Momentum Picks Date Scrip I-Direct Code Action...

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Research Analysts

Nitin Kunte, CMT

[email protected]

Vinayak Parmar

[email protected]

Dharmesh Shah

[email protected]

Pabitro Mukherjee

[email protected]

Ninad Tamhanekar, CMT

[email protected]

Momentum Picks

May 29, 2020For Instant stock ideas:

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Open Recommendations

Gladiator Stocks

Click here to know more…

Scrip Action

Sagar Cement Buy

Tube Investments Buy

Larsen & Toubro Buy

Duration: 6 Months

New recommendations

Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration

29-May-20 Nifty Nifty Buy 9355.00-9380.00 9416.00/ 9464.00 9319.00 Intraday

29-May-20 Cipla Cipla Buy 625.00-629.00 635.20/643.00 618.70 Intraday

29-May-20 United Spirits UNISPI Sell 566.00-570.00 560.80/554.00 575.70 Intraday

28-May-20 Aarti Drugs AARDRU Buy 900.00-922.00 1010.00 845.00 14 Days

28-May-20 TVS Motors TVSMOT Buy 327.00-335.00 365.00 307.00 14 Days

Open recommendations

Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration

22-May-20 Mindtree MINLIM Buy 885.00-905.00 985.00 835.00 14 Days

14-May-20 Radico Khaitan RADKHA Buy 310.00-315.00 343.00 296.00 14 Days

Intraday recommendations are for current month futures. Positional recommendations are in cash segment

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ICICI Securities Ltd. | Retail Equity Research 2

Nifty Technical Picture

Technical Outlook

Source: Bloomberg, Spider, ICICI Direct Research

Mom

entum

Pic

ks

NSE Nifty Daily Candlestick Chart

Positive: Pharma, Auto, IT,

Chemicals

Neutral: Metal, Oil & Gas

Sectors in focus (Intraday):

NSE (Nifty): 9490

NSE Nifty Daily Candlestick Chart

Action

Price Range

Target

Stoploss

Nify Future Intraday Recommendation

9319.00

Buy

9416.00/ 9464.00

9355.00-9380.00

Indices Close 1 Day Chg 1 Day % Chg

SENSEX Index 32200.59 595.37 1.88

NIFTY Index 9490.10 175.15 1.88

Nifty Futures 9426.00 125.50 1.35

BSE500 Index 12271.50 216.26 1.79

Midcap Index 11622.06 154.23 1.34

Small cap Index 10769.34 150.33 1.42

SGX Nifty 9395.00 -31.00 -0.33

* SGX Nifty at 7:30 am

Domestic Indices

Open High Low Close

9364.95 9511.25 9336.50 9490.10

Intraday Short term

Trend

Support 9370-9329 9000

Resistance 9490-9545 9900

20 day EMA 9177

200 day EMA 10620

Key support breakdown

Daily Stochastic inching upward, indicating extended pullback

9890

7511

8055

Elongated up move signifies

rejuvenation of upward

momentum

Day that was…

Equity benchmarks ended the monthly derivative expiry session on a

positive note underpinned by buoyant global cues. The Nifty ended at

9490, up 175 points or 1.9%. The market breadth remained positive

with A/D ratio of 2.3:1. Sectorally, auto, financials and metal outshone

Technical Outlook

• The price action formed a bull candle carrying a higher high-low,

indicating continuance of positive move. In the process, the index

approached our intermediate target of 9500

• Key point to highlight during the ongoing up move is that both the

Nifty and Bank Nifty witnessed the longest pullback in magnitude

over the past four weeks (as the Nifty rallied 705 vs. previous up

move of 541 points. Similarly, the Bank Nifty rallied 2350 points

compared to earlier rally of 1835 points), indicating rejuvenation of

upward momentum, auguring well for durability of ongoing up

move. This makes us confident that the index would resolve higher

and eventually challenge the psychological mark of 10000 in

coming weeks as it is based on: a) since beginning of CY20 strong

positive correlation has been observed in developed markets and

emerging markets. As the US market has resolved above 61.8%

retracement of CY20 decline (29569-18214), at 25210. We expect

domestic markets to maintain same rhythm of positive correlation

and challenge the April 2020 high of 9890, b) 50% retracement of

entire CY20 fall (12450-7511), at 9970, c) sharp pullback (~19%) of

mid-March got arrested at negative gap (10334 –10040)

• Over past two sessions index has rallied ~500 points, leading daily

stochastic to approach overbought condition (at 85), indicating

possibility of temporary breather cannot be ruled out. However,

we believe such a breather would make market healthy. Therefore,

any cool off from here on should be capitalised on as incremental

buying opportunity to ride next leg of up move, as we believe Nifty

has strong support at 9000.

• In the coming session, Nifty futures is likely to open on a subdued

note tracking weak global cues. We expect index to take breather

after two sessions 500 points up move amid stock specific action.

Hence, intraday dip towards 9355 – 9380 should be used to create

long position for 9464

Structurally, during March-April, the index witnessed the longest

pullback (~32%) in magnitude since life-time high of 12430. During

this pullback, we observed that internal rallies have got elongated (as

last rally of 1830 points was larger in magnitude compared to end of

March rally of 1530 points) while internal correction got arrested after

retracing 61.8%. Currently, the index has retraced almost 61.8% of

April 2020 up move (8055-9890), indicating possibility of higher base

541 points

up move

705 points

up move

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Bank Nifty: 19169

May 29, 2020 ICICI Securities Ltd. | Retail Equity Research 3

Nifty Bank daily change Technical Outlook Bank Nifty Index – Daily Candlestick Chart


The daily 14 period RSI in up trend thus

supports positive bias

The Bank Nifty ended the monthly expiry session on a positive

note up by more than 2%. The index gained for the third

consecutive session on the back of strong global cues. The up

move was lead by the private banking stocks which

outperformed the PSU banking stocks. The Bank Nifty ended

the session at 19169, up by 459 points or 2.5%.

Technical Outlook

• The daily price action formed a bull candle which maintained

a higher high – low signalling positive bias and a follow

through of Wednesday strong up move.

• The index on Wednesday session has resolve above falling

trend line (drawn adjoining April-May high of 21967 –

20122), at 18200 levels, indicating conclusion of secondary

corrective phase and open upside towards 20100 levels in

the coming week being the swing high of mid May’20 and

61.8% retracement of the entire previous decline (21967-

17105).

• Index after 10% up move in just two sessions a temporary

breather can not be ruled out which will make the index

healthier. Such breather towards the trendline breakout area

of 18000-18500 should be capitalised as incremental buying

opportunity to ride next leg of up move

• The Bank Nifty has crucial support around 17200- 17000

range, as it is the confluence of (a) 80% retracement of the

entire up move of the last six weeks (16116-21967) at 17300

and (b) price parity with the previous major decline (21462-

17143) as projected from the April 2020 high (21967) and (c)

The last two months lows area also placed around 17100

• In the coming session, the index is opening on a negative

note on the back of weak Asian cues. The index has seen

sharp up move in last two sessions so some cool off can not

be ruled out. However, bias remain positive so use intraday

dips towards 18780-18830 for creating long position for

target of 19030 with a stop loss of 18710

Among oscillators, the daily 14 periods RSI continue to remain

in up trend and sustaining above its nine periods average thus

supports the positive bias in the stock

16116

Major support breakdown

21967

Support @

17200-17000

17143

Open High Low Close

18924.45 19455.55 18818.95 19169.80

Indices Close Change Change%

Nifty Bank 19169.80 459.30 2.45

Intraday Short term

Trend

Support 18810- 18700 17000

Resistance 19100- 19380 20100

20 day EMA 18756

200 day EMA 25820

Nifty Bank Technical Picture

32613

20122

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Stock Picks


United Spirits (UNISPI) – Daily candlestick Chart

Cipla (CIPLA) – Daily candlestick Chart


Duration: Intraday

Technical Observations


Daily stochastic giving sell signal

Price consolidating above the recent range breakout area and sustaining

above the 20 days EMA signalling continuation of the up move

Daily 14 periods RSI sustaining above its nine periods average

thus validates positive bias

CMP 629.10

Action Buy

Initiation Range 625.00-629.00

Target 635.20/643.00

Stop Loss 618.70

Rationale

Price consolidating above the

recent range breakout area and

sustaining above the 20 days

EMA and RSI in up trend

Price closed below 200 days EMA and a rising channel breakdown signalling

corrective bias in the coming sessions

CMP 563.25

Action Sell

Initiation

Range

566.00-570.00

Target 560.80/554.00

Stop Loss 575.70

Rationale

Price closed below 200 days EMA

and a rising channel breakdown

and stochastic in sell mode

200 days EMA

20 days EMA

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Buy TVS Motor (TVSMOT) in the range of 327.00-335.00


Source: Bloomberg, Spider Software, ICICI Direct Research


Stock Picks

Target: 365.00 Stop Loss: 307.00

Duration: 14 days

• The entire pullback of the last two

months is well channelled. The

stock has recently rebounded

taking support at the lower band

of the rising channel as can be

seen in the adjacent chart, hence

provides fresh entry opportunity

with a favourable risk reward set

up

• The stock has already taken 11

sessions to retrace just 80% of the

previous 10 sessions up move |

292-360. A slower retracement

signals a higher base formation

for the stock

• The stock has immediate support

at | 310-307 levels being the

confluence of the low of the

current week and 80%

retracement of the current up

move (| 300-337) placed at | |

308 levels

• Among oscillators, the daily 14

periods RSI has recently

generated a bullish crossover

above its nine periods average

thus validates positive bias

• Based on the above technical

observations the stock is expected

to continue with its current up

move and head towards | 365

levels being the 50% retracement

of the entire CY’20 decline (| 499-

240)

Recommendation initiated on i-click to gain at 15:23 on May 28, 2020

The daily 14 periods RSI has generated a buy signal moving above its nine periods

average thus supports positive bias

The stock has witnessed a steady rebound from the lower band of the

rising channel containing the entire pullback of the last two months thus

provides fresh entry opportunity with a favourable risk reward set up

360

292

Daily Bar Chart

A slower retracement

signal a higher base

formation for the stock

240

Target @

365

499

support @

310-307

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Buy Aarti Drugs (AARDRU) in the range of 900.00-922.00




Stock Picks


Duration: 14 days

• The stock has generated a major

range breakout of the last five

years signalling structural

turnaround and offers fresh entry

opportunity to ride the next up

move in the stock

• The recent price rally of the last

two months is supported by

strong volume of more than four

times the 50 weeks average

volume of 1.5 lakhs share per

week, indicating larger

participation in the direction of

trend


at | 850 levels being the 50%

retracement of the last up move |

762- 951

• Among oscillators, the weekly

MACD in up trend and is seen

diverging from its nine periods

average thus supports the

positive bias in the stock

• We expect the stock to continue

with its current up trend and head

towards | 1030 levels being the

161.8% external retracement of

the previous decline (| 812-422)


The weekly MACD in up trend and is seen diverging from its nine periods average

Price breakout from a five years consolidation range signalling structural

turnaround and offers fresh entry opportunity

875

785

Weekly Bar Chart

Support at | 850 levels being the

50% retracement of the last up

move | 762- 951

422

Target @ 1010

432

Price rally with strong volume signalling larger participation in

the direction of trend

812

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Buy MindTree (MINLIM) in the range of 885.00-905.00




Stock Picks


Duration: 14 days

• The stock has recently generated

a resolute breakout above the

falling trendline joining the high of

Feb’20 (|1062) and May’20 (|927)

and is seen sustaining above the

same in the last four sessions.

Thus, forming a higher base for

the next leg of up move

• The share price is also seen

sustaining above the rising 50

days EMA indicating positive bias

and continuation of the up move

• It has immediate support at | 850-

840 levels being the confluence of

the 61.8% retracement of the

current up move (| 816-923) and

the rising 50 days EMA placed at |

855 levels

• Among oscillators, the weekly

MACD is in up trend and is seen

sustaining above its nine periods

average thus supports the positive

bias in the stock

• Based on the above technical

observations we expect the stock

to continue with its positive

momentum and head towards |

985 levels being the 80%

retracement of the Feb-Mar

decline (| 1062-692)


The weekly MACD in up trend and is seen sustaining above its

nine periods average thus validates positive bias

The stock is seen consolidating above the recent trendline

breakout area signalling higher base formation for the next leg

of up move thus offers fresh entry opportunity

1062

927

Daily Bar Chart

816

Target @

985

692

Support @

850-840

923

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Buy Radico Khaitan (RADKHA) in the range of 310.00-315.00




Stock Picks


Duration: 14 days

• The stock is at the cusp of

breakout from the last five weeks

triangular consolidation pattern

signalling reversal of the

corrective trend and offers fresh

entry opportunity

• The stock has already taken 18

sessions to retrace just 38.2% of

the previous 14 sessions up move

| 220-330. A slower retracement

signals a higher base formation

for the stock


at | 300-296 levels being the

61.8% retracement of the

previous up move (| 280-318) and

the lower band of the last five

weeks triangular consolidation

• Among oscillators, the daily 14

periods RSI is in up trend and is

seen sustaining above its nine

periods average thus supports the

positive bias in the stock

• We expect the stock to maintain

positive bias and head towards |

343 levels being the 123%

external retracement of the last

decline (| 330-280) placed at | 343

levels


The daily 14 periods RSI is in up trend and is seen sustaining above its nine periods average

The stock is at the cusp of breakout from the triangular consolidation pattern

signalling reversal of the corrective trend and offers fresh entry opportunity

439

280

Daily Bar Chart

A slower retracement

signal a higher base

formation for the stock

220

Target @

343

330

support @

300

Price rise supported by strong volume

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Market Activity Report


Global Equity Market PerformanceGlobal Currency, Commodities and Bond

Advance Decline

Source: Bloomberg, Investing, ICICI Direct Research

Close1 Day %

Change

Currency

USD INR 75.72 0.1

Dollar Index 98.42 -0.1

EURO USD 1.10 0.1

GBP USD 1.23 0.1

JPY 107.43 -0.2

Swiss Franc 0.96 -0.1

Commodities ($)

Gold 1,719.70 0.4

Brent 35.84 -0.6

Copper 5,332.00 1.4

Silver 17.95 -0.1

Yield (bps change)

India 105.99 0.00

US 0.67 -4.20

EURO -0.42 -1.19

Japan 0.00 0.00

0

500

1000

1500

2000

19-May 20-May 21-May 22-May 26-May 27-May 28-May

Advances Declines

1.8

1.2

1.1

-0.2

-0.5

-0.9

1.9

-0.6

-1.1

-1.3 -0.8 -0.3 0.2 0.7 1.2 1.7

France

UK

Germany

China

Japan

Hong Kong

India

US

Brazil

% Change

1 Day Change

1 Day Change

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Market Activity Report


Sectoral Indices Performance Fund Flow activity of the last 5 sessions

Source: Bloomberg, ICICI Direct Research

India - Sectoral Close1 Day %

Change

Sensex 32,200.6 1.9

Nifty 9,490.1 1.9

BSE Auto 13,864.7 3.5

Bankex 22,021.7 2.4

Capital Goods 12,027.4 5.1

Consumer

Durables19,056.7 2.0

FMCG 10,591.4 0.9

Healthcare 15,297.3 0.1

IT 14,204.9 0.4

Metal 6,691.3 2.4

Oil & Gas 11,444.4 0.9

Power 1,469.9 1.1

Realty 1,350.7 2.6

BSE 500 12,271.5 1.8

BSE Midcap

Index11,622.1 1.3

BSE Small Cap 10,769.3 1.4

-259

-1,354

4,716

-335

2,354

-1,800

-1,300

-800

-300

200

700

1,200

1,700

2,200

2,700

3,200

3,700

4,200

4,700

21-May 22-May 26-May 27-May 28-May

Rs C

rore

Date

FII

402

-344

2,841

2,409

145

-600

400

1,400

2,400

21-May 22-May 26-May 27-May 28-May

Rs C

rore

Date

DII

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Trend Scanner

May 29, 2020 ICICI Securities Ltd. | Retail Equity Research 11Source: Bloomberg, ICICI Direct Research

52 Weeks Low

Negative Trend Universe: NSE 500

Candlestick Pattern

Positive Trend Universe: NSE 500 52 Weeks High

Oversold Stocks

Heat Map

Overbought Stocks

Larsen & Toubro 905.50 6.42 842.00 41.24

Hero Motocorp 2298.10 5.63 2097.00 27.53

Britannia 3323.25 3.20 3105.00 37.44

Infoedge 2570.90 5.72 2528.00 37.45

Scrip Name Close

Change

%

20-Day

SMA

Delivery

( %)

Scrip Name LTP

Arman Financial 299.8

Sterling tool 117

Scrip Name LTP Stochastic

Godrej Inds 312 91.6

Coal India 133.5 92.5

Bullish Candlestick Formations Bearish Candlestick Formations

Scrip Name Pattern name LTP Scrip Name Pattern name LTP

L&T Continuation 900.0 Indiabull realestate Engulfing 46.0

ABFRL Engulfing 119.1 LIC Housing Fin Dark cloud cover 243.9

Ambuja Cement Engulfing 191.2 PNB Dark cloud cover 26.8

Nesco Engulfing 439.9

Scrip Name LTP Stochastic

Divis Lab 2290 19.8

Cochin Shipyard 220.2 5.1

Scrip Name LTP

Bayer crop science 5350

Alkyl amine 2074

Dhanuka Agritech 570

Shriram transport Finance 567.50 2.25 657.00 30.87

Scrip Name Close

Change

%

20-day

SMA

Delivery

(%)

Zee Ent.

181

Eicher

16,237

L&T

906 Hero

Moto

2,298 Indusind

Bank

387

9.9% 8.5% 6.4% 5.6% 4.9%

HDFC

Bank

945

Maruti

5,468

Hindalco

138

HDFC Ltd

1,624 Bharti

Infratel

224

4.6% 4.3% 3.8% 3.4% 3.3%

Britannia

3,323 Tata

Motors

87

Tata Steel

296 ICICI

Bank

327

Coal India

134

3.2% 2.9% 2.6% 2.5% 2.4%

Vedanta

90

HCl Tech

543

Ultratech

3,809 Reliance

Ind.

1,472

M&M

440

2.3% 2.2% 2.2% 1.8% 1.8%

Sun

Pharma

459 Grasim

Ind

577

Nestle

16,989 Shree

Cement

20,809 Adani

Ports

332

1.8% 1.7% 1.6% 1.6% 1.6%

Titan

899 Asian

Paints

1,644

ONGC

79

TechM

530

NTPC

96

1.5% 1.5% 1.2% 1.1% 1.1%

Axis Bank

391 Kotak

Bank

1,229

UPL

391 Bajaj

Auto

2,600 Bajaj

Finserv

4,286

1.0% 1.0% 0.9% 0.8% 0.7%

HUL

2,010 Bajaj

Finance

1,948

GAIL

89

Infosys

707

IOC

78

0.6% 0.6% 0.6% 0.3% 0.2%

Dr Reddy

3,888 Power

Grid

157

TCS

2,004 Bharti

Airtel

563

SBI

158

0.1% 0.1% 0.0% -0.1% -0.3%

JSW

Steel

184

Cipla

628

ITC

191

BPCL

326

Wipro

199

-0.4% -0.7% -0.8% -0.9% -0.9%

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Intraday Supports and Resistance (Cash)


Scrip Name Trend Close S1 S2 S3 R1 R2 R3

NIFTY 50 Positive 9490.1 9381 9271 9206 9556 9621 9730

S&P BSE SENSEX INDEX Positive 32200.59 31807 31412 31181 32432 32662 33058

NIFTY BANK Positive 19169.8 18840 18511 18204 19477 19785 20114

NIFTY 50 FUTURES Positive 9490.75 9375 9260 9200 9551 9611 9726

NIFTY BANK FUTURES Positive 19170.2 18800 18431 18113 19487 19805 20175

ACC LTD Neutral 1272.2 1259 1246 1237 1282 1292 1305

AMBUJA CEMENTS Positive 191.3 188 183 181 195 197 201

ADANI POWER LTD Negative 36 36 34 33 39 40 41

ADANI ENTERPRISE Positive 142.65 142 139 138 145 147 149

ADANI PORTS AND Positive 331.8 328 324 321 335 338 341

ASHOK LEYLAND Positive 44.4 43 42 42 45 46 46

AMARA RAJA BATT Positive 614.4 611 608 604 619 623 626

APOLLO HOSPITALS Negative 1337.05 1318 1299 1281 1355 1373 1392

ASIAN PAINTS LTD Positive 1643.6 1621 1597 1579 1663 1681 1704

APOLLO TYRES LTD Positive 98.05 96 93 92 100 101 104

AUROBINDO PHARMA Neutral 713.95 706 698 690 722 730 738

AXIS BANK LTD Positive 390.95 382 374 362 403 416 424

BAJAJ FINANCE LT Positive 1947.7 1923 1897 1867 1979 2009 2035

BATA INDIA LTD Neutral 1300.05 1286 1271 1249 1322 1343 1358

BHARTI AIRTEL Positive 562.75 556 550 544 568 574 580

BHARAT ELECTRON Positive 69.65 68 65 63 72 73 76

BHARAT HEAVY ELE Positive 26.85 25 24 23 27 28 29

BHARAT FORGE CO Positive 306.95 294 282 273 314 322 334

BALKRISHNA INDS Positive 1105.65 1086 1066 1054 1118 1130 1149

BIOCON LTD Negative 345.45 341 336 329 353 360 366

BAJAJ AUTO LTD Neutral 2600 2495 2388 2325 2664 2727 2834

BAJAJ FINSERV LT Positive 4285.95 4223 4161 4110 4336 4387 4449

BANK OF BARODA Positive 38.6 38 37 36 40 41 41

BANK OF INDIA Positive 32.05 31 31 30 32 33 33

BOSCH LTD Positive 9872.1 9538 9205 8999 10077 10283 10617

BHARAT PETROL Positive 326.45 320 313 306 334 341 348

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BERGER PAINTS Positive 460.4 455 449 443 466 471 477

BRITANNIA INDS Positive 3323.25 3221 3118 3047 3395 3466 3569

CANARA BANK Positive 83.3 82 81 80 85 87 88

CONTAINER CORP Positive 351.65 346 340 333 359 366 372

CADILA HEALTHCAR Positive 338.1 333 328 324 343 348 352

CENTURY TEXTILE Positive 284.55 282 279 275 289 293 297

CESC LTD Neutral 573.15 561 548 540 582 590 602

CHOLAMANDALAM IN Neutral 135.1 130 126 123 138 142 146

CIPLA LTD Neutral 628.35 624 619 613 636 643 648

COLGATE PALMOLIV Positive 1298.35 1283 1268 1254 1311 1324 1340

COAL INDIA LTD Positive 133.9 132 128 127 137 138 142

DABUR INDIA LTD Neutral 448.4 429 410 399 459 470 489

DIVI LABS LTD Negative 2285.1 2260 2235 2215 2305 2325 2349

DLF LTD Positive 144.05 138 133 129 147 151 157

DR REDDY'S LABS Positive 3887.75 3849 3812 3781 3918 3948 3986

EICHER MOTORS Positive 16236.5 15380 14523 13998 16762 17287 18144

EQUITAS HOLDINGS Positive 42.75 41 41 39 44 45 46

ESCORTS LTD Positive 890.65 869 849 830 908 927 948

EXIDE INDUS LTD Neutral 158.7 156 154 153 160 162 164

FED BANK LTD Positive 42.8 41 39 38 43 45 46

GAIL INDIA LTD Positive 89.1 87 86 83 90 92 94

GODREJ CONSUMER Positive 604.4 582 560 546 618 632 655

GMR INFRASTRUCTU Positive 17.8 18 17 17 19 19 20

GLENMARK PHARMA Negative 343.2 338 335 328 349 355 359

GRASIM INDS LTD Positive 576.5 562 548 538 587 596 611

HAVELLS INDIA Positive 499.75 482 463 451 512 523 542

HCL TECH LTD Positive 542.65 528 514 505 551 560 574

HOUSING DEV FIN Positive 1623.7 1586 1548 1519 1653 1682 1720

HDFC BANK LTD Positive 945.25 922 900 886 958 972 994

HERO MOTOCORP LT Positive 2298.1 2197 2097 2028 2366 2435 2535

HINDALCO INDS Positive 138.4 135 131 129 140 143 146

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HINDUSTAN PETRO Positive 185.85 183 181 178 188 191 193

HINDUSTAN UNILEV Positive 2009.95 1995 1980 1970 2020 2030 2045

VODAFONE IDEA LT Positive 5.8 6 6 6 6 6 7

IDFC FIRST BANK Neutral 20.25 19 19 19 20 21 21

INDRAPRASTHA GAS Neutral 470.75 461 451 445 477 483 494

INDIABULLS HOUSI Positive 120.8 118 116 112 124 128 131

INDUSIND BANK Positive 386.85 370 354 336 404 422 439

INTERGLOBE AVIAT Positive 977.7 952 926 910 994 1010 1037

INFOSYS LTD Positive 707.4 694 682 674 714 722 734

INDIAN OIL CORP Positive 77.7 77 76 76 79 80 80

ICICI PRUDENTIAL Positive 367.7 358 347 341 375 381 391

ITC LTD Neutral 190.65 189 187 185 193 195 197

JINDAL STEEL & P Positive 119.1 115 111 108 122 125 129

JSW STEEL LTD Neutral 184.15 181 179 176 187 191 192

JSW ENERGY LTD Positive 40.7 40 40 39 42 42 43

JUBILANT FOODWOR Positive 1689.4 1673 1656 1630 1716 1742 1759

JUST DIAL LTD Positive 378.05 364 349 338 389 400 415

CUMMINS INDIA Positive 359.7 349 336 330 367 374 386

KOTAK MAHINDRA Positive 1229.45 1207 1186 1162 1252 1276 1298

LIC HOUSING FIN Positive 244.65 240 235 228 251 257 262

LUPIN LTD Negative 881.15 869 857 847 892 903 914

LARSEN & TOUBRO Positive 905.5 870 834 813 927 948 984

L&T FINANCE HOLD Positive 53.55 53 52 51 55 56 57

MAHANAGAR GAS LT Neutral 924.7 913 902 888 939 954 965

MAX FINANCIAL SE Positive 466.1 441 416 402 481 496 521

MANAPPURAM FINAN Positive 120.15 118 117 115 121 123 124

MAHINDRA & MAHIN Positive 440.4 428 416 408 448 456 468

M&M FIN SERVICES Positive 136.6 135 133 130 141 144 146

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MARICO LTD Positive 330.15 324 317 312 336 341 348

MRF LTD Positive 58466.2 57962 57458 56964 58960 59454 59958

MARUTI SUZUKI IN Positive 5468.35 5293 5119 5018 5568 5669 5843

MOTHERSON SUMI Positive 92.4 87 83 79 95 99 104

MINDTREE LTD Positive 896.5 884 873 863 906 915 927

MUTHOOT FINANCE Positive 852.7 837 821 810 865 877 893

NATIONAL ALUMIN Positive 29.35 28 28 28 29 30 30

NBCC INDIA LTD Positive 17.2 17 17 16 17 17 17

NESTLE INDIA LTD Positive 16989.15 16770 16550 16420 17120 17250 17470

NIIT TECH LTD Negative 1472.9 1449 1426 1394 1503 1534 1557

NCC LTD Positive 23.5 22 20 19 25 26 28

NMDC LTD Positive 78.95 76 72 70 82 84 88

NTPC LTD Positive 95.7 96 94 94 98 98 100

OIL INDIA LTD Positive 83.6 83 81 80 86 87 89

OIL & NATURAL GA Positive 78.85 77 75 74 81 83 84

PAGE INDUSTRIES Neutral 18406.8 18173 17938 17612 18734 19060 19295

PIDILITE INDS Positive 1425.35 1407 1389 1375 1439 1453 1471

PIRAMAL ENTERPRI Positive 957.8 939 921 903 976 993 1012

PETRONET LNG LTD Positive 238.2 234 230 225 243 248 252

PUNJAB NATL BANK Positive 26.75 26 26 25 27 28 29

POWER FINANCE Positive 77.3 76 75 73 78 80 81

PVR LTD Positive 884.05 866 849 836 896 909 926

POWER GRID CORP Positive 157.25 156 155 153 158 159 160

RBL BANK LTD Positive 116.65 113 111 106 120 125 128

REC LTD Positive 87.9 85 84 82 89 90 92

RELIANCE INDS Positive 1472.25 1454 1436 1424 1485 1498 1516

STEEL AUTHORITY Positive 30.2 29 29 28 30 31 31

STATE BANK IND Positive 158.2 156 153 150 161 165 167

SHRIRAM TRANSPRT Positive 567.5 557 547 534 581 593 604

SIEMENS LTD Positive 1071.5 1037 1002 983 1091 1110 1145

SHREE CEMENT Neutral 20808.9 20325 19841 19422 21227 21647 22130

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SRF LTD Neutral 3409.4 3366 3323 3276 3456 3503 3546

SUN PHARMA INDU Neutral 459.1 448 438 431 465 472 482

SUN TV NETWORK Negative 389.9 386 383 378 395 399 403

TATA STEEL LTD Positive 295.5 291 286 282 301 304 310

TATA CONSULTANCY Positive 2004.3 1980 1954 1937 2023 2040 2065

TECH MAHINDRA LT Positive 529.7 520 511 505 535 541 550

TATA CONSUMER PRODUCT Neutral 371.15 367 363 359 374 377 381

TORRENT POWER LT Negative 305.35 302 299 295 309 313 316

TATA POWER CO Positive 36.9 37 35 35 38 39 40

RAMCO CEMENT/THE Positive 617 610 602 596 625 632 640

TORRENT PHARMA Negative 2357.95 2320 2280 2228 2411 2462 2502

TITAN CO LTD Positive 899.45 882 864 853 911 922 940

TATA CHEMICALS Positive 304.1 298 292 283 313 322 328

TATA MOTORS LTD Positive 87 86 83 82 89 91 93

TVS MOTOR CO LTD Positive 333.1 325 317 310 339 345 353

UNITED BREWERIES Positive 943.1 924 905 885 963 983 1002

UJJIVAN FINANCIA Positive 169.3 160 151 142 177 185 194

UNITED SPIRITS Negative 563.6 553 543 529 577 591 601

UPL LTD Positive 391.1 387 382 376 398 404 409

ULTRATECH CEMENT Positive 3809.2 3744 3678 3640 3848 3886 3952

VEDANTA LTD Positive 89.95 89 87 86 92 93 95

VOLTAS LTD Positive 486.8 472 457 448 496 505 520

WIPRO LTD Neutral 199.35 197 193 189 204 207 211

YES BANK LTD Neutral 27 27 26 25 29 30 31

ZEE ENTERTAINMEN Positive 180.7 167 152 141 193 204 218

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Forthcoming Economic Event Calendar


Date Event Date Event

US China

28-May GDP Annualized QoQ 28-May Industrial Profits YoY

29-May PCE Deflator MoM 31-May Manufacturing/Non-Manufacturing PMI

29-May Wholesale Inventories MoM

29-May MNI Chicago PMI

UK

India 27-May Retail Price Index

29-May Fiscal Deficit INR Crore 28-May Nationwide House PX MoM

31-May GDP Annual Estimate YoY 29-May GfK Consumer Confidence

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Momentum Picks: Strategy Follow up


Duration: Intraday

Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment

28-May-20 Nifty Nifty Buy 9305.00-9327.00 9364.00/ 9412.00 9268.00 - No Trade

28-May-20 Britannia Industries BRIIND Buy 3228.00-3234.00 3258.80/3287.00 3202.40 1.70 Target 2 Achieved

28-May-20 Hero Motocorp HERMOT Buy 2174.00-2180.00 2195.80/2215.00 2157.20 1.80 Target 2 Achieved

Duration: Cash Positional

Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment

21-May-20 Tata Communications TATCOM Buy 480.00 535.00 444.00 6.00 Book 50% profit at 510.00

27-May-20 Granules India GRAIND Buy 171.50 188.00 162.00 5.00 Book 50% profit at 179.50

27-May-20 Bandhan Bank BANBAN Buy 213.00 235.00 198.00 8.00 Book 50% profit at 229.00

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Gladiator Stocks: Open Recommendations


Back to Top

Date Scrip Name Strategy Recommendations Price Target Stoploss Time Frame

28-May-20 Tube Investments Buy 315.00-325.00 375.00 291.00 6 Months

28-May-20 Sagar Cement Buy 270.00-282.00 332.00 246.00 6 Months

20-May-20 Dr Reddy Buy 3800.00-3920.00 4470.00 3545.00 6 Months

13-May-20 Larsen & Toubro Buy 845-870 995.00 790.00 6 Months

13-May-20 Teamlease Services Buy 1535-1570 1890.00 1390.00 6 Months

12-May-20 Zydus Wellness Buy 1240-1270 1460.00 1140.00 6 Months

6-May-20 SBI Life Insurance Buy 715.00-740.00 840.00 665.00 6 Months

30-Apr-20 City Union Bank Buy 133.00-138.00 165.00 115.00 6 Months

24-Apr-20 Ipca Laboratories Buy 1580.00-1630.00 1885.00 1440.00 6 Months

All the recomedations are in Cash segment

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Price history of last three years

Source: Spider Software, ICICI Direct Research

TVS Motors

MindTree Radico Khaitan

Aarti Drugs

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Product Guidelines......


• In case of intraday stock recommendations, execute the trade within +/- 0.25% of the recommended range provided in

the report. The stock recommendation has to be execute after the first 5 minutes of trade and only up to 11:00 am. In

case of Nifty future execute after the first 5 minutes of trade and up to 03:00 pm

• In case of positional recommendations, execute the recommendations in the range provided in the report

• Once the recommendation is executed, it is advisable to maintain strict stop loss as provided in the report. For positional

recommendation maintain stop loss on daily closing basis

• We adapt a trading strategy of booking 50% profit when the position is in profit by 4-5% and trail stop loss on remaining

position to the entry point (In case of positional stock recommendations)

• In case of intra day Nifty futures recommendation, once recommendation is activated, consider booking 50% profit near

1st

Target (tolerance of 3 points) and trail stop loss to cost for remaining positions

• If the recommended intra day stock hits the target price before getting activated, then it is considered not initiated

• The Intra day recommendations are valid only for the day and should be squared off by 15:10 hrs. The positional

recommendations are valid only for the prescribed period and are to be squared off at the end of mentioned period

unless communicated otherwise through separate mail or on i-click to gain page

• Only stocks in derivatives segment have been considered for intra day recommendations

• Medium to long-term prospects of a stock does not have any bearing on the intra day view

Trading portfolio allocation

• It is recommended to spread out the trading corpus in a proportionate manner between the various technical research

products

• Please avoid allocating the entire trading corpus to a single stock or a single product segment

• Within each product segment it is advisable to allocate equal amount to each recommendation

• For example: The ‘Momentum Pick’ product carries 2 to 4 intraday recommendations. It is advisable to allocate equal

amount to each recommendation

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May 29, 2020 ICICI Securities Ltd. | Retail Equity Research 22Source: ICICI Direct Research

Recommended product wise trading portfolio allocation

Duration

Momentum Picks-

Intraday

10% 30-50% 2 Stocks 1-2% Intraday

Momentum Picks-

Positional

25% 8-10% 8-10 Per Month 5-8% 14 Days

Yearly Technical 25% 12-15% 7-9 Per Year 20-30% 1 Year

Gladiator Stocks 35% 10-13% 15-20% 6 Months

Cash 5%

-

100%

Number of Calls Return Objective

Product Product wise

allocation

Allocations

Max allocation

In 1 Stock

Opportunity Based

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Candlestick patterns describe the market sentiment for the specified period. Some of the formations suggest reversal of sentiment (trend) and, therefore, are important

for a chart reader. By themselves, the patterns do not carry any price target but only an indication of change in market behaviour. More importance needs to be given

to the placement of the pattern within larger trend

Morning Star: Potential bottom reversal pattern made of three candle lines. The first sizeable black candle reflects a market in which the bears are in complete charge.

The next candle line--the small real body--shows a slight diminution of the bearish force. The white candle that makes up the last part of the morning star visually

displays the bulls are gaining the upper hand. Lowest low amongst three candles becomes technical support

Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or downtrend. The market falls, and a black

candle forms (ideally a small black candle). Next, a white real body wraps around the prior session’s black body. Low of the pattern becomes short term support for

prices

Piercing Line: Potential bottom reversal pattern. A black body forms in the downtrend. The market continues moving south on the next session’s open but that session

culminates in a white real body that closes (e.g. pierces) than half way or more into the prior black body. Lowest low between two candles is referred to as technical

support for prices

Hammer: A candlestick line which, during a downtrend, has a very long lower shadow and small real body (black or white) at the top end of the session’s range. There

should be no, or a very small, upper shadow. Pattern suggests buying support during declines and needs confirmation in terms of sustainability of prices above head of

the Hammer in following session

Evening Star: Potential Top reversal pattern made of three candle lines. Comparable with a traffic signal. First white candle reflects a market in bullish trend. The next

candle line--the small real body—warns waning momentum. The black candle that completes the evening star visually exhibits that prior up trend has stopped or

reversed

Bearish Engulfing Line: Potential top reversal signal. This two candlestick pattern emerges during a rally. A black candle real body wraps around a white real body

(classically a small white candle) Highest high between two candles becomes resistance level for prices for future reference

Dark Cloud cover: A dark cloud cover forms a top reversal pattern. The first session should be a strong, white real body. The second session’s price opens over the

prior session’s high (or above the prior session’s close). By the end of the second session, it closes near the low of the session and should fall well into the prior

session’s white body. Pattern suggests that market has a poor chance of rising immediately

Shooting Star: A single candlestick line during a rally in which there is a small real body (white or black) at the bottom end of the session's range and a very long

upper shadow. The candle line should also have little or no lower shadow. Pattern suggest the trouble for prices overhead

Continuation Patterns: Other than widely known Candlestick reversal patterns discussed above, there are numerous patterns mentioned in literature on Candlestick

which describe the continuation of existing sentiments i.e. bullish or bearish. We have refrained from mentioning names of these patterns to avoid confusion. However,

the remark Continuation Pattern refers to bullish or bearish candlestick patterns which suggest continuation of existing trend

Candlesticks Glossary


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Pankaj Pandey Head – Research [email protected]

ICICI Direct Research Desk,

ICICI Securities Limited,

1st Floor, Akruti Trade Centre,

Road No 7, MIDC,

Andheri (East)

Mumbai – 400 093

[email protected]


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We /I, Dharmesh Shah, Nitin Kunte, Ninad Tamhanekar, Pabitro Mukherjee, Vinayak Parmar Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the

subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Analysts are not registered as research analysts by FINRA and are not associated

persons of the ICICI Securities Inc. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee

of the companies mentioned in the report.

Terms & conditions and other disclosures:

ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities Limited is a SEBI registered Research Analyst with SEBI

Registration Number – INH000000990. ICICI Securities Limited SEBI Registration is INZ000183631 for stock broker. ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of

housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com

ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of

companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.

Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etc as opposed to focusing on a company's fundamentals and, as such, may not match with the

recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports.

Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Retail Research. The views and opinions expressed in this document may or may not match or may be contrary

with the views, estimates, rating, target price of the Institutional Research.

The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in

any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis,

ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been

suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.

This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational

purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the

same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your

specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient.

This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange

rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure

Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.

ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months.

ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings,

corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.

ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its analysts did not receive any compensation or other benefits from the companies

mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this report.

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report.

Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report.

ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.

We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.

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 ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in

whose possession this document may come are required to inform themselves of and to observe such restriction.


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