1
Derivatives Rollover Report | April 01, 2022
For Private Circulation Only
NIFTY & PCR Graph
Monthly Gainers
Scrip
Price
Price
Change
(%)
Open
Interest
Ol
Change
(%)
GNFC
842.85
65.35
2501200
(11.74)
INTELLECT
947.30
52.42
1075500
175.77
JINDALSTEL
534.60
44.31
35252500
21.68
DELTACORP
332.35
35.63
14039200
(4.18)
ZEEL
289.20
30.51
62760000
(11.99)
Note: Stocks which have more than 1000 contract in Futures OI.
Monthly Losers
Scrip
Price
Price
Change
(%)
Open
Interest
Ol
Change
(%)
ESCORTS
1510.90
(15.25)
5458750
18.78
GUJGASLTD
505.25
(11.68)
3833750
67.32
JKCEMENT
2444.20
(11.11)
467950
95.47
BIOCON
337.70
(10.05)
15007500
24.43
JUBLFOOD
2652.70
(8.05)
2500375
5.18
Note: Stocks which have more than 1000 contract in Futures OI.
Our Indian equity market finally experienced a strong come back in the concluding series of FY22 after last four series of
negative close. During the initial couple of days, we observed some pain which led to correction towards 15700, which was
then followed by a sharp recovery during the remaining part of the series to reclaim 17500 with some authority.
Now let’s take a quick glance at the F&O activities. During the series, shorts were missing when market was moving
southwards but decent long formation was observed in the market recovery. In case of banking index, we saw meaningful
open interest addition during the series, and it seems majority of them were on the long side. Rollover for Nifty and
BankNifty stood at 82% and 91%, respectively, which is way beyond the three-month average figures. This clearly suggest
longs in the system have been rolled over to the April series. Stronger hands too supported in the recovery by turning net
buyers in equities after six long months. This has certainly poured liquidity in our market and has also bolstered the overall
sentiments. In index futures segment, they exited bearish bets and rolled over longs resulting ‘Long Short Ratio’ surging
from 48% to 62% MoM. The above development hints, market may remain upbeat going ahead and hence, traders are
advised to use declines to pick quality stocks.
Indices Change
INDEX
Price
Price
Change
(%)
Rollover
3 month
avg.
NIFTY
17464.75
7.82
82.12
79.42
BANKNIFTY
36373.60
3.72
91.46
84.16
FINNIFTY
17147.15
4.79
-
-
-
-
-
-
-
-
-
-
-
-
Derivatives Rollover Report
For Private Circulation Only
2
Scrip
Price
Price
Change
(%)
OI
Futures
OI
Change
(%)
COC (%)
PCR-OI
Rollover
(%)
Average
Rollover
(3month)
(%)
AUTO & AUTO ANCILLARIES
AMARAJABAT
539.70
2.79
7739000
(1.54)
8.02
0.73
96.48
94.11
APOLLOTYRE
192.00
7.23
12607500
14.43
6.82
0.67
89.49
92.12
ASHOKLEY
117.90
3.51
42502500
24.18
7.23
0.52
92.98
92.35
BAJAJ-AUTO
3667.45
5.49
1632000
(18.93)
5.16
0.35
82.08
91.61
BALKRISIND
2144.10
21.56
1235400
(15.01)
4.82
0.31
93.82
95.53
BHARATFORG
705.40
6.59
4947000
(9.41)
8.93
0.17
90.57
95.00
BOSCHLTD
14466.90
(2.63)
150250
25.00
2.55
0.60
94.68
95.89
EICHERMOT
2466.05
(5.74)
3823400
36.65
4.70
0.41
95.10
96.33
ESCORTS
1510.90
(15.25)
5458750
18.78
-138.73
0.24
96.31
78.25
EXIDEIND
151.95
7.54
21168000
(12.19)
7.33
0.73
96.92
93.72
HEROMOTOCO
2308.25
(7.39)
3820500
19.33
7.98
0.70
91.25
93.74
M&M
809.80
1.57
12634300
(10.29)
5.25
0.30
72.91
85.70
MARUTI
7598.65
(7.61)
2203900
(11.02)
6.44
0.42
90.12
92.24
MOTHERSUMI
140.10
(3.18)
26033000
16.89
6.08
0.35
87.06
92.24
MRF
64519.85
2.35
96220
47.01
-9.99
0.35
99.09
98.41
TATAMOTORS
436.20
2.02
74185500
4.14
7.36
0.54
92.28
92.69
TVSMOTOR
628.70
1.75
7228200
1.37
6.35
0.25
89.28
89.80
BANKING & FINANCIALS
AUBANK
1253.70
7.55
2153000
(13.17)
7.79
0.43
94.41
95.03
AXISBANK
763.20
4.22
47064000
22.62
3.51
0.45
93.24
94.21
BAJAJFINSV
17150.50
12.26
561600
(11.87)
6.89
0.43
90.13
92.16
BAJFINANCE
7304.75
10.11
3820625
(7.34)
8.04
0.64
93.86
95.39
BANDHANBNK
309.45
6.19
30717000
42.77
8.69
0.37
93.90
93.45
BANKBARODA
112.30
11.35
113829300
14.99
8.18
0.49
94.28
94.30
CANBK
229.10
9.85
42390000
2.12
7.73
0.74
92.90
94.43
CHOLAFIN
723.05
11.48
7657500
(8.54)
8.35
0.40
90.46
94.63
CUB
129.55
5.63
12875800
17.32
6.57
0.44
95.75
95.46
FEDERALBNK
97.90
4.59
58940000
(3.49)
6.69
0.57
93.97
93.73
HDFC
2402.90
2.32
21381300
(4.72)
6.82
0.64
87.55
93.65
HDFCAMC
2153.95
6.77
2899400
1.81
4.80
0.50
96.74
97.28
HDFCBANK
1475.70
3.73
40180800
50.49
4.74
0.66
84.20
91.87
IBULHSGFIN
158.90
6.82
35615900
26.20
9.09
0.56
92.95
81.51
ICICIBANK
731.60
3.32
110188375
12.68
2.32
0.59
90.08
92.40
ICICIPRULI
503.05
7.50
6346500
(13.59)
5.73
0.28
83.53
91.74
IDFCFIRSTB
39.95
3.23
232545000
59.86
8.21
0.73
92.77
94.04
INDUSINDBK
939.70
7.19
24655500
(0.81)
5.99
0.64
94.61
95.75
KOTAKBANK
1762.15
(1.40)
17058800
30.39
6.13
0.55
95.06
95.07
Derivatives Rollover Report
For Private Circulation Only
3
AARTIIND
959.05
10.99
1825800
(14.56)
91.57
COROMANDEL
802.50
9.50
1185625
32.38
132.38
DEEPAKNTR
2258.45
21.72
1760250
(9.03)
239.13
NAVINFLUOR
4102.25
12.32
388125
(2.49)
179.27
PIDILITIND
2465.30
6.83
2585000
(12.27)
163.59
PIIND
2831.70
18.21
1592500
(14.71)
155.99
TATACHEM
980.10
24.90
5131000
(13.46)
215.40
UPL
774.45
22.41
23097100
(19.81)
7.93
Scrip
Price
Price
Change
(%)
OI Futures
OI
Change
(%)
COC (%)
PCR-OI
Rollover
(%)
Average
Rollover
(3month)
(%)
L&TFH
80.25
28.81
48698268
(25.84)
-5.66
0.46
91.42
93.80
LICHSGFIN
361.35
9.17
21112000
3.00
8.53
0.62
96.21
94.17
M&MFIN
160.10
14.44
34600000
13.38
7.78
0.67
95.17
94.16
MANAPPURAM
114.05
3.78
28767000
12.60
5.74
0.71
95.11
93.45
MFSL
755.70
(5.92)
1995500
40.63
3.11
0.16
85.83
93.72
MUTHOOTFIN
1325.30
1.66
3287625
20.67
-5.53
0.64
81.77
84.73
NAM-INDIA
350.15
17.15
2801600
15.81
9.37
0.09
93.49
95.27
PFC
113.20
7.35
38427600
(7.34)
6.95
0.58
95.12
91.19
PNB
35.25
9.30
236704000
98.55
7.44
0.73
95.27
83.72
RBLBANK
131.05
6.76
44010400
15.21
8.51
0.61
95.03
90.07
RECLTD
123.90
5.90
29100000
(4.30)
9.00
0.82
94.51
90.19
SBIN
496.10
5.15
69348000
(3.06)
6.74
0.56
90.84
91.93
SRTRANSFIN
1140.75
6.97
4048800
13.27
6.78
0.23
95.63
94.31
CAPITAL GOODS & INFRASTRUCTURE
ADANIPORTS
777.85
18.43
83248750
(3.63)
6.15
0.41
98.26
98.34
BHEL
49.75
12.18
101178000
(4.29)
10.57
0.65
96.65
96.12
GMRINFRA
37.10
7.23
116775000
37.56
5.29
0.64
93.82
93.76
HAVELLS
1160.20
1.03
4150000
6.15
8.60
0.35
90.00
92.38
LT
1774.95
0.87
12376300
(2.53)
5.38
0.61
91.10
89.81
SIEMENS
2374.55
3.65
1562550
14.86
3.50
0.30
98.58
93.93
VOLTAS
1251.05
6.72
2922500
(20.78)
5.91
0.31
94.73
95.15
CEMENT
ACC
2108.20
4.38
2501000
15.03
-26.15
0.33
91.28
94.50
AMBUJACEM
300.85
(0.08)
26511000
36.72
6.97
0.44
94.60
95.22
GRASIM
1672.85
7.97
10028200
0.64
6.93
0.39
97.32
97.42
RAMCOCEM
768.90
0.42
3048100
120.27
1.44
0.29
98.25
97.18
SHREECEM
24124.50
4.50
197850
8.29
4.99
0.39
96.27
97.95
ULTRACEMCO
6622.80
2.92
2155400
9.96
4.05
0.52
95.07
95.85
Derivatives Rollover Report
For Private Circulation Only
4
Scrip
Price
Price
Change
(%)
OI Futures
OI
Change
(%)
COC (%)
PCR-OI
Rollover
(%)
Average
Rollover
(3month)
(%)
Consumer Goods & FMCG
ASIANPAINT
3097.45
0.79
5321400
22.26
7.41
0.62
97.00
95.90
BERGEPAINT
701.90
3.23
4051300
(8.20)
4.10
0.30
96.36
96.90
BERGEPAINT
BRITANNIA
3200.90
(7.07)
1479000
3.24
-2.22
0.47
91.26
94.27
BRITANNIA
COLPAL
1544.80
11.75
2272900
17.73
2.16
0.25
91.72
90.93
COLPAL
DABUR
538.90
0.88
11658750
(12.91)
6.56
0.27
92.15
95.73
DABUR
GODREJCP
749.35
(3.05)
8409000
41.22
3.58
0.32
97.20
96.56
GODREJCP
HINDUNILVR
2055.05
(5.62)
14185500
43.04
4.07
0.51
95.80
96.02
HINDUNILVR
ITC
252.10
21.09
113273600
(33.71)
7.54
0.62
81.88
89.90
ITC
JUBLFOOD
2652.70
(8.05)
2500375
5.18
8.03
0.59
91.90
93.13
JUBLFOOD
MARICO
505.10
4.18
7905000
(9.37)
3.62
0.35
85.54
90.59
MARICO
MCDOWELL-N
890.55
5.55
13142500
(12.05)
3.23
0.54
91.85
95.95
MCDOWELL-N
NESTLEIND
17356.80
(2.28)
290925
(9.38)
-1.78
0.69
85.61
92.75
NESTLEIN
D
TATACONSUM
782.10
15.03
9333225
(16.98)
7.88
0.28
97.11
96.66
TATACON
SUM
TITAN
2549.60
5.83
5779875
0.36
6.91
0.45
95.79
95.28
TITAN
UBL
1495.70
2.90
1265600
52.57
5.38
0.27
86.63
79.56
UBL
ASIANPAINT
3097.45
0.79
0.62
97.00
95.90
COALINDIA
293.80
1.71
14714400
2
9
.
8
0
8.26
0.35
63.04
65.79
HINDALCO
88.10
30.23
34330000
(
1
3
.
3
6
)
2.22
0.61
78.46
82.59
HINDZINC
182.40
10.61
3964800
1
0
8
.
5
9
-8.52
0.34
71.17
74.01
(
METALS & MINING
COALINDIA
184.15
23.05
35095200
(0.71)
7.83
0.49
88.29
86.71
HINDALCO
573.30
10.74
27817775
(19.15)
8.70
0.32
78.84
82.30
JINDALSTEL
534.60
44.31
35252500
21.68
4.28
0.66
96.50
97.00
JSWSTEEL
737.10
29.00
26041500
(31.96)
7.92
0.55
91.55
95.99
NATIONALUM
122.30
9.20
86921000
(2.85)
5.35
0.50
96.41
96.50
NMDC
163.55
21.60
67107200
(8.87)
8.02
0.59
92.44
89.36
SAIL
99.20
16.91
142623500
(5.32)
8.60
0.63
95.18
95.02
TATASTEEL
1315.05
22.24
31987625
(24.66)
7.83
0.55
93.56
96.35
VEDL
405.75
22.69
56106900
3.71
7.76
0.49
89.20
81.63
TEXTILES
INFORMATION TECHNOLOGY
COFORGE
4473.15
6.88
1037100
110.32
4.62
0.51
78.80
77.20
HCLTECH
1165.10
5.76
19065900
(4.75)
1.51
0.51
90.35
89.53
INFY
1913.70
13.92
26398500
(33.65)
4.68
0.63
89.59
92.22
LTI
6193.10
10.44
1169250
22.81
7.97
0.49
95.79
88.67
MINDTREE
4326.05
20.91
2221800
(19.02)
7.01
0.48
94.13
96.19
MPHASIS
3395.00
14.87
1318450
(15.15)
7.01
0.33
91.40
94.95
NAUKRI
4536.50
5.94
1683000
1.29
7.80
0.46
97.47
94.42
TCS
3753.30
10.01
10233000
(23.68)
4.65
0.55
94.95
93.03
TECHM
1504.40
12.79
12440400
(21.93)
4.30
0.56
96.63
93.55
WIPRO
590.35
10.22
28249600
(20.54)
-3.41
0.54
93.18
92.05
TELECOM
BHARTIARTL
350.55
0.39
34602594
(4.18)
7.10
0.90
89.38
87.82
IDEA
12.45
(7.43)
363300000
(10.52)
10.56
0.83
82.76
85.28
INFRATEL
276.95
1.58
6836000
3.14
10.20
0.49
84.58
83.89
TEXTILES
ARVIND
66.40
(15.36)
5862000
(11.53)
5.92
1.09
82.52
89.16
CENTURYTEX
959.75
(7.62)
3744000
5.98
-1.70
0.81
98.89
99.06
PAGEIND
20491.75
6.10
156325
9.82
-9.51
0
96.19
89.39
RAYMOND
739.95
(13.35)
2732800
4.75
7.00
1.38
97.21
96.63
Derivatives Rollover Report
For Private Circulation Only
5
Scrip
Price
Price
Change
(%)
OI
Futures
OI
Change
(%)
COC (%)
PCR-OI
Rollover
(%)
Average
Rollover
(3month
)
(%)
INFORMATION TECHNOLOGY
HCLTECH
564.00
(0.70)
22885800
(1.26)
8.14
0.58
98.56
96.78
INFY
730.55
3.77
24351600
(52.50)
2.86
0.74
55.98
79.52
MINDTREE
782.95
10.93
1041600
(14.29)
-15.63
0.59
93.13
93.37
NIITTECH
1606.65
6.68
578250
26.08
-2.03
0.46
89.76
82.99
TCS
2212.80
6.19
15671500
(17.22)
6.42
1.91
95.02
94.74
TECHM
775.75
1.00
15406800
8.21
9.05
0.65
96.29
97.15
WIPRO
249.90
3.65
18211200
(29.64)
-2.08
0.72
83.12
92.60
MISCELLANIOUS
ABFRL
302.70
20.72
10407800
(19.10)
2.59
0.12
96.78
95.53
ADANIENT
2020.70
30.26
19292500
(9.18)
3.85
0.68
95.92
97.56
APOLLOHOSP
4542.50
3.57
2114875
(17.68)
7.62
0.39
94.58
96.02
ASTRAL
2017.85
13.05
666050
(38.92)
-3.29
0.73
96.65
96.27
BATAINDIA
1974.00
10.95
1407450
10.21
8.37
0.26
91.98
90.15
BEL
212.15
12.94
30901600
27.20
8.35
0.60
95.14
92.48
CONCOR
675.55
20.73
5989600
9.54
6.59
0.34
93.08
94.32
CUMMINSIND
1118.50
20.51
1783200
9.10
-3.31
0.45
84.58
87.49
HDFCLIFE
540.10
1.35
31930800
24.50
4.60
0.50
96.67
94.90
ICICIGI
1334.25
7.71
2989450
6.61
5.84
0.27
94.66
96.38
INDHOTEL
239.95
23.62
20295012
25.77
7.93
0.52
82.46
88.80
INDIGO
2025.30
10.67
2517500
(21.27)
7.25
0.51
84.27
91.83
IRCTC
775.20
5.09
11376750
18.57
0.84
0.54
95.62
93.70
LALPATHLAB
2566.15
2.99
822375
(0.11)
-22.12
0.21
94.91
94.61
LTTS
5116.75
20.39
562600
(11.57)
2.94
0.39
95.81
95.90
METROPOLIS
2040.15
2.52
554600
(11.35)
2.82
0.35
79.89
83.69
SBILIFE
1125.20
6.60
7310250
(6.22)
4.36
0.38
91.33
92.66
TRENT
1281.65
25.49
2039425
(15.78)
6.29
0.18
79.06
84.19
MEDIA
PVR
1926.75
26.84
2654861
16.38
3.05
0.42
91.22
92.84
SUNTV
492.50
14.92
12738000
5.31
7.05
1.00
93.54
95.33
ZEEL
289.20
30.51
62760000
(11.99)
3.84
0.62
94.92
95.63
IGL
506.15
(1.77)
5178250
(23.81)
7.68
1.13
97.21
91.91
IOC
91.70
(9.79)
62803000
(12.25)
9.18
0.66
93.34
91.89
MGL
1142.20
(4.95)
1020000
(34.79)
1.01
0.96
95.18
90.39
ONGC
102.90
(13.13)
38269000
(13.29)
9.20
0.69
92.19
84.88
PETRONET
222.20
(14.51)
18006000
4.88
6.85
0.92
96.78
95.76
RELIANCE
2008.90
(6.90)
26297500
(1.73)
9.11
0.63
97.62
95.78
BPCL
470.70
11.69
44681400
8.98
8.89
0.51
93.84
91.32
BATAINDIA
1444.10
8.68
1488850
(10.54)
-2.88
0.42
93.06
94.61
BEL
115.85
1.49
22602000
(2.49)
10.21
0.44
97.34
96.42
MCX
659.60
(6.88)
2102100
(7.23)
11.16
0.79
93.26
90.88
MCX
1111.60
2.65
1348000
12.33
-3.27
0.66
92.87
80.54
OIL & GAS
BPCL
361.70
9.13
21285000
(2.48)
8.52
0.67
83.37
87.76
GAIL
155.90
21.94
31232000
4.88
2.09
0.35
89.94
87.00
GUJGASLTD
505.25
(11.68)
3833750
67.32
5.31
0.49
95.22
94.85
HINDPETRO
270.65
0.33
14407200
68.27
6.29
0.64
89.67
83.63
IGL
374.35
12.50
15145625
(16.39)
4.19
0.60
96.22
94.97
IOC
119.70
10.12
51103000
57.59
8.22
0.52
91.94
85.14
MGL
783.40
14.96
3220200
(14.44)
7.19
0.35
95.65
95.19
ONGC
164.85
5.34
65365300
107.56
7.56
0.52
82.67
86.61
PETRONET
194.40
1.51
20859000
16.43
4.37
0.51
90.55
94.73
RELIANCE
2650.45
17.19
30970750
(0.56)
7.77
0.52
93.49
94.92
AUROPHARMA
1037.15
6.60
8765250
(5.00)
7.85
0.51
97.81
95.86
BIOCON
383.45
(3.23)
17434000
0.03
5.93
0.71
86.18
89.52
CADILAHC
629.55
11.44
22301400
43.30
6.29
0.51
95.72
93.45
CIPLA
946.80
3.82
10505950
(19.23)
6.89
0.53
91.10
89.74
Derivatives Rollover Report
For Private Circulation Only
6
Scrip
Price
Price
Change
(%)
OI Futures
OI
Change
(%)
COC
(%)
PCR-OI
Rollover
(%)
Average
Rollover
(3month)
(%)
PHARMACEUTICAL
ALKEM
3565.75
12.13
142600
(50.45)
-19.75
0.31
88.79
86.80
APLLTD
745.95
6.03
1768900
7.95
7.65
0.79
98.40
93.45
AUROPHARMA
672.60
10.90
14684250
5.64
7.90
0.52
95.55
95.48
BIOCON
337.70
(10.05)
15007500
24.43
8.35
0.61
87.12
93.01
CIPLA
1024.95
14.39
7750600
(19.71)
8.84
0.38
82.47
85.19
DIVISLAB
4429.70
12.21
2195000
(13.63)
8.19
0.45
96.43
96.65
DRREDDY
4316.70
5.60
2637875
(3.13)
6.43
0.62
93.26
90.40
GLENMARK
444.70
3.23
6962100
(3.41)
7.96
0.53
92.23
95.29
GRANULES
308.30
14.95
11414200
(0.27)
7.66
0.37
97.46
95.41
LUPIN
749.55
5.10
10300300
15.03
4.36
0.61
93.98
91.79
PEL
2195.70
12.60
3801050
(10.58)
5.25
0.70
93.61
95.46
PFIZER
4376.15
3.76
123625
(0.20)
8.33
0.73
96.02
94.35
STAR
349.15
11.09
4909500
20.00
9.59
0.63
96.12
95.12
SUNPHARMA
916.55
11.67
17196900
(21.47)
2.57
0.38
73.94
86.32
TORNTPHARM
2799.85
4.67
684750
(12.99)
3.64
0.67
92.78
92.85
POWER
NTPC
135.90
9.46
52155000
44.60
8.69
0.45
74.79
78.13
POWERGRID
217.80
13.94
29870133
15.32
6.01
0.99
87.27
87.51
TATAPOWER
240.05
17.50
97956000
(11.56)
7.65
0.60
93.18
94.52
REAL ESTATE
DLF
382.85
19.44
34790250
(15.09)
8.22
0.65
96.96
95.86
GODREJPROP
1677.85
15.48
4188925
(18.98)
4.40
0.53
92.45
94.83
TELECOM
BHARTIARTL
757.30
12.73
52258550
(9.48)
4.06
0.48
88.52
93.20
IDEA
9.80
0.51
486990000
(29.07)
20.26
0.58
67.19
74.81
INDUSTOWER
223.45
12.97
15464400
(25.82)
8.22
0.45
56.14
80.43
TEXTILES
PAGEIND
40152.00
(1.65)
89610
13.53
-1.14
0.15
88.90
87.89
Derivatives Rollover Report
For Private Circulation Only
7
Technical and Derivatives Team:
Sameet Chavan Chief Analyst – Technical & Derivatives sameet.chav[email protected]
Sneha Seth Derivatives Analyst
sneha.seth@angelone.in
Rajesh Bhosale Technical Analyst rajesh.bhosle@angelone.in
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelone.in
DISCLAIMER
Angel One 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 One 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.
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.
Angel or its associates or research analyst or his relative may have actual/beneficial ownership of 1% or more in the
securities of the subject company at the end of the month immediately preceding the date of publication of the research
report. Neither Angel or its associates nor Research Analysts or his relative has any material conflict of interest at the time
of publication of research report.
Angel or its associates might have received any compensation from the companies mentioned in the report during the
period preceding twelve months from the date of this report for services in respect of managing or co-managing public
offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a
merger or specific transaction in the normal course of business. Angel or its associates did not receive any compensation
or other benefits from the companies mentioned in the report or third party in connection with the research report.
Neither Angel nor its research analyst entity has been engaged in market making activity for the subject company.
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.
