www.geojit.

com/gil

Market Radar 10.07.2025

Opening Signals Global Markets

ASIA Indices %Chg
Asian markets opened with mixed performance as Wall Street gains Nasdaq 0.94
reflected investor optimism despite recent tariff-related headlines.
S&P500 0.61
The Gift Nifty suggests a flat to mildly positive start for Indian
equities. CAC40 1.42
Fed minutes show uncertainty in extent of Hang Seng 0.10
US & EUROPE rate cuts. Nikkei -0.53
US markets rose on Wednesday, led by a rally in technology stocks as Shanghai 0.28
Nvidia reached a significant milestone. Investors also kept a close • Events today: US initial & continuing jobless
eye on new tariff announcements from President Donald Trump. claims. Futures %Chg
Meanwhile, European markets ended the day at a four-week high, • Earnings: TCS, Tata Elxsi, Indian Renewable Gift Nifty 0.10
with banking stocks providing the strongest support amid anticipation Energy Development Agency IREDA, Anand Rathi Dow -0.18
of progress in trade negotiations between the U.S. and the European Wealth, Eimco Elecon (India), GTPL Hathway.
S&P500 -0.20
Union. • Exchange debut: Cryogenic OGS (SME)
• Ex-date: Dr Reddy's, Wheels India (Dividend) Nasdaq -0.21
• Govt plans Rs 45,000 crore capital raise by PSBs Commodity %Chg
COMMODITIES
Oil prices held steady as traders assessed robust U.S. gasoline in FY26. Gold 1.40
demand alongside rising geopolitical risks from attacks on vessels in • Trump issues letters to 8 more countries, slaps Silver 0.06
the Red Sea, while looming U.S. copper tariffs added to market 50% tariff on Brazil.
Crude 1.27
caution. Meanwhile, gold prices inched higher, supported by ongoing • Promoter Waaree Energies is set to sell up to 10
lakh shares (or a 2.4% stake) in Indosolar via an Currency %Chg
trade negotiations between the U.S. and its global partners, although
gains were limited by a stronger dollar. offer-for-sale on July 10 and July 11. USDINR 0.04
• RailTel has received a work order worth Rs 17.5 Bitcoin -0.63
crore from the General Administration Department
(GAD), Chhattisgarh.

CPI WPI IIP FOMC RBI

14.07.2025 14.07.2025 28.07.2025 30.07.2025 06.08.2025

4 4 18 20 27

Nifty Outlook Trader's corner

The week thus far, we had stayed away anticipating vertical
moves, due to poor signals from momentum indicators. But Buy Buy
yesterday’s trades being contained within the previous day’s
candle, the stage is perhaps set for an expansion in trading range.
Meanwhile, a descending broadening wedge breakout appears to be
RAILTEL REPCOHOME
maturing in 15 minute chart, supporting the upside breakout hopes.
That said, the 25588-650 region will continue to be challenging,
but with higher chance of giving away, exposing 25730-850 as the Target: 419 - 430 Target: 434 - 447
initial upside targets, followed by 26200. Downside marker will be Stoploss: 402 Stoploss: 417.5
at 25440 that seeks to prevent 25300-24920 being exposed. At bollinger lower band Pinbar doji candle

All 'Buy' recommendations have a holding period of 5 trading days.

All 'Sell' recommendations are for the recommended day.

Fed expectations Rate decision dates Institutional flow

15,000

FOMC meeting dates RBI meeting dates

4.25 - 4.5 94.7 10,000
Mar 25 18-19 Apr '25 7-9 921
May 25 6-7 Jun '25 4-6 5,000
77
Jun 25 17-18 Aug '25 4-6
4.0 - 4.25
5.3 Jul 25 29-30 Sep '25 29 - 1st Oct 0
Sep 25 16-17 Dec '25 3-5
Oct 25 28-29 Feb '26 4-6 -5,000
-1 49 99 149 Dec 25 9-10
Probability
Source: Investing.com
FII DII
Rs. Cr.

Market Radar
1
 Markets yesterday

Sectoral gainers What drove Nifty?

FMCG Auto Nifty fell -46 pts yesterday.
Realty
-18% 10% 5% Pharma Upside attempts were dominated by HDFCBANK (15.8 pts) and
2%
downsides by RELIANCE (-27.3 pts)
Sevices
PrivateBank
bank
sector
0% -1%
-2%
Energy Oil&Gas -29.0
-3%
IT -20.3
Metals -7.6
Metal Media Infrastructure -6.9
-17% -5%
Telecom -3.0
Insurance -2.0
Healthcare -1.7
PSU Bank
-5% Pharmaceuticals -1.4
Banks 0.1
Cement 0.9
Infra
-8% Chemicals 1.2
Energy 2.1
Oil & Gas
-15% Automobiles 4.9
IT Financial Services 8.0
-9% FMCG 14.3
-40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0

Quant ideas for today

For the bulls

On an upmove Momentum gaining
Stock LTP 3D High Stock Volume Prc Chg%
1 OMAXAUTO 105 93 1 SGIL 794977 4.8
2 METROPOLIS 2058 1880.0 2 MUNJALSHOW 2882437 8.7

On an upmove (Above 3d high), Momentum gaining 3 FORCEMOT 16719 15300 3 IDFNIFTYET 40577 0.0
(Rise in Volume (+5x 3davg vol)) with rise in price, 4 SAMHI 237 224.0 4 OMAXAUTO 1278696 12.3
sorted on volume chg% basis.
5 UNIVASTU 262 248 5 MEDANTA 5737881 4.6

For the bears

Fall in price Momentum losing
Stock LTP 3D Low Stock Volume Prc Chg%
1 CSLFINANCE 314 331 227 EMCURE 172046 1.2
2 AUTOIND 75 77.7 226 SPANDANA 73754 0.9
3 GAIL 185 192 225 RITCO 66303 0.2
Fall in Price (Below prev. 3d low), Momentum losing 4 PAKKA 197 204.2 224 RELAXO 785283 0.2
(Rise in price with fall in volume (vol below 1d or 5 MAXHEALTH 1247 1286 223 AAVAS 100749 0.5
3davg)) sorted on the basis of Vol%Chg.

For the swing traders

Near 3D high Near 3D low
Stock LTP 3D High Stock LTP 3D Low

59 DATAPATTNS 3025 3026 119 ABREL 2216 2216

58 BAJFINANCE 941 941 118 RGL 118 118
57 DCBBANK 144 144 117 ATULAUTO 447 447
56 ACC 1991 1991 116 MOIL 370 370
55 M&M 3176 3177 115 LLOYDSME 1480 1480
At either extremities of 3d range.

Market Radar
2
FX Monitor 10.07.2025
www.geojit.com/gil

Key Technical levels Morning Snapshot

Currency pair S3 S2 S1 PV R1 R2 R3 Currencies CMP %Chg
USDINR 85.291 85.561 85.667 85.831 85.937 86.101 86.371 USD/INR 85.7725 0.0234
EURINR 100.086 100.366 100.462 100.646 100.742 100.926 101.206 EUR/INR 100.5575 -0.133
GBPINR 116.159 116.419 116.528 116.679 116.788 116.939 117.199 GBP/INR 116.6375 -0.244
JPYINR 58.744 58.932 59.051 59.119 59.238 59.307 59.494 JPY/INR 59.17 0.120
Dollar Index 100.25 0.380

USDINR - Daily Bond Market Yield

U.S. 10Y 4.25%
India 10Y 6.33%

Central Banks Intr. Rate Meeting

RBI 5.5 06.Aug
FED 4.5 30.Jul
ECB 2.15 24.Jul
BOE 4.25 07.Aug
BOJ 0.5 31.Jul

Country CPI Curr. CPI Prev

India 2.82 3.16
US 2.4 2.3
China 0.1 -0.1
Euro Area 2 1.9
UK 3.4 3.5
Japan 3.5 3.6

3 Market Radar
 Economic Calendar

01.Jul.25 02.Jul.25 03.Jul.25 04.Jul.25 05.Jul.25

 Japan/ China/ India/ Uk/ US
manufacturing PMI  Japan/ China/ India/ UK/ US
 India individual auto sales services PMI  India FX reserves
 US Crude oil inventories/ ADP No relevant event(s) on this
 Fed Chair Powell Speech  US Non-Farm Payrolls/ trade  US Fed balance sheet
Employment change/ Total vehicle
 US JOLTs Job openings balance/ initial & continuing jobless  US markets holiday – date
sales
 EA inflation rate claims/ factory orders/ Baker Independence Day
 Hong Kong market holiday – Hong Hughes oil rig count
Kong special administrative region  US Fed Bostic speech
establishment day

06.Jul.25 07.Jul.25 08.Jul.25 09.Jul.25 10.Jul.25

 Japan current account

 OPEC and non-OPEC ministerial  EA retail sales  US Crude oil inventories  US initial & continuing jobless
 RBA interest rate decision
meeting  Japan/ China FX reserves  China inflation rate claims
 US consumer inflation expectations
 FOMC minutes

11.Jul.25 12.Jul.25 13.Jul.25 14.Jul.25 15.Jul.25

 China GDP growth rate/ Industrial

 US Fed balance sheet/ Baker Hughes production/ retail sales/
oil rig count unemployment rate
 UK GDP growth rate/ trade balance No relevant event(s) on this  India CPI/ WPI  EA Industrial production
 India FX reserves  China trade balance date  US inflation rate
 China vehicle sales  India passenger vehicle sales/
trade balance
 OPEC monthly report

16.Jul.25 17.Jul.25 18.Jul.25 19.Jul.25 20.Jul.25

 Japan inflation rate

 US Crude oil inventories/ PPI/ Fed  Japan trade balance  US Fed balance sheet/ Housing
beige book  UK employment change starts/ Michigan consumer No relevant event(s) on this
 UK inflation rate  US retail sales/ Initial & continuing sentiment/ Baker Huges oil rig  China LPR 1Y/5Y
 EA trade balance jobless claims count date
 India FX reserves

21.Jul.25 22.Jul.25 23.Jul.25 24.Jul.25 25.Jul.25

 Japan/ India/ UK/ US  UK retail sales

manufacturing PMI flash  India FX reserves
 Japan market holiday – Marine day  US baker Hughes oil rig count
 RBA meeting minutes  US crude oil inventories/ existing  US initial & continuing jobless
 India core sector industries  ECB consumer inflation
home sales claims
 ECB interest rate decision expectations
meeting

26.Jul.25 27.Jul.25 28.Jul.25 29.Jul.25 30.Jul.25

 US crude oil inventories/ ADP

employment change/ GDP growth
 US JOLTs job openings/ CB
No relevant event(s) on this consumer confidence
rate
 India Industrial production  EA GDP growth rate
date  China Industrial profits YoY  US Fed two day monetary policy
 China FDI
meeting begins
 US Fed two monetary policy
meeting ends

4 Market Radar
 Glossary

Abbreviations

H’st – Highest
FII - Foreign Institutional Investors
F&O – Futures and Options
Fut – Futures
OI – Open Interest
BTST – Buy Today, Sell Tomorrow
CMP – Current Market Price
LTP – Last Traded Price
Prc – Price

Macroeconomic terms

FOMC/Fed - The FOMC, shortform for the Federal Open Market Committee, is the policy-making body of the Federal Reserve System in the United States. It is
responsible for setting monetary policy, including decisions on interest rates and measures aimed at promoting economic stability, managing inflation, and fostering
employment growth.

RBI MPC refers to the Reserve Bank of India Monetary Policy Committee. It is a committee established by the Reserve Bank of India to determine and implement
monetary policy decisions, including setting interest rates and managing inflation, with the objective of maintaining price stability and supporting economic growth in
India.

CPI, in economics, refers to the Consumer Price Index, which is a commonly used measure of inflation. It tracks the average price change of a basket of goods and
services consumed by households, providing insights into changes in the cost of living and the purchasing power of consumers.

IIP stands for Index of Industrial Production. It is an economic indicator that measures the output of industrial sectors in an economy over a specific period of time. The
IIP provides insights into the overall performance and growth of the industrial sector, serving as a gauge of industrial production activity and contributing to the analysis
of economic trends and business cycles.

WPI stands for Wholesale Price Index. It is an economic indicator that measures the average change in the prices of goods at the wholesale level. The WPI provides
insights into inflationary pressures in the early stages of the supply chain and serves as a benchmark for price movements in the wholesale market, which can impact
consumer prices in the broader economy.

Trade Deficit occurs when a country imports more goods and services than it exports, resulting in a negative balance of trade. It indicates that a country is spending
more on imports than it is earning from exports, potentially leading to a decrease in domestic production and an outflow of currency.

Fed Expectation or implied rate refers to the market's expectation of the future interest rate set by the Federal Reserve. It is derived from the pricing of interest rate
futures contracts and other financial instruments, reflecting the market's perception of the likely direction and magnitude of future changes in monetary policy.

Technical Jargons

Intraday, in the context of technical analysis, refers to the time frame within a trading day where price movements and trading activities occur. It specifically focuses
on analyzing short-term price fluctuations and market dynamics that unfold during a single trading session.

BTST, in technical analysis, stands for "Buy Today, Sell Tomorrow." It is a trading strategy where traders purchase a stock or security near the end of a trading day and
aim to sell it the next trading day, anticipating a favorable price movement overnight or in the near future. The BTST strategy allows traders to take advantage of
potential short-term price swings or news events that may impact the stock's value.

Momentum in technical analysis refers to the strength and speed of price movement in a particular direction. It is commonly measured using indicators such as the
Moving Average Convergence Divergence (MACD) or Relative Strength Index (RSI), and it helps traders assess the speed at which prices are changing and identify
potential trend reversals or continuations.

Quant ideas in technical analysis refer to trading strategies and insights derived from quantitative analysis and mathematical models. These ideas involve using
statistical methods, algorithms, and historical data to identify patterns, trends, and signals in the market.

Institutional flow or FII flows refer to the movement of funds by institutional investors, such as mutual funds, pension funds, and foreign institutional investors (FIIs),
into or out of a particular market. These flows are closely monitored as they can significantly impact market liquidity, investor sentiment, and overall market trends,
often serving as indicators of institutional investor sentiment and influencing market performance.

Technical Indicators

MACD, which stands for Moving Average Convergence Divergence, is a popular technical indicator used to identify potential trend reversals and generate buy or sell
signals. It calculates the difference between two moving averages of an asset's price and plots it on a chart, allowing traders to observe changes in momentum and
potential entry or exit points in the market.

Stochastics is a technical indicator used to identify overbought and oversold conditions in the market. It compares the current closing price of an asset to its price range
over a specific period, generating a reading between 0 and 100. A reading above 80 suggests the asset is overbought and may experience a price correction, while a
reading below 20 indicates oversold conditions and a potential rebound in price.

RSI, which stands for Relative Strength Index, is a popular technical indicator used to measure the strength and momentum of price movements. It calculates the ratio
of upward price changes to downward price changes over a specified period, generating a value between 0 and 100. A reading above 70 suggests the asset is overbought
and may experience a price correction, while a reading below 30 indicates oversold conditions and a potential rebound in price.

Parabolic SAR or Psar, is a technical indicator used to determine potential price trends and reversals. It places dots above or below the price chart, indicating the
potential direction of the trend. When the dots are below the price, it suggests an uptrend, and when the dots are above the price, it suggests a downtrend.

Bollinger Bands is a technical indicator that consists of a moving average line in the middle, along with an upper band and a lower band that represent volatility levels.
The bands widen during periods of high volatility and narrow during periods of low volatility, providing a visual representation of price volatility and potential trading
opportunities when the price touches or crosses the bands.

MACD Forest exhaustion refers to a situation where the Moving Average Convergence Divergence (MACD) indicator exhibits signs of losing momentum and reaching a
potential turning point in the price trend. It suggests that the prevailing trend may be running out of steam and could potentially reverse in the near future.

Market Radar
5
MACD signal break refers to a technical analysis term that occurs when the MACD line crosses over the signal line, indicating a potential change in the market direction.
This crossover is often considered a significant trading signal, as it suggests a shift in momentum and can be used by traders to confirm entry or exit points.

Candlestick Formations

Bullish engulfing is a bullish candlestick chart pattern that occurs during a downtrend, where a large bullish candle completely engulfs the prior bearish candle. It
suggests a potential trend reversal, indicating that buyers have gained control and may lead to an upward price movement.

Bearish engulfing is a candlestick chart pattern in technical analysis that typically indicates a reversal of an upward trend. It occurs when a large bearish candle
completely engulfs the previous smaller bullish candle, suggesting a shift in market sentiment from bullish to bearish.

tweezer top/bottom is a candlestick pattern in technical analysis that consists of two consecutive candles with matching highs or lows. In a tweezer top, the pattern
occurs at the end of an uptrend and suggests a potential reversal, while in a tweezer bottom, it occurs at the end of a downtrend and indicates a possible bullish
reversal.

Hanging man is a bearish candlestick pattern in technical analysis that typically appears at the end of an uptrend. It is characterized by a small body located at the
upper end of the trading range and a long lower shadow, indicating potential selling pressure and a possible trend reversal.

Shooting star is a bearish candlestick pattern in technical analysis that occurs at the end of an uptrend. It is characterized by a small body near the lower end of the
trading range and a long upper shadow, suggesting a potential reversal in the market as buyers lose control and sellers step in.

Morning star is a bullish candlestick pattern in technical analysis that signals a potential trend reversal from bearish to bullish. It consists of three candles, starting with
a long bearish candle, followed by a smaller bullish or bearish candle, and concluding with a long bullish candle, indicating a shift in market sentiment and potential
buying pressure.

Hammer is a bullish reversal candlestick pattern typically found at the end of a downtrend. It is characterized by a small body located at the upper end of the overall
candle range, with a long lower shadow, indicating that buyers have stepped in to push the price higher after a significant decline.
Doji candle is a specific candlestick pattern characterized by its short body and almost equal opening and closing prices. It indicates a state of indecision in the market,
where buyers and sellers are in equilibrium, often signaling a potential trend reversal or a period of consolidation.

Inside bar candle is a candlestick pattern that forms when the entire price range of a candle is engulfed within the price range of the preceding candle. It suggests a
period of consolidation and indecision in the market, often indicating a potential breakout or continuation of the existing trend depending on the subsequent price
action.

Chart Patterns

Channel pattern in technical analysis refers to a price movement where the price action of an asset oscillates between two parallel trendlines, often forming a channel.
The upper trendline represents resistance, while the lower trendline represents support.

Head and shoulders pattern is a chart pattern that can indicate a shift from an upward trend to a downward trend. It looks like three humps, with the middle one
being the highest. When the price falls below a certain level called the neckline, it suggests that the trend may reverse and prices could start going down.

Wedge pattern in technical analysis refer to chart patterns that form when the price consolidates between two converging trendlines, creating a narrowing price range
resembling a wedge. There are two types of wedge patterns: ascending wedge (bearish) and descending wedge (bullish), and they are often considered potential
reversal patterns that can precede significant price movements.

Triangle pattern in technical analysis refer to chart patterns that form when the price consolidates between two converging trendlines, creating a contracting price
range resembling a triangle shape. These patterns indicate a period of indecision in the market, and they can be either bullish (ascending triangle) or bearish
(descending triangle), suggesting potential breakout or continuation of the prevailing trend.

Derivative Jargons

Open interest/OI in derivatives represents the total number of outstanding contracts in a particular derivative instrument. It provides insights into the liquidity and
activity of a market, with an increase in open interest suggesting new positions being created, while a decrease may indicate positions being closed or liquidated.

Put-call ratio is a measure that compares the trading volume/open interest of put options to call options within a specific market or security. It is used as an indicator
of market sentiment, with a high put-call ratio suggesting a bearish sentiment, while a low put-call ratio indicates a more bullish sentiment among market participants.

Long unwinding refers to the process where traders or investors who previously held long positions (buying positions) in derivatives contracts start selling their
positions. It usually occurs when there is a decline in the market sentiment or a perception that the price of the underlying asset may decrease, leading to a decrease in
open long positions as traders exit their positions by selling.

Short buildup/addition refers to the process where traders or investors start taking short positions (selling positions) in derivatives contracts. It typically occurs when
there is a bearish market sentiment or an expectation of a decrease in the price of the underlying asset, leading to an increase in open short positions as traders enter
these positions by selling.

Long buildup/addition refers to the process where traders or investors start taking long positions (buying positions) in derivatives contracts. It typically occurs when
there is a bullish market sentiment or an expectation of an increase in the price of the underlying asset, leading to an increase in open long positions as traders enter
these positions by buying.

Short covering refers to the process where traders or investors who previously held short positions (selling positions) in derivatives contracts start buying back those
positions. It typically occurs when there is a favorable change in market conditions or a rise in the price of the underlying asset, prompting short sellers to close their
positions by purchasing the contracts and realizing their profits or limiting their losses.

Options Spectrum refers to the range of different options contracts available, each with varying combinations of strike prices, expiration dates, and option types (such
as calls or puts). The spectrum ranges from deep out-of-the-money options with low probability of being exercised to deep in-the-money options with higher intrinsic
value, providing traders and investors with a wide range of choices to suit their desired risk-reward profiles and market expectations.

Discount in a futures contract refers to a situation where the futures price is lower than the spot price of the underlying asset.
Straddle premium refers to the combined cost of purchasing both a call option and a put option as part of a straddle strategy. The premium represents the total
amount paid for acquiring the options and reflects the market's expectation of potential price volatility and the probability of a significant price movement in either
direction.

6 Market Radar
 Product basket

EQUITY
HOLDING
PRODUCT CHARACTERISTICS FREQUENCY
PERIOD
INTRADAY Same day All the recommendations that do not hit the target or stop loss are advised to be closed out at 3 10 10-15 per day
CASH 5 DAY CASH 5 days
At times, some of the price moves do not mature fully during the day. Such set ups are best played
1-3 per day
by entering in the second half of the day with expectations of a momentum surge on the next day.
Uses classical technical studies to deliver moves that takes a while to mature. However, they are
SHORT TERM 30 days less volatile than BTST or intraday products, are directional and have the potential to be 4-8 per month
multibaggers.

DERIVATIVE

HOLDING
PRODUCT CHARACTERISTICS FREQUENCY
PERIOD
Naked options are best ploy to make use of sudden price spurts, but also brilliant in making use of
OPTION OPTIONS 1-5 days
time decay, especially on approach of expiry.
2-3 per day
Multi legged option strategies are best suited for volatile and uncertain conditions especially ahead
OPTION STRATEGY Till expiry of events, earnings, etc. They are also ideal for generating small, but consistent incomes without 4-8 per month
worrying about direction.

Suited for those with higher risk appetite, who are looking to gain more from the underlying’s
FUTURE FUTURE 1-5 days
(stock/index) move.
1-2 per day

BTST/STBT 5 days Characteristics are similar to BTST product in Cash 1 per day

All our technical & derivative research recommendations can be seen and traded in SELFIE, our trading platform. You may benefit from these research products even further, by utilising leverage
facilities like MTF, BTST, Intraday etc. To know more about the same, kindly contact your nearest Geojit branch.

TECHNCIAL & DERIVATIVE RESEARCH

Anand James, CFTe Research Analyst

Tency N. Kurien, MBE Research Analyst

DISCLAIMERS & DISCLOSURES:

CERTIFICATION
I, Tency N. Kurien, research analyst of Geojit Investments Limited, hereby certify that all the views expressed in this research report reflect our personal views about any or all of the subject
issuer or securities. This report has been prepared by the Research Team of Geojit Investments Limited.
The Research Analyst hereby declare that:
i. It is duly registered with SEBI as a Research Analyst pursuant to the SEBI (Research Analysts) Regulations, 2014 and its registration details are: INH000019567
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subsisting.
iii. Research analyst services provided by it do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which it is a party or to which any of its property
is or may be subject;
iv. The maximum fee that may be charged by Research Analyst is ₹1.51 lakhs per annum per family of client.
v. The recommendations provided by Research Analyst do not provide any assurance of returns.
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Any investment made based on recommendations in the reports are subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses
incurred on the investments made based on the recommendations in the research report. Any reliance placed on the report provided by Geojit Investments Limited shall be as per the client’s own
judgement and assessment of the conclusions contained in the report.
The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
JURISDICTION
The securities described herein may not be eligible for sale in all jurisdictions or to all categories of investors. The countries in which the companies mentioned in this report are organized may
have restrictions on investments, voting rights or dealings in securities by nationals of other countries. Distributing/taking/sending/dispatching/transmitting this document in certain foreign
jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about and observe any such restrictions. Failure to comply with this
restriction may constitute a violation of any foreign jurisdiction laws. Foreign currencies denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on
the value or price of or income derived from the investment. Investors in securities such as ADRs, the value of which are influenced by foreign currencies effectively assume currency risk.

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REGULATORY DISCLOSURES:
Group Companies / fellow subsidiaries of GIL are Geojit Financial Services Limited, Geojit Technologies Private Limited (Software Solutions provider), Geojit Credits Private Limited (NBFC
Services provider), Geojit Fintech (P) Limited, Geojit IFSC Limited (a company incorporated under IFSC regulations), Qurum Business Group Geojit Securities LLC.( a joint venture of holding
company in Oman engaged in financial services) Barjeel Geojit Financial Services LLC ( a joint venture of holding company in UAE engaged in financial services) and, BBK Geojit Business
Consultancy and Information KSC (C) ( a fellow subsidiary in Kuwait engaged in financial services) . In the context of the SEBI Regulations on Research Analysts (2014), Geojit Investments
Limited affirms that we are a SEBI registered Research Entity and in the course of our business as a stock market intermediary, we issue research reports /research analysis etc that are
prepared by our Research Analysts. We also affirm and undertake that no disciplinary action has been taken against us or our Analysts in connection with our business activities.
In compliance with the above-mentioned SEBI Regulations, the following additional disclosures are also provided which may be considered by the reader before making an investment
decision:
1. Disclosures regarding Ownership*:
Geojit Investments Limited confirms that:
(i) Geojit Investments Limited /its associates do not have financial interest in relation to the subject company (ies) covered herein/ has no other material conflict in relation to subject
company, at the time of publication of the research report.
It/its associates have no actual beneficial ownership greater than 1% in relation to the subject company (ies) covered herein, at the end of the month immediately preceding the date of
publication of the research report
Further, the Analyst confirms that:
(i) he, his associates and his relatives shall take reasonable care to ensure that they do not have stock holding in the securities covered herein, nor have any other financial interest,
or other material conflict in the same, at the time of publication of the research report.
(ii) he, his associates and his relatives have no actual/beneficial ownership greater than 1% in the subject company covered, at the end of the month immediately preceding the date
of publication of the research report
2. Disclosures regarding Compensation:
During the past 12 months, Geojit Investments Limited or its Associates:
(a) Have not received any compensation from the subject company; (b) Have not managed or co-managed public offering of securities for the subject company (c) Have not received any
compensation for investment banking or merchant banking or brokerage services from the subject company (d) Have not received any compensation for products or services, other than
investment banking or merchant banking or brokerage services from the subject company. (e) Have not received any compensation or other benefits from the subject company or third
party in connection with the research report (f) The subject company is / was not a client during twelve months preceding the date of distribution of the research report, unless notified.
3. Disclosure by Geojit Investments Limited regarding the compensation paid to its Research Analyst:
Geojit Investments Limited hereby confirms that no part of the compensation paid to the persons employed by it as Research Analysts is based on any specific brokerage services or
transactions pertaining to trading in securities of companies contained in the Research Reports.
4. Disclosure regarding the Research Analyst’s connection with the subject company:
It is affirmed that, I, Tency N. Kurien, research analyst of Geojit Investments Limited have not served as an officer, director or employee of the subject company.
5. Disclosure regarding Market Making activity:
Neither Geojit Investments Limited /its Analysts have engaged in market making activities for the subject company.
6. Disclosure regarding conflict of interests
Geojit Investments Limited shall abide by the applicable regulations/ circulars/ directions specified by SEBI and Research Analyst Administration and Supervisory Body (RAASB) from time to
time in relation to disclosure and mitigation of any actual or potential conflict of interest. Geojit Investments Limited will endeavour to promptly inform the client of any conflict of interest
that may affect the services being rendered to the client.
Please ensure that you have read the “Risk Disclosure Documents for Capital Market and Derivatives Segments” as prescribed by the Securities and Exchange Board of India before
investing.
7. Neither Geojit Investments Limited nor its Analysts have utilized any AI tools in the preparation of the research reports.

GRIEVANCE REDRESSAL

Compliance Officer
Indu K.
Geojit Investments Ltd
7th Floor, 34/659-P, Civil Line Road,
Padivattom, Edapally, Ernakulam,
682024
Kerala, India
Tele: 0484 -2901367
Email: [email protected]

Grievance Officer
Mr Nitin K
Geojit Investments Ltd
7th Floor, 34/659-P, Civil Line Road,
Padivattom, Edapally, Ernakulam,
682024
Kerala, India
Tele: 0484-2901363
Email : [email protected]

TENCY N Digitally signed by

TENCY N KURIEN

KURIEN Date: 2025.07.10

08:09:09 +05'30'

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