The Dow and the S&P 500 fell on Tuesday as materials shares declined and nervousness increased ahead of a Federal Reserve statement, while the Nasdaq ended higher. Among S&P 500 sectors, materials was the weakest with a 1.2 percent decline, led by DuPont, down 3.1 percent at USD 74.68.

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MARCH 2015
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Global markets at a glance
Asian stocks dipped and the dollar marked time on
Wednesday, with markets fixed on Federal Reserve's policy
statement due later in the session for clues to when the
Fed will hike interest rates. MSCI's broadest index of Asia-
Pacific shares outside Japan .MIAPJ0000PUS dipped 0.1%,
tracking Wall Street shares which fell overnight as nervous-
ness increased ahead of the Fed's statement. Australian
shares shed 0.4 percent, while Japan's Nikkei was flat.
Wall Street Update
The Dow and the S&P 500 fell on Tuesday as materials
shares declined and nervousness increased ahead of a Fed-
eral Reserve statement, while the Nasdaq ended higher.
Among S&P 500 sectors, materials was the weakest with a
1.2 percent decline, led by DuPont, down 3.1 percent at
USD 74.68.
The Dow Jones industrial average fell 128.34 points, or 0.71
percent, to 17,849.08, the S&P 500 lost 6.91 points, or 0.33
percent, to 2,074.28 and the Nasdaq Composite added 7.93
points, or 0.16 percent, to 4,937.44. In addition to anxiety
about the Fed statement, options expiration on Friday may
have contributed to the day's volatility The S&P 500 posted
26 new 52-week highs and three new lows; the Nasdaq
Composite recorded 112 new highs and 62 new lows.
Previous day Roundup
India's BSE index rose over 1 percent on Tuesday, marking
its biggest daily gain in nearly 2-1/2 weeks, tracking higher
global shares on hopes weak economic data would prompt
the U.S. Federal Reserve to leave options open on the tim-
ing of an interest rate hike. The BSE index ended 1.05 per-
cent higher, marking its biggest daily gain since Feb. 27. The
broader NSE index gained 1.04 percent, recovering from its
lowest close since Feb. 11 on Monday.
Index stats
The Market was very volatile in last session. The sartorial
indices performed as follow; Consumer Durables [up
152.59pts], Capital Goods [up 292.87pts], PSU [up 55.7pts],
FMCG [up 120.84pts], Realty [up 7.75pts], Power [up
20.94pts], Auto [up 236.18pts], Healthcare [up 306.70pts],
IT [down 37.10pts], Metals [up 112.26pts], TECK [down
10.18pts], Oil& Gas [up 134.59pts].
World Indices
Index Value % Change
D J l 17849.08 -0.71
S&P 500 2074.28 -0.33
NASDAQ 4937.43 +0.16
EURO STO 3672.16 -0.93
FTSE 100 6837.61 +0.49
Nikkei 225 19431.82 -0.03
Hong Kong 24089.75 +0.79
Top Gainers
Company CMP Change % Chg
HINDALCO 133.75 6.95 5.48
SSLT 193.50 8.00 4.31
CAIRN 227.25 9.25 4.24
DRREDDY 3,432.00 119 3.59
INDUSINDBK 907.00 29.75 3.39
Top Losers
Company CMP Change % Chg
JINDALSTEL 174.50 15.95 -8.37
HCLTECH 2,037.00 20.00 -0.97
INFY 2,245.00 21.65 -0.96
TATAPOWER 80.40 0.60 -0.74
BHARTIARTL 385.95 2.45 -0.63
Stocks at 52 Week’s Low
Symbol Prev. Close Change %Chg
BHUSANSTL 81.25 -0.65 -0.79
STCINDIA 161.50 -2.30 -1.40
ESSDEE 136.60 -34.15 -20.00
Indian Indices
Company CMP Change % Chg
NIFTY 8723.30 +90.15 +1.04
SENSEX 28736.38 +298.67 +1.05
Stocks at 52 Week’s High
Symbol Prev. Close Change %Chg
APOLLOHOSP 1,464.00 40.75 2.86
DABUR 283.90 12.65 4.66
PCJEWELLER 312.60 2.00 0.64
SHASUNPHAR 355.50 6.70 1.92
STAR 1,123.65 29.55 2.70

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STOCK RECOMMENDATIONS [FUTURE]
1. RECL [FUTURE]
RECL FUTURE is looking strong on charts, long build up has
been seen, we may see more upside, if it sustains above
340 levels. We advise buying around 335-340 levels with
strict stop loss of 330 for the targets of 345-350 levels.
2. GODREJ INDUSTRIES [FUTURE]
GODREJ IND FUTURE is looking strong on charts, long build
up has been seen, we may see more upside, if it sustains
above 345 levels. We advise buying around 345 levels with
strict stop loss of 340 for the targets of 350-355 levels.
EQUITY CASH & FUTURE
STOCK RECOMMENDATION [CASH]
1. JB CHEM & PHARMA (CASH)
JB CHEM & PHARMA is looking strong on charts, if it sus-
tains above 200 levels. We advise buying around 200-205
levels with strict stop loss of 190 for the targets 215-220.
MACRO NEWS
Inflation, as measured by WPI, fell to a steep -2.06%,
marking the fourth straight month of deflating prices.
Forecast for WPI was to come in at -0.65%. Data re-
leased by the govt showed YoY inflation fell to the low-
est level since it has been tracked in the current 2005
series. WPI inflation for December was revised lower
from 0.11% to -0.5%. Feb contraction was led by a MoM
decline in all three broad groups that make up the index.
Modi govt open to extend Budget session to get Bills
passed. The first part of the session will continue till
March 20. The second part will commence after a month
-long recess from April 20 and conclude on May 8. There
will be 20 working days during the first half of Budget
session and 13 in the second half.
Shares of aviation stocks are active on buyers’ radar hop-
ing that the Govt is likely consider new norms for flying
international.
Govt to re-examine bids for 5 more coal blocks.
Many Indian and foreign groups with plans to build large
steel mills, aluminium smelters and open-pit mines have
a frustrating experience in land acquisition.

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FUTURE & OPTION
MOST ACTIVE PUT OPTION
Symbol Op-
tion
Type
Strike
Price
LTP Traded
Volume
(Contracts)
Open
Interest
NIFTY PE 8,700 69.25 10,31,520 33,82,700
NIFTY PE 8,600 37.5 10,04,445 43,50,825
NIFTY PE 8,500 19.85 7,89,306 48,50,450
BANKNIFTY PE 18,500 76 72,118 3,93,025
RELIANCE PE 840 6.3 4,348 5,41,750
JINDALSTEL PE 160 4.15 4,104 7,63,000
JINDALSTEL PE 150 2.2 2,730 5,96,000
RELIANCE PE 330 5.05 2,683 5,34,000
MOST ACTIVE CALL OPTION
Symbol Op-
tion
Type
Strike
Price
LTP Traded
Volume
(Contracts)
Open
Interest
NIFTY CE 8,800 58.1 13,19,884 38,08,600
NIFTY CE 8,700 106.8 9,89,313 27,10,975
NIFTY CE 8,900 27.75 9,60,726 42,76,125
BANKNIFTY CE 19,500 150.75 1,02,642 5,04,675
JINDALSTEL CE 190 4.95 6,878 20,37,000
RELIANCE CE 860 13.45 6,157 5,24,000
TATSTEEL CE 340 4.65 3,910 9,35,000
AXISBANK CE 600 8.05 3,779 14,10,000
FII DERIVATIVES STATISTICS
BUY OPEN INTEREST AT THE END OF THE DAYSELL
No. of
Contracts
Amount in
Crores
No. of
Contracts
Amount in
Crores
No. of
Contracts
Amount in
Crores
NET AMOUNT
INDEX FUTURES 49085 1206.77 70890 1694.03 889631 21076.06 -487.27
INDEX OPTIONS 890341 21945.85 856175 21235.96 2243777 61516.93 709.89
STOCK FUTURES 105408 3147.40 77777 2348.05 2015086 60938.84 799.35
STOCK OPTIONS 75746 2237.55 75311 2230.96 105739 3264.80 6.58
TOTAL 1028.56
STOCKS IN NEWS
Bhushan Steel Lenders in talks of debt restructuring of
$3.7bn - Mint SBI & PNB are discussiong tenor exten-
sion of ’20,000 Cr loans from 8 yrs to 25
DLF Vs CCI Case: SC Adjourns Hearing In DLF Vs CCI
Case Indefinitely Objects To DLF's Plea Being Taken Up
Out Of Turn
Ambuja Cements Says Secured Gare Palma IV/8 Block
At Bid Price Of `2,291/mt Capex For Dvpt Of Gare
Palma IV/8 Block To Be Approx `370 Cr. Expect Mining
Ops At Gare Palma IV/8 Block To Start In 2018
Wipro Takes Minority Stake In Drivestream, Invests $5
m.
NIFTY FUTURE
Nifty Future closed upside in the last trading session. We
advise buying around 8770-8780 with strict stop loss
8720 for the targets of 8820-8870
INDICES R2 R1 PIVOT S1 S2
NIFTY 8,810.63 8,766.97 8,698.88 8,655.22 8,587.13
BANK NIFTY 19,327.55 19,192.90 18,987.20 18,852.55 18,646.85

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RECOMMENDATIONS
GOLD
TRADING STRATEGY:
BUY GOLD APR ABOVE 25850 TGTS 28930,29030 SL BE-
LOW 25760
SELL GOLD APR BELOW 25500 TGTS 25420,25320 SL
ABOVE 25590
SILVER
TRADING STRATEGY:
BUY SILVER MAR ABOVE 35600 TGTS 35800,36100 SL BE-
LOW 35300
SELL SILVER MAR BELOW 35000 TGTS 34800,34500 SL
ABOVE 35300
COMMODITY ROUNDUP
The RBI had a quick change of mind between Monday eve-
ning and Tuesday afternoon regarding gold import for jew-
ellers. On Monday, it informed banks that they could not
import gold as a consignment for outright sale to jewellers.
On Tuesday, it sent another e-mail that the “e-mail sent yes-
terday stands withdrawn”. Which meant a restoration of
the position brought about by its February 18 circular, al-
lowing banks to so import gold on a consignment basis and
also provide gold loans to jewellers.
The quick reversal has worried some official quarters, since
it means imports will stay high — the estimate is 90 tonnes
for this month. The purport of Monday's mail was under-
stood to be for tightening of such inflow, a worry for the
trade deficit. February's import was estimated to be 52
tonnes, with many having held back as they expected a cut
in the tariff on gold. Since this import duty cut didn't hap-
pen in the Union Budgetof end-February, and jewellers
were running out of stock, March imports have surged.
Gold slipped from its recent highs amid a continued firm
undertone in the US dollar. COMEX Gold eased back to-
wards its recent four month lows as buying failed to take
the metal above $1160 per ounce mark. Indian demand is
thin as buyers are watching the prices anxiously and are
refraining from heavy purchases. This is causing speculators
in world markets to go easy on long too. The COMEX Gold
futures are quoting at $1152.50 per ounce, down 70 cents
per ounce on the day. MCX Gold futures are trading at Rs
25679 per 10 grams on the day, down Rs 104 per 10 grams
on the day.
Nickel prices moved down by 0.59% to Rs 872.20 per kg in
futures trade yesterday as speculators reduced their posi-
tions, driven by weak demand from alloy-makers in the spot
market. Besides, a lower global trend further dampened the
sentiment. At the Multi Commodity Exchange, nickel for
delivery in March declined by Rs 5.20, or 0.59%, to Rs
872.20 per kg in a business turnover of 765 lots. Similarly,
the metal for delivery in April shed Rs 5.10, or 0.58%, to Rs
880 per kg in 30 lots. Speculators reduced their positions on
weak demand from alloy-makers in the domestic spot mar-
ket and a subdued trend in base metals overseas as inves-
tors weigh the strength of economic growth in US, put pres-
sure on nickel prices at futures trade here.

5. DAILY REPORT
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MARCH 2015
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RECOMMENDATIONS
DHANIYA
BUY CORIANDER APRIL ABOVE 7294 TARGET 7344 7404 SL
BELOW 7244
SELL CORIANDER APRIL BELOW 7020 TARGET 6970 6910 SL
ABOVE 7070
GUARSGUM
BUY GUARGUM APRIL ABOVE 8380 TARGET 8430 8490 SL
BELOW 8320
SELL GUARGUM APRIL BELOW 8265 TARGET 8215 8155 SL
ABOVE 8325
NCDEX
NCDEX ROUNDUP
Chilli futures swelled sharply due to fresh buying amid weak
projected lower crop. The NCDEX Chilli March delivery
ended the day at Rs 8498, up Rs 276 or 3.36% over last
close. Chilli arrivals in the Guntur trading hub stood steady
at 1,50,000 bags. This year since the Madhya Pradesh crop
got affected in 50% of the area due to excessive rainfall.
Guntur cold storage stocks levels are not high this year. The
overall India crop seen down over the previous years. New
crop arrivals from Andhra Pradesh and Telangana are ex-
pected to be strong by March. NCDEX Chilli found some
support at Rs 7910 and gained on short covering activities.
The counter rose to high of Rs 8498 level and closed the day
at Rs 8498, up Rs 276 or 3.36% over last close. The open
interest added 5 tonnes to 795tonnes, indicating fresh buy-
ing.
Turmeric futures recovered on short covering at lower side.
The NCDEX turmeric April delivery ended the day at Rs
7842, up Rs 276 or 3.65%. The market dipped recently due
to good arrivals and sluggish demand at the current price
level. Inferior quality of the commodity also weighed the
demand for the commodity. Adequate stock from the last
year is limiting the upside in the prices. The overall Indian
turmeric production is lower this year, this will support the
commodity in off season. The April delivery turmeric find
support at Rs 7720 level, after easing from the high Rs 9680
level. The counter moved to high of Rs 7868 and closed the
last day at Rs 7842, up Rs 276 or 3.65% and the open inter-
est dipped 2135 tonnes to 18210 tonnes, indicating short
covering.
NCDEX INDICES
Index Value % Change
CAETOR SEED 3617 -1.44
CHANA 3645 -1.09
CORIANDER 7050 -3.61
COTTON SEED 1591 +0.95
GUAR SEED 3685 -1.21
JEERA 14530 -3.36
MAIZE 1918 +1.07
MUSTARDSEED 3375 -0.85
SOY BEAN 3357 -0.39
TURMERIC 7842 +3.65

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USD/INR
BUY USDINR MARCH ABOVE 63.00 TGT 63.13,63.28 SL 62.85
SELL USDINR MARCH BELOW 62.80 TGT 62.77,62.62 SL 62.95
GBP/INR
BUY GBPINR MARCH ABOVE 93.00 TGT 93.20 ,93.40 SL 92.80
SELL GBPINR MARCH BELOW 92.60 TGT 92.40,92.20 SL 92.80
CURRENCY MARKET UPDATES:
The Indian Rupee stayed supported today amid a general
wave of cautiousness in the global markets as traders eyed
the recent narrowing of the trade deficit. The INR managed
to gain indicating that buying remains in place after the cur-
rency fell to its two month low above 63 per US dollar mark
last week.
India’s trade deficit narrowed to $6.8billion in February as
oil imports declined by over 55% from a month earlier. This
has kept the rupee protected even as the US dollar soared
to fresh highs against a number of emerging market curren-
cies. The Rupee closed around 62.72 mark in local spot mar-
kets, up 9paise on the day. The rupee ended stronger at
62.70/71 per dollar from Monday's close of 62.8050/8150,
tracking strength in most Asian currencies ahead of the Fed
policy meet. Gains in shares also aid.
The benchmark 10-year bond yield ended down 3 basis
points at 7.78 percent, tracking lower crude oil prices. How-
ever, traders stayed cautious ahead of the Fed policy meet-
ing. The benchmark five-year swap rate ended down 2 basis
points at 7.11 percent, while the one-year rate also fell 2
basis points to end at 7.64 percent. India's one-day cash
rate ended down at 6.50/6.55 percent as against Monday's
close of 6.60/6.65 percent.
The euro pushed higher against the U.S. dollar on Tuesday,
after data showed that German economic sentiment im-
proved to the highest level in 13 months in March, although
a report on inflation in the euro zone tended to limit the
single currency's gains. The index of euro zone economic
sentiment increased to a 13-month high of 62.4 in March
from 52.7 in February, above forecasts for a gain to 58.2. A
separate report showed that euro zone consumer price in-
flation fell 0.3% last month, in line with expectations and
unchanged from a preliminary estimate. Euro zone inflation
declined by 0.6% in January. The rate remains firmly below
the European Central Bank's target of near but just below
2%. The euro was also higher against the pound, with EUR/
GBP climbing 0.66% to 0.7172.
RBI Reference Rate
Currency Rate Currency Rate
Rupee- $ 62.6920 Yen-100 51.6900
Euro 66.3720 GBP 92.9910
MCX COMMODITIES & CURRENCY

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CALL REPORT
PERFORMANCE UPDATES
Date
Commodity/ Currency
Pairs
Contract Strategy Entry Level Target Stop Loss Remark
17/03/15 NCDEX GUARGUM APR. BUY 8650 8700-8760 8590 NOT EXECUTED
17/03/15 NCDEX GUARGUM APR. SELL 8470 8420-8360 8530 BOOKED FULL PROFIT
17/03/15 NCDEX DHANIYA APR. BUY 7080 7130-7190 7030 BOOKED FULL PROFIT
17/03/15 NCDEX DHANIYA APR. SELL 6945 6895-6835 6995 NOT EXECUTED
17/03/15 MCX GOLD APR. BUY 25860 28940-29040 25760 NOT EXECUTED
17/03/15 MCX GOLD APR. SELL 25680 25600-25500 25780 BOOKED PROFIT
17/03/15 MCX SILVER MAR. BUY 35800 36000-36300 35500 NOT EXECUTED
17/03/15 MCX SILVER MAR. SELL 35300 35100-34800 35600 BOOKED PROFIT
17/03/15 EUR/INR MAR. BUY 66.50 66.70-66.90 66.30 BOOKED FULL PROFIT
17/03/15 EUR/INR MAR. SELL 66.40 66.20-66.00 66.60 NOT EXECUTED
17/03/15 USD/INR MAR. BUY 63.10 63.23-63.38 62.95 NOT EXECUTED
17/03/15 USD/INR FEB. SELL 62.95 62.85-62.70 63.10 BOOKED PROFIT
Date Scrip
CASH/
FUTURE/
OPTION
Strategy Entry Level Target Stop Loss Remark
17/03/15 NIFTY FUTURE SELL 8640-8630 8590-8540 8690 SL TRIGGERED
17/03/15 AUROPHARMA FUTURE BUY 1180-1200 1225-1250 1150 BOOKED PROFIT
17/03/15 RELIANCE INFRA FUTURE SELL 460-450 440-430 470 CALL OPEN
17/03/15
JB CHEM &
PHARMA
CASH BUY 200-205 200-205 190 BOOKED FULL PROFIT
16/03/15 NIFTY FUTURE SELL 8650-8640 8600-8550 8700 SL TRIGGERED
16/03/15 FINOLEX CABLE CASH BUY 285-290 295-305 275 BOOKED PROFIT
12/03/15 HINDPETRO FUTURE SELL 630-635 620-610 645 SL TRIGGERED
12/03/15 BHARTIARTL CASH BUY 390-395 405-415 380 SL TRIGGERED

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NEXT WEEK'S U.S. ECONOMIC REPORTS
ECONOMIC CALENDAR
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TIME REPORT PERIOD ACTUAL
CONSENSUS
FORECAST
PREVIOUS
MONDAY, MARCH 16
8:30 AM EMPIRE STATE INDEX MARCH 6.3 7.8
9:15 AM INDUSTRIAL PRODUCTION FEB. 0.3% 0.2%
9:15 AM CAPACITY UTILIZATION FEB. 79.6% 79.4%
10 AM HOME BUILDERS' INDEX MARCH 56 55
TUESDAY, MARCH 17
8:30 AM HOUSING STARTS FEB. 1.018 MLN 1.065 MLN
8:30 AM BUILDING PERMITS FEB. -- 1.060 MLN
WEDNESDAY, MARCH 18
2 PM FOMC STATEMENT
2:30 AM JANET YELLEN PRESS CONFERENCE
THURSDAY, MARCH 19
8:30 AM WEEKLY JOBLESS CLAIMS
MARCH
14
N/A N/A
8:30 AM CURRENT ACCOUNT 4Q -- -$100 BLN
10 AM PHILLY FED MARCH 6.6 5.2
10 AM LEADING INDICATORS FEB. -- 0.2%
FRIDAY, MARCH 20
NONE SCHEDULED