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BUY – Expected return 10%+ above average debt-instrument return over one year.
SELL – Expected return 10%+ below average debt-instrument return over one year.
ADD – Expected return 0–10% above average debt-instrument return.
REDUCE – Expected return 0–10% below average debt-instrument return.

Unless stated otherwise, price targets are based on DCF valuation, relative valuation or a combination thereof, adjusted for market sentiment. Achieving target prices is subject to risks such as economic changes, regulatory shifts, taxation, competitive dynamics, currency movements and global events. Target prices may not be achieved within expected timeframes.

Trading calls, if any, are based on quantitative analysis such as momentum, price action and volatility, and may differ from fundamental recommendations.

• 9 out of 10 retail F&O traders incur net losses.

• Average loss ≈ ₹50,000.

• Loss-makers pay 28% additional as transaction costs.

• Even profit-makers spend 15–50% of profits on costs.

• Investments in securities are subject to market risks.

• Mutual Fund investments are subject to market risks — read scheme documents carefully.

• SEBI registration, BASL membership or NISM certification does not guarantee returns.