Professional Documents
Culture Documents
December 6, 2013
Market Outlook
Domestic Indices
Indices
Close
Change
Change%
20,957.8
6,241.1
249.10
80.15
1.2
1.3
Nifty future
6,280.0
80.75
1.3
S&PBSE 500
7,668.2
75.21
1.0
S&PBSE Midcap
6,357.7
8.18
0.1
S&PBSE Smallcap
6,203.0
24.14
0.4
Sensex: We said, "Watch if the supportive action can sustain/close above the candle's high and later 20967..." The index opened
gap-up. However, up 457 points initially, it lost 208 points and finished only 249 points or 1.2% higher at the end. While the Bank,
capital goods indices added 3.5-4.5%, the Pharma Index lost 1.4%. The A/D ratio ended even.
The action formed an Inverted Hammer like candle, with a small Body and a long upper shadow. It indicated profit-booking at
higher levels touching the upper end of the Grey channel, gap-down area of November 5 and 2008-10 highs. The gap-up area
below the candle is a technical support but weakness/close below it could be negative.
Exhibit 1: Sensex Daily Candlestick Chart
Global Indices
Indices
Close
15821.51
Dow Jones
Nasdaq
4,033.2
6498.33
FTSE
DAX
9,085.0
Hang Seng
23,642.0
Nikkei
15,208.3
SGX Nifty
6,282.0
* Asian Market at 7:30 am.IST
Change
-68.26
-4.8
-11.64
-55.7
-70.4
30.2
4.0
Change%
-0.43
-0.1
-0.18
-0.6
-0.3
0.2
0.1
Market Breadth
45
Unchg
NSE
BSE
167
432
Decline
473
Advance
0
500
1247
1269
1000
1500
Intraday
Trend
Range bound
Trend Reversal
Short Term
Up
5970
Support
6210-6185
Resistance
6270-6320
5970
6357
20 Days EMA
6139
5885
6279.95
Targets :
6280/6300/Higher
Stop-loss :
6238.00
Page 2
Global Currencies
Trend Scanner
Spot
Close
Prev.close
% Chg
Rupee (|)
61.753
62.050
0.5
Dollar Index
80.266
80.633
-0.5
Scrip Name
Close
0.0
688.1
4.64
658.59
82.78
Morning Star
0.0
761.95
1.72
750.41
60.25
Scrip Name
1700.15
3.68
1664.97
75.77
Godrej industries
290.9
1.39
289.98
60.53
871
1.75
852.01
63.31
Century Textile
274.20
Euro
1.366
1.367
Positive Trends
British Pound
1.633
1.633
Japanese Yen
101.830
101.780
0.0
Australian ($)
0.905
0.906
-0.1
Swiss Franc
0.897
0.897
0.0
Candlestick Patterns
Scrip Name
Close
India 10 year
9.11
9.09
US 10 Year
2.87
2.84
EURO 10 Year
1.86
1.82
MindTree Ltd
GBP 10 Year
2.92
2.91
JPY 10 Year
0.63
0.63
Commodities
US Dollar
Copper
Brent Crude
Close
Prev. Close
%Chg
1224.42
1243.21
-1.51
3.23
3.23
0.00
111.01
111.54
-0.48
Bearish Candle
Close
279.35
223.40
580.80
70.12
Canara Bank
2414.75
-1.43
2448.4
67.99
Maruti
1361
-1.83
1378.83
63.35
Close
438.85
HPCL
-1.16
Oversold Stocks
Stochastic Scrip Name
Tata Steel
421
GAIL
345
81.43
282.05
82.36
Jindal Steel
IndusInd Bank
565.35
Overbought Stocks
Scrip Name
Scrip Name
Close
Hind Unilever
565.35
Sun Pharma
576.60
Bullish Candle
Negative Trends
Gold
Close
Stochastic
124.55
18.63
259.05
1700.15
Note: For Candlestick pattern description refer towards the end of the
report.
Institutional Activity
Cash Segment (| Cr)
29-Nov-13
FII
745.2
DII
-101.8
2-Dec-13
791.0
-618.2
3-Dec-13
516.6
-671.3
Scrip Name
Close
Scrip Name
Close
4-Dec-13
52.1
-18.1
5-Dec-13
1,151.5
-674.0
Aurobindo Pharma
302.6
Pfocus
26.85
JSW Steel
930
NIIT Tech
335
Voltas
115.95
Page 3
1712.20
Action :
Targets :
1738/1750/higher
Stop-loss :
1701.00
Page 4
224.45
Targets :
229.20/231.50/Higher
Stop-loss :
222.80
Page 5
441.75
Targets :
449/453/Higher
Stop-loss :
438.20
Page 6
276.60
Targets :
271/268.50/Lower
Stop-loss :
278.80
Page 7
Product
Future
Future
Future
Future
Future
Strategy
Buy
Buy
Buy
Buy
Sell
Recommended Price
in the range of 6225-6230
above 573.00
above 83.00
above 1050.00
below 68.00
Targets
6260/6280/+
582/587/+
84.70/85.50/+
1066/1074/+
66.50/65.70/-
SL
Gain/Loss %*
6210.00
568.50
82.10
1.45
1041.00
68.75
-
Comment
No Trade
No Trade (Opened at Target)
Target 1 Achieved
No Trade (Opened at Target)
No Trade
NOTE: The follow-up and performance review table of the strategies indicates the profit opportunity that was available in the strategies. Individual profits may vary,
depending upon the entry and exit price and stop losses
Page 8
CLOSE
S1
S2
S3
R1
R2
R3
TREND
20957.81
20987.7
20928.55
20869.45
21105.9
21208.45
21311
+ve
NIFTY
6241.10
6249.50
6232.35
6215.20
6283.75
6316.35
6348.90
+ve
ACC
1106.50
1108.10
1103.75
1099.40
1116.80
1120.80
1124.80
269.45
268.05
265.80
262.55
272.65
274.95
278.15
ADANI ENTER.
ADANI POWER
+ve
Neutral
39.20
39.35
38.95
38.55
40.15
41.30
42.40
1234.80
1230.55
1224.55
1209.50
1242.55
1248.55
1263.55
ALLAHABAD BANK
92.55
92.40
91.95
91.50
93.30
94.30
95.35
+ve
ANDHRA BANK
62.05
62.05
61.70
61.35
62.75
63.35
63.95
+ve
APOLLO TYRES
78.80
78.95
78.40
77.90
80.00
80.80
81.55
+ve
128.05
125.75
124.75
123.75
128.45
129.80
131.20
-ve
16.35
16.10
15.95
15.85
16.45
16.60
16.80
-ve
ADITYA BIRLA
ARVIND
ASHOK LEYLAND
+ve
Neutral
ASIAN PAINTS
504.85
505.25
503.80
502.35
508.15
509.95
511.75
AUROBINDO PHARMA
302.55
298.65
297.15
295.65
303.90
306.55
309.20
1940.25
1944.85
1935.35
1925.85
1963.85
1972.85
1981.85
BOB
669.65
669.60
666.35
663.10
676.10
684.00
691.90
+ve
BOI
217.25
217.65
216.20
214.70
220.55
223.00
225.45
+ve
BAJAJ AUTO
BATA INDIA
+ve
-ve
+ve
1041.05
1033.00
1025.85
1018.75
1043.35
1048.55
1053.75
BHARAT FORGE
299.85
300.70
299.10
297.45
303.90
305.35
306.80
+ve
-ve
BPCL
358.35
358.20
355.90
353.60
362.85
366.20
369.60
+ve
BHARTI AIRTEL
335.35
335.90
334.40
332.90
338.90
341.25
343.60
+ve
BHEL
171.35
170.65
169.35
168.05
173.25
174.65
176.05
+ve
CAIRNS INDIA
318.85
316.85
315.90
315.00
319.45
320.75
322.05
-ve
CANARA BANK
259.05
257.20
253.95
250.65
263.70
266.35
269.00
+ve
CENTURY TEXT.
274.20
271.15
268.80
266.45
275.25
277.30
279.40
-ve
CESC
393.85
392.15
388.95
385.70
398.60
402.00
405.35
+ve
+ve
CHAMBAL FERT.
38.20
38.20
38.05
37.95
38.45
38.85
39.30
CIPLA
387.55
383.85
382.15
380.45
388.40
390.70
392.95
-ve
COAL INDIA
279.95
279.40
276.75
274.10
284.70
286.30
287.90
+ve
COLGATE PALMOLIVE
1257.30
1242.40
1237.70
1232.95
1261.75
1271.40
1281.05
CROMPTON GREAVES
127.25
126.90
125.75
124.60
129.20
130.80
132.45
DABUR INDIA
163.20
161.50
160.65
159.75
163.25
164.10
165.00
59.95
59.45
58.75
57.50
60.85
61.55
62.75
1135.85
1125.30
1118.80
1112.35
1138.75
1145.45
1152.20
DISH TV
DIVI'S LAB.
-ve
+ve
-ve
Neutral
-ve
Page 9
SCRIP
DLF
DR.REDDY'S LAB.
EXIDE IND.
FEDERAL BANK
FIN. TECH.
FUTURE RETAIL
GAIL
GMR INFRA.
GODREJ IND.
GRASIM
AMBUJA CEMENT
CLOSE
S1
S2
S3
R1
R2
R3
TREND
155.95
156.25
155.15
154.10
158.35
160.30
162.25
2414.75
2384.75
2372.90
2361.00
2422.35
2441.15
2459.95
+ve
-ve
112.55
111.60
110.85
110.05
112.90
113.55
114.15
-ve
78.35
78.65
78.05
77.45
79.85
80.45
81.05
159.55
156.55
155.25
154.00
160.25
162.15
164.00
+ve
71.55
71.25
70.65
70.15
72.40
72.95
73.50
344.75
344.70
343.15
341.60
347.85
350.35
352.90
+ve
21.10
21.10
20.90
20.65
21.55
21.90
22.25
+ve
+ve
-ve
Neutral
279.35
278.65
276.65
274.60
282.75
284.85
286.90
2696.85
2690.90
2676.90
2662.90
2718.90
2731.85
2744.75
+ve
185.90
186.10
185.40
184.65
187.50
188.60
189.65
+ve
GUJ.STATE PET.
61.70
60.80
60.20
59.60
61.90
62.45
63.00
HAVELL'S INDIA
753.60
753.45
752.55
751.65
755.25
757.60
759.95
1108.70
1096.05
1090.35
1084.70
1111.35
1119.00
1126.70
688.10
685.65
681.05
676.45
694.80
699.85
704.85
+ve
HCL TECH
HDFC BANK
HDFC
-ve
+ve
-ve
827.45
828.60
824.50
820.40
836.75
842.45
848.20
+ve
2050.50
2051.80
2044.60
2037.35
2066.25
2079.40
2092.55
+ve
HEXAWARE TECH.
114.35
112.30
111.15
109.95
114.95
116.30
117.60
-ve
HINDALCO
121.75
121.35
120.70
119.45
122.70
123.40
124.60
Neutral
HERO MOTO
HIND. UNILEVER
565.35
560.60
558.55
556.50
567.05
570.30
573.50
-ve
HPCL
223.40
222.05
219.35
216.65
227.45
229.70
231.90
+ve
HINDUSTAN ZINC
124.40
123.80
122.85
121.95
125.70
126.65
127.50
Neutral
50.35
50.40
49.85
49.35
51.45
52.65
53.85
+ve
1135.85
1132.05
1124.05
1116.05
1148.05
1164.90
1181.75
+ve
HDIL
ICICI BANK
IDBI
65.85
65.80
65.45
65.05
66.55
67.20
67.85
+ve
IDEA CELLULAR
175.10
175.40
174.65
173.90
176.85
177.60
178.35
+ve
IDFC
112.80
112.30
110.65
109.00
115.60
117.20
118.80
+ve
25.65
25.65
25.55
25.40
25.90
26.30
26.65
3034.40
3020.05
3000.25
2980.40
3059.70
3079.55
3099.35
INDUSIND BANK
438.85
438.25
435.65
433.05
443.45
447.20
450.95
INDIA CEMENTS
57.60
57.30
56.85
56.35
58.25
58.70
59.20
276.65
272.60
270.55
268.50
277.90
280.55
283.20
-ve
49.15
48.60
48.10
47.65
49.35
49.70
50.10
-ve
205.35
205.15
204.30
203.45
206.90
208.20
209.50
IFCI
ORACLE FIN.
INDRAPRASTHA GAS
INDIAN HOTELS
IOC
+ve
Neutral
+ve
Neutral
+ve
Page 10
SCRIP
CLOSE
S1
S2
S3
R1
R2
R3
TREND
IOB
51.80
51.75
51.55
51.30
52.20
52.65
53.05
+ve
IB REAL ESTATE
68.60
68.75
68.25
67.75
69.75
70.75
71.75
+ve
3351.30
3329.20
3316.90
3304.60
3357.70
3371.95
3386.20
INFOSYS
IRB INFRA.
-ve
98.70
98.20
97.00
95.75
100.65
102.10
103.55
308.75
304.70
302.85
300.95
310.15
312.90
315.60
IVRCL
16.95
16.60
15.95
15.30
17.90
18.10
18.35
+ve
JAIPRAKASH ASS.
55.35
54.95
54.35
53.65
56.15
56.70
57.45
Neutral
JAIPRAKASH HYDRO
20.40
20.40
20.25
20.15
20.65
21.00
21.40
+ve
JAIN IRRIGATION
69.60
69.60
69.20
68.75
70.40
71.10
71.75
+ve
JINDAL ST&POW
282.05
281.00
279.45
276.80
284.10
285.65
288.35
54.45
54.50
54.05
53.65
55.35
55.90
56.50
932.45
929.85
925.45
922.05
938.70
943.15
946.55
1369.10
1364.70
1351.75
1338.75
1390.70
1398.75
1406.80
+ve
104.55
104.55
103.90
103.20
105.95
107.05
108.20
+ve
ITC
JSW ENERGY
JSW STEEL
JUBILANT FOOD
KARNATAKA BANK
KOTAK MAH.BANK
L&T
+ve
-ve
Neutral
+ve
Neutral
761.95
762.35
758.30
754.20
770.50
775.65
780.85
+ve
1086.45
1083.50
1077.35
1071.15
1095.80
1107.80
1119.80
+ve
+ve
LIC HOUSING
202.45
203.10
201.80
200.55
205.65
207.15
208.65
NSE LUPIN
854.05
845.45
842.40
839.35
857.65
863.75
869.80
-ve
M&M
944.35
940.70
935.45
932.00
951.30
956.60
960.00
Neutral
MARUTI SUZUKI
1700.15
1696.05
1685.70
1675.30
1716.85
1732.65
1748.45
+ve
UNITED SPIRITS
2552.65
2544.25
2526.50
2512.95
2579.75
2597.45
2611.00
Neutral
MCLEOD RUSSEL
MRF
ADANI PORTS SEZ
NSE NHPC
NMDC
290.75
286.60
284.35
282.10
292.10
294.90
297.65
17494.95
17492.65
17424.15
17355.65
17629.65
17729.35
17829.05
+ve
-ve
160.40
160.35
159.35
158.35
162.35
165.60
168.90
+ve
18.10
18.10
18.05
18.00
18.20
18.35
18.45
+ve
142.15
141.85
140.95
140.05
143.65
144.65
145.70
+ve
NTPC
143.85
142.00
141.35
140.70
144.35
145.55
146.70
-ve
ONGC
290.90
290.75
289.35
287.95
293.60
295.45
297.35
+ve
OPTO CIRCUITS
22.60
22.30
22.10
21.85
22.70
22.90
23.05
OBC
197.30
197.15
196.20
195.25
199.10
201.70
204.35
PETRONET LNG
133.05
131.10
130.10
129.15
133.40
134.50
135.65
-ve
POWER FINANCE
163.40
163.55
162.10
160.65
166.45
168.40
170.35
+ve
POWER GRID
96.30
96.15
95.80
95.40
96.90
97.55
98.20
+ve
POWER TRADING
62.55
62.75
62.20
61.65
63.80
64.70
65.60
+ve
-ve
+ve
Page 11
SCRIP
PUNJ LLOYD
CLOSE
S1
S2
S3
R1
R2
R3
TREND
28.50
28.40
28.20
27.95
28.85
29.20
29.50
+ve
PNB
582.15
584.50
579.65
574.85
594.15
602.40
610.65
+ve
RANBAXY
440.30
434.20
429.75
425.25
441.90
445.75
449.60
-ve
RAYMOND
275.65
270.80
268.20
265.60
276.75
279.75
282.70
-ve
RCOM
139.10
139.10
138.50
137.90
140.35
142.50
144.65
+ve
REL. CAPITAL
387.05
386.80
384.90
383.05
390.55
394.55
398.55
+ve
RELIANCE INFRA.
437.45
437.35
434.45
431.60
443.05
447.05
451.05
+ve
RELIANCE
871.00
871.50
869.25
867.05
876.00
882.55
889.15
+ve
RELIANCE POWER
74.10
74.15
73.75
73.40
74.90
75.45
76.00
+ve
RENUKA SUGAR
21.05
20.55
20.30
20.05
21.15
21.45
21.75
225.25
225.90
224.35
222.75
229.05
231.90
234.70
+ve
+ve
REC
SAIL
-ve
70.15
70.10
69.80
69.45
70.80
71.30
71.80
SESA GOA
180.90
177.90
176.55
175.20
181.55
183.40
185.20
-ve
SHRIRAM TRANS.
591.05
592.10
587.70
583.35
600.90
606.10
611.35
+ve
SIEMENS
620.45
619.80
615.05
610.30
629.30
635.30
641.35
+ve
34.10
34.10
33.75
33.35
34.80
35.40
35.95
+ve
1855.95
1858.75
1849.65
1840.55
1877.00
1893.65
1910.30
+ve
SUN PHARMA
576.60
567.75
565.05
562.35
580.00
586.10
592.25
SUN TV
373.60
368.55
365.25
362.00
375.50
378.95
382.40
89.50
89.65
89.15
88.65
90.65
91.50
92.35
TATA CHEMICALS
272.80
270.60
268.25
265.95
273.50
274.95
276.40
-ve
201.30
199.55
198.00
196.50
201.80
202.90
204.05
-ve
TATA MOTORS
390.30
385.35
382.80
380.25
391.75
394.95
398.15
83.50
83.55
83.15
82.70
84.40
85.40
86.35
+ve
+ve
SINTEX IND.
SBI
SYNDICATE BANK
TATA POWER
TATA TEA
-ve
-ve
+ve
-ve
146.65
146.90
146.25
145.55
148.20
149.15
150.10
TCS
1987.15
1968.95
1959.45
1949.95
1994.20
2006.80
2019.45
-ve
TECH MAHINDRA
1682.30
1666.40
1660.20
1653.95
1685.25
1694.65
1704.05
-ve
TATA STEEL
421.40
420.70
419.20
417.70
423.70
426.20
428.75
+ve
TITAN IND.
226.70
226.75
225.95
225.15
228.35
229.15
230.00
+ve
UCO BANK
75.30
75.40
75.05
74.65
76.15
76.95
77.75
+ve
1871.65
1851.90
1844.25
1836.55
1878.50
1891.80
1905.05
UBI
122.80
122.65
121.85
121.05
124.30
125.40
126.50
UNITED PHOSPH.
165.90
165.85
165.00
164.10
167.55
169.55
171.55
15.80
15.60
15.40
14.65
16.05
16.30
17.00
ULTRATECH CEMENT
UNITECH
-ve
+ve
+ve
Neutral
Page 12
SCRIP
CLOSE
AXIS BANK
S1
S2
S3
R1
R2
R3
TREND
1241.50
1240.65
1235.10
1229.60
1251.70
1265.35
1279.00
TATA COMM.
288.50
286.20
283.40
280.65
289.25
290.80
292.35
+ve
VOLTAS
116.60
116.45
115.15
113.85
119.00
120.10
121.20
+ve
WIPRO
492.90
489.55
486.40
482.45
495.90
499.10
503.00
Neutral
-ve
YES BANK
395.05
393.15
388.45
383.80
402.55
406.35
410.15
+ve
ZEE
263.75
258.15
256.25
254.30
265.75
269.55
273.30
-ve
NOTES:
Please execute the recommendation within the levels provided in the report
Once the recommendation is executed, it is advisable to keep strict stop loss as provided in the report
Avoid entering into the recommendation in the first 5 minutes of trade
If the recommendation opens near the target levels due to gap up/gap down opening, then the
recommendation is considered not initiated
The recommendations are valid only for the day and should be squared off by the end of the day
Only stocks in derivatives segment have been considered for daily trading
Medium to long-term prospects of a stock does not have any bearing on the daily view
It is recommended to spread out the trading corpus in a proportionate manner between the various technical
research products.
Please avoid allocating the entire trading corpus to a single stock or a single product segment
Within each product segment it is advisable to allocate equal amount to each recommendation.
For example: The Daily Calls product carries 3 to 4 intraday recommendations. It is advisable to allocate
equal amount to each recommendation
Page 13
Products
Allocations
Product wise
Max allocation
allocation
in 1 stock
Return Objective
Number of Calls
Frontline Stocks
Mid-cap stocks
Duration
Daily Calls
8%
2-3%
3-4 Stocks
0.50-1%
2-3%
Intraday
6%
3-5%
7-10 p.m
4-5%
7-10%
Opportunity based
Weekly Calls
8%
3-5%
1-2 Stocks
5-7%
7-10%
1 Week
Weekly Technical
8%
3-5%
1-2 Stocks
5-7%
7-10%
1 Week
Monthly Call
15%
5%
2-3 Stocks
7-10%
10-15%
1 Month
Monthly Technical
15%
2-4%
5-8 Stocks
7-10%
10-15%
1 Month
Techno Funda
15%
5-10%
1-2 Stocks
6 Months
Technical Breakout
15%
5-10%
1-2 Stocks
3-6 Months
Cash in Hand
10%
100%
Page 14
Candlesticks Glossary:
Candlestick patterns describe the market sentiment for the specified period. Some of the formations suggest reversal of
sentiment (trend) and, therefore, are important for a chart reader. By themselves, the patterns do not carry any price target but
only an indication of change in market behaviour. More importance needs to be given to the placement of the pattern within
larger trend
Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or
downtrend. The market falls, and a black candle forms (ideally a small black candle). Next, a white real body wraps around the
prior sessions black body. Low of the pattern becomes short term support for prices
Piercing Line: Potential bottom reversal pattern. A black body forms in the downtrend. The market continues moving south on
the next sessions open but that session culminates in a white real body that closes (e.g. pierces) than half way or more into the
prior black body. Lowest low between two candles is referred to as technical support for prices
Hammer: A candlestick line which, during a downtrend, has a very long lower shadow and small real body (black or white) at
the top end of the sessions range. There should be no, or a very small, upper shadow. Pattern suggests buying support during
declines and needs confirmation in terms of sustainability of prices above head of the Hammer in following session
Bearish Engulfing Line: Potential top reversal signal. This two candlestick pattern emerges during a rally. A black candle real
body wraps around a white real body (classically a small white candle) Highest high between two candles becomes resistance
level for prices for future reference
Dark Cloud cover: A dark cloud cover forms a top reversal pattern. The first session should be a strong, white real body. The
second sessions price opens over the prior sessions high (or above the prior sessions close). By the end of the second session,
it closes near the low of the session and should fall well into the prior sessions white body. Pattern suggests that market has a
poor chance of rising immediately
Shooting Star: A single candlestick line during a rally in which there is a small real body (white or black) at the bottom end of
the session's range and a very long upper shadow. The candle line should also have little or no lower shadow. Pattern suggest
the trouble for prices overhead
Page 15
Pankaj Pandey
Head Research
pankaj.pandey@icicisecurities.com
Disclaimer
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other
person or to the media or reproduced in any form, without prior written consent of ICICI Securities Ltd (I-Sec). The author may be holding a small number of shares/position in the above-referred companies as on
date of release of this report. I-Sec may be holding a small number of shares/position in the above-referred companies as on date of release of this report. This report is based on information obtained from public
sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and
may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and
tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all
investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This report may not be taken in substitution for the exercise of
independent judgment by any recipient. The recipient should independently evaluate the investment risks. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this
report. Past performance is not necessarily a guide to future performance. Actual results may differ materially from those set forth in projections. I-Sec may have issued other reports that are inconsistent with and
reach different conclusion from the information presented in this report. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any
locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject I-Sec and affiliates to any registration or licensing
requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come
are required to inform themselves of and to observe such restriction.
Page 16