15-jun-20 kotak mahindra bank kotban sell 1278.00-1282...

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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

June 15, 2020For Instant stock ideas:

SUBSCRIBE to mobile notification on

ICICIdirect Mobile app…

Open Recommendations

Gladiator Stocks

Click here to know more…

Scrip Action

Lupin Buy

Bata India Buy

Pidilite Ind Buy

Duration: 6 Months

New recommendations

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

15-Jun-20 Nifty Nifty Sell 9920-9955 9886.00/ 9834.00 9993.00 Intraday

15-Jun-20 BPCL BHAPET Buy 370.00-372.00 374.90/378.00 366.70 Intraday

15-Jun-20 Kotak Mahindra Bank KOTBAN Sell 1278.00-1282.00 1269.10/1257.00 1291.30 Intraday

Open recommendations

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

10-Jun-20 Amrutanjan Healthcare AMRHEA Buy 385.00-394.00 430.00 364.00 14 Days

8-Jun-20 HPCL HINPET Buy 210.00-218.00 244.00 198.00 14 Days

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

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Nifty Technical Picture

Positive: Pharma, Chemicals, OMC’s

Neutral: Banks, NBFC, Metals,

Open High Low Close

9544.95 9996.05 9544.35 9972.90

2

Indices Close 1 Day Chg 1 Day % Chg

SENSEX Index 33780.89 242.52 0.72

NIFTY Index 9972.90 70.90 0.72

Nifty Futures 9955.35 47.50 0.48

BSE500 Index 13002.13 92.12 0.71

Midcap Index 12600.15 119.57 0.96

Small cap Index 11845.27 14.85 0.13

SGX Nifty 9870.00 -85.35 -0.86

* SGX Nifty at 7:30 am

Domestic Indices

Sectors in focus (Week):

Intraday Short term

Trend

Support 9850-9790 9700

Resistance 9950-10000 10300

20 day EMA 9729

200 day EMA 10554

Mom

entum

Pic

ks

ICICI Securities Ltd. | Retail Equity Research

Technical Outlook

Source: Bloomberg, Spider, ICICI Direct Research

NSE Nifty Daily Candlestick Chart

Global market to dictate trend…

NSE Nifty Weekly Candlestick Chart

Action

Price Range

Target

Stoploss

Nify Future Intraday Recommendation

9993.00

Sell

9886.00/ 9834.00

9920-9955

Week that was…

Equity benchmark indices witnessed a roller coaster ride amid global

volatility and ended the week on a subdued note. The Nifty lost 169

points (1.7%) during the week and settled at 9973. Sectorally, all major

indices ended in the red, weighed down by metal and financials.

Technical Outlook

- The index achieved our earmarked target of 9700 on Friday, as the

decline accelerated upon breach of psychological mark of 10000.

The sharp decline from last week’s high of 10328 resulted in a Dark

cloud cover on the weekly charts as the index failed to sustain at

higher levels. The lower shadow indicates an attempt to hold prior

week’s low of 9700 on a closing basis

- Empirically, it has been observed that, post major correction (more

than 40%) the index enters a volatile phase, where after a first

sharp pullback, it witnesses corrective move (for further detail

kindly refer next slide). In the current scenario, we believe post

38% rally from March low of 7511 to June high of 10328, the index

has entered a corrective phase. Hence, we expect upside to be

capped at last week’s high of 10300 and index to extend its

corrective phase with immediate support of 9700. A decisive close

below 9700 would further accelerate declines else there would be

consolidation in the 9700-10300 band with stock specific action

- Key things to watch during next couple of weeks are:

a) progression on containment of Covid-19

b) domestic markets are in sync with global indices in terms of

direction. Key developed market indices have also reacted from

overbought conditions, their key retracement levels and will have

bearing on a direction of domestic indices

- We believe immediate support is at 9700 as it is confluence of:

a) last week’s low of 9706 (held on weekly closing basis)

b) 61.8% retracement of Friday’s pullback (9544–9996), at 9720.

- In the coming session, follow through strength above Friday’s high

coinciding with psychological mark 10000 would open the door for

further pullback option, else extended correction. Hence, intraday

pullback towards 9920 – 9955 should be used to create short

position for target of 9834

Structurally, over past two decades we have seen two major

corrections, where after more than 40% correction the index first

witnessed a sharp pullback (in CY01-02 it rallied 42% and in CY08-09 it

rallied 44%). Subsequently, it enters a corrective mode. Currently, we

believe the index has entered a corrective phase post sharp rally of

38% from March low of 7511 and is expected to extend declines in

weeks ahead.

Key support

breakdown

7511

8806

10328

9544

12430

A decisive close below 9700 would

further accelerate declines, else

consolidation in the 9700-10300 band

with stocks specific action

9700

Weekly stochastic placed at Overbought territory, indicating

impending breather

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Correction post first pullback after major correction

June 15, 2020 ICICI Securities Ltd. | Retail Equity Research 3

Nifty Weekly Chart : Major correction of 2000-01

Nifty Weekly Chart : Major correction of 2008-09

Index corrected after witnessing first pullback of 42%

Index corrected after witnessing first

sharp pullback of 44%

6357

2252

3240

2502

850

1818

1205

920

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Bank Nifty: 20654


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


The Bank Nifty traded with a corrective bias during the previous

week. Despite the sharp pullback on Friday post a gap down

opening, the index closed the week down ~2% on a weekly

basis. The decline was mainly led by private banking stocks.

The Bank Nifty ended the week at 20654, down by 380 points or

1.8%.

Technical Outlook

• The weekly price action formed a sizable bear candle with a

long lower shadow signalling corrective bias with strong

support at lower levels around 19500-19000 levels

• Going ahead, we expect the index to continue its current

corrective trend in the coming week. On the higher side,

upsides are capped at previous week’s high (21807), which

is also confluence of the high of April 2020 (21967) and

38.2% retracement of the entire February-March 2020

decline (31649-16116)

• The immediate support in the index is at 19000-19500 as it is

confluence of the following:

- 50% retracement of recent rally 17105-21619 at

19360

- positive gap area of June 1, 2020 is at (19297-

19633)

- last two week’s lows are also around 19500 levels

• In the coming session, the Bank Nifty is expected to open on

a negative note on the back of weak Asian cues. We expect

the index to continue its corrective trend. Hence, after a

negative opening use the up move towards 20580-20640 for

creating short position for target of 20360 with a stop loss of

20740

Structurally, the index has rallied more than 20% in just two

weeks hauling weekly stochastic to approach its April high of

68. The Bank Nifty has already retraced around 38.2% of entire

February-March 2020 decline (31649-16116) along with

overbought condition of weekly stochastic oscillator. We

believe upside would be limited from here on and expect

retracement of recent rally in coming weeks.

16116

Major support breakdown

21967

Open High Low Close

19529.30 20747.70 19526.10 20654.55

Indices Close Change Change%

Nifty Bank 20654.55 129.40 0.63

31649

17105

Weekly stochastic placed at previous high, hence corrective

action likely in coming weeks

21807

Intraday Short term

Trend

Support 20280-19850 19000

Resistance 20480-20750 22000

20 day EMA 20028

200 day EMA 25275

Nifty Bank Technical Picture

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Stock Picks


Kotak Mahindra Bank (KOTBAN) – Daily candlestick Chart

BPCL (BHAPET) – Daily candlestick Chart


Duration: Intraday

Technical Observations


Daily 14 periods RSI giving sell signal

The stock in up trend rebounded taking support at the 50 days EMA and

50% retracement of the previous up move signalling continuation of

positive momentum

Daily MACD remains in up trend sustaining above its nine periods average

Price reacting lower from the 100 days EMA and previous high of mid March

signaling continuation of corrective bias in coming sessions

CMP 374.55

Action Buy

Initiation Range 370.00-372.00

Target 374.90/378.00

Stop Loss 366.70

Rationale

The stock in up trend rebounded

taking support at the 50 days

EMA and 50% retracement of

the previous up move signalling

continuation of positive bias

CMP 1281.45

Action Sell

Initiation

Range

1278.00-1282.00

Target 1269.10/1257.00

Stop Loss 1291.30

Rationale

Price reacting lower from the 100

days EMA and previous high of

mid March signaling continuation

of corrective bias and RSI in sell

mode

100 days EMA

50 days

EMA402

292

50% retracement

of the previous up

move 292-402

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6

Buy Amrutanjan Health Care (AMRHEA) in the range of 385.00-394.00

June 15, 2020 ICICI Securities Ltd. | Retail Equity Research

Source: Bloomberg, Spider Software, ICICI Direct Research


Stock Picks

Target: 430.00 Stop Loss: 364.00

Duration: 14 days

• The stock has registered a

resolute breakout from the

downward sloping channel

formation containing the last two

months price activity. In the

process it has also closed above

the 200 days EMA placed at | 380

levels signalling reversal of the

corrective consolidation and

offers fresh entry opportunity

• The breakout from the falling

channel is supported by strong

volume of more than 15 times the

50 days average volume of 2.5

lakhs share per day highlighting

larger participation in the direction

of trend

• It has already taken 37 sessions to

retrace 80% of the previous 05

sessions up move (| 301-440). A

slower retracement signals

inherent strength and a higher

base formation

• We believe, the stock has

immediate support at | 364 as it is

the confluence of the upper band

of the recent channel breakout

area and 61.8% retracement of

the last two days up move (| 340-

404)

• We expect the stock to accelerate

upward momentum and head

towards | 430 levels being the

61.8% retracement of the Fed-Mar

decline (| 555-253)

Recommendation initiated on i-click to gain at 15:26 on June 10, 2020

The daily stochastic has generated a buy signal

A resolute breakout from downward sloping channel

formation on the back of rising volumes, signals

strength and offers fresh entry opportunity

320

Daily Bar Chart

A slower retracement

highlights healthy

consolidation and a

higher base formation

Target @

430440

301

253

200 days EMA

555

275

A strong volume at the breakout area signals larger participation in the direction of trend

Support

@ 364

340

404

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7

Buy Hindustan Petroleum Corp (HINPET) in the range of 210.00-218.00

June 15, 2020 ICICI Securities Ltd. | Retail Equity Research

Source: Bloomberg, Spider Software, ICICI Direct Research


Stock Picks

Target: 244.00 Stop Loss: 198.00

Duration: 14 days

• The share price logged a resolute

breakout from the downward

sloping trend line drawn adjoining

highs of Oct’19 (| 328) and Apr’20

(|229) and has also closed above

the 50 days EMA (| 196) indicating

conclusion of secondary

corrective phase and resumption

of primary up trend. Thereby

offering fresh entry opportunity to

ride next leg of up move

• Structurally, we believe the stock

has undergone a strong base

formation near | 160 as over past

seven months on two occasions

stock has bounced from key

support threshold of | 160. The

strong rebound from key support

area indicates elevated buying

demand

• On the downside, we believe

support is placed at | 198 being

23.6% retracement of ongoing up

move (| 170 – 205), which also

confluence with 50 days EMA is

placed at | 198

• Among oscillators, the daily 14

periods RSI is seen sustaining

above its nine periods average

indicating strength

• We expect the stock to accelerate

upward momentum and head

towards | 244 levels in coming

sessions as it is the 50%

retracement of last major decline

seen during October’2019 – March

2020 (| 320 – 164), at | 246

Recommendation initiated on i-click to gain at 10:02 on June 08, 2020

The daily 14 periods RSI sustaining above its nine periods average thus validates positive bias

Falling trendline breakout confirms conclusion of corrective phase, auguring well for next leg of up moveDaily Bar Chart

50 Days

EMA

170

Target @

244

support

@ 198

228

164

328

150

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Market Activity Report


Global Equity Market PerformanceGlobal Currency, Commodities and Bond

Advance Decline

Source: Bloomberg, Investing, ICICI Direct Research

0

500

1000

1500

2000

4-Jun 5-Jun 8-Jun 9-Jun 10-Jun 11-Jun 12-Jun

Advances Declines

Close1 Day %

Change

Currency

USD INR 76.04 0.0

Dollar Index 97.11 -0.2

EURO USD 1.12 0.0

GBP USD 1.25 -0.2

JPY 107.25 -0.1

Swiss Franc 0.95 -0.1

Commodities ($)

Gold 1,740.15 0.2

Brent 37.73 -3.1

Copper 5,784.50 0.4

Silver 17.56 0.5

Yield (bps change)

India 105.79 0.00

US 0.67 -3.82

EURO -0.44 -0.22

Japan 0.01 0.00

0.5

0.5

-0.2

-0.1

-0.7

-0.7

0.7

1.9

-2.0

-2.5 -1.5 -0.5 0.5 1.5 2.5

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 33,780.9 0.7

Nifty 9,972.9 0.7

BSE Auto 14,849.7 2.9

Bankex 23,498.6 0.3

Capital Goods 12,585.2 -0.3

Consumer

Durables20,445.5 1.1

FMCG 10,886.8 -0.1

Healthcare 16,130.1 0.5

IT 14,371.8 -1.5

Metal 7,118.3 0.7

Oil & Gas 12,529.6 1.0

Power 1,544.3 -0.6

Realty 1,586.8 1.3

BSE 500 13,002.1 0.7

BSE Midcap

Index12,600.2 1.0

BSE Small Cap 11,845.1 0.1

-1,238

-733

501

-874

1,945

-1,500

-1,100

-700

-300

100

500

900

1,300

1,700

2,100

2,500

8-Jun 9-Jun 10-Jun 11-Jun 12-Jun

Rs C

rore

Date

DII

813

491

-919-805

-1,311

-1,800

-800

200

8-Jun 9-Jun 10-Jun 11-Jun 12-Jun

Rs C

rore

Date

FII

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Trend Scanner

June 15, 2020 ICICI Securities Ltd. | Retail Equity Research 10Source: Bloomberg, ICICI Direct Research

52 Weeks Low

Negative Trend Universe: NSE 500

Candlestick Pattern

Positive Trend Universe: NSE 500 52 Weeks High

Oversold Stocks

Overbought Stocks

Hero Motocorp 2401.85 3.98 2248.00 21.87

Cipla 643.60 1.35 630.00 28.59

Pidilite 1430.05 0.90 1436.00 42.65

Mahanagar Gas 1074.20 3.66 959.00 24.35

Scrip Name Close

Change

%

20-Day

SMA

Delivery

( %)

Scrip Name LTP

NA

Bullish Candlestick Formations Bearish Candlestick Formations

Scrip Name Pattern name LTP Scrip Name Pattern name LTP

Asian Paints Piercing Line 1633.9 DCB Bank Evening Star 71.8

Titan Engulfing 976.4 Zee Ent. Continuation 168.1

United spirits Continuation 617.5 Cera Continuation 2180.0

Hero Motocorp Engulfing 2400.0

Scrip Name LTP Stochastic

Britannia 3354 18.4

UPL 410.6 16.9

Trent 518.95 16.1

Scrip Name LTP

Dhanuka Agritech 647

Granules India 214.35

Sumito chemical 280.98

Coal India 134.65 -2.21 135.00 35.16

Tech Mahindra 554.70 -3.00 545.00 39.53

Scrip Name Close

Change

%

20-day

SMA

Delivery

(%)

Scrip Name LTP Stochastic

Indusind Bank 527.1 83.45

Prestige 201.5 85.25

Heat Map

M&M

508 Bharti

Infratel

225 Shree

Cement

22,450 Bajaj

Finance

2,450

Hero Moto

2,402

7.1% 6.7% 5.6% 4.8% 4.0%

Reliance

Ind.

1,589

Titan

978

Eicher

16,857

Maruti

5,562 Bajaj

Finserv

5,286

3.3% 2.8% 2.5% 2.5% 2.5%

Bajaj Auto

2,782 JSW

Steel

189

Ultratech

3,789

Vedanta

103 Adani

Ports

345

2.3% 2.3% 2.3% 2.2% 2.0%

Grasim

Ind

602 Asian

Paints

1,637 Bharti

Airtel

560 HDFC

Bank

983

Tata Steel

318

1.9% 1.7% 1.5% 1.5% 1.4%

Sun

Pharma

480

Cipla

644

Hindalco

146

SBI

179

BPCL

374

1.4% 1.4% 1.1% 1.1% 1.0%

Indusind

Bank

528 ICICI

Bank

344

GAIL

96

HDFC Ltd

1,792

HUL

2,107

1.0% 0.9% 0.8% 0.3% 0.0%

IOC

88

Britannia

3,366

ITC

194

L&T

926

Nestle

16,496

-0.1% -0.1% -0.2% -0.4% -0.7%

Tata

Motors

105

NTPC

97

Dr Reddy

4,008

HCl Tech

571

Axis Bank

408

-0.8% -1.2% -1.2% -1.3% -1.3%

TCS

2,040

UPL

412 Kotak

Bank

1,280

Infosys

692

Coal India

135

-1.4% -1.4% -1.5% -1.7% -2.2%

Wipro

208 Power

Grid

166

TechM

555

ONGC

84

Zee Ent.

169

-2.3% -2.7% -3.0% -3.5% -4.2%

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Global Markets


Dow Jones (25605): Index snapped three weeks winning streak…

German Dax (11949): Profit booking emerged from 80% retracement, indicating near term breather….




13795

Index reacted from 80% retracement (29568 – 18214), 27295

8256

Index snapped past three weeks wining streak, indicating pause in upward momentum

29568 • The US markets remained negative as

investors weigh data of rising cases of

coronavirus and weaker economic

outlook from central bank. DJIA

ended the week at 25605, down 5.5%

• The weekly price action formed a dark

cloud cover candle carrying sizable

bear candle, indicating profit booking

at 80% retracement of entire CY-20

decline (29568 – 18214), 27295

• Going ahead, follow through strength

above last week’s high would lead to

further acceleration of upward

momentum, else extended correction

amid stock specific action

• On the downside 24600 would act as

immediate support being 61.8%

retracement of last up move (22790 –

27580), at 24620

• The European markets ended lower as

investors were spooked due to weak

US Fed commentary. The Dax ended

the week at 11949, down 7%

• The weekly price action formed an

outside bar, as profit booking

emerged from 80% retracement of

CY-20 decline (13795 – 8257), at

12688, indicating pause in upward

momentum

• Going ahead, breach of past two

weeks identical low of 11830 would

lead to acceleration of downward

momentum towards 11200 as it is

61.8% retracement of last leg of up

move (10160 – 12913), at 11212

• On the upside, 12900 would continue

to act as key resistance as it is last

week’s high (12913) coincided with

80% retracement at 12688

Support

@ 24600

11266

Weekly RSI pointing downward, indicating breather

Weekly RSI tilted downward , indicating impending breather

80%

Retracement

80%

Retracement

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Global Markets


Hang Seng (24301): profit booking emerged from 50% retracement of CY-20 decline…. Technical Observations


• The Hang Seng index concluded the

week on a weak note as index

settled at 24301, down 2%

• The weekly price action resembles a

dark cloud cover candle, indicating

profit booking emerging from 50%

retracement of CY 20 decline (29175

– 21139), at 25157. In the process,

index failed to sustain above past 4

weeks consolidation breakout,

indicating pause in upward

momentum

• Going ahead, index need to sustain

above past week's high (25304) to

keep pullback option open, else

consolidation

• On the downside, support is placed

at 23500 as it is confluence of

upward sloping trend line drawn

adjoining March – May low (21139 –

22780), at 23540 coincided with 80%

retracement last up move (22780 -

25304), at 23285

21139

24589

29175

22516

Weekly RSI tilted downward , indicating breather

Index failed to sustain above consolidation breakout,

indicating pause in upward momentum

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Commodity



Technical ObservationsBrent crude ($38.9): Snapped six weeks winning streak…

Gold ($1730): Prolonged consolidation in the range of $1750-1650

• Brent oil futures pared last week’s

gains as COVID-19 cases spiked in

U.S., leading fears of a second wave

of the virus hitting fuel demand. Brent

futures settled 7% down at $ 38.9 for

the week

• The weekly price action resembles a

dark cloud cover candle at 50%

retracement of CY-20 decline (71.30 –

16), at $43.60 indicating pause in

upward momentum

• Going ahead, only a decisive move

above last week’s high ($ 43.40)

would lead to further acceleration of

upward momentum, else extended

breather that will help weekly

stochastic to cool off overbought

condition (88)

• The immediate support is placed at

$38, being 38.2% retracement of past

6 weeks rally ($ 18.75 – 43.40)

• Gold prices snapped three weeks

decline as it recouped last week’s

losses amid renewed concerns

about the U.S. economic recovery

and the second COVID-19 wave.

Gold spot prices closed the week at

$1730, up ~3%

• The weekly price action formed a

bull candle as index recouped last

weeks losses, indicating supportive

efforts at lower levels

• Going forward, we expect gold

prices to resolve higher and

challenge the May high of 1765.

Only a decisive break from this

range would indicate directional

movement

• Key immediate support is placed at

$1650 which is a swing low over

past two months

50

75.6

1160

1445

Key support

@ 1650

1765

36.4

15.98

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Currency


Technical ObservationsRupee (75.78): Prolonged consolidation in the range of 75-77

68.26

72.40

• The rupee depreciated for the week, as

volatile domestic equities and sustained

foreign fund outflows weighed on

investor sentiment. The rupee ended at

75.78, down 22 bps for the week

• The US dollar/rupee pair formed a high

wave candle indicating elevated volatility

amid ongoing consolidation for the fifth

consecutive week.

• Going forward, we expect continuance

of consolidation in the range of 75-77 as

we expect Dollar would face stiff

resistance at April high of 77

• We maintain the immediate support for

pair at 75 levels which is low of past two

months coincided with 38.2%

retracement of February-April move

(71.10 – 77), at 74.75

Support @ 75

77

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Intraday Supports and Resistance (Cash)


Scrip Name Trend Close S1 S2 S3 R1 R2 R3

NIFTY 50 Negative 9972.9 9680 9386 9228 10132 10290 10583

S&P BSE SENSEX INDEX Negative 33780.89 32800 31820 31292 34308 34836 35816

NIFTY BANK Negative 20654.55 19870 19087 18649 21092 21531 22314

NIFTY 50 FUTURES Negative 9942 9688 9435 9288 10088 10235 10488

NIFTY BANK FUTURES Negative 20574.95 19844 19113 18671 21017 21459 22190

ACC LTD Negative 1268.8 1208 1147 1114 1302 1335 1396

AMBUJA CEMENTS Neutral 193.7 185 177 172 198 203 212

ADANI POWER LTD Negative 38 36 35 34 38 39 40

ADANI ENTERPRISE Negative 152.3 145 137 132 157 161 169

ADANI PORTS AND Negative 345.3 332 320 312 352 360 372

ASHOK LEYLAND Neutral 52.35 49 45 44 55 57 61

AMARA RAJA BATT Negative 656.7 619 580 559 679 700 739

APOLLO HOSPITALS Neutral 1403.6 1334 1264 1226 1442 1480 1550

ASIAN PAINTS LTD Negative 1637.35 1595 1554 1530 1661 1684 1726

APOLLO TYRES LTD Negative 106.65 100 94 90 111 114 121

AUROBINDO PHARMA Negative 771.7 762 752 741 782 794 803

AXIS BANK LTD Negative 408 394 380 370 417 426 440

BAJAJ FINANCE LT Neutral 2450.15 2276 2102 2005 2547 2644 2818

BATA INDIA LTD Negative 1366.35 1302 1239 1204 1401 1437 1500

BHARTI AIRTEL Negative 560.1 546 532 524 568 576 590

BHARAT ELECTRON Negative 71.9 70 66 65 75 76 79

BHARAT HEAVY ELE Negative 31.4 28 26 25 32 34 35

BHARAT FORGE CO Negative 350.5 333 316 305 361 372 389

BALKRISHNA INDS Negative 1149 1104 1057 1031 1176 1202 1249

BIOCON LTD Neutral 384.8 378 372 363 393 402 408

BAJAJ AUTO LTD Neutral 2782.15 2661 2541 2472 2850 2919 3039

BAJAJ FINSERV LT Neutral 5285.95 5011 4736 4572 5450 5614 5889

BANK OF BARODA Negative 45.45 42 40 39 46 48 50

BANK OF INDIA Negative 40.8 39 37 36 42 43 45

BOSCH LTD Negative 10913.35 10419 9925 9650 11188 11463 11957

BHARAT PETROL Negative 373.9 361 347 339 383 391 404

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BERGER PAINTS Neutral 501.65 479 457 445 514 527 549

BRITANNIA INDS Neutral 3366.05 3301 3235 3164 3438 3509 3576

CANARA BANK Negative 103.75 97 91 87 108 111 118

CONTAINER CORP Negative 394.55 375 354 342 407 418 439

CADILA HEALTHCAR Negative 374.3 364 353 347 380 387 397

CENTURY TEXTILE Negative 299.2 282 266 257 307 316 332

CESC LTD Neutral 637.25 604 572 553 655 674 706

CHOLAMANDALAM IN Negative 160.05 147 132 124 169 177 192

CIPLA LTD Negative 643.6 625 606 596 654 664 682

COLGATE PALMOLIV Negative 1354.45 1319 1285 1264 1374 1395 1429

COAL INDIA LTD Negative 134.65 132 131 130 135 137 138

DABUR INDIA LTD Negative 455.65 439 422 413 465 474 491

DIVI LABS LTD Negative 2395.1 2332 2269 2234 2429 2463 2527

DLF LTD Negative 154.05 147 140 136 158 162 169

DR REDDY'S LABS Negative 4007.95 3981 3953 3926 4037 4065 4093

EICHER MOTORS Negative 16857.3 15968 15080 14570 17367 17878 18766

EQUITAS HOLDINGS Negative 49 47 43 42 51 53 56

ESCORTS LTD Neutral 977.6 920 862 828 1011 1044 1102

EXIDE INDUS LTD Negative 154.55 149 142 138 159 162 169

FED BANK LTD Negative 48.85 45 42 39 50 52 55

GAIL INDIA LTD Negative 96.35 93 89 87 99 101 105

GODREJ CONSUMER Negative 606.8 593 578 565 621 634 649

GMR INFRASTRUCTU Negative 20.65 19 19 18 20 21 21

GLENMARK PHARMA Negative 403.85 382 359 347 417 429 452

GRASIM INDS LTD Negative 601.95 578 554 540 616 630 654

HAVELLS INDIA Negative 551.65 533 514 504 563 574 593

HCL TECH LTD Negative 570.75 557 545 534 581 592 604

HOUSING DEV FIN Negative 1792.2 1731 1671 1632 1830 1869 1929

HDFC BANK LTD Negative 982.75 945 907 887 1004 1025 1063

HERO MOTOCORP LT Neutral 2401.85 2283 2165 2099 2467 2533 2652

HINDALCO INDS Negative 146.05 139 132 129 150 154 160

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HINDUSTAN PETRO Neutral 210.85 202 194 188 216 222 231

HINDUSTAN UNILEV Negative 2107.25 2075 2043 2021 2129 2151 2183

VODAFONE IDEA LT Negative 10.15 8 7 5 10 11 12

IDFC FIRST BANK Negative 25.85 24 22 21 27 28 30

INDRAPRASTHA GAS Neutral 482 465 446 436 494 504 523

INDIABULLS HOUSI Negative 153.45 144 135 130 159 165 174

INDUSIND BANK Negative 528.45 495 464 444 547 566 598

INTERGLOBE AVIAT Negative 1003.35 964 925 900 1028 1053 1091

INFOSYS LTD Negative 692.05 681 668 661 701 708 720

INDIAN OIL CORP Negative 88.3 85 83 82 89 91 93

ICICI PRUDENTIAL Negative 400.95 387 372 363 410 419 434

ITC LTD Negative 193.9 189 185 181 196 199 204

JINDAL STEEL & P Negative 141.65 135 127 123 147 151 159

JSW STEEL LTD Negative 188.95 180 170 165 195 200 209

JSW ENERGY LTD Neutral 48.1 45 43 41 50 51 54

JUBILANT FOODWOR Neutral 1737.3 1659 1580 1536 1783 1828 1907

JUST DIAL LTD Negative 392.8 381 370 362 400 408 419

CUMMINS INDIA Negative 391.85 384 375 370 398 403 412

KOTAK MAHINDRA Negative 1279.8 1244 1209 1186 1302 1325 1361

LIC HOUSING FIN Neutral 281.15 265 249 240 290 299 315

LUPIN LTD Negative 911.9 902 892 882 921 930 940

LARSEN & TOUBRO Negative 926.4 900 875 860 940 955 980

L&T FINANCE HOLD Negative 62.9 61 57 55 66 67 71

MAHANAGAR GAS LT Positive 1074.2 1021 968 934 1107 1140 1193

MAX FINANCIAL SE Neutral 488.9 468 447 432 505 520 541

MANAPPURAM FINAN Negative 145.9 138 130 126 151 156 164

MAHINDRA & MAHIN Neutral 508.45 471 435 414 528 549 585

M&M FIN SERVICES Neutral 163.6 153 141 135 171 177 189

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MARICO LTD Negative 332.8 319 306 297 341 350 363

MRF LTD Neutral 63900 60900 57900 56300 65500 67100 70100

MARUTI SUZUKI IN Negative 5561.75 5306 5050 4898 5713 5864 6120

MOTHERSON SUMI Negative 94.95 88 83 79 98 101 107

MINDTREE LTD Negative 914 891 867 853 929 943 967

MUTHOOT FINANCE Negative 979.6 929 877 849 1009 1037 1089

NATIONAL ALUMIN Negative 31.4 30 29 28 32 33 34

NBCC INDIA LTD Negative 23.5 22 20 20 25 26 28

NESTLE INDIA LTD Negative 16496.3 16291 16087 15874 16708 16921 17125

NIIT TECH LTD Negative 1343.15 1312 1281 1260 1364 1385 1416

NCC LTD Negative 30.55 29 27 26 33 33 36

NMDC LTD Negative 87.45 84 79 77 91 93 98

NTPC LTD Negative 96.9 94 92 90 98 100 101

OIL INDIA LTD Negative 91.15 90 89 88 92 93 95

OIL & NATURAL GA Negative 83.9 82 80 79 84 86 87

PAGE INDUSTRIES Negative 18548.2 18219 17891 17628 18810 19073 19401

PIDILITE INDS Negative 1430.05 1394 1359 1334 1454 1479 1513

PIRAMAL ENTERPRI Negative 1064.4 1012 960 930 1094 1124 1176

PETRONET LNG LTD Neutral 260.1 251 241 234 268 275 285

PUNJAB NATL BANK Negative 33.05 31 30 29 33 34 35

POWER FINANCE Negative 83.6 80 77 75 85 87 89

PVR LTD Neutral 1029.85 984 938 903 1064 1098 1144

POWER GRID CORP Negative 166.3 165 163 161 168 171 172

RBL BANK LTD Negative 168.6 154 139 130 177 185 200

REC LTD Neutral 106.05 99 92 88 110 114 121

RELIANCE INDS Neutral 1588.8 1527 1464 1431 1623 1656 1719

STEEL AUTHORITY Negative 30.35 30 28 27 32 32 34

STATE BANK IND Negative 179.15 172 166 162 182 186 192

SHRIRAM TRANSPRT Neutral 684.4 628 573 541 716 749 804

SIEMENS LTD Negative 1068.65 1037 1005 984 1091 1111 1144

SHREE CEMENT Neutral 22392.65 21017 19640 18580 23454 24514 25891

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SRF LTD Negative 3683 3578 3471 3412 3743 3801 3908

SUN PHARMA INDU Negative 480.1 462 445 435 489 499 516

SUN TV NETWORK Negative 380.8 373 366 360 386 392 399

TATA STEEL LTD Negative 317.6 306 293 285 326 333 346

TATA CONSULTANCY Negative 2039.5 2017 1995 1979 2055 2071 2093

TECH MAHINDRA LT Negative 554.7 550 544 538 562 568 574

TATA CONSUMER PRODUCT Negative 371 367 362 359 375 378 383

TORRENT POWER LT Negative 328.85 319 308 303 336 342 353

TATA POWER CO Negative 41.7 40 37 36 44 45 49

RAMCO CEMENT/THE Neutral 623.75 606 589 578 634 645 662

TORRENT PHARMA Neutral 2485.95 2428 2370 2335 2522 2557 2615

TITAN CO LTD Neutral 977.7 925 871 841 1009 1039 1093

TATA CHEMICALS Negative 311.75 298 285 278 319 327 340

TATA MOTORS LTD Negative 105.3 100 95 92 108 111 116

TVS MOTOR CO LTD Negative 345.35 320 293 279 361 375 402

UNITED BREWERIES Negative 1013.6 962 912 883 1041 1070 1120

UJJIVAN FINANCIA Negative 204.65 188 174 164 213 222 237

UNITED SPIRITS Negative 617.45 585 552 533 636 655 688

UPL LTD Negative 411.65 403 394 388 418 424 433

ULTRATECH CEMENT Negative 3788.55 3657 3526 3452 3862 3936 4067

VEDANTA LTD Negative 103.3 98 94 91 105 108 112

VOLTAS LTD Negative 553.65 542 529 521 563 571 584

WIPRO LTD Negative 207.9 207 205 203 210 211 213

YES BANK LTD Negative 29.5 28 27 27 30 31 32

ZEE ENTERTAINMEN Negative 168.55 164 158 154 174 178 184

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Forthcoming Economic Event Calendar


Date Event Date Event

US China

15-Jun Industrial Production MoM 18-Jun New Home Prices MoM

28-Jun GDP Annualized QoQ 22-Jun FX Net Settlement - Clients CNY

29-Jun PCE Deflator MoM 27-Jun Industrial Profits YoY

29-Jun Wholesale Inventories MoM 30-Jun Manufacturing PMI

29-Jun MNI Chicago PMI 30-Jun Non-manufacturing PMI

India UK

12-Jun CPI YoY 15-Jun GDP QoQ

12-Jun Industrial Production YoY 22-Jun Retail Price Index

15-Jun Wholesale Prices YoY 29-Jun Nationwide House PX MoM

29-Jun Fiscal Deficit INR Crore 30-Jun GfK Consumer Confidence

30-Jun GDP Annual Estimate YoY

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Momentum Picks: Strategy Follow up


Duration: Intraday

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

12-Jun-20 Nifty Nifty Sell 9688-9718 9651.00/ 9601.00 9756.00 (52 Points) Stoploss triggered

12-Jun-20 Axis Bank AXIBAN Sell 409.8-411.8 407/402.80 414.80 - No trade

12-Jun-20 Ultratech Cement ULTCEM Sell 3688.00-3698.00 3662.70/3631.80 3723.60 - No trade

Duration: Cash Positional

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

9-Jun-20 Aurobindo Pharma AURPHA Buy 765.00-778.00 850.00 730.00 0.00 Exit at cost

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Gladiator Stocks: Open Recommendations


Back to Top

Date Scrip Name Strategy Recommendations Price Target Stoploss Time Frame

10-Jun-20 Lupin Buy 905.00-927.00 1080.00 835.00 6 Months

2-Jun-20 Bata India Buy 1390.00-1425.00 1625.00 1270.00 6 Months

1-Jun-20 Pidilite Ind Buy 1450-1490 1670.00 1320.00 6 Months

1-Jun-20 Procter Gamble & Health Buy 4170-4230 5090.00 3570.00 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

Amrutanjan Health CareHPCL

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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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June 15, 2020 ICICI Securities Ltd. | Retail Equity Research 25Source: 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.


Disclaimer

15-jun-20 kotak mahindra bank kotban sell 1278.00-1282...

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