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8 ARANCA INDIA TECHNICAL ANALYSIS DAILY | 27 March 2012 | 2012, Aranca. All rights reserved. 1
27 March 2012
Aranca India Technical DailyNIFTYINDEX: OPEN 5,274.35|HIGH 5,274.95|LOW 5,174.90|CLOSE 5,184.25 |DOWN 1.8%
RESISTANCE 1 5,247.8|RESISTANCE 25,311.4|SUPPORT1 5,147.8|SUPPORT2 5,111.3
NIFTY summary Outlook
The Nifty remained under pressure throughout the day and ended the trading session 94 points or
1.78% lower at 5,184.25. On the daily charts, it ended in a bearish candlestick formation and
closed below prior sessions low. However, it is trading near the 200-day SMA placed near 5,160
levels. Also, on hourly charts, MACD is witnessing positive divergence and RSI is in oversold
territory, indicating that the index is likely to rebound in the near term. If the Index sustains above
5,160 it may test 5,250 and 5,280 in next trading sessions and on the flip side, it may find support
at 5,120 and 5,080 levels.
Particulars 26Mar12 23Mar12 Ch. (%)
Index 5,184.25 5,278.20 (1.78%)
Volume (000's) 169,786 172,739 (1.7%)
Value`(Cr) 5,582 6,371 (12.4%)
Cos Traded 50 50 0
Winners 4 40 (36)
Losers 46 10 36
No Change 0 0 0
Source: NSE India Website
NIFTY Intraday Daily NIFTY Price vs. volume (1-month) NIFTY- 1 yr movement & volume
5,170
5,185
5,200
5,215
5,230
5,245
5,260
5,275
09:18 09:58 10:38 11:18 11:58 12:38 13:18 13:58 14:38 15:18
0
50
100
150
200
250
300
350
400
26-Mar19-Mar12-Mar3-Mar27-Feb17-Feb
(Sharesmn)
4,900
5,000
5,100
5,200
5,300
5,400
5,500
5,600
5,700
Volume(RHS) Ni f ty
Source: Thomson Reuters Source: NSE India Website, ARANCA Research Source: NSE India Website, ARANCA Research
NIFTY Technical Chart Daily
Source: ThomsonReuters, ARANCA Research
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8 ARANCA INDIA TECHNICAL ANALYSIS DAILY | 27 March 2012 | 2012, Aranca. All rights reserved. 2
Recommendation 1: JAIPRAKASH ASSOCIATES (JAIPRA)
The stock advanced 3.08% to end the day at `81.90. The stock ended above the previous sessions high with
increased participation, indicating upside momentum may continue in the near-term. RSI in positive territory confirms
this trend. Traders could consider buying the stock at current levels and on declines up to`80.50 for a price target of
`85.00 and`87.50 with a stop loss of`76.00
Source: Thomson Reuters, ARANCA Research
Recommendation 2: IDEA CELLULAR (IDEA)
The stock gained 0.71% to end the day at `98.70. Intraday, the stock tested the trend line and ended in a bullish
candlestick formation, suggesting support at current levels. Momentum oscillators are positively poised confirming
this trend. Traders could consider buying the stock at current levels with a stop loss of`96.00 for a target of`103.00
and`106.00.
Source: ThomsonReuters, ARANCA Research
.
RecommendationBuy
CMP`98.70
Stop Loss`96.00
Target`106.00
Recommendation Buy
CMP`81.90
Stop Loss`76.00
Target`87.50
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ARANCA INDIA TECHNICAL ANALYSIS DAILY | 27 March 2012 | 2012, Aranca. All rights reserved. | www.aranca.com 3
List of stocks close to technical levels CNX 100
Companies closest to resistance Companies closest to support
Company NSE Symbol Mcap`Cr Price R1 R2 Company NSE Symbol Mcap `Cr Price S1 S2
Container Cor CONCOR 12,504 895.00 901.55 908.10 Hind Petrol HINDPETRO 11,287 284.35 282.58 280.82
Itc ITC 171,569 222.70 224.33 225.97 Housing Dev HDIL 5,289 88.85 86.43 84.02
Dr Reddy Lab DRREDDY 27,590 1663.60 1676.40 1689.20 Itc ITC 171,569 222.70 221.03 219.37
Glaxosmith P GLAXO 19,636 2189.60 2207.00 2224.40 Hcl Techno HCLTECH 34,633 477.35 464.40 451.45
Hind Petrol HINDPETRO 11,287 284.35 286.63 288.92 Kotak Mah Bk KOTAKBANK 40,825 531.15 523.23 515.32
Hind Unilever HINDUNILVR 75,258 403.35 407.02 410.68 Mphasis MPHASIS 9,006 430.75 417.00 403.25
Mah & Mah M&M 44,707 681.45 688.27 695.08 Colgate COLPAL 14,450 1090.30 1073.63 1056.97
Infosys Tech INFY 166,465 2830.75 2859.47 2888.18 Housing Dev HDIL 5,289 88.85 86.43 84.02
Sun Pharma SUNPHARMA 56,723 577.90 583.90 589.90 Glaxosmith P GLAXO 19,636 2189.60 2174.10 2158.60
Hous Dev Fin HDFC 97,804 651.25 658.10 664.95 Sun Pharma SUNPHARMA 56,723 577.90 572.00 566.10
Companies with highest RSI Companies with lowest RSI
Company NSE Symbol Mcap `Cr Price RSI Company NSE Symbol Mcap `Cr Price RSI
Aditya Birla ABIRLANUVO 10,773 951.95 77.58 Mundra Port ADANIPORTS 29,557 120.55 18.96
Glaxosmith P GLAXO 19,636 2189.60 72.49 Biocon BIOCON 4,860 231.40 19.96
Tech Mahindra TECHM 8,783 720.50 71.40 Tata Power TATAPOWER 24,643 95.60 20.10
Hind Unilever HINDUNILVR 75,258 403.35 70.56 Hindalco HINDALCO 23,512 128.00 23.84
Itc ITC 171,569 222.70 68.26 Cipla CIPLA 21,005 289.00 24.07
Ashok Leyland ASHOKLEY 7,335 28.95 66.30 O N G C ONGC 224,122 261.85 24.95
Jaiprak Asso JPASSOCIAT 19,173 81.90 64.85 Tata Chemical TATACHEM 7,836 339.40 25.27
Sun Pharma SUNPHARMA 56,723 577.90 64.35 Jindal Steel JINDALSTEL 52,299 526.05 27.41
Companies with highest MFI Companies with lowest MFI
Company NSE Symbol Mcap`Cr Price MFI Company NSE Symbol Mcap`Cr Price MFI
Tech Mahindra TECHM 8,783 720.50 90.09 Housing Dev HDIL 5,289 88.85 11.55
Aditya Birla ABIRLANUVO 10,773 951.95 84.02 Tata Steel TATASTEEL 48,214 440.15 25.44
Glaxosmith P GLAXO 19,636 2189.60 82.68 Tata Power TATAPOWER 24,643 95.60 25.60
Itc ITC 171,569 222.70 79.23 Reliance RELIANCE 258,537 730.10 27.31
Bharat Forge BHARATFORG 7,693 306.95 78.74 Hindalco HINDALCO 23,512 128.00 27.81
Patni Com Sy PATNI 4,836 505.40 77.11 Torrent Pow TORNTPOWER 11,006 207.85 27.97
Coal India COALINDIA 210,540 331.95 76.97 Bhel BHEL 69,845 258.15 28.03
Mphasis MPHASIS 9,006 430.75 73.36 Canara Bank CANBK 20,129 445.40 28.75
Companies with highest MACD Companies with lowest MACD
Company NSE Symbol Mcap `Cr Price MACD Company NSE Symbol Mcap `Cr Price MACD
Sbi SBIN 145,833 2117.45 22.07 Tech Mahindra TECHM 8,783 720.50 (13.14)
Asian Paint ASIANPAINT 33,095 3060.70 20.74 Glaxosmith P GLAXO 19,636 2189.60 (6.43)
Oracle Fin OFSS 21,622 2568.95 13.72 Hero Honda HEROMOTOCO 40,188 2000.75 (6.29)
Grasim Ind GRASIM 24,724 2639.80 13.25 Aditya Birla ABIRLANUVO 10,773 951.95 (4.56)
Bajaj Auto BAJAJ-AUTO 48,701 1661.90 12.96 Hind Unilever HINDUNILVR 75,258 403.35 (2.43)
Axis Bank AXISBANK 52,292 1125.15 12.75 Patni Com Sy PATNI 4,836 505.40 (1.95)
Maruti Suzuki MARUTI 41,403 1297.45 11.46 Mah & Mah M&M 44,707 681.45 (1.75)
Companies with highest ADX Companies with lowest ADX
Company NSE Symbol Mcap `Cr Price ADX Company NSE Symbol Mcap `Cr Price ADX
Tata Power TATAPOWER 24,643 95.60 56.25 Federal Bank FEDERALBNK 8,038 426.65 11.94
Biocon BIOCON 4,860 231.40 55.35 Larsen & Tou LT 81,963 1279.75 14.07
Mundra Port ADANIPORTS 29,557 120.55 53.91 Crompton Gr CROMPGREAV 9,614 138.85 14.71
Adani Ent ADANIENT 48,603 276.30 50.23 Glenmark Phrm GLENMARK 7,137 301.50 15.02
Lupin LUPIN 21,911 509.50 49.70 Wipro WIPRO 101,223 423.10 15.49
Tech Mahindra TECHM 8,783 720.50 47.75 Indusind Bk INDUSINDBK 15,146 306.85 16.00
Cipla CIPLA 21,005 289.00 47.66 Idbi IDBI 11,754 105.40 16.28
Glaxosmith P GLAXO 19,636 2189.60 44.43 Gmr Infrast GMRINFRA 12,376 29.50 16.43
Source: ThomsonReuters, ARANCA Research
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NIFTY Stocks Technical Levels
Company
name NSE Symbol
Mcap
(`Cr)
Avg Vol 5d
(mn) Price % Change R1 R2 S1 S2 RSI MACD1
MACD
Signal ADX EMA 20D
A C C ACC 23,073 0.3 1330.30 (3.04) 1356.00 1381.70 1314.30 1298.30 44.02 19.68 17.88 18.41 1284.81
Ambuja Cem AMBUJACEM 26,985 2.6 168.05 (2.92) 171.92 175.78 165.72 163.38 50.06 0.86 1.39 23.08 164.39
Axis Bank AXISBANK 52,292 2.3 1125.15 (4.60) 1160.03 1194.92 1105.13 1085.12 33.19 24.09 11.34 17.72 1129.47
Bajaj Auto BAJAJ-AUTO 48,701 0.3 1661.90 (2.78) 1703.6 1745.3 1636.6 1611.3 35.25 10.62 (2.34) 28.24 1687.23Bharti Airtel BHARTIARTL 122,308 5.1 328.85 (2.13) 335.03 341.22 324.43 320.02 44.76 (5.36) (5.52) 16.89 344.83
Bhel BHEL 69,845 6.7 258.15 (3.22) 264.00 269.85 254.65 251.15 35.21 (2.03) (5.39) 29.95 277.54
Bharat Petro BPCL 28,891 0.5 665.40 (2.27) 680.37 695.33 656.12 646.83 45.78 20.39 17.00 25.48 623.46
Cairn India CAIRN 58,222 1.6 348.20 (1.69) 353.50 358.80 344.40 340.60 39.23 (1.23) (4.00) 31.94 355.64
Cipla CIPLA 21,005 1.7 289.00 (4.05) 298.03 307.07 283.13 277.27 24.07 (6.77) (7.28) 47.66 317.44
Dlf DLF 35,094 6.7 189.20 (3.59) 194.63 200.07 186.13 183.07 35.07 (6.23) (7.01) 34.67 209.57
Dr Reddy Lab DRREDDY 27,590 0.2 1663.60 (0.14) 1676.40 1689.20 1646.40 1629.20 36.76 9.49 5.54 23.34 1649.58
Gail GAIL 49,296 0.9 362.60 (1.97) 370.32 378.03 357.47 352.33 45.40 (3.34) (2.58) 21.05 374.28
Grasim Ind Grasim 24,724 0.1 2639.80 (2.03) 2679.43 2719.07 2610.73 2581.67 30.50 7.10 (6.14) 22.39 2669.04
Hcl Techno HCLTECH 34,633 1.6 477.35 (1.57) 497.40 517.45 464.40 451.45 34.48 8.31 4.22 21.51 467.63
Hous Dev Fin HDFC 97,804 3.7 651.25 (1.41) 658.10 664.95 646.95 642.65 38.87 (6.26) (6.94) 21.55 673.17
Hdfc Bank HDFCBANK 132,234 2.4 511.65 (0.45) 516.88 522.12 506.03 500.42 48.99 1.65 0.01 20.84 502.24
Hero Honda HEROMOTOC 40,188 0.4 2000.75 (0.83) 2030.40 2060.05 1964.55 1928.35 62.53 (4.89) 1.40 25.63 1958.17
Hindalco HINDALCO 23,512 11.5 128.00 (2.59) 131.43 134.87 125.43 122.87 23.84 (2.31) (3.49) 36.16 140.24
Hind Unilever HINDUNILVR 75,258 2.7 403.35 0.06 407.02 410.68 398.12 392.88 70.56 1.49 3.92 42.23 388.29
Icici Bank ICICIBANK 115,579 3.5 872.50 (4.18) 896.30 920.10 857.40 842.30 36.65 5.18 0.67 18.76 885.39
Infra Develop IDFC 21,189 9.7 128.50 (4.92) 133.17 137.83 125.47 122.43 29.59 2.02 (0.10) 21.01 133.50
Infosys Tech INFY 166,465 0.8 2830.75 (1.46) 2859.47 2888.18 2811.57 2792.38 44.58 10.84 4.93 20.66 2815.78
Itc ITC 171,569 9.4 222.70 0.11 224.33 225.97 221.03 219.37 68.26 3.22 4.37 43.94 209.27
Jindal Steel JINDALSTEL 52,299 3.1 526.05 (1.84) 543.18 560.32 514.58 503.12 27.41 0.10 (7.31) 25.66 564.81
Jaiprak Asso JPASSOCIAT 19,173 21.9 81.90 3.08 83.03 84.17 80.13 78.37 58.70 1.41 1.52 18.67 74.02
Kotak Mah Bk KOTAKBANK 40,825 0.8 531.15 1.06 538.93 546.72 523.23 515.32 41.38 2.87 (2.56) 33.73 529.43
Larsen & Tou LT 81,963 2.0 1279.75 (1.61) 1293.70 1307.65 1269.90 1260.05 41.25 (0.99) (5.75) 14.07 1305.03
Mah & Mah M&M 44,707 2.2 681.45 (0.92) 688.27 695.08 674.37 667.28 47.90 (5.32) (3.57) 18.76 694.04
Maruti Suzuki MARUTI 41,403 0.7 1297.45 (0.70) 1316.37 1335.28 1284.47 1271.48 32.61 32.46 20.99 30.80 1246.79
N T P C NTPC 143,219 1.6 165.45 (3.70) 170.13 174.82 162.88 160.32 30.14 (0.82) (1.76) 31.40 173.72
O N G C ONGC 224,122 2.6 261.85 (2.08) 267.60 273.35 258.45 255.05 24.95 (0.93) (3.42) 31.84 276.01
Punjab Nat Bk PNB 32,459 0.4 911.35 (4.21) 940.40 969.45 894.15 876.95 36.04 (1.39) (6.48) 22.02 952.15
Power Grid POWERGRID 48,123 2.2 105.95 (1.62) 107.22 108.48 104.97 103.98 35.53 0.26 (0.46) 38.14 107.33
Ranbaxy Lab RANBAXY 18,961 0.4 410.55 (1.26) 418.53 426.52 405.78 401.02 44.17 (7.23) (6.77) 22.74 430.72
Reliance Com RCOM 17,290 7.3 86.35 (3.41) 88.78 91.22 84.98 83.62 33.26 (0.33) (1.37) 23.42 91.04
Coal India COALINDIA 210,540 3.0 331.95 (0.87) 336.20 340.45 328.15 324.35 45.82 1.80 1.22 18.80 331.11
Reliance RELIANCE 258,537 4.8 730.10 (1.87) 740.33 750.57 723.43 716.77 30.31 (10.56) (17.19) 33.66 788.90
Reliance Infr RELINFRA 15,666 3.2 582.55 (2.08) 598.37 614.18 571.97 561.38 38.09 15.61 5.54 17.45 562.74
Reliance Pow RPOWER 32,902 8.8 118.80 (2.50) 121.75 124.70 117.05 115.30 34.29 5.16 2.61 19.65 113.54
Steel Author SAIL 49,194 2.8 92.70 (2.01) 94.30 95.90 91.60 90.50 38.53 (1.52) (1.93) 18.78 97.92
Sbi SBIN 145,833 2.6 2117.45 (2.28) 2147.63 2177.82 2098.63 2079.82 35.86 25.19 3.13 22.98 2119.31
Sesa Goa SESAGOA 17,672 2.9 188.90 (4.91) 196.98 205.07 183.73 178.57 29.25 (4.01) (5.24) 26.31 205.49
Siemens SIEMENS 28,946 0.1 765.95 (1.62) 778.22 790.48 757.47 748.98 36.86 4.20 (0.03) 21.55 773.98
Sterlite P STER 38,693 9.2 108.15 (3.95) 112.40 116.65 105.20 102.25 28.06 (1.07) (2.00) 28.38 115.71
Sun Pharma SUNPHARMA 56,723 1.2 577.90 (0.43) 583.90 589.90 572.00 566.10 58.51 7.46 7.19 20.74 548.43
Tata Motors TATAMOTORS 79,780 15.7 268.40 (1.58) 271.97 275.53 265.57 262.73 39.20 7.29 4.42 29.55 253.73
Tata Power TATAPOWER 24,643 3.9 95.60 (4.02) 98.75 101.90 93.55 91.50 20.10 (0.97) (2.61) 56.25 105.38
Tata Steel TATASTEEL 48,214 5.1 440.15 (1.86) 448.50 456.85 434.90 429.65 39.62 0.72 (1.20) 18.62 446.42
Tata Consult TCS 228,105 1.8 1161.60 (1.95) 1179.73 1197.87 1148.73 1135.87 44.56 (7.15) (10.29) 29.16 1176.96
Wipro WIPRO 101,223 1.2 #N/A (0.51) 428.28 433.47 419.43 415.77 40.18 0.19 (1.11) 15.49 422.83
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Stocks rising / falling for 3 consecutive days
Company NSE Symbol Mcap (`Cr)
Avg Vol
5d (mn) Price
Daily performance (%)
1D 2D 3D
Stocks rising for 3 consecutive days
Stocks falling for 3 consecutive days
O N G C ONGC 224,122 2.56 261.85 (2.08) (1.16) (0.37)
Jindal Steel JINDALSTEL 52,299 3.07 526.05 (1.84) (1.97) (7.21)
Tata Steel TATASTEEL 48,214 5.08 440.15 (1.86) (0.31) (4.76)
Maruti Suzuki MARUTI 41,403 0.65 1297.45 (0.70) (1.79) (2.41)
Sterlite P STER 38,693 9.17 108.15 (3.95) (0.84) (1.65)
Siemens SIEMENS 28,946 0.15 765.95 (1.62) (1.14) (1.72)
Source: NSE India Website, ARANCA Research
Stocks rising / falling for 2 consecutive days
Company NSE Symbol Mcap (`Cr)
Avg Vol
5d (mn) Price
Daily performance (%)
1D 2D
Stocks rising for 2 consecutive days
ITC ITC 171,569 9.45 222.70 0.11 1.25
Hind Unilever HINDUNILVR 75,258 2.69 403.35 0.06 1.83
Kotak Mah Bk KOTAKBANK 40,825 0.77 531.15 1.06 1.54
Jaiprak Asso JPASSOCIAT 19,173 21.94 81.90 3.08 3.72
Stocks falling for 2 consecutive days
Coal India COALINDIA 210,540 3.00 331.95 (0.87) (1.12)
Source: NSE India Website, ARANCA Research
Top 5 shares of the Day
Top gainers - change % Top losers - change %
Company NSE Symbol Mcap (`Cr) Price % chg Company NSE Symbol Mcap (`Cr) Price % chg
Jaiprak Asso JPASSOCIAT 19,173 81.90 3.08 Infra Develop IDFC 21,189 128.50 (4.92)
Kotak Mah Bk KOTAKBANK 40,825 531.15 1.06 Sesa Goa SESAGOA 17,672 188.90 (4.91)
ITC ITC 171,569 222.70 0.11 Axis Bank AXISBANK 52,292 1125.15 (4.60)
Hind Unilever HINDUNILVR 75,258 403.35 0.06 Punjab Nat Bk PNB 32,459 911.35 (4.21)
Dr Reddy Lab DRREDDY 27,590 1663.60 -0.14 Icici Bank ICICIBANK 115,579 872.50 (4.18)
Most active by volume Most active by value
Company NSE Symbol Mcap (`Cr) Price Volume (mn) Company NSE Symbol Mcap (`Cr) Price Value (`Cr)
Jaiprak Asso JPASSOCIAT 19,173 81.90 28.48 SBI SBIN 145,833 2117.45 427.93
Tata Motors TATAMOTORS 79,780 268.40 10.70 Reliance RELIANCE 258,537 730.10 387.83
Infra Develop IDFC 21,189 128.50 9.93 Icici Bank ICICIBANK 115,579 872.50 346.03
Hindalco HINDALCO 23,512 128.00 9.77 Tata Motors TATAMOTORS 79,780 268.40 287.39
Sterlite P STER 38,693 108.15 8.43 Axis Bank AXISBANK 52,292 1125.15 258.40
Source: NSE India Website, ARANCA Research
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NIFTY Technical Chart Daily
NIFTY Technical Chart Weekly
NIFTY Technical Chart Monthly
Source: ThomsonReuters, Aranca Research
The Nifty ended the week 15.65
points, or 0.29%, lower at
5,317.90. The index is trading
above the 40-week SMA
The Nifty ended the month 186
points, or 3.58%, higher at 5,385
the index is trading below the
20-month SMA
RSI in the negative terrain
indicates the index may correct
or consolidate in the near term
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Glossary
RSI The Relative Strength Index (RSI) is a momentum oscillator that ranges from 0 to
100. It compares the extent of the stock's recent price movements by evaluating
recent gains and losses. Stocks with RSI above 70 could be considered
overbought, and below 30 could be considered oversold. Generally, if the RSI falls
below 70, it is a bearish signal. Conversely, if the RSI of a stock rises above 30 it is
considered bullish. The RSI used is of 14 days
MACD1 MACD1 shows the relationship between a longer period moving average and a
short period moving average of a stocks price. Generally, the 26-day exponential
moving average (EMA) and the 12-day EMA are used to calculate MACD1.
MACD Signal line The MACD signal line is the nine-day EMA of the MACD that is used as a trigger for
buy and sell signals. MACD falling below the signal line indicates bearishness and
MACD rising above the signal line indicates bullishness
ADX / DMI Average Directional Movement Index (ADX) is an indicator, which measures
purely the strength of the current trend not considering whether it is up or down.
ADX is derived from the relationship of the Directional Movement Index (DMI)
lines. Positive DMI measures the strength of up moves, while negative DMImeasures the strength of down moves. ADX above 40 indicates a strong trend and
below 20, a weak trend.
Support Support is the level at which the stock is likely to see increased interest from
buyers. The buying support will prevent the stock from falling further
S1 is the first level expected to witness increased buying interest in a declining
market If the market continues to fall below the S1 then S2 is the next level at
which buyers are expected to acquire the stock, thereby preventing falling
declines
Resistance Resistance is the level at which the stock is likely to see increased interest from
sellers. The selling pressure will prevent the stock from rising further
R1 is the first level expected to witness increased selling interest in a risingmarket. If the market breaks the first resistance R2 is the next level at which
increased selling can be expected
Exponential moving
average - EMAExponential moving average (EMA) is the weighted average of the prices of a
given security where higher weights are given to recent data points. EMA is used
to analyze the trend of a stock
Simple moving average -
SMAA simple moving average (SMA) is the average of the closing price of a security for
a given period.
NIFTY daily technical
chartDaily technical chart plots the daily movement of NIFTY for a period of last six
months using each day as a single data point. These charts are used to track short-
term price movements
NIFTY weekly technical
chartWeekly technical chart is a series of prices which shows each week as a single
data point, used to track medium term price movements
NIFTY monthly technical
chartMonthly technical chart is a series of prices which shows each month as a single
data point, used to track long term price movements
ARANCA Research
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DISCLAIMER
This technical daily has been prepared by Aranca. Such technical reports focus on studying charts of a stock's price
movement 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. The opinions expressed by our analysts in this technical daily are
subject to possible change without notice.
This technical daily may contain forward looking statements, which involve risk and uncertainty. The analysis inthese pages is not a complete analysis of every material fact regarding companies, industry, or economy. This
document is prepared for assistance only and is not intended to be used as the primary basis of investment
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investors should be aware that the analysts may have conflict of interest that could affect the objectivity of the
recommendations provided in this report.
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