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A Comprehensive Market Strategy for CY25: Insights from Bajaj Broking Yearly Strategy Report

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Synopsis:

Bajaj Broking’s CY25 Strategy Report highlights a positive market outlook with Nifty targeting 28,700. Key topics include multi-dimensional analysis, sectoral performance insights, top stock recommendations, and opportunities driven by global and domestic trends. Learn how to optimize your portfolio.


The Indian stock market has demonstrated remarkable resilience and growth, achieving consecutive gains for the past nine years. As 2024 concludes with a robust 10% increase in benchmark indices, the focus shifts to the potential opportunities and challenges of CY25. The Bajaj Broking Yearly Strategy Report for CY25 provides an in-depth multi-dimensional analysis, presenting a compelling case for sustained bullish momentum. With a projected Nifty target of 28,700, this detailed analysis serves as a roadmap for navigating the evolving market landscape. Here, we delve into every aspect of the report to offer a comprehensive overview.

CY24 Recap: Building a Strong Foundation

The foundation for CY25’s anticipated market growth is rooted in the events and trends of CY24. The year concluded with the Indian markets surpassing several benchmarks, driven by favourable macroeconomic and geopolitical factors. The Nifty met its target of 24,300, closing the year with more than a 10% rise. The rally was underpinned by strong domestic demand, investor confidence, and robust institutional participation.

Key Highlights of CY24:

CY24 proved to be a landmark year for the Indian economy, marked by resilience and growth across various domains. These developments have created a robust foundation for CY25, paving the way for sustained opportunities:

Record-breaking Indices

Both the Nifty and Sensex exhibited consistent upward momentum in the first 9 months of CY24, achieving new all-time highs (26277), despite correction in last 3 months index is closing the year with healthy gains. This performance underscores the strength of India’s equity markets driven by increased investor participation.

Market Predictions for CY25

Nifty and Broader Market Targets

The Bajaj Broking Yearly Strategy Report sets a target of 28,700 for Nifty in CY25, translating to a 19% return. This projection is underpinned by multi-layered analysis, including bottom-up stock selection and technical chart patterns.

Key support levels are identified at 22,500-21,700, which serve as critical thresholds to watch during market corrections. These levels align with historical retracement metrics and the seven-quarter exponential moving average (EMA). This ensures that even in periods of heightened volatility, the broader market trajectory remains upward.

The midcap and small-cap indices are also poised for stellar performance, with respective targets of 67,700 and 22,700. This growth is expected to be driven by sectoral rotation and rising retail participation through systematic investment plans (SIPs).

Key Assumptions Driving the Bullish Outlook

The following key assumptions underpin the bullish outlook for India's economy and equity markets in CY25, highlighting factors such as robust domestic demand, shifting dynamics in foreign and domestic investments, and strategic sectoral diversification.

  1. Robust Domestic Demand: The Indian economy’s growth is underpinned by strong domestic consumption, which is expected to remain resilient in CY25. Infrastructure spending, driven by government initiatives such as the National Infrastructure Pipeline (NIP) and increased allocation in public works, is set to accelerate. Additionally, the manufacturing sector’s expansion under the Production Linked Incentive (PLI) schemes will further enhance job creation and disposable incomes, stimulating consumption. Policy reforms, including ease of doing business and tax rationalisation, create a conducive environment for sustained growth.
  2. FII and DII Dynamics: The report highlights a pivotal reversal in foreign institutional investor (FII) outflows, driven by easing global liquidity conditions and attractive valuations in Indian equities post recent correction. Simultaneously, domestic institutional investors (DIIs) continue to provide a stabilising force, with monthly SIP contributions surpassing ₹25,000 crore. This dual inflow of foreign and domestic capital ensures robust liquidity in the market, reducing the impact of global uncertainties.
  3. Sectoral Rotation: Diversification across sectors such as banking, IT, and real estate plays a critical role in mitigating risks and capturing opportunities. Banking benefits from rising credit demand and improving asset quality, while IT gains from global digital transformation. Real estate, buoyed by urbanisation and government housing schemes, adds to the market’s breadth. This sectoral rotation enables balanced growth and fosters long-term market stability.

Sectoral Performance: Winners and Opportunities

Relative Rotation Graph Analysis

The Relative Rotation Graph (RRG) analysis offers insights into the performance and momentum of key sectors relative to benchmark indices. It categorises sectors into four quadrants based on their relative strength and momentum:

  • Improving Quadrant: Sectors like Banking, FMCG, and Media exhibit signs of recovery and are poised for strong performance. A move from the weakening quadrant to the improving quadrant suggests these sectors are gaining momentum and could present potential investment opportunities for those seeking growth.

  • Leading Quadrant: The IT sector remains robust, maintaining positive momentum and outperforming benchmarks. Securities in this quadrant show strong and stable outperformance, and those moving deeper into this quadrant indicate a continuation of positive trends.

  • Weakening Quadrant: Auto and Infrastructure sectors show signs of slowing momentum, requiring cautious monitoring. While still outperforming benchmarks, their declining momentum may indicate that their strength is waning, suggesting that investors should watch for any signs of further deterioration.

  • Lagging Quadrant: The absence of major sectors in this category underscores the overall health of the market. Securities in this quadrant are underperforming relative to benchmarks, and their negative momentum signals weakness. This category is an area where caution is required, especially for investors looking to avoid underperforming sectors.

In addition, RRG analysis tracks the movement of sectors over time. A sector moving from the improving quadrant to the leading quadrant signals rising momentum, potentially presenting a buying opportunity. Conversely, a shift from the leading to the weakening quadrant suggests slowing momentum, signalling a possible time to take profits. Rotation trails, which show the historical performance of sectors, offer valuable insights into volatility and market trends, highlighting which sectors are experiencing the biggest moves.

Sector-Specific Highlights

The following sector-specific highlights offer a comprehensive overview of key industries that are expected to play a pivotal role in driving market growth and performance in the coming years. These sectors are experiencing significant tailwinds, supported by favourable government policies, technological advancements, and evolving consumer trends. From the robust growth in banking and IT to the expanding potential of real estate, infrastructure, healthcare, building materials, and tourism, each sector presents unique opportunities for investors. By understanding the dynamics and growth drivers within these industries, investors can make more informed decisions and capitalise on emerging trends to enhance their portfolios.

  1. Banking and Financials:
    Banking continues to drive market performance with the Bank Nifty set to target 62,500. The sector’s growth is fuelled by rising credit demand, improving asset quality, and favourable regulatory policies. Metrics like return on equity (ROE) and non-performing asset (NPA) ratios demonstrate sustained health, while digitalisation initiatives are enhancing operational efficiency.
  2. Information Technology:
    The IT sector targets 52,700, driven by accelerated digital transformation and increased adoption of artificial intelligence and cloud solutions. This sector benefits from global outsourcing demand and favourable currency trends. The strategy for investors is to accumulate IT stocks during market dips, leveraging long-term growth prospects.
  3. Real Estate:
    Real estate is set to reach 1,340 on the Realty Index, reflecting urbanisation trends and government housing initiatives. Increased pre-sales and project launches by leading developers underscore the sector’s growth potential. Affordable housing and premium residential projects are key drivers.
  4. Infrastructure:
    With a target of 10,200, the infrastructure sector’s growth is supported by government investments in transport and urban development. Decade-long consolidation followed by structural breakouts signifies renewed investor interest.
  5. Healthcare:
    India’s healthcare sector is projected to grow at a compound annual growth rate (CAGR) of 8%, reaching $193.59 billion by 2032. Private sector investments and the expansion of healthcare facilities contribute significantly to this sector’s upward trajectory.
  6. Building Materials:
    Segments like wires, cables, tiles, and plywood are expected to grow at a CAGR of 12-15% from 2023 to 2028. This growth is fuelled by infrastructure expansion, urbanisation, and rising demand for eco-friendly construction materials.
  7. Tourism:
    The tourism sector is forecasted to contribute ₹35 trillion to GDP by 2029. Government initiatives such as Swadesh Darshan and PRASHAD, along with the growing popularity of adventure and eco-tourism, bolster this industry’s potential.

Macroeconomic and Global Influences

Global Factors

Global factors play a significant role in shaping the economic landscape, influencing market performance both domestically and internationally. Key drivers such as the US presidential cycle, Federal Reserve policies, and China's economic stimulus measures are pivotal in determining investor sentiment and market direction.

  1. US Presidential Cycle
    Historical trends highlight robust global market performance, with returns averaging 17%-37% in the year following the US presidential elections. Indian equity markets often mirror this pattern, lending optimism to the outlook for CY25. These trends suggest that favourable conditions for investors will likely persist, driven by global economic stability post-election.
  2. Federal Reserve Policy
    Expected rate cuts by the US Federal Reserve are projected to improve liquidity in emerging markets, including India. Such policy measures enhance the flow of foreign institutional investments (FII) into Indian equities, reinforcing the country’s market resilience and growth trajectory.
  3. China’s Economic Stimulus
    China’s stimulus measures, aimed at revitalising its economy, may influence FII flows. While this could present opportunities within China, it requires close monitoring as funds may shift away from Indian markets. Nevertheless, India’s robust economic fundamentals should mitigate potential adverse impacts.

Domestic Catalysts

On the domestic front, factors such as monetary policy, political stability, and increasing retail participation are expected to provide a supportive environment for economic growth. These elements are crucial in shaping India's growth trajectory and ensuring a favourable outlook for the markets.

  1. Monetary Policy
    The Reserve Bank of India (RBI) is anticipated to reduce repo rates by 75-100 basis points in CY25. This easing is expected to bolster liquidity and stimulate growth in interest rate-sensitive sectors such as real estate and automotive. Lower borrowing costs could drive increased demand for housing and vehicles, supporting broader economic recovery and industrial activity.
  2. Policy Stability
    With only two state elections scheduled for CY25, the central government is likely to pursue bold reforms without significant political disruptions. These reforms could focus on infrastructure development, ease of doing business, and fiscal policies, laying the groundwork for sustained economic expansion and investor confidence.
  3. Retail Participation
    The steady rise in Systematic Investment Plan (SIP) contributions, now surpassing ₹25,000 crore monthly, underscores growing retail investor confidence. This stable liquidity source strengthens market resilience against external shocks, ensuring consistent domestic participation.

Investment Strategies for CY25

Stock Selection Framework

The Bajaj Broking CY25 strategy report employs a comprehensive bottom-up approach to identify stocks with high growth potential. This methodology categorises stocks into four distinct buckets, ensuring a balanced investment strategy tailored to market dynamics:

  1. Outperformers
    This category includes 19 stocks, collectively representing 57% of the Nifty’s weightage. These stocks are characterised by structural turnarounds and robust fundamentals, making them likely leaders in market gains. They are expected to benefit from sustained investor confidence and deliver superior returns.
  2. Bargain Buys
    Ten stocks, comprising 13% of the Nifty’s weightage, have emerged from corrective phases and display strong potential for a fresh uptrend. These stocks offer attractive entry points, especially for long-term investors seeking value opportunities.
  3. Market Performers
    With a 25% weightage, 14 stocks in this segment are projected to align with overall market trends. While not expected to outperform significantly, they provide stability and predictable returns in line with benchmark indices.
  4. Underperformers
    Seven stocks, accounting for 5% of the Nifty’s weightage, are anticipated to either consolidate or decline. These stocks present limited opportunities and are better suited for cautious investors focused on risk mitigation.

This structured framework aids in targeting sectors and stocks poised for growth while minimising exposure to underperforming assets.

Top Stock Picks and Their Rationale

The following stock picks represent key opportunities across various sectors, each with strong growth potential based on their market positioning, industry trends, and future prospects for CY25. These companies are poised to benefit from favourable market conditions and industry-specific drivers.

  1. Prestige Estates
    Target:     ₹2,290 (+24%)
    Prestige Estates stands out with its diversified portfolio across residential, commercial, and hospitality sectors. Its robust pre-sales and an impressive pipeline of high-value projects position it as a market leader in real estate, offering significant growth potential for CY25.
  2. HUDCO
    Target:     ₹314 (+29%)
    The company is well-placed to benefit from increased financing of urban infrastructure and affordable housing projects, particularly under government schemes like PMAY-2. Its strong ties with state agencies ensure consistent project flow and robust financial performance.
  3. Laurus Labs
    Target:     ₹710 (+26%)
    With a strategic focus on expanding its oncology and Contract Development and Manufacturing Organisation (CDMO) segments, Laurus Labs is poised for sustained growth. Its strong order book and innovative R&D initiatives further strengthen its market position.
  4. HSCL
    Target:     ₹687 (+28%)
    As a leader in advanced carbon material production, HSCL capitalises on the growing demand for sustainable solutions. Its inorganic growth through strategic acquisitions enhances its competitive edge in high-potential markets.
  5. ITD Cementation
    Target:     ₹670 (+32%)
    Key infrastructure projects like the Ganga Expressway and Chennai Metro underline ITD Cementation’s strong growth trajectory. Its pipeline of high-value projects underscores its capability to deliver large-scale, impactful developments.

Technical and Statistical Insights for CY25

Risks and Opportunities

200-Day EMA Analysis

The 200-day exponential moving average (EMA) is a widely used indicator for evaluating long-term market trends. Historical data reveals that Nifty’s performance around this level has been highly encouraging:

  • 1-Year Average Returns: 17.6%.

  • Probability of Gains: 91% of cases yielded positive results.

In the current scenario, the Nifty has corrected and is testing its 200-day EMA, a pattern observed in prior market cycles. This stability highlights the potential for a robust recovery, creating an opportune environment for investors seeking long-term positions.

Correction Trends and Recovery Phases

An analysis of market corrections since COVID-19 shows:

  • Average Decline: 10%.

  • Duration: 11 weeks.

The ongoing market correction closely aligns with these historical trends, having seen a 10% decline over eight weeks. Historically, such phases signal the transition to recovery. These periods often present lucrative opportunities for discerning investors to accumulate high-quality stocks, setting the stage for long-term portfolio growth.

Implications for CY25

The Indian equity market has displayed remarkable resilience, supported by robust historical trends and technical indicators. As CY25 approaches, these insights affirm a positive outlook for Nifty, which is expected to maintain its upward trajectory.

Strategically, investors can benefit by adopting a staggered investment approach during corrections, as buying around the 200-day EMA has consistently delivered substantial returns over the long term. This method not only mitigates risks but also leverages the market’s natural recovery phases for enhanced portfolio performance.

The alignment of technical and statistical indicators underscores the strength of the Indian equity market and provides a solid foundation for optimistic expectations in CY25.

Key Risks

Investors must remain vigilant about potential challenges that could impact market stability and profitability in CY25. The following risks are particularly noteworthy:

  1. Crude Oil Prices

    Rising crude oil prices represent a significant challenge, particularly for oil-dependent industries such as transportation, chemicals, and manufacturing. Higher energy costs can erode corporate margins, reducing profitability across these sectors and increasing input costs for the broader economy.

  2. Inflationary Pressures

    Persistently high inflation poses a substantial risk, as it could limit the Reserve Bank of India’s (RBI) ability to implement significant monetary easing. With constrained rate cuts, interest rate-sensitive sectors such as real estate, automotive, and financial services might face slower growth, dampening overall economic momentum.

  3. Geopolitical Instability

    Heightened geopolitical tensions, especially in the Middle East, could disrupt global supply chains, elevate energy prices, and destabilise international markets. Such uncertainties may contribute to volatility in equity markets and increase risks for global investors, particularly in sectors reliant on stable trade and supply routes.

    By closely tracking these risks, investors can adopt prudent strategies, such as diversifying portfolios and focusing on sectors resilient to energy and geopolitical shocks. This approach can help mitigate potential adverse effects while capitalising on emerging growth opportunities.

Opportunities

CY25 presents several promising opportunities for investors to leverage, driven by favourable macroeconomic trends and sectoral growth prospects:

  1. Global Liquidity

    The Federal Reserve’s anticipated rate cuts are expected to increase liquidity in emerging markets, driving a stronger flow of foreign capital into India. This inflow is likely to bolster Indian equities, creating a conducive environment for market expansion and sustained growth.

  2. Sectoral Expansion

    Key sectors such as infrastructure, IT, and healthcare are positioned for significant growth in CY25. Infrastructure projects are gaining traction, technological advancements continue to fuel IT innovation, and healthcare is undergoing transformative structural changes. These developments present substantial opportunities for long-term investments.

  3. Retail Momentum

    Record-high Systematic Investment Plan (SIP) inflows reflect strong domestic investor confidence. This consistent liquidity base enhances market resilience, mitigating the impact of external shocks and providing reliable support for sustained growth in the equity markets.

    These opportunities underscore India’s favourable macroeconomic environment, offering diverse and promising avenues for investors to leverage in CY25.

Major Events to Watch in CY25

Key events in CY25 will play a pivotal role in shaping market trends and guiding investment decisions. Monitoring these events can help investors navigate opportunities and risks effectively:

  1. Union Budget (February 2025)

    The Union Budget is expected to emphasise infrastructure development, tax rationalisation, and digital economy advancements. These priorities aim to drive sustained economic growth, enhance investor confidence, and create opportunities across key sectors, particularly infrastructure, technology, and manufacturing. Pro-business reforms and policy clarity could further boost foreign and domestic investments, setting a robust foundation for CY25.

  2. Earnings Season

    Corporate earnings will play a pivotal role in shaping market sentiment. Performance in critical sectors such as IT, infrastructure, and consumer goods will provide insights into economic health and market leadership. Strong results could reinforce optimism, influencing portfolio strategies and encouraging sectoral investments. Conversely, weaker earnings may highlight areas of concern for investors.

  3. Global Monetary Policies

    The Federal Reserve and Reserve Bank of India’s interest rate decisions will heavily influence market liquidity and capital flows. A dovish approach, including rate cuts, is likely to enhance liquidity in emerging markets like India, supporting equity markets and economic growth. However, tighter monetary policies could introduce volatility, requiring close monitoring by investors.

    These events are crucial in navigating market trends in CY25. By staying informed about fiscal policies, corporate performance, and global monetary developments, investors can make timely, strategic decisions to maximise returns and mitigate risks.

Conclusion

The Bajaj Broking Yearly Strategy Report offers a detailed roadmap for CY25, blending technical insights with macroeconomic trends. With a target of 28,700 for Nifty, supported by robust sectoral growth and favourable global conditions, the market outlook remains positive. Investors are encouraged to diversify across outperforming sectors, adopt a staggered investment strategy, and leverage corrections to build long-term wealth. By aligning with the comprehensive strategies outlined in the report, market participants can confidently navigate the opportunities and challenges of CY25.

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Broking services offered by Bajaj Financial Securities Limited | Registered Office: Bajaj Auto Limited Complex , Mumbai –Pune Road Akurdi Pune 411035 | Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014| CIN: U67120PN2010PLC136026| Research Analyst SEBI Registration No: INH000010043.

Details of Compliance Officer: Mr. Harinatha Reddy Muthumula (For Broking/DP/Research)|Email: compliance_sec@bajajbroking.in/Compliance_dp@bajajbroking.in |Contact No.: 020-4857 4486 |

Investment in the securities involves risks, investor should consult his own advisors/consultant to determine the merits and risks of investment.

DISCLOSURES

Disclosures under the provisions of SEBI (Research Analysts) Regulations 2014 (Regulations) 

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed byBajaj Financial Securities Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000010043. 

DISCLAIMER

This e-mail/ short message service (SMS) may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. The recipient acknowledges thatBajaj Financial Securities Limited or its holding and/or associated companies, as the case may be, are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail /SMS transmissions and further acknowledges that any views expressed in this message are those of the individual sender and no binding nature of the message shall be implied or assumed unless the sender does so expressly with due authority of Bajaj Financial Securities Limited. This message is not intended as an offer or publication or solicitation for distribution for subscription of or purchase or sale of any securities or financial instrument(s) to anyone in whose jurisdiction such subscription etc. requires prior local regulatory clearance or is contrary to the local laws of the land in any manner or as an official confirmation of any transaction. Before opening any attachments, please check them for viruses and defects. 

This service / information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose unless otherwise expressly authorised. This service / information 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 subjectBajaj Financial Securities Limited and affiliates/ group/holding companies to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe any such restrictions.  

The data would be provided to the clients on an "as is" and "where-is" basis, without any warranty. Bajaj Financial Securities Limited or its subsidiaries and associated companies shall not be liable for any delay or any other interruption which may occur in providing the data due to any reason including network (Internet) reasons or snags in the system, breakdown of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the Bajaj Financial Securities Limited or its subsidiaries and associated companies to provide the data. In no event shall the Bajaj Financial Securities Limited or its holding and associated companies be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data provided by the Bajaj Financial Securities Limited or its holding and associated companies.

ADDITIONAL DISCLAIMER FOR U.S. PERSONS

Bajaj Financial Securities Limited is not a registered broker-dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition, Bajaj Financial Securities Limited is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for U.S. persons. This email message does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules.  

ADDITIONAL DISCLAIMER FOR CANADIAN PERSONS

Bajaj Financial Securities Limited is not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for Canadian persons.  

This mailer and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services.  

DISCLAIMER FOR REPORT

DISCLOSURES UNDER THE PROVISIONS OF SEBI (RESEARCH ANALYSTS) REGULATIONS 2014 (REGULATIONS)

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.  

This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.  

This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. 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 Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.  

We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.  

Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.  

Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.  

Research analyst has served as an officer, director or employee of subject Company: No  

Bajaj Financial Securities Limited has financial interest in the subject companies: No  

Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.  

Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Subject company may have been client during twelve months preceding the date of distribution of the research report.  

There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at https://www.nseindia.com/

ANALYST CERTIFICATION

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.  

RISK DISCLOSURE ON DERIVATIVES

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

BROKERAGE DISCLAIMER

All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : https://www.bajajbroking.in/pricing

MTF 

As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).  

US INVESTING

International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.  

MARKETSMITH / GOLDENPI / SOVEREIGN GOLD BONDS

Bajaj Financial Securities Limited is only distributor of this product. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism. Bajaj Financial Securities Limited is not a registered Investment Advisory. User discretion is required before investing. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever. 

IPO 

This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.  

SCREENERS 

Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform. 

SECURITIES 

Securities quoted are exemplary and not recommendatory. 

IPV 

Account would be open after all procedure relating to IPV and client due diligence is completed. 

IMAGES 

The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites. 

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.