Market Wrap

Participants wise OI Activity

Market Insight 20th Dec, 2018

Bank Nifty Activity

Technical View

Indian shares extended their positive momentum to end higher for the seventh straight session on Wednesday after oil prices plunged and the RBI decided to inject more liquidity into the system, helping spur optimism about India's growth story. The rupee also traded higher and was on course for its biggest three-day advance since September 2013, as investors braced for more dovish Fed talk, when the central bank announces its interest-rate decision later in the day. The benchmark 30-share BSE Sensex rose by 137.25 points or 0.38 percent to finish at 36,484.33, while the broader Nifty index ended the session up 58.60 points or 0.54 percent at 10,967.30. Indiabulls Real Estate soared 8.2 percent after its board approved a scheme of arrangement to facilitate divestment of assets in Chennai. Tata Teleservices jumped more than 10 percent after it received NCLT approval for a scheme of arrangement with Bharti Airtel. DHFL advanced 5.6 percent on news that it is exiting mutual fund business. IT and pharma stocks fell, with Infosys, Sun Pharma and HCL Technologies falling 2-3 percent, as the rupee extended gains to breach the 70 per dollar mark in early trade. Reliance Communications slumped 9.5 percent after the Department of Telecommunication reportedly rejected its deal with Reliance Jio to trade airwaves. The late-day sell-off on Wall Street came after the Federal Reserve announced its widely expected decision to raise interest rates by a quarter point. The Dow tumbled 351.98 points or 1.5 percent, the Nasdaq plummeted 147.08 points or 2.2 percent.

Nifty started day on positive note with gap up opening on 22 points at 10930 levels in yesterday’s session. Price was lifted by positive sentiment as Crude oil prices fall below $50 internationally and expected dovish stance from US Fed’s meeting. After taking small dip to 10928 levels index remained in upbeat mode throughout the session and tested high of 10985 levels before closing at with gain of 58 points from previous close at 10967 levels. Index continued with its uptrend for seventh consecutive session and yesterday’s price action formed bullish candle on daily chart. In the process Nifty also managed to close marginally above recent top of 10941 attended on 3rd December. Price is holding well above 200 DMA which is placed at 10750 levels. For short term, expect bullish momentum to continue but after seven straight session of rally some profit booking could not be ruled out in intraday. Immediate support is at 10930 and 10870 levels while rally could be capped at 11010 and 11090 levels.

NSE Indices Curr Close Points Chg Chg %

NIFTY 10908.7 20.35 0.19

NIFTY 100 11150.9 25.15 0.23

NIFTY 500 9177.35 23.4 0.26

NIFTY MIDCAP 17738.5 66.2 0.37

INDIA VIX 14.5775 0.0375 0.26

BSE Indices Curr Close Points Chg Chg %

SENSEX 36347.08 77.01 0.21

BSE 100 11191.41 23.87 0.21

BSE200 4663.41 10.85 0.23

BSE 500 14553.1 37.16 0.26

BSE MID CAP 15289.9 32.13 0.21

BSE SMALL CAP 14605.52 65.48 0.45

Sectorial Indices Curr Close Points Chg Chg %

NIFTY AUTO 9403.8 68 0.73

NIFTY FIN SERVICE 11496.45 54.55 0.48

NIFTY FMCG 30589.4 -34.8 -0.11

NIFTY IT 14730.9 -142.15 -0.96

NIFTY MEDIA 2492.6 -103.45 -3.98

NIFTY METAL 3198.15 23.05 0.73

NIFTY PHARMA 8840.4 69.1 0.79

NIFTY PSU BANK 3019.8 37.5 1.26

NIFTY PVT BANK 15313.55 90.6 0.6

NIFTY REALTY 237.15 0.5 0.21

NIFTY COMMODITIES 3448.7 15.15 0.44

NIFTY CONSUMPTION 5022.35 13.75 0.27

NIFTY CPSE 2063.1 18.1 0.89

NIFTY ENERGY 14386.2 102.25 0.72

NIFTY INFRA 3135.6 35.8 1.15

NIFTY MNC 14032.3 64.35 0.46

NIFTY SERV SECTOR 14960.85 -2.9 -0.02

NIFTY PSE 3352.5 30.95 0.93

NIFTY BANK 27174.7 158.9 0.59

Nifty 50 Top 3 Gainers Curr Close Points Chg Chg %

SUN PHARMA INDU 433.45 12.5 2.97

BAJAJ FINANCE LT 2532.2 57.8 2.34

POWER GRID CORP 196.35 3.8 1.97

Nifty 50 Top 3 Losers Curr Close Points Chg Chg %

ZEE ENTERTAINMEN 462.7 -39.15 -7.80

UPL LTD 743.65 -24.4 -3.18

INFOSYS LTD 676.6 -17.8 -2.56

Exchange Advance Decline Unchg

NSE 965 755 342

BSE 1441 1119 163

Nifty Derivative Activity

Participants wise OI Activity

12.5

13.8

12.1

16.4

35.8

51.0

36.7

38.2

23.0

17.8

34.8

52.0

39.1

38.5

50.7

37.8

32.9

5.8

3.3

1.8

0.8

6.4

-

10.00

20.00

30.00

40.00

50.00

60.00

Tho

usa

nd

s C

on

trac

ts

CE

PE

-0.1

-1.3

-3.0

-11.

5 -7

.6

-7.8

3.7

2.0

1.4

0.7

-0.2

-1.1

-0.5

-2.3

-4.1

7.4

7.9

4.2

0.2

-0.1

0.0

-1.1

(15.00)

(10.00)

(5.00)

-

5.00

10.00

Tho

usa

nd

s C

on

trac

ts

CE

PE

Bank Nifty Derivative Activity

OI

OI Change

Client 35.3%

DII 9.9%

FII 47.6%

Pro 7.2%

47.9%

70.3%

46.7%

54.6%

52.1%

29.7%

53.3%

45.4%

Client

DII

FII

Pro

Future Index Long Future Index ShortParticipant wise OI Activity ( Fig in ‘000 Contracts) Index Future OI %

Participant Type

Index Fut Activity

Call Activity

Put Activity

Client -3.8 6.5 28.3

DII 0.3 0.0 -3.7

FII 5.3 -2.6 -1.5

Pro -1.8 -3.9 -23.2

Index NIFTY Change

Fut Closing 10986.5 0.5%

Prem /Disc 19.20 -7.15

OI Qty 2.39 cr. 5.2%

Nifty PCR 1.47

Highest OI 11000 CE 10000 PE

• Yesterday, FII had added Long 5.3K Contracts in Index Futures and Clients had added Short 3.8K Contracts

• FII had added Call Short by 2.6K Contracts and added Put Short by 1.5K Contracts

• Clients had added Call Long by 6.5K Contracts and added Put Long by 28.3K Contracts

• Yesterday NIFTY future was up 0.47% with increase in O I by 5.19%.

• Put O I addition was seen at 11000 followed by 10900 and Call O I reduction was seen at 11000 followed by 10800.

• As per current option data Immediate Resistance is around 11000 & Major Resistance is around 11200.

• As per current option data Immediate support is around 10800 & Major Support is around 10500.

0.00 20.00 40.00 60.00 80.00 100.00 120.00

Rollover (%) Delivery (%) Fut Vol Chng(%) Fut OI Chng(%) Price Chng(%)

2.6

0.3

1.7

5.4

3.5

8.9

20.9

12.8

10.2

17.6

WIPRO

DRREDDY

HEROMOT…

IBULHSGFIN

M&MFIN

-1.1

-0.8

-0.7

-3.5

-0.9

9.3

11.8

12.4

11.2

46.9

SUNTV

ASIANPAINT

VOLTAS

RELINFRA

TVSMOTOR

4.2

5.4

1.7

5.0

6.1

96.8

104.0

112.2

127.8

144.7

GODREJCP

IBULHSGFIN

HEROMOTOCO

CAPF

RAYMOND

1.3

3.5

-0.8

0.3

-0.9

24.2

30.0

38.6

40.4

56.9

AMBUJACEM

M&MFIN

ASIANPAINT

DRREDDY

TVSMOTOR

Index BANKNIFTY Change

Fut Closing 27358.15 0.4%

Prem/Disc 59.75 -18.45

OI Qty 0.68 cr. 12.8%

Highest OI 26500 CE | 27000 PE

• Yesterday BANKNIFTY future was up 0.39% with increase in O I by 12.83%.

• Put O I addition was seen at 27200 followed by 27300 which can act as short term support.

• Call O I addition was seen at 27500 followed by 27600 which can act as short term resistance.

1.0

1.2

3.4

2.3

6.2

12

.2

13

.8 2

9.6

13

.9

14

.6

12

.3

13

.8

12

.1 21

.5

13

.2

12

.3

8.6

2.0

1.8

0.5

0.2

0.1

-

10

20

30

40Th

ou

san

ds

Co

ntr

acts

CE

PE-1

.1

-1.5

-3.8

-2.2

-3.6

2.6

3.5

11.6

6.9

6.8

4.2

-5.3

-1.3

4.4

7.6

8.0

7.7

1.4

0.9

0.5

0.2

0.1

(10) (5) - 5

10 15

Tho

usa

nd

s C

on

trac

ts

CE

PE

OI

OI Change

Market Buzz • Federal Reserve raise interest rates by a quarter point : The late-day sell-off on Wall Street came after the Federal Reserve

announced its widely expected decision to raise interest rates by a quarter point. While the Fed also forecast fewer than previously estimated rate hikes next year, the central bank's tone was not as dovish as some traders had hoped. The central bank said its Federal Open Market Committee decided to raise the target range for the federal funds rate by 25 basis points from 2.25 percent to 2.50 percent. Annual rates of both overall inflation and core inflation were also said to remain near the Fed's 2 percent target, with indicators of longer-term inflation expectations also little changed. Fed plans to raise rates less than previously anticipated, the central bank's projections point to two rate hikes in 2019 compared to the previous forecast for three. The Fed's median projection for the federal funds rate in 2019 was reduced to 2.9 percent from the 3.1 percent expected in September.

• Reliance Industries clarified on the news regarding Department of Telecommunications rejecting Reliance Communication-Jio

spectrum deal stating that a correspondence was received by the company from DoT on Dec. 18 with respect to application and the company is seeking appropriate clarifications in this regard.

• Coal India seeks to buy coking coal mines in Australia and Canada. The state run-miner has identified “certain assets’, which are under different stages of due diligence, Coal Minister Piyush Goyal tells lawmakers in a written reply to questions.

• Tata Consultancy Services aunched Cloud Solutions Program in Canada. This solution provides cloud infrastructure and secured functioning between premise and public cloud environment.

• Pfizer Inc entered into a joint venture agreement with GlaxoSmithKline Plc to create a global consumer company. However the

entity will not include brands like Corex, Gelusil and Becosules and they will be continued to be marketed by Pfizer’s Indian arm in its respective territory.

• JSW Steel said that NCLT approved the resolution plan in the insolvency resolution process for Vardhman Industries.

• KPIT Technologies: NCLT approved the merger plan with Birlasoft, which will then split into two-publicly traded companies. The tribunal also approved the demerger of company’s engineering business into KPIT Engineering.

• Alembic Pharma received zero observations under Form 483 from the U.S. FDA for its API facility in Gujarat.

• Canara Bank Board decided to raise additional Tier I capital through Basel III compliant additional Tier I perpetual bonds in rupee terms for an amount not exceeding Rs 3,000 crore in single tranche or in multiple tranches, depending on the market conditions & subject to necessary approvals.

• Syndicate Bank allotted 18,36,99.217 equity shares for cash at an issue price of Rs 239.63 per share to Government of India. With this allotment, shareholding of government increased from 73.07 percent to 76.16 percent.

• Uflex launched three packaging foil solutions for pharma companies. Executive Director Amitava Ray said that the ‘fast tear strip’ foil will prove to be a game-changer for the pharma industry globally and they saw a potential growth market of 5,000 tons annually in India.

• Finance Committee of Jubilant Industries approved the allotment of 18 lakh equity shares at issue price of Rs 135.95 per share and 13 lakh convertible warrants, at issue price of Rs 135.95 each to the members of the promoter group of the company by way of preferential allotment on a private placement basis.

• Manappuram Finance’s Resources and Management Committee approved the allotment of 42,309 unlisted unrated secured redeemable non-convertible debentures having face value of Rs 1000 each for Rs 4,23,09,000 on private placement basis.

• Thomas Cook board approved amalgamation of its three arms with self. The board also gave a nod to the demerger of the inbound business of the company to SOTC Travel and demerger of company’s Human Resources Services Business to Quess Corp.

• Gujarat Gas: January 16 has been fixed as the record date for determining the eligibility of shareholders, with regard to sub-division of company's equity shares.

Nifty 50 Daily Volatility Levels

ADANIPORTS 377.2 Long Built-up Neutral 380 350 391.0 383.3 378.2 375.7 373.2 368.1 360.4

ASIANPAINT 1403.95 Long Built-up Up 1400 1300 1430.9 1406.2 1389.6 1381.7 1373.7 1357.1 1332.4

AXISBANK 641.65 Short Covering Up 640 600 653.4 642.6 635.2 631.7 628.2 620.9 610.0

BAJAJ-AUTO 2872.6 Neutral Neutral 3000 3000 2950.8 2906.2 2876.2 2861.8 2847.5 2817.4 2772.9

BAJAJFINSV 6407.35 Long Built-up Up 6400 6000 6568.9 6430.4 6337.0 6292.4 6247.7 6154.3 6015.8

BAJFINANCE 2600.8 Short Covering Up 2600 2500 2680.0 2624.6 2587.2 2569.4 2551.5 2514.1 2458.7

BHARTIARTL 322.85 Neutral Neutral 350 300 336.6 328.5 323.1 320.5 317.8 312.4 304.3

BPCL 361.6 Long Built-up Up 360 320 374.8 366.2 360.3 357.5 354.7 348.9 340.2

CIPLA 526.7 Neutral Neutral 530 520 543.5 534.6 528.7 525.8 523.0 517.0 508.2

COALINDIA 251.3 Neutral Neutral 260 240 258.6 255.2 252.9 251.8 250.6 248.3 244.9

DRREDDY 2622.7 Neutral Neutral 2700 3000 2732.8 2683.1 2649.6 2633.6 2617.5 2584.0 2534.3

EICHERMOT 24038.4 Short Covering Neutral 25000 22000 24924.9 24452.9 24134.6 23982.4 23830.1 23511.9 23039.9

GAIL 359.2 Neutral Neutral 370 350 369.9 363.6 359.3 357.3 355.3 351.0 344.7

GRASIM 857.6 Neutral Neutral 900 820 889.8 873.2 862.1 856.7 851.4 840.2 823.6

HCLTECH 960.7 Neutral Down 1000 940 1014.4 993.8 979.9 973.3 966.7 952.8 932.2

HDFC 1982.9 Short Covering Up 2000 1900 2030.6 1999.9 1979.3 1969.4 1959.5 1938.9 1908.3

HDFCBANK 2130.85 Short Built-up Neutral 2140 2100 2178.6 2157.5 2143.3 2136.5 2129.6 2115.4 2094.3

HEROMOTOCO 3314.15 Neutral Neutral 3400 3200 3447.6 3379.7 3333.9 3312.0 3290.0 3244.2 3176.3

HINDALCO 228 Neutral Neutral 230 220 236.4 231.8 228.7 227.2 225.7 222.6 218.0

HINDPETRO 236.65 Long Built-up Up 250 200 247.6 241.0 236.5 234.4 232.3 227.8 221.2

HINDUNILVR 1851.7 Neutral Neutral 1900 1800 1904.1 1877.0 1858.7 1849.9 1841.2 1822.9 1795.8

IBULHSGFIN 842.15 Neutral Up 840 700 878.0 844.1 821.3 810.4 799.5 776.7 742.9

ICICIBANK 366.45 Neutral Up 370 350 375.5 370.0 366.3 364.5 362.7 359.0 353.5

INDUSINDBK 1620 Short Built-up Down 1700 1500 1687.7 1660.0 1641.3 1632.4 1623.4 1604.7 1577.0

INFRATEL 264.15 Long Built-up Up 270 240 267.3 263.6 261.2 260.0 258.8 256.3 252.6

INFY 667 Short Built-up Down 700 620 696.2 684.4 676.5 672.7 668.8 660.9 649.1

IOC 138.8 Neutral Neutral 140 120 144.4 141.2 139.1 138.1 137.1 134.9 131.7

ITC 283.65 Short Covering Up 290 260 288.0 284.7 282.4 281.4 280.3 278.1 274.8

JSWSTEEL 311.3 Short Covering Up 320 300 319.4 314.2 310.6 308.9 307.2 303.7 298.4

KOTAKBANK 1230.7 Short Built-up Neutral 1300 1100 1296.4 1266.3 1246.1 1236.4 1226.7 1206.4 1176.3

LT 1437.95 Neutral Neutral 1500 1400 1472.3 1453.6 1441.1 1435.1 1429.0 1416.5 1397.8

M&M 783.1 Short Covering Up 800 700 806.6 792.0 782.1 777.3 772.6 762.7 748.0

MARUTI 7937.25 Long Built-up Up 8000 7000 8136.5 7999.0 7906.3 7862.0 7817.6 7724.9 7587.4

NTPC 149.55 Neutral Up 150 135 152.8 150.7 149.4 148.7 148.1 146.7 144.7

ONGC 148.7 Neutral Neutral 150 140 153.4 150.8 149.1 148.3 147.5 145.8 143.2

POWERGRID 199.25 Long Built-up Up 200 185 203.9 200.9 198.9 197.9 197.0 194.9 191.9

RELIANCE 1138.75 Long Unwinding Neutral 1200 1000 1175.2 1157.2 1145.0 1139.2 1133.4 1121.2 1103.2

SBIN 300.75 Long Built-up Up 300 280 306.8 302.0 298.7 297.2 295.6 292.4 287.6

SUNPHARMA 424.9 Long Unwinding Down 500 400 454.2 441.9 433.6 429.6 425.7 417.4 405.0

TATAMOTORS 174 Long Unwinding Neutral 180 150 182.5 178.5 175.8 174.6 173.3 170.6 166.6

TATASTEEL 528.6 Long Unwinding Neutral 600 500 546.3 537.5 531.5 528.7 525.8 519.8 511.0

TCS 1973.95 Long Unwinding Neutral 2000 1700 2039.1 2010.8 1991.8 1982.7 1973.5 1954.5 1926.2

TECHM 711.9 Long Built-up Neutral 720 680 736.2 724.0 715.8 711.9 707.9 699.7 687.5

TITAN 932.25 Long Unwinding Neutral 940 900 959.9 947.0 938.3 934.1 929.9 921.2 908.3

ULTRACEMCO 4099.3 Short Covering Up 4200 3600 4194.3 4127.5 4082.4 4060.8 4039.3 3994.2 3927.3

UPL 758.25 Long Built-up Up 780 700 782.6 767.1 756.6 751.5 746.5 736.0 720.4

VEDL 207.5 Long Unwinding Neutral 220 216.7 212.6 209.9 208.6 207.2 204.5 200.4

WIPRO 340.75 Long Built-up Up 350 310 349.4 344.0 340.3 338.5 336.7 333.0 327.6

YESBANK 180.25 Long Built-up Neutral 200 160 195.2 187.6 182.5 180.0 177.5 172.4 164.8

ZEEL 466.8 Long Built-up Neutral 500 440 488.8 476.8 468.7 464.9 461.0 452.9 441.0

Symbol Futures

Close O I Activity Trend

Highest Call OI

Highest Put OI

R3 R2 R1 Mid

Point S1 S2 S3

BANKNIFTY 27358.15 Long Built-up Neutral 26500 27000 27808.8 27556.7 27386.8 27305.5 27224.2 27054.3 26802.3

NIFTY 10986.5 Neutral Neutral 11000 10000 11161.6 11061.0 10993.2 10960.8 10928.3 10860.5 10759.9

DISCLOSURES

Created by: IGSL - Research Inventure Growth & Securities Ltd,201,Viraj Tower, Near Landmark Building, Western Express Highway, Andheri (East),Mumbai -400 093 Tele: 91-22-71148500 , Fax: 91-22-40751511. E-mail: Research@inventuregrowth.com , website : http://www.inventuregrowth.com

Research Team Tel: 022 – 71148579 E-mail: research@inventuregrowth.com Website: Inventuregrowth.com

Research Team Profile Email ID

Mr. Prashant Barwaliya Head- Research Prashant.b@inventuregrowth.com

Mr. Yash Doshi Fundamental Analyst Yash.doshi@Inventuregrowth.com

Mr. Smeet Gala Fundamental Analyst Smeet.Gala@Inventuregrowth.com

Mr. Kunal Kame Technical Analyst Kunal.kame@Inventuregrowth.com

This Report is published by Inventure Growth & Securities Limited (hereinafter referred to as “IGSL”) for private circulation. IGSL is a registered Research Analyst under SEBI (Research Analyst) Regulations, 2014 having Registration no. INH000006129. IGSL is also a registered Stock Broker with National Stock Exchange of India Limited, BSE Limited and Metropolitan Stock Exchange of India Limited (MSE) in cash, F&O & currency derivatives segments. It is also registered as a Depository Participant with CDSL and is also registered with AMFI as a Mutual Fund Distributor IGSL have not been debarred / suspended by SEBI for Retail & Institutional business or any other regulatory authority for accessing / dealing in securities Market other than PRO business. IGSL, its associates or analyst or his relatives may or may not hold any financial interest in the subject company. IGSL or its associates or Analyst do not have any conflict or material conflict of interest at the time of publication of the research report with the subject company. IGSL or its Affiliates may or may not have been beneficial ownership of one percent or more of the securities mentioned in this report. However, one or more of IGSL or its Affiliates may, from time to time, have a long or short position in any of the securities mentioned herein and may buy or sell those securities or options thereon, either on their own account. IGSL or its associates / analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. IGSL or its associates have not received any compensation or other benefits from the company covered by Analyst or third party in connection with the research report. Analyst has not served as an officer, director or employee of Subject Company and IGSL / analyst has not been engaged in market making activity of the subject company. Analyst Certification: I/We, Kunal Kame/ Yash Doshi/ Smeet Gala the research analyst Is the author of this report, hereby certify that the views expressed in this research report accurately reflects my/our personal views about the subject securities, issuers, products, sectors or industries. It is also certified that no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst(s) principally responsible for the preparation of this research report and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

DISCLAIMER Inventure Growth and Securities Limited (hereinafter referred to as “IGSL”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL. It also has registration with AMFI as a Mutual Fund Distributor. Inventure Growth and Securities Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH000006129. IGSL has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. IGSL or its associates/ analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions 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. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the contrary view, if any. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Inventure Growth and Securities Limited or any of its affiliates/ 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. Inventure Growth and Securities Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Inventure Growth and Securities Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Neither Inventure Growth and Securities Limited , nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information.