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Research Analysts
Nitin Kunte, CMT
nitin.kunte@icicisecurities.com
Vinayak Parmar
vinayak.parmar@icicisecurities.com
Dharmesh Shah
dharmesh.shah@icicisecurities.com
Pabitro Mukherjee
pabitro.mukherjee@icicisecurities.com
Ninad Tamhanekar, CMT
ninad.tamhanekar@icicisecurities.com
Momentum Picks
May 19, 2020For Instant stock ideas:
SUBSCRIBE to mobile notification on
ICICIdirect Mobile app…
Open Recommendations
Gladiator Stocks
Click here to know more…
Scrip Action
Larsen & Toubro Buy
Ultratech Cement Buy
Teamlease Services Buy
Duration: 6 Months
New recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
19-May-20 Nifty Nifty Buy 8915-8950 8983.0 / 9029.00 8886.00 Intraday
19-May-20 Hero Motocorp HERHON Buy 2080-2085 2104.80/2125.00 2061.80 Intraday
19-May-20 Kotak Mahindra Bank KOTMAH Buy 1122.00-1126.00 1134.70/1145 1111.80 Intraday
Open recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
14-May-20 Radico Khaitan RADKHA Buy 310.00-315.00 343.00 296.00 14 Days
13-May-20 Balmer Lawrie BALLAW Buy 97.00-100.00 115.00 92.00 14 Days
13-May-20 JK Lakshmi Cement JKLAKS Buy 195.00-200.00 220.00 185.00 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, Cement,
Energy
Sectors in focus (Intraday):
NSE (Nifty): 8823
NSE Nifty Daily Candlestick Chart
Day that was…
Equity benchmarks started the week on a subdued note and ended
the session at a four week’s low at 8823, down 314 points or 3.4%.
The market breadth remained in favour of declines with A/D ratio
of 1:3.3, indicating underperformance of broader markets.
Sectorally, barring IT, all other sectors ended in the red weighed
by financials, auto and metal.
Technical Outlook
• The price action formed a sizable bear candle carrying a lower
high-low, indicating extended correction, as sell-off accelerated
on breach of last week’s low (9044)
• Past three week’s corrective phase hauled the index to
approach the lower band of consolidation (8800) coincided
with 61.8% retracement of entire April 2020 up move (8055-
9890) at 8756. Key point to highlight during ongoing corrective
phase is that, the index have seen maximum pullback of ~500
points. Currently, as Index is poised at key support threshold of
8800, we believe to turn further constructive on index, it should
record elongated pullback in magnitude compared to earlier
~500 points pullback. Hence we believe, a sustainable move
above 9300 would lead to further acceleration of upward
momentum, else consolidation in the broad range of 9300-
8800 amid stock specific action in the ongoing result season.
• In the coming session, Nifty futures is likely to open on a
positive note tracking firm global cues. As the index is
bouncing after approaching key support threshold of 8800 we
expect positive momentum to continue. Hence, dips towards
8915 – 8950 to create long position for target of 9029
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 supportive efforts at lower levels cannot be
ruled out. Thus, we believe the base formation at lower band of
consolidation (8800) would help weekly stochastic to cool off the
overbought condition (currently placed at 33) formed after 23%
rally during April.
Key support
breakdown
Daily Stochastic approached oversold territory, indicating impending
pullback
9890
As Index is poised at key support
threshold of 8800, we believe to
turn further constructive on index,
it should record elongated pullback
in magnitude compared to earlier
~500 points pullback, else
consolidation in the broad range of
9300-8800 amid stock specific
action in the ongoing result season
7511
12430
Action
Price Range
Target
Stoploss
Nify Future Intraday Recommendation
8886.00
Buy
8983.0 / 9029.00
8915-89508055
Support @8800
Indices Close 1 Day Chg 1 Day % Chg
SENSEX Index 30028.98 -1068.75 -3.44
NIFTY Index 8823.25 -313.60 -3.43
Nifty Futures 8825.85 -311.60 -3.53
BSE500 Index 11499.61 -408.03 -3.43
Midcap Index 11055.17 -445.15 -3.87
Small cap Index 10376.31 -312.55 -2.92
SGX Nifty 9890.00 1064.15 12.06
* SGX Nifty at 7:30 am
Domestic Indices
Open High Low Close
9158.30 9158.30 8806.75 8823.25
~500 Points
pullback
Intraday Short term
Trend
Support 8900-8850 8800
Resistance 9050-9150 9500
20 day EMA 9228
200 day EMA 10747
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Bank Nifty: 17573
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 3
Nifty Bank daily change Technical Outlook Bank Nifty Index – Weekly Candlestick Chart
Source: Bloomberg, Spider, ICICI Direct Research
The weekly 14 periods RSI is seen consolidating near its nine periods
average indicating continuation of range bound price activity
The Bank Nifty extended decline on Monday as it breached prior
weeks low led by sharp sell off across private and public
banking stocks The index ended at 17573, down 6.7% for the
day.
Technical Outlook
• The weekly price action formed a sizeable bear candle which
carried a lower high-low for third week in a row indicating
accelerated decline after breaching prior week’s low and
continued overhead pressure
• Going ahead, we expect index to continue its
underperformance and extend decline towards 17200- 17000
range, as it is the confluence of (a) 80% retracement of the
entire up move of the last six weeks (16116-21967) placed at
17300 and (b) price parity with the previous major decline
(21462-17144) as projected from the previous week’s high
(21967) signals support around 17650. c) April 2020 low at
17143
• The banking space has been one of the key underperformer
against benchmarks over past few weeks as pull backs
remained short lived while declines are extended. The
ongoing decline has however helped the momentum
oscillators to ease out of overbought conditions. Therefore
sustainability around 17200-17000 range followed by a base
formation would turn the bias constructive for the space
• Upsides are likely to be capped at Monday’s high of 18795
levels
• In the coming session, the index is opening on a positive
note on the back of strong global cues. We expect it to trade
with a positive bias today. Hence, after positive opening use
intraday dip towards 17880-17920 for creating long position
for target of 18090 with a stop loss of 17890
• Among oscillators, the weekly 14 periods RSI is seen
consolidating near its nine periods average indicating
continuance of the current range bound consolidation in the
index in the coming week.
16116
Major support breakdown
21967Index have strong support around 17200 as it
is the confluence of:
- 80% retracement of the entire up move of
the last one months
- price parity with the previous major
decline signalling support around 17650
- April 2020 low at 17143
Support
@ 17200
20530
Open High Low Close
18795.10 18795.10 17514.20 17573.20
Indices Close Change Change%
Nifty Bank 17573.20 -1260.95 -6.69
Intraday Short term
Trend
Support 17750- 17500 17200
Resistance 18150- 18450 18800
20 day EMA 19675
200 day EMA 26479
Nifty Bank Technical Picture
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Stock Picks
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 4
Kotak Mahindra Bank (KOTMAH) – Daily candlestick Chart
Hero Motocorp (HERHON) – Daily candlestick Chart
Source: Bloomberg, Spider, ICICI Direct Research
Duration: Intraday
Technical Observations
Technical Observations
Price poised at key support of 80% retracement
of last up move (1001-1450), at 1090. Thereby
offering favourable risk reward
Daily Stochastic approaching oversold territory, indicating impending pullback
Stock at key support of rising trend line & sustaining well
above 50 day EMA, indicating robust price structure
Daily MACD is sustaining above its average, indicating positive bias
50 Days EMA
1108
2265
1001
1450
CMP 2069.75
Action Buy
Initiation Range 2080-2085
Target 2104.80/2125.00
Stop Loss 2061.80
Rationale
Stock at key support of rising
trend line & sustaining well
above 50 day EMA, indicating
robust price structure
CMP 1116.85
Action Buy
Initiation
Range
1122.00-1126.00
Target 1134.70/1145
Stop Loss 1111.80
Rationale
Price poised at key support of
80% retracement of last up move
(1001-1450), at 1090. Thereby
offering favourable risk reward
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Buy Radico Khaitan (RADKHA) in the range of 310.00-315.00
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 5
Source: Bloomberg, Spider Software, ICICI Direct Research
Technical Observations
Stock Picks
Target: 343.00 Stop Loss: 296.00
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
• The stock has immediate support
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
Recommendation initiated on i-click to gain at 14:52 on May 14, 2020
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
Target @
300
Price rise supported by strong volume
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Buy Balmer Lawrie & Co Ltd (BALLAW) in the range of 97.00-100.00
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 6
Source: Bloomberg, Spider Software, ICICI Direct Research
Technical Observations
Stock Picks
Target: 115.00 Stop Loss: 92.00
Duration: 14 days
• The stock has bounced from its 50
days SMA backed by rising
volumes, indicating inherent
strength auguring well for stock to
resolve higher and head towards
115 in coming sessions
• Structurally, over past seventeen
sessions stock retraced merely
50% of preceding fourteen
sessions up move (69 – 115), at
92. Slower pace of retracement
signifies robust price structure.
We believe, the higher base
formation has set the stage to
resolve higher
• The support area of | 92 is based
on the confluence of 50 days SMA
(| 92) and the 50% retracement of
the last up move (| 69 – 115), at
92
• We expect the stock to accelerate
upward momentum and head
towards | 115 levels being the
long term 200 days SMA placed at
|113
Recommendation initiated on i-click to gain at 15:00 on May 12, 2020
The daily 14 periods RSI is logged a bullish crossover, highlighting positive bias
Slower pace of retracement signifies robust price structure, as over past seventeen sessions
stock retraced merely 50% of preceding fourteen sessions up move (69 – 115), at 92
115
Daily Bar Chart
69
The crucial support at | 92:
- 50 Days SMA is placed at |
92
- 50% retracement of the last
up move (| 69-115)
92
Target @
115
50 Days
SMA
200 Days
SMA
Rising Volumes
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Buy JK Lakshmi Cement (JKLAKS) in the range of 195.00-200.00
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 7
Source: Bloomberg, Spider Software, ICICI Direct Research
Technical Observations
Stock Picks
Target: 220.00 Stop Loss: 185.00
Duration: 14 days
• The stock has registered a
breakout above the falling
trendline signalling reversal of the
corrective trend and offers fresh
entry opportunity
• The stock has already taken four
weeks to retrace just 80% of the
previous two week up move |
180-235. A slower retracement
signals a higher base formation
for the stock
• The stock has immediate support
at | 188-185 levels being the 80%
retracement of the previous up
move (| 180-235) and the last four
weeks consolidation low placed
around | 186 levels
• Among oscillators, the daily
MACD in up trend and is
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 |
220 levels being the 80%
retracement of the last four weeks
decline (| 236-186) placed at | 224
levels
Recommendation initiated on i-click to gain at 10:51 on May 13, 2020
The daily MACD in up trend and is sustaining above its nine periods average thus supports the positive bias
The stock has registered a breakout above the falling trendline signalling reversal of
the corrective trend and offers fresh entry opportunity
186
235
Daily Bar Chart
340
A slower retracement signal a higher
base formation for the stock
180
Target @
220
388396
263
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Market Activity Report
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 8
Global Equity Market PerformanceGlobal Currency, Commodities and Bond
Advance Decline
Source: Bloomberg, Investing, ICICI Direct Research
0
500
1000
1500
2000
8-May 11-May 12-May 13-May 14-May 15-May 18-May
Advances Declines
Close1 Day %
Change
Currency
USD INR 75.75 0.1
Dollar Index 99.64 0.0
EURO USD 1.09 0.0
GBP USD 1.22 0.2
JPY 107.42 0.1
Swiss Franc 0.97 0.1
Commodities ($)
Gold 1,741.30 0.4
Brent 35.26 -0.6
Copper 5,317.50 2.6
Silver 17.52 0.3
Yield (bps change)
India 106.05 0.00
US 0.71 -4.18
EURO -0.47 2.08
Japan 0.00 0.00
5.2
4.3
5.7
0.0
1.9
2.3
-3.4
3.9
4.7
-4.8 -2.8 -0.8 1.2 3.2 5.2
France
UK
Germany
China
Japan
Hong Kong
India
US
Brazil
% Change
1 Day Change
1 Day Change
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Market Activity Report
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 9
Sectoral Indices Performance Fund Flow activity of the last 5 sessions
Source: Bloomberg, ICICI Direct Research
India - Sectoral Close1 Day %
Change
Sensex 30,029.0 -3.4
Nifty 8,823.3 -3.4
BSE Auto 12,310.9 -5.5
Bankex 20,209.8 -6.3
Capital Goods 11,124.7 -4.7
Consumer
Durables17,648.4 -3.7
FMCG 9,985.2 -0.9
Healthcare 14,902.2 -0.9
IT 13,459.7 1.1
Metal 6,078.6 -3.9
Oil & Gas 10,722.7 -4.3
Power 1,397.6 -3.2
Realty 1,278.8 -5.0
BSE 500 11,499.6 -3.4
BSE Midcap
Index11,055.2 -3.9
BSE Small Cap 10,376.3 -2.9
-1,662
-283
-2,153
-2,388-2,513
-3,000
-2,500
-2,000
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
12-May 13-May 14-May 15-May 18-May
Rs C
rore
Date
FII
-364
233
802
1,226
-152
-400
600
1,600
12-May 13-May 14-May 15-May 18-May
Rs C
rore
Date
DII
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Trend Scanner
May 19, 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
Heat Map
Overbought Stocks
Cipla 600.45 5.29 589.00 17.45
TCS 1945.60 2.78 1887.00 30.6
Bharti Airtel 538.05 -2.90 521.00 31.25
United Spirits 542.60 0.32 521.00 10.8
Tata Consumer 347.10 -1.45 342.00 47.09
Scrip Name Close
Change
%
20-Day
SMA
Delivery
( %)
PVR 745.85 -12.59 942.00 13.76
LIC Housing Finance 220.15 -13.29 264.00 27.2
Bajaj Auto 2477.45 -6.99 2499.00 27.1
Scrip Name Close
Change
%
20-day
SMA
Delivery
(%)
Scrip Name LTP
Alembic pharma 878.9
NDTV 50
Scrip Name LTP
Bank of Baroda 38.6
Inox Leisure 165.4
IOC 71.5
Scrip Name LTP Stochastic
HDFC Life 470 4
IGL 445.4 9
Scrip Name LTP Stochastic
Escorts 812.3 78
Bharti Infratel 207.2 82
Bullish Candlestick Formations Bearish Candlestick Formations
Scrip Name Pattern name LTP Scrip Name Pattern name LTP
Cipla Engulfing 600.5 Apollo Hospital Engulfing 1266.1
TCS Continuation 1940.5 Axis bank Continuation 358.8
Network 18 Morning star 25.2 HDFC Continuation 1518.0
India Cements Continuation 118.0 Mahindra Life Continuation 176.0
Cipla
600
TCS
1,946 Bharti
Infratel
207
Infosys
664
ITC
165
5.3% 2.8% 2.3% 1.8% 0.1%
HCl Tech
511
Vedanta
93
Britannia
3,110
UPL
376
Wipro
182
-0.1% -0.5% -0.5% -0.8% -0.9%
M&M
377
Nestle
16,240
TechM
504 Reliance
Ind.
1,441
HUL
2,005
-1.1% -1.2% -1.3% -1.3% -1.3%
Dr Reddy
3,679 Sun
Pharma
441
NTPC
89
Tata Steel
267 Bharti
Airtel
538
-1.5% -1.8% -2.1% -2.5% -2.9%
Hindalco
115 Power
Grid
155 Asian
Paints
1,501
Titan
817 Grasim
Ind
496
-3.3% -3.3% -3.3% -3.3% -4.3%
ONGC
73 Tata
Motors
81 Adani
Ports
293
IOC
72 Shree
Cement
18,153
-4.3% -4.4% -5.2% -5.2% -5.4%
Bajaj
Finserv
4,465 Kotak
Bank
1,114
GAIL
81 Hero
Moto
2,071 HDFC
Bank
837
-5.5% -5.5% -5.6% -5.6% -5.8%
L&T
813
Coal India
122 JSW
Steel
163
SBI
155 Bajaj
Auto
2,477
-5.9% -6.1% -6.3% -6.7% -7.0%
Bajaj
Finance
1,939
Maruti
4,721
HDFC Ltd
1,512 ICICI
Bank
299
BPCL
294
-7.1% -7.4% -7.5% -7.5% -7.6%
Axis Bank
359
Ultratech
3,308
Eicher
12,988
Zee Ent.
150 Indusind
Bank
377
-7.7% -7.7% -7.9% -9.0% -10.0%
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Intraday Supports and Resistance (Cash)
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 11Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
NIFTY 50 Negative 8823.25 8700 8577 8348 9051 9281 9403
S&P BSE SENSEX INDEX Negative 30028.98 29582 29135 28302 30862 31695 32141
NIFTY BANK Negative 17573.2 17127 16680 15846 18408 19242 19689
NIFTY 50 FUTURES Negative 8827.45 8713 8598 8386 9041 9254 9369
NIFTY BANK FUTURES Negative 17589.65 17129 16667 15876 18382 19173 19635
ACC LTD Negative 1134.55 1106 1077 1029 1183 1231 1260
AMBUJA CEMENTS Negative 172.15 168 164 156 179 186 190
ADANI POWER LTD Negative 30.9 31 29 28 34 35 37
ADANI ENTERPRISE Neutral 135.9 132 127 120 144 151 156
ADANI PORTS AND Negative 293.3 287 281 271 303 313 319
ASHOK LEYLAND Negative 43.85 43 40 38 48 50 52
AMARA RAJA BATT Neutral 540.1 525 508 479 570 598 615
APOLLO HOSPITALS Negative 1266.05 1227 1187 1118 1336 1405 1445
ASIAN PAINTS LTD Negative 1501.1 1479 1459 1419 1540 1579 1600
APOLLO TYRES LTD Neutral 91.65 90 88 86 94 96 98
AUROBINDO PHARMA Neutral 669.8 656 641 628 683 697 711
AXIS BANK LTD Negative 358.8 345 330 308 382 404 418
BAJAJ FINANCE LT Negative 1938.6 1879 1819 1711 2046 2153 2213
BATA INDIA LTD Negative 1282.25 1258 1233 1193 1323 1363 1388
BHARTI AIRTEL Neutral 538.05 529 520 505 553 568 577
BHARAT ELECTRON Positive 64.5 62 59 54 70 75 78
BHARAT HEAVY ELE Neutral 26.05 26 24 23 28 30 31
BHARAT FORGE CO Neutral 269.7 260 249 235 285 299 310
BALKRISHNA INDS Negative 920.6 904 888 861 948 974 991
BIOCON LTD Neutral 331.75 325 319 313 337 343 349
BAJAJ AUTO LTD Negative 2477.45 2409 2339 2216 2601 2723 2793
BAJAJ FINSERV LT Negative 4465.45 4365 4264 4077 4653 4840 4941
BANK OF BARODA Negative 38.6 38 37 35 42 43 45
BANK OF INDIA Negative 32 31 30 29 32 34 34
BOSCH LTD Neutral 9070.35 8836 8603 8176 9496 9923 10156
BHARAT PETROL Negative 294.05 283 272 253 312 332 342
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Intraday Supports and Resistance (Cash)
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 12Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
BERGER PAINTS Negative 440.45 435 429 420 450 459 464
BRITANNIA INDS Negative 3109.55 3083 3057 3016 3150 3191 3217
CANARA BANK Negative 77.6 75 72 67 84 88 92
CONTAINER CORP Negative 349.5 334 320 296 373 396 411
CADILA HEALTHCAR Negative 323.95 320 316 308 333 341 345
CENTURY TEXTILE Negative 255.8 248 241 227 269 283 290
CESC LTD Negative 567.05 557 547 535 579 591 601
CHOLAMANDALAM IN Negative 125 115 106 89 142 159 168
CIPLA LTD Positive 600.45 579 558 545 614 627 648
COLGATE PALMOLIV Positive 1380.1 1341 1301 1270 1412 1443 1483
COAL INDIA LTD Negative 121.7 119 117 113 125 129 131
DABUR INDIA LTD Negative 436.1 428 421 412 444 453 460
DIVI LABS LTD Negative 2330.2 2307 2282 2246 2368 2404 2428
DLF LTD Negative 132.45 129 125 120 138 143 147
DR REDDY'S LABS Negative 3679.15 3607 3536 3459 3756 3834 3905
EICHER MOTORS Negative 12988.2 12546 12103 11351 13741 14493 14935
EQUITAS HOLDINGS Negative 44.25 43 40 37 49 52 55
ESCORTS LTD Neutral 810.5 799 786 768 829 846 859
EXIDE INDUS LTD Positive 151.25 150 148 145 156 159 161
FED BANK LTD Negative 39.6 38 37 34 43 45 47
GAIL INDIA LTD Negative 81 79 77 73 86 89 92
GODREJ CONSUMER Negative 537.55 531 525 515 547 557 563
GMR INFRASTRUCTU Neutral 17.45 18 17 17 19 19 20
GLENMARK PHARMA Negative 327.2 321 316 306 336 346 352
GRASIM INDS LTD Negative 495.8 489 481 467 510 523 531
HAVELLS INDIA Negative 475.75 468 461 449 487 499 507
HCL TECH LTD Positive 510.75 505 501 494 517 523 528
HOUSING DEV FIN Negative 1512.05 1466 1421 1335 1598 1683 1729
HDFC BANK LTD Negative 836.65 816 795 759 873 909 929
HERO MOTOCORP LT Negative 2070.55 2014 1958 1855 2172 2274 2330
HINDALCO INDS Neutral 115.35 113 110 106 120 124 126
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Intraday Supports and Resistance (Cash)
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 13Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
HINDUSTAN PETRO Negative 172.5 166 158 146 185 198 205
HINDUSTAN UNILEV Neutral 2005.25 1980 1955 1921 2039 2073 2099
VODAFONE IDEA LT Positive 4.65 5 5 4 5 6 6
IDFC FIRST BANK Negative 19.85 19 19 18 20 21 22
INDRAPRASTHA GAS Negative 445.5 435 425 411 460 475 485
INDIABULLS HOUSI Negative 118.95 114 108 99 129 138 144
INDUSIND BANK Negative 376.75 361 345 317 406 435 451
INTERGLOBE AVIAT Negative 912.25 859 807 764 954 997 1049
INFOSYS LTD Positive 663.9 653 644 636 671 680 689
INDIAN OIL CORP Negative 71.55 70 68 66 75 78 80
ICICI PRUDENTIAL Negative 358.85 350 340 323 377 394 405
ITC LTD Positive 164.75 163 161 159 167 169 171
JINDAL STEEL & P Negative 88.05 84 81 76 93 99 102
JSW STEEL LTD Negative 163.25 158 153 144 172 181 186
JSW ENERGY LTD Neutral 39.55 40 38 38 41 42 43
JUBILANT FOODWOR Negative 1549.9 1490 1431 1332 1648 1747 1806
JUST DIAL LTD Negative 332.45 324 314 302 346 358 367
CUMMINS INDIA Negative 317.5 306 295 279 333 349 360
KOTAK MAHINDRA Negative 1113.65 1090 1067 1024 1156 1199 1222
LIC HOUSING FIN Negative 220.15 207 195 171 243 267 279
LUPIN LTD Neutral 856.85 841 826 815 867 878 892
LARSEN & TOUBRO Negative 813.35 792 771 732 852 891 912
L&T FINANCE HOLD Negative 52.75 51 48 45 56 60 62
MAHANAGAR GAS LT Negative 881.7 869 856 841 898 914 927
MAX FINANCIAL SE Negative 417.75 399 381 355 443 469 487
MANAPPURAM FINAN Negative 121.2 118 115 111 126 131 134
MAHINDRA & MAHIN Negative 377.2 369 360 352 385 392 401
M&M FIN SERVICES Negative 137.8 128 118 99 156 174 184
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Intraday Supports and Resistance (Cash)
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 14Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
MARICO LTD Negative 306.2 300 294 284 316 326 332
MRF LTD Negative 56356.05 55504 54652 53154 57854 59352 60204
MARUTI SUZUKI IN Negative 4720.95 4569 4418 4155 4983 5246 5398
MOTHERSON SUMI Negative 77.85 76 74 70 81 84 86
MINDTREE LTD Positive 879.55 858 835 822 893 905 929
MUTHOOT FINANCE Negative 776.6 756 736 705 808 840 860
NATIONAL ALUMIN Neutral 27.5 27 26 24 29 30 31
NBCC INDIA LTD Negative 17.75 17 17 16 18 19 20
NESTLE INDIA LTD Neutral 16240.35 16077 15913 15664 16490 16739 16903
NIIT TECH LTD Neutral 1344.35 1319 1294 1258 1380 1416 1441
NCC LTD Negative 22.1 22 21 21 24 25 26
NMDC LTD Negative 71.1 69 68 65 74 76 78
NTPC LTD Negative 88.9 88 86 85 90 92 93
OIL INDIA LTD Negative 78.75 69 60 52 87 96 105
OIL & NATURAL GA Negative 72.9 71 69 67 76 79 80
PAGE INDUSTRIES Neutral 17709.35 17212 16714 16293 18131 18552 19050
PIDILITE INDS Negative 1342.65 1324 1304 1278 1370 1396 1416
PIRAMAL ENTERPRI Negative 872.6 845 816 787 903 932 960
PETRONET LNG LTD Negative 219.5 215 210 202 229 237 242
PUNJAB NATL BANK Negative 27.35 27 26 25 29 30 31
POWER FINANCE Negative 81.25 79 78 75 84 86 88
PVR LTD Negative 745.85 708 669 603 813 879 918
POWER GRID CORP Negative 154.5 152 149 145 159 163 166
RBL BANK LTD Negative 109.4 105 101 93 117 125 129
REC LTD Negative 90.55 87 84 79 96 102 105
RELIANCE INDS Positive 1440.75 1418 1396 1364 1472 1504 1526
STEEL AUTHORITY Negative 27.45 26 26 24 29 30 31
STATE BANK IND Negative 155.3 152 148 140 163 170 174
SHRIRAM TRANSPRT Negative 576.15 552 527 481 622 669 693
SIEMENS LTD Negative 997.05 963 929 868 1058 1119 1153
SHREE CEMENT Negative 18152.7 17689 17225 16449 18928 19703 20167
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Intraday Supports and Resistance (Cash)
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 15Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
SRF LTD Negative 3423.2 3350 3277 3157 3543 3663 3736
SUN PHARMA INDU Negative 440.7 431 423 411 452 463 472
SUN TV NETWORK Negative 358.05 347 335 314 381 402 414
TATA STEEL LTD Negative 266.6 260 254 246 274 282 287
TATA CONSULTANCY Positive 1945.6 1895 1843 1814 1976 2005 2057
TECH MAHINDRA LT Negative 504.05 499 494 486 513 521 526
TATA CONSUMER PRODUCT Negative 347.1 342 337 330 355 361 367
TORRENT POWER LT Neutral 296.65 292 287 280 304 311 316
TATA POWER CO Positive 31.3 30 29 28 32 33 34
RAMCO CEMENT/THE Neutral 537.25 518 498 464 573 606 627
TORRENT PHARMA Positive 2497.25 2466 2434 2403 2530 2562 2594
TITAN CO LTD Negative 817.3 803 789 768 838 859 873
TATA CHEMICALS Negative 276.35 268 261 248 288 301 308
TATA MOTORS LTD Negative 80.65 80 77 75 84 87 89
TVS MOTOR CO LTD Negative 305.8 291 278 253 330 355 368
UNITED BREWERIES Negative 880.9 862 843 810 915 948 967
UJJIVAN FINANCIA Negative 153.6 146 140 128 165 177 183
UNITED SPIRITS Neutral 542.6 524 507 485 564 587 604
UPL LTD Negative 375.8 365 356 346 385 394 404
ULTRATECH CEMENT Negative 3307.8 3197 3085 2889 3505 3701 3813
VEDANTA LTD Positive 92.5 90 87 85 96 99 101
VOLTAS LTD Negative 441.55 432 422 406 458 474 483
WIPRO LTD Negative 182.2 179 177 174 184 187 190
YES BANK LTD Negative 27.55 27 26 26 29 30 31
ZEE ENTERTAINMEN Negative 149.5 144 138 127 160 170 176
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Forthcoming Economic Event Calendar
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 16Source: Bloomberg, ICICI Direct Research
Date Event Date Event
US China
20-May FOMC Meeting Minutes 22-May FX Net Settlement - Clients CNY
28-May GDP Annualized QoQ 27-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 20-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
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 17
Duration: Intraday
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
18-May-20 Nifty Nifty Buy 9070-9105 9133.0 / 9178.00 9043.00 (45 points) stoploss triggered
18-May-20 UltraTech Cement ULTCEM Buy 3580.00-3586.00 3614.80/3647.00 3549.80 - No trade
18-May-20 Asian Paints ASIPAI Buy 1542.00-1548.00 1559.40/1574.00 1529.20 -1.00 stoploss triggered
Duration: Cash Positional
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
14-May-20 Canara Bank CANBAN Buy 88.00 97.00 80.00 -6.00 Exit at 82.70
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Gladiator Stocks: Open Recommendations
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 18
Back to Top
Date Scrip Name Strategy Recommendations Price Target Stoploss Time Frame
13-May-20 Larsen & Toubro Buy 845-870 995.00 790.00 6 Months
13-May-20 Ultratech Cement Buy 3400-3500 3990.00 3190.00 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
5-May-20 Torrent Pharma Buy 2350.00-2435.00 2760.00 2190.00 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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May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 19
Price history of last three years
Source: Spider Software, ICICI Direct Research
JK Lakshmi Cement Balmer Lawrie
Radico Khaitan
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Product Guidelines......
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 20
• 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 19, 2020 ICICI Securities Ltd. | Retail Equity Research 21Source: 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
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 22
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Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com
ICICI Direct Research Desk,
ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC,
Andheri (East)
Mumbai – 400 093
research@icicidirect.com
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 23
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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.
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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.
May 19, 2020 ICICI Securities Ltd. | Retail Equity Research 24
Disclaimer
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