Angel Broking Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India
Limited, Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository
Participant with CDSL and Portfolio Manager and investment advisor with SEBI. It also has registration with AMFI as a
Mutual Fund Distributor. Angel Broking Limited is a registered entity with SEBI for Research Analyst in terms of SEBI
(Research Analyst) Regulations, 2014 vide registration number INH000000164. Angel or its associates has not been
debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. Angel or its
associates/analyst has not received any compensation / managed or co-managed public offering of securities of the
company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any
investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of
this document should make such investigations as they deem necessary to arrive at an independent evaluation of an
investment in the securities of the companies referred to in this document (including the merits and risks involved), and
should consult their own advisors to determine the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding
positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a
report on a company's fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports
available on our website to evaluate the contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other
reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied
on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies
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 report. Angel Broking Limited has not independently verified all the information contained
within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the
accuracy, contents or data contained within this document. While Angel Broking Limited endeavors to update on a
reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that
prevent us from doing so.
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