Buy
ULTRACEMCO 3220 3283 3249 3234 3215 3200 3181 3147 Up Buy
WIPRO 547 558 552 550 546 544 540 535 Up Buy
YESBANK 1022 1073 1044 1033 1015 1004 986 957 Up Buy
27th May,2016
Equity Bazaar
SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds
Contact Us
www.choiceindia.com
Kunal Parmar
Research Associate
kunal.parmar@choiceindia.com
Vikas Chaudhari
Research Associate
vikas.chaudhari@choiceindia.com
www.choiceindia.comcustomercare@choiceindia.com
Disclaimer
This is solely for information of clients of Choice Broking and does not construe to be an investment advice. It is also not intended as an offer or solicitation for the purchase and sale of any financial
instruments. Any action taken by you on the basis of the information contained herein is your responsibility alone and Choice Broking its subsidiaries or its employees or associates will not be liable in
any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of the information contained in this recommendation, but
Choice Broking or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the
information contained in this recommendation or any action taken on basis of this information. Technical analysis studies market psychology, price patterns and volume levels. It is used to forecast
future price and market movements. Technical analysis is complementary to fundamental analysis and news sources. The recommendations issued herewith might be contrary to recommendations
issued by Choice Broking in the company research undertaken as the recommendations stated in this report is derived purely from technical analysis. Choice Broking has based this document on
information obtained from sources it believes to be reliable but which it has not independently verified; Choice Broking makes no guarantee, representation or warranty and accepts no responsibility
or liability as to its accuracy or completeness. The opinions contained within the report are based upon publicly available information at the time of publication and are subject to change without
notice. The information and any disclosures provided herein are in summary form and have been prepared for informational purposes. The recommendations and suggested price levels are intended
purely for trading purposes. The recommendations are valid for the day of the report however trading trends and volumes might vary substantially on an intraday basis and the recommendations may
be subject to change. The information and any disclosures provided herein may be considered confidential. Any use, distribution, modification, copying, forwarding or disclosure by any person is
strictly prohibited. The information and any disclosures provided herein do not constitute a solicitation or offer to purchase or sell any security or other financial product or instrument. The current
performance may be unaudited. Past performance does not guarantee future returns. There can be no assurance that investments will achieve any targeted rates of return, and there is no guarantee
against the loss of your entire investment.
POTENTIAL CONFLICT OF INTEREST DISCLOSURE (as on date of report) Disclosure of interest statement – ‱ Analyst interest of the stock /Instrument(s): - No. ‱ Firm interest of the stock /
Instrument (s): - No.
Amit Pathania
Research Associate
amit.pathania@choiceindia.com
27th May,2016
Kapil Shah
Research Associate
kapil.shah@choiceindia.com
Kapil Shah
Digitally signed by Kapil Shah
DN: cn=Kapil Shah, o=Choice Equity Broking Pvt
Ttd., ou=Research Department,
email=kapil.shah@choiceindia.com, c=IN
Date: 2016.05.27 08:50:56 +05'30'

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Equity bazaar 27.05.2016

  • 1. Equity Bazaar SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds Nifty Intraday Today, We may witness strong positive opening in Nifty around 8092 level on back of SGX Nifty and other Asian counters which is trading on positive note today. The domestic equity index -- Nifty -- ended higher over one and half percent, as market participants indulged in buying valuable stocks in the front line blue chips counters amid firm cues from the global markets. Sentiments got boost with the rise in crude oil prices, expectation of above normal monsoon. The G7 summit in Japan to take stock of the global economy also infused a sense of confidence. Further, buying in capital goods stocks too supported the market, as government approved the country’s first ‘National Capital Goods Policy’, which seeks to treble the production of capital goods in 10 years to Rs 7,50,000 crore and raise employment in the sector almost four times to 30 million. Banking stocks too remained on buyers’ radar after global credit rating agency Moody's Investors Service on Thursday said India's bankruptcy code boosts creditors bargaining power against big borrowers. The gainers in Nifty index were LT, SBIN , BHEL, AXISBANK, IDEA. While on the other hand, top loser was INFRATEL, HCLTECH, EICHERMOT, BOSCHLTD, RELIANCE. 27th May,2016 SENSEX 26,367 1.84% NIFTY 8,070 1.67% SGX Nifty* 8,103 0.27% Global Indices Dow Jones 17,828 -0.13% Nasdaq 4,902 0.14% FTSE 6,266 0.04% DAX 10,273 0.66% Straits Times 2,782 0.31% Nikkei 225 16,846 0.44% Hang Seng 20,336 -0.30% Commodities Gold 28,738 -0.76% Silver 39,051 -0.46% Natural Gas 145 -0.83% Crude Oil 3,327 -0.03% Currency Dollar / Rupee 67.17 -0.24% Euro / Rupee 74.94 0.08% Pound / Rupee 98.23 0.07% Volumes Rs.mn Cash BSE 29,286 26.05 Cash NSE 233,176 39.85 FII Activities Rs.Cr. Purchase Sale Net 4335.81 4,071 264.47 MF Activities Rs.Cr. Purchase Sale Net 5467.8 4,974 493.7 Indian Markets *Sources- Bloomberg, Moneycontrol, Zeebusiness, livemint
  • 2. Equity Bazaar SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds Nifty Outlook BankNifty Outlook 21 DEMA 7828 50 DEMA 7756 100 DEMA 7576 Moving Averages L1 L2 L3 R 8119 8168 8253 S 7984 7899 7850 L1 L2 L3 R 17137 17704 17985 S 17079 16799 16626 21 DEMA 16650 50 DEMA 16251 100 DEMA 15697 Moving Averages  Bank Nifty closed at 17359 with gain of 2.13%. Bank Nifty opened on strong positive note and thereafter continued to move higher and settled near to day’s high, there was no meaningful setback.  Bank Nifty has crossed above its 50% retracement level and horizontal resistance band which is positive development.  Among Bank Nifty index all banking stock ended on positive note, Some of the public sector bank has performed very well.  Going forward, as nifty crossed its immediate hurdle and entered into positive territory. On higher side immediate potential up move will be in the range of 17800 to 18000 level. 27th May,2016  Nifty opened on strong positive note and thereafter continued to move higher and settled near to day’s high, there was no meaningful setback.  Nifty closed at 8069 level with gain of 134 points or 1.70%. From candlestick perspective Nifty has formed strong bull candle.  Nifty has breached its downward slopping channel and index has surpassed its 50% retracement level which is positive development.  Going forward, Nifty has ironed out its crucial level of 8000 mark. It has entered into positive territory, from positional perspective immediate resistance will be in the range of 8200 to 8300 level .
  • 3. Equity Bazaar SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds Derivative Front: The VIX decreased by 1.26% and reached 15.32. The 50-share Nifty was up by 134.75 points or 1.70% to settle at 8,069.65 The top gainers from the F&O segment were The Larsen & Toubro, Ashok Leyland and Adani Power. On the other hand, the top losers were Jaiprakash Associates, Cummins India and Indian Overseas Bank. In the index options segment, maximum OI was being seen in the 8100-8500 calls and 7000- 8000 puts. In today's session, while the traders preferred to exit 7500 put, heavy buildup was seen in the 8000 put. On the other hand, traders exited from 8000 Call, while 8100 call witnessed considerable OI addition. The Nifty Put Call Ratio (PCR) finally stood at 1.05 for June month contract. The top five scrips with highest PCR on OI were UCO Bank (3.33), Indian Overseas Bank (2.78), KPIT Technologies (2.50), Divis Laboratories (2.00), and Andhra bank (1.98). Long Built Up Symbol Close Price Chng % OI Chng % Buy Above Short Covering Symbol Close Price Chng % OI Chng % Buy Above ADANIPOWER 31.00 2.31 -403.84 31.97 INDIACEM 92.75 3.57 -368.90 94.81 JSWENERGY 68.50 0.59 -352.48 68.90 LICHSGFIN 457.55 0.64 -324.40 464.12 Short Built Up Symbol Close Price Chng % OI Chng % Sell Below ALBK 50.45 -5.70 39.31 51.16 UCOBANK 33.60 -9.80 8.31 34.36 Long Liquidation Symbol Close Price Chng % OI Chng % Sell Below IDFC 47.35 -1.04 -487.06 47.66 JISLJALEQS 66.15 -1.85 -486.46 66.67 JINDALSTEL 60.70 -5.08 -415.14 61.22 GMRINFRA 11.4 -5.00 -372.20 11.57 27th May,2016
  • 4. Equity Bazaar SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds Symbols CLOSE R3 R2 R1 P S1 S2 S3 Trend Action ACC 1501 1561 1528 1514 1495 1481 1461 1428 Up Buy ADANIPORTS 185 197 191 188 185 182 179 172 Up Buy AMBUJACEM 225 239 232 229 226 222 219 213 Down Sell ASIANPAINT 994 1041 1015 1005 989 978 963 937 Up Buy AUROPHARMA 745 767 755 750 743 738 731 719 Up Buy AXISBANK 521 560 538 529 515 507 492 469 Up Buy BAJAJ-AUTO 2501 2583 2541 2521 2498 2478 2455 2412 Up Buy BANKBARODA 135 142 138 137 135 133 131 127 Up Buy BHARTIARTL 351 368 360 355 352 347 343 335 Down Sell BHEL 129 138 133 131 127 125 122 116 Up Buy BOSCHLTD 21770 22937 22412 22091 21886 21565 21360 20835 Down Sell BPCL 926 969 945 936 921 912 898 874 Up Buy CIPLA 469 485 477 473 470 465 462 454 Down Sell COALINDIA 281 286 283 282 280 279 278 275 Up Buy DRREDDY 3090 3187 3137 3113 3087 3063 3037 2987 Up Buy EICHERMOT 18400 19178 18819 18610 18460 18251 18102 17743 Down Sell GAIL 380 406 394 387 383 376 371 360 Down Sell GRASIM 4331 4459 4394 4362 4329 4297 4264 4199 Up Buy HCLTECH 742 774 759 750 743 735 728 713 Down Sell HDFC 1229 1305 1262 1246 1219 1202 1175 1132 Up Buy HDFCBANK 1183 1225 1202 1192 1179 1170 1157 1134 Up Buy HEROMOTOCO 2950 3098 3025 2987 2952 2914 2879 2806 Down Sell HINDALCO 91 96 93 92 90 89 87 84 Up Buy HINDUNILVR 850 889 867 859 845 837 823 801 Up Buy ICICIBANK 240 259 249 244 239 234 229 219 Up Buy IDEA 113 122 117 115 113 111 108 103 Up Buy INDUSINDBK 1099 1141 1120 1110 1099 1089 1078 1057 Up Buy INFRATEL 388 410 400 394 390 384 380 370 Down Sell INFY 1238 1289 1259 1248 1229 1219 1200 1170 Up Buy ITC 364 381 371 367 361 357 350 340 Up Buy KOTAKBANK 734 778 754 744 729 719 704 680 Up Buy LT 1471 1638 1544 1507 1449 1412 1354 1259 Up Buy LUPIN 1473 1526 1500 1487 1474 1461 1448 1423 Down Sell M&M 1337 1419 1375 1356 1331 1312 1287 1243 Up Buy MARUTI 4120 4286 4189 4154 4091 4056 3993 3895 Up Buy NTPC 142 148 145 143 141 140 138 135 Up Buy ONGC 214 236 226 220 215 209 205 194 Down Sell POWERGRID 151 156 153 152 150 149 147 145 Up Buy RELIANCE 947 965 956 952 948 943 940 931 Down Sell SBIN 185 205 193 189 181 177 169 157 Up Buy SUNPHARMA 784 810 796 790 782 776 768 754 Up Buy TATAMOTORS 400 410 405 402 400 397 394 389 Up Buy TATAMTRDVR 270 282 276 273 271 268 265 260 Down Sell TATAPOWER 74 77 75 74 73 73 72 70 Up Buy TATASTEEL 327 344 335 331 325 322 316 307 Up Buy TCS 2560 2663 2603 2582 2543 2522 2484 2424 Up Buy TECHM 541 590 563 552 536 525 509 483 Up Buy ULTRACEMCO 3220 3283 3249 3234 3215 3200 3181 3147 Up Buy WIPRO 547 558 552 550 546 544 540 535 Up Buy YESBANK 1022 1073 1044 1033 1015 1004 986 957 Up Buy 27th May,2016
  • 5. Equity Bazaar SEBI Registered– Research Analyst Equities I Commodities I Currencies I Mutual Funds Contact Us www.choiceindia.com Kunal Parmar Research Associate kunal.parmar@choiceindia.com Vikas Chaudhari Research Associate vikas.chaudhari@choiceindia.com www.choiceindia.comcustomercare@choiceindia.com Disclaimer This is solely for information of clients of Choice Broking and does not construe to be an investment advice. It is also not intended as an offer or solicitation for the purchase and sale of any financial instruments. Any action taken by you on the basis of the information contained herein is your responsibility alone and Choice Broking its subsidiaries or its employees or associates will not be liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of the information contained in this recommendation, but Choice Broking or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this recommendation or any action taken on basis of this information. Technical analysis studies market psychology, price patterns and volume levels. It is used to forecast future price and market movements. Technical analysis is complementary to fundamental analysis and news sources. The recommendations issued herewith might be contrary to recommendations issued by Choice Broking in the company research undertaken as the recommendations stated in this report is derived purely from technical analysis. Choice Broking has based this document on information obtained from sources it believes to be reliable but which it has not independently verified; Choice Broking makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. The opinions contained within the report are based upon publicly available information at the time of publication and are subject to change without notice. The information and any disclosures provided herein are in summary form and have been prepared for informational purposes. The recommendations and suggested price levels are intended purely for trading purposes. The recommendations are valid for the day of the report however trading trends and volumes might vary substantially on an intraday basis and the recommendations may be subject to change. The information and any disclosures provided herein may be considered confidential. Any use, distribution, modification, copying, forwarding or disclosure by any person is strictly prohibited. The information and any disclosures provided herein do not constitute a solicitation or offer to purchase or sell any security or other financial product or instrument. The current performance may be unaudited. Past performance does not guarantee future returns. There can be no assurance that investments will achieve any targeted rates of return, and there is no guarantee against the loss of your entire investment. POTENTIAL CONFLICT OF INTEREST DISCLOSURE (as on date of report) Disclosure of interest statement – ‱ Analyst interest of the stock /Instrument(s): - No. ‱ Firm interest of the stock / Instrument (s): - No. Amit Pathania Research Associate amit.pathania@choiceindia.com 27th May,2016 Kapil Shah Research Associate kapil.shah@choiceindia.com Kapil Shah Digitally signed by Kapil Shah DN: cn=Kapil Shah, o=Choice Equity Broking Pvt Ttd., ou=Research Department, email=kapil.shah@choiceindia.com, c=IN Date: 2016.05.27 08:50:56 +05'30'