momentum picks

ICICI Securities Ltd. | Retail Equity Research

Market Outlook

Snapshot

Key equity benchmarks hit their weekly closing highs as the Street cheered the exit polls of the recently held Assembly elections that projected a thumping win for the main opposition party. Indices, however, closed off their highs ahead of key US Jobs data. The BSE Sensex rose 1% or 249 points to settle at 20958 while the NSE Nifty settled at 6241, up 80 points or 1.30%. The broader markets lagged benchmarks as the BSE midcap and small cap index gained 0.13% and 0.39%, respectively. The overall market breadth remained tilted in favour of advances

Day’s action

The Nifty opened with a huge gap up action after exit polls on Wednesday projected a thumping win for the BJP in the recently held assembly elections in four states. Gains were largely led by financials and capital goods stocks while profit booking in healthcare, FMCG and IT took away some of the opening gains as the index settled off the day’s highs (6300) by sixty points at 6241

Candlestick Formation

The price action resulted in a High wave bear candle with larger upper shadow indicating profit booking after a strong gap up and left an unfilled bullish gap (6160-6232) below its lows. The larger upper shadow indicates profit booking near the higher boundary of a rising trend channel placed at 6300 (in blue) and bearish gap of November 5, 2013 (6304-6317)

Structurally speaking

• As mentioned in the previous edition, the cool-off in the last couple of sessions proved to be a breather as the index zoomed past Monday’s bull candle’s high (6228) continuing its uptrend. In the process, it also made a higher bottom at Wednesday’s lows (6150) that remains an immediate support from a short-term perspective. On Thursday, the index witnessed profit booking at higher boundary of rising trend channel at 6300 (in blue), which coincides with the falling gap area of Novembers 5 (6304-6317)

• As detailed in earlier editions of this report, after breaking out of Double bottom formation at identical lows of 5972, the Nifty is making higher high and higher bottom formation and looks on course to challenge its lifetime high of 6357. On Thursday, with a high of 6300, it has reached within striking distance of the same

• Going forward, we advise a cautious approach near all-time highs (6357) as the outcome of assembly election results due on Sunday and US economic data would provide further directional bias for the index in Monday’s session

• However, only a faster retracement below 6150 on a closing basis would derail the current bullish trend

Oscillators Among momentum oscillators, the 14-day RSI is seen trending up steadily. With the current reading of 58 it supports bullish momentum in the short-term. The past two day’s breather has helped intra-day oscillators to work their way out of the overbought situation

Strategy After strong gains on Thursday, the index is likely to consolidate in the upcoming session. Declines in Nifty December futures towards 6250-6240 may be utilised to go long for target of 6290-6310 stop loss 6225

Intraday spot levels The Nifty spot has resistance at 6270, 6320 while support is at 6210, 6185 levels

Domestic Indices

Indices Close Change Change%

S&P BSE Sensex 20,957.8 249.10 1.2CNX Nifty 6,241.1 80.15 1.3

Nifty future 6,280.0 80.75 1.3

S&PBSE 500 7,668.2 75.21 1.0

S&PBSE Midcap 6,357.7 8.18 0.1

S&PBSE Smallcap 6,203.0 24.14 0.4

Global Indices

Indices Close Change Change%Dow Jones 15821.51 -68.26 -0.43Nasdaq 4,033.2 -4.8 -0.1FTSE 6498.33 -11.64 -0.18

DAX 9,085.0 -55.7 -0.6Hang Seng 23,642.0 -70.4 -0.3Nikkei 15,208.3 30.2 0.2SGX Nifty 6,282.0 4.0 0.1* Asian Market at 7:30 am.IST

CNX Nifty Technical Picture Nifty Intraday Short Term

Trend Range bound Up

Trend Reversal 5970

Support 6210-6185 5970

Resistance 6270-6320 6357

20 Days EMA 6139

200 days EMA 5885

Recommendations for the day

1. Buy Maruti above 1714.00 2. Buy Hindustan Petroleum Corp above 225.00 3. Buy IndusInd Bank above 442.00 4. Sell Century Textile below 276.00 *All Recommendations are of Dec Future

Momentum PicksDecember 6, 2013


Exhibit 1: CNX NSE Nifty – Daily Candlestick Chart

Source: Spider software, ICICIdirect.com Research


CNX Bank Nifty Futures Outlook

Day’s action The Bank Nifty jumped to a monthly high after exit polls projected a thumping win for the BJP in state assembly elections held recently. December Bank Nifty contract gained 4.47% to close at 11726

Candlestick Formation

The price action for the day formed a strong bull candle with a close near its high(11747) and huge 250 points bullish gap below its low (11475-11225)

Structurally speaking

The Bank Nifty opened above Monday’s bull candle’s high (11432) and consolidated the gains for the next few hours. The index, however, closed near the day’s high as the buying momentum continued led by private banking stocks As indicated in earlier editions of this report, past couple of session’s price action proved to be a breather as the index resumed its short-term uptrend on Thursday with huge gains. After Thursday’s session, the index also formed a fresh higher low above 200 day EMA (11019), which remains a key short term support for future price action. Only a faster retracement below 11000 would threaten the upward momentum The entire price action since November 13, 2013 lows of 10481 is well channelled and maintains rising peak and trough formation, which describes an uptrend. After Thursday’s price action, the index has approached the higher boundary of the rising blue channel and November highs at 11835 where it may turn volatile. Sustained breach above 11835 would inject further upsides towards 12500 in short-term

Oscillators Among momentum oscillators, the 14 period RSI continues to trend higher and supports overall positive momentum given current reading of 63

Key Intraday levels Bank Nifty December futures has supports at 11600, 11470 while resistances are at 11850, 11950

CNX Bank Nifty Futures

Indices Close Change change%CNX Bank Nifty 11,726.6 501.3 4.5

CNX Bank Nifty Technical Picture

Bank Nifty Intraday Short Term

Trend Up Up

Trend Reversal 11600 10500

Support 11600-11470 10500

Resistance 11850-11950 11800

20 Days EMA 11126

200 days EMA 11019


Exhibit 2: CNX Bank Nifty – Daily Candlestick Chart



Trend Scanner

Positive Trends

Scrip Name Close % Change 10-day SMA Delivery (%)

HDFC Bank Ltd 688.1 4.64 658.59 82.78

Kotak Mahindra Bank Ltd 761.95 1.72 750.41 60.25

Maruti Suzuki India Ltd 1700.15 3.68 1664.97 75.77

Oil & Natural Gas Corp Ltd 290.9 1.39 289.98 60.53

Reliance Industries Ltd 871 1.75 852.01 63.31

Negative Trends

Scrip Name Close % Change 10-day SMA Delivery (%)

Hindustan Unilever Ltd 565.35 -1.16 580.80 70.12

Dr Reddy's Laboratories Ltd 2414.75 -1.43 2448.4 67.99

MindTree Ltd 1361 -1.83 1378.83 63.35

Overbought Stocks Oversold Stocks

Scrip Name Close Stochastic Scrip Name Close Stochastic

Tata Steel 421 92.96 Hind Zinc 124.55 18.63

GAIL 345 81.43

Jindal Steel 282.05 82.36

Stocks rising for 5 days & stochastic overbought Stocks falling for 5 days & stochastic oversold

Stocks hitting 52 week high Stocks hitting 52 week low

Scrip Name Close Scrip Name Close

Aurobindo Pharma 302.6 Pfocus 26.85

JSW Steel 930

NIIT Tech 335

Voltas 115.95

Candlestick Patterns

Bullish Reversal Pattern Bearish Reversal Pattern

Morning Star Bearish Candle

Scrip Name Close Scrip Name Close

Godrej industries 279.35 Hind Unilever 565.35

Sun Pharma 576.60

Century Textile 274.20

Bullish Candle

IndusInd Bank 438.85

HPCL 223.40

Canara Bank 259.05

Maruti 1700.15

Note: For Candlestick pattern description please refer towards end of the report.


Market Activity Report

Sectoral Indices Performance

Sector Close Previous Change % Change Volume

Auto 12241.8 12196.2 45.6 0.4 1544000

Banks 13298.3 12732.8 565.5 4.4 6666000

BSE Small Cap 6203.0 6178.9 24.1 0.4 54022000

Capital Goods 10197.1 9844.0 353.1 3.6 4658000

Consumer Durables 5737.4 5715.8 21.6 0.4 1265000

FMCG 6364.0 6424.4 -60.4 -0.9 1168000

Healthcare 9478.4 9619.4 -141.0 -1.5 2979000

IT 8426.3 8469.1 -42.8 -0.5 704000

Metals 9658.1 9552.5 105.7 1.1 5939000

Mid Cap 6357.7 6349.6 8.2 0.1 40222000

Oil & Gas 8701.1 8594.0 107.1 1.2 1208000

Power 1668.3 1646.5 21.8 1.3 17515000

PSU 5868.8 5781.4 87.3 1.5 11145000

Real Estate 1362.8 1342.9 19.9 1.5 12012000

Institutional Activity

Cash Segment (| Cr) FII DII 29-Nov-13 745.2 -101.82-Dec-13 791.0 -618.23-Dec-13 516.6 -671.34-Dec-13 52.1 -18.15-Dec-13 1,151.5 -674.0

Sectoral Indices - Monthly Performance (%)

-7.8-3.9

-2.2-1.8

-0.8-0.8-0.4

0.91.01.2

2.53.23.3

10.8

-10.0 -5.0 0.0 5.0 10.0 15.0

Consumer DurablesFMCG

Oil & GasReal Estate

PSUHealthcare

AutoMid Cap

ITBanks

BSE Small CapPowerMetals

Capital Goods

(%)

Exchange Cash Turnover (| crore)

2,24

4

2,06

2

1,95

8

2,09

5

1,97

4

2,08

7

12,7

24

10,2

46

9,72

7

10,1

62

10,7

07

12,9

48

0

5000

10000

15000

28-Nov 29-Nov 2-Dec 3-Dec 4-Dec 5-DecBSE Cash NSE Cash

NSE Derivatives Turnover (| crore)

286,

472

81,7

91

81,9

46

78,5

67

99,0

00

118,

967

0

100000

200000

300000

400000

28-Nov 29-Nov 2-Dec 3-Dec 4-Dec 5-DecNSE Derivative


Breadth Analyser

Nifty Heat Map

Sun Pharma

576.6

-1.2% -1.3% -1.4% -1.4% -2.4%Lupin

854.1Dr Reddy

2,414.8HUL

565.4ITC

308.8

NTPC143.9

-0.6% -0.7% -0.7% -0.9% -1.0%Sesa Goa

180.9Ranbaxy

440.3

Cipla387.6

-0.2% -0.4% -0.5% -0.6% -0.6%

Cairn India

318.9 Tata Motors

390.3

M&M944.4

0.1%0.4% 0.4%

Bajaj Auto

1,940.3ACC

1,106.5

Hindalco121.8

1.2% 1.1% 0.9% 0.9% 0.9%

Bharti Airtel

335.4 Hero Moto

2,050.5

ONGC290.9

1.7% 1.7% 1.6% 1.5% 1.4%NMDC

142.2GAIL

344.8

DLF156.0

1.8%1.8% 1.8%

Tata power

83.5Tata Steel

421.4

2.2% 2.2% 2.1%

Grasim Ind

2,696.9BPCL

358.4SBI

1,856.0

Reliance Infra

437.5

4.1% 3.7% 3.7% 3.0% 2.9%

1,241.5

4.2%

BHEL171.4 Bank of

Baroda669.7

Maruti1,700.2

Coal India280.0

L&T1,086.5

4.5%Axis Bank

TCS1,987.2

HCL Tech1,108.7

Ultratech1,871.7

Infosys3,351.3

Power Grid

96.3 Asian Paints

504.9

0.7% 0.5%

JSPL282.1 Ambuja

Cement185.9

RIL871.0 Kotak

Bank762.0

HDFC Ltd827.5

JP Asso.55.4

1.9% 1.8%

Indusind Bank

438.9PNB

582.2

2.8% 2.3%

1,135.9

6.5%

HDFC Bank

688.1

4.6%IDFC

112.8

7.0%

ICICI Bank

Advances / Declines

BSE

46% 48%6%

NSE

45%5%

50%

Global Asset Classes

Global Currencies

Spot Close Prev.close % Chg

Rupee (|) 61.753 62.050 0.5

Dollar Index 80.266 80.633 -0.5

Euro 1.366 1.367 0.0

British Pound 1.633 1.633 0.0

Japanese Yen 101.830 101.780 0.0

Australian ($) 0.905 0.906 -0.1

Swiss Franc 0.897 0.897 0.0

Global Treasury Yields

Closing Yield (%) Previous Yield (%)India 10 year 9.11 9.09US 10 Year 2.87 2.84EURO 10 Year 1.86 1.82GBP 10 Year 2.92 2.91JPY 10 Year 0.63 0.63

Commodities US Dollar

Close Prev. Close %Chg

Gold 1224.42 1243.21 -1.51

Copper 3.23 3.23 0.00

Brent Crude 111.01 111.54 -0.48


Stock recommendations for the day

Exhibit 3: Maruti (MARUTI) Daily Candlestick Chart


Maruti (MARUTI) Dec Future

CMP : 1712.20

Comment :

Action :

Targets : 1738/1750/higher

Stop-loss : 1701.00

Falling channel breakout in the daily chart and taking support at the 21 days EMA and bullish crossover of the 14 periods RSI in daily chart

Buy above 1714.00


Exhibit 4: Hindustan Petroleum Corp (HINPET) Daily Candlestick Chart


Hindustan Petroleum Corp(HINPET) Dec Future

CMP : 224.45

Comment :

Action :

Targets : 229.20/231.50/Higher

Stop-loss : 222.80

Range breakout in the daily chart and price taking support at the 55 days EMA in the daily chart and MACD giving buy signal in the daily chart

Buy above 225.00


Exhibit 5: IndusInd Bank (INDBA) Daily Candlestick Chart


IndusInd Bank (INDBA) Dec Future

CMP : 441.75

Comment :

Action :

Targets : 449/453/Higher

Stop-loss : 438.20

Price closed above 200 days SMA with a bullish gap and MACD giving buy signal moving above trigger line in daily chart

Buy above 442.00


Exhibit 6: Century Textile (CENTEX) Daily Candlestick Chart


Century Textile (CENTEX) Dec Future

CMP : 276.60

Comment :

Action :

Targets : 271/268.50/Lower

Stop-loss : 278.80

Price taking resistance at the 200 days EMA and price closed below rising channel in the daily chart and stochastic giving sell signal in the daily chart

Sell below 276.00


Previous Day’s Performance

Scrip Product Strategy Recommended Price Targets SL Gain/Loss %* CommentPNB Future Buy above 573.00 582/587/+ 568.50 - No Trade (Opened at Target)Tata Power Future Buy above 83.00 84.70/85.50/+ 82.10 1.45 Target 1 AchievedL&T Future Buy above 1050.00 1066/1074/+ 1041.00 - No Trade (Opened at Target)IB Realestate Future Sell below 68.00 66.50/65.70/- 68.75 - No Trade * Return Opportunity

Stock profits: Avg 1.45% per trade (Cum. Profits over last 168 days: 248.20%) Strike Rate for the day:1/1 (Cum strike rate over 168 days: 247/401(62%) Note: The follow-up and performance review table of the strategies indicates the profit opportunity that was available in the strategies. Individual profits may vary, depending upon the entry and exit price and stop losses.


Derivative Comments

• Reacting on exit poll results, the Nifty opened gap up with nearly 100 points. However, later it lost momentum and witnessed some profit taking in the latter part of the day’s trade. At the end, the Nifty closed down at 6280, up 81 points for the day. Nifty futures premium declined and settled at 38 points. India VIX dipped 4.09% and closed at 23.71

• FIIs bought | 1152 crore in the cash segment. In the index futures and options segment, FIIs bought | 772 crore and | 1443 crore, respectively. In stock futures, they bought | 700 crore

• The highest Put base remains at 6000, with over 48 lakh shares. The highest Call base remains at 6500 strike with over 58 lakh shares. On the Call side, 6200 & 6300 strikes saw reduction of 3.50 lakh shares each. On the Put side, 6200 & 6300 strikes saw addition of 1.30 & 4.80 lakh shares, respectively

Stocks Analysis

• OI addition: We saw long build-up in Voltas India, HDFC, Coal India, REC and Crompton Greaves while short build-up was seen in Power Grid, ITC, Dr Reddy’s, Sesa Sterlite and NTPC

• OI shedding: We saw short covering in CESC, IDFC, Glenmark Pharma, HDFC Bank and JP Power whereas long closure was seen in Indraprastha Gas, Sun TV, Dabur India, Aurobindo Pharma and Cipla

Nifty Options OI Distribution

Nifty Call Put Concentration (DEC)

5.0

5.6 17

.3

16.6 23

.7

41.7 56

.5

57.8

40.7

36.3

33.4 48

.6

37.4

39.6

18.5

6.3

9.9

4.3

0

10

20

30

40

50

60

70

5800 5900 6000 6100 6200 6300 6400 6500 6600

OI in

Lac

s

Call Put

Nifty OI vs. Future Price

22.7

22.0

21.8

22.0

22.8

22.6

23.7

18.6

20.1

20.8

21.5

21.1

22.4

0

5

10

15

20

25

19-N

ov

20-N

ov

21-N

ov

22-N

ov

25-N

ov

26-N

ov

27-N

ov

28-N

ov

29-N

ov

2-De

c

3-De

c

4-De

c

5-De

c

OI I

n La

kh

58005900600061006200630064006500

Nifty Futures OI Nifty Fut Price (RHS)

Nifty Active Strikes

Strike OI chg % IV (%) OI chg % IV (%)

6000 -1.52 23.31 -14.28 23.82

6100 -6.70 22.32 -8.60 23.08

6200 -12.50 22.11 3.43 22.39

6300 -8.12 21.71 34.47 21.63

6400 30.27 21.18 24.06 20.72

Call (%) Put (%)

OI Gainers Symbol OI(Lots) %Chg Price %Chg

VOLTAS 6452000 21.92 117.45 4.03

POWERGRID 102840000 20.79 92.8 -0.11

COALINDIA 8207000 19.22 281.4 2.65

HDFC 7778000 15.67 834.0 1.79

ITC 31748000 14.67 311.6 -1.27

OI Losers Symbol OI(Lots) %Chg Price %Chg

CESC 598000 -12.70 396.4 1.15

GLENMARK 888500 -10.30 531.1 0.53

IDFC 26522000 -8.54 113.5 7.02

HDFCBANK 11241500 -7.91 691.2 4.53

JPPOWER 13369000 -7.47 20.5 2.76


Support and Resistance Table

SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND

SENSEX 20957.81 20987.7 20928.55 20869.45 21105.9 21208.45 21311 +ve

NIFTY 6241.10 6249.50 6232.35 6215.20 6283.75 6316.35 6348.90 +ve

ACC 1106.50 1108.10 1103.75 1099.40 1116.80 1120.80 1124.80 +ve

ADANI ENTER. 269.45 268.05 265.80 262.55 272.65 274.95 278.15 Neutral

ADANI POWER 39.20 39.35 38.95 38.55 40.15 41.30 42.40 +ve

ADITYA BIRLA 1234.80 1230.55 1224.55 1209.50 1242.55 1248.55 1263.55 Neutral

ALLAHABAD BANK 92.55 92.40 91.95 91.50 93.30 94.30 95.35 +ve

ANDHRA BANK 62.05 62.05 61.70 61.35 62.75 63.35 63.95 +ve

APOLLO TYRES 78.80 78.95 78.40 77.90 80.00 80.80 81.55 +ve

ARVIND 128.05 125.75 124.75 123.75 128.45 129.80 131.20 -ve

ASHOK LEYLAND 16.35 16.10 15.95 15.85 16.45 16.60 16.80 -ve

ASIAN PAINTS 504.85 505.25 503.80 502.35 508.15 509.95 511.75 +ve

AUROBINDO PHARMA 302.55 298.65 297.15 295.65 303.90 306.55 309.20 -ve

BAJAJ AUTO 1940.25 1944.85 1935.35 1925.85 1963.85 1972.85 1981.85 +ve

BOB 669.65 669.60 666.35 663.10 676.10 684.00 691.90 +ve

BOI 217.25 217.65 216.20 214.70 220.55 223.00 225.45 +ve

BATA INDIA 1041.05 1033.00 1025.85 1018.75 1043.35 1048.55 1053.75 -ve

BHARAT FORGE 299.85 300.70 299.10 297.45 303.90 305.35 306.80 +ve

BPCL 358.35 358.20 355.90 353.60 362.85 366.20 369.60 +ve

BHARTI AIRTEL 335.35 335.90 334.40 332.90 338.90 341.25 343.60 +ve

BHEL 171.35 170.65 169.35 168.05 173.25 174.65 176.05 +ve

CAIRNS INDIA 318.85 316.85 315.90 315.00 319.45 320.75 322.05 -ve

CANARA BANK 259.05 257.20 253.95 250.65 263.70 266.35 269.00 +ve

CENTURY TEXT. 274.20 271.15 268.80 266.45 275.25 277.30 279.40 -ve

CESC 393.85 392.15 388.95 385.70 398.60 402.00 405.35 +ve

CHAMBAL FERT. 38.20 38.20 38.05 37.95 38.45 38.85 39.30 +ve

CIPLA 387.55 383.85 382.15 380.45 388.40 390.70 392.95 -ve

COAL INDIA 279.95 279.40 276.75 274.10 284.70 286.30 287.90 +ve

COLGATE PALMOLIVE 1257.30 1242.40 1237.70 1232.95 1261.75 1271.40 1281.05 -ve

CROMPTON GREAVES 127.25 126.90 125.75 124.60 129.20 130.80 132.45 +ve

DABUR INDIA 163.20 161.50 160.65 159.75 163.25 164.10 165.00 -ve

DISH TV 59.95 59.45 58.75 57.50 60.85 61.55 62.75 Neutral

DIVI'S LAB. 1135.85 1125.30 1118.80 1112.35 1138.75 1145.45 1152.20 -ve


SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND DLF 155.95 156.25 155.15 154.10 158.35 160.30 162.25 +ve

DR.REDDY'S LAB. 2414.75 2384.75 2372.90 2361.00 2422.35 2441.15 2459.95 -ve

EXIDE IND. 112.55 111.60 110.85 110.05 112.90 113.55 114.15 -ve

FEDERAL BANK 78.35 78.65 78.05 77.45 79.85 80.45 81.05 +ve

FIN. TECH. 159.55 156.55 155.25 154.00 160.25 162.15 164.00 -ve

FUTURE RETAIL 71.55 71.25 70.65 70.15 72.40 72.95 73.50 Neutral

GAIL 344.75 344.70 343.15 341.60 347.85 350.35 352.90 +ve

GMR INFRA. 21.10 21.10 20.90 20.65 21.55 21.90 22.25 +ve

GODREJ IND. 279.35 278.65 276.65 274.60 282.75 284.85 286.90 +ve

GRASIM 2696.85 2690.90 2676.90 2662.90 2718.90 2731.85 2744.75 +ve

AMBUJA CEMENT 185.90 186.10 185.40 184.65 187.50 188.60 189.65 +ve

GUJ.STATE PET. 61.70 60.80 60.20 59.60 61.90 62.45 63.00 -ve

HAVELL'S INDIA 753.60 753.45 752.55 751.65 755.25 757.60 759.95 +ve

HCL TECH 1108.70 1096.05 1090.35 1084.70 1111.35 1119.00 1126.70 -ve

HDFC BANK 688.10 685.65 681.05 676.45 694.80 699.85 704.85 +ve

HDFC 827.45 828.60 824.50 820.40 836.75 842.45 848.20 +ve

HERO MOTO 2050.50 2051.80 2044.60 2037.35 2066.25 2079.40 2092.55 +ve

HEXAWARE TECH. 114.35 112.30 111.15 109.95 114.95 116.30 117.60 -ve

HINDALCO 121.75 121.35 120.70 119.45 122.70 123.40 124.60 Neutral

HIND. UNILEVER 565.35 560.60 558.55 556.50 567.05 570.30 573.50 -ve

HPCL 223.40 222.05 219.35 216.65 227.45 229.70 231.90 +ve

HINDUSTAN ZINC 124.40 123.80 122.85 121.95 125.70 126.65 127.50 Neutral

HDIL 50.35 50.40 49.85 49.35 51.45 52.65 53.85 +ve

ICICI BANK 1135.85 1132.05 1124.05 1116.05 1148.05 1164.90 1181.75 +ve

IDBI 65.85 65.80 65.45 65.05 66.55 67.20 67.85 +ve

IDEA CELLULAR 175.10 175.40 174.65 173.90 176.85 177.60 178.35 +ve

IDFC 112.80 112.30 110.65 109.00 115.60 117.20 118.80 +ve

IFCI 25.65 25.65 25.55 25.40 25.90 26.30 26.65 +ve

ORACLE FIN. 3034.40 3020.05 3000.25 2980.40 3059.70 3079.55 3099.35 Neutral

INDUSIND BANK 438.85 438.25 435.65 433.05 443.45 447.20 450.95 +ve

INDIA CEMENTS 57.60 57.30 56.85 56.35 58.25 58.70 59.20 Neutral

INDRAPRASTHA GAS 276.65 272.60 270.55 268.50 277.90 280.55 283.20 -ve

INDIAN HOTELS 49.15 48.60 48.10 47.65 49.35 49.70 50.10 -ve

IOC 205.35 205.15 204.30 203.45 206.90 208.20 209.50 +ve


SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND

IOB 51.80 51.75 51.55 51.30 52.20 52.65 53.05 +ve

IB REAL ESTATE 68.60 68.75 68.25 67.75 69.75 70.75 71.75 +ve

INFOSYS 3351.30 3329.20 3316.90 3304.60 3357.70 3371.95 3386.20 -ve

IRB INFRA. 98.70 98.20 97.00 95.75 100.65 102.10 103.55 +ve

ITC 308.75 304.70 302.85 300.95 310.15 312.90 315.60 -ve

IVRCL 16.95 16.60 15.95 15.30 17.90 18.10 18.35 +ve

JAIPRAKASH ASS. 55.35 54.95 54.35 53.65 56.15 56.70 57.45 Neutral

JAIPRAKASH HYDRO 20.40 20.40 20.25 20.15 20.65 21.00 21.40 +ve

JAIN IRRIGATION 69.60 69.60 69.20 68.75 70.40 71.10 71.75 +ve

JINDAL ST&POW 282.05 281.00 279.45 276.80 284.10 285.65 288.35 Neutral

JSW ENERGY 54.45 54.50 54.05 53.65 55.35 55.90 56.50 +ve

JSW STEEL 932.45 929.85 925.45 922.05 938.70 943.15 946.55 Neutral

JUBILANT FOOD 1369.10 1364.70 1351.75 1338.75 1390.70 1398.75 1406.80 +ve

KARNATAKA BANK 104.55 104.55 103.90 103.20 105.95 107.05 108.20 +ve

KOTAK MAH.BANK 761.95 762.35 758.30 754.20 770.50 775.65 780.85 +ve

L & T 1086.45 1083.50 1077.35 1071.15 1095.80 1107.80 1119.80 +ve

LIC HOUSING 202.45 203.10 201.80 200.55 205.65 207.15 208.65 +ve

NSE LUPIN 854.05 845.45 842.40 839.35 857.65 863.75 869.80 -ve

M & M 944.35 940.70 935.45 932.00 951.30 956.60 960.00 Neutral

MARUTI SUZUKI 1700.15 1696.05 1685.70 1675.30 1716.85 1732.65 1748.45 +ve

UNITED SPIRITS 2552.65 2544.25 2526.50 2512.95 2579.75 2597.45 2611.00 Neutral

MCLEOD RUSSEL 290.75 286.60 284.35 282.10 292.10 294.90 297.65 -ve

MRF 17494.95 17492.65 17424.15 17355.65 17629.65 17729.35 17829.05 +ve

ADANI PORTS SEZ 160.40 160.35 159.35 158.35 162.35 165.60 168.90 +ve

NSE NHPC 18.10 18.10 18.05 18.00 18.20 18.35 18.45 +ve

NMDC 142.15 141.85 140.95 140.05 143.65 144.65 145.70 +ve

NTPC 143.85 142.00 141.35 140.70 144.35 145.55 146.70 -ve

ONGC 290.90 290.75 289.35 287.95 293.60 295.45 297.35 +ve

OPTO CIRCUITS 22.60 22.30 22.10 21.85 22.70 22.90 23.05 -ve

OBC 197.30 197.15 196.20 195.25 199.10 201.70 204.35 +ve

PETRONET LNG 133.05 131.10 130.10 129.15 133.40 134.50 135.65 -ve

POWER FINANCE 163.40 163.55 162.10 160.65 166.45 168.40 170.35 +ve

POWER GRID 96.30 96.15 95.80 95.40 96.90 97.55 98.20 +ve

POWER TRADING 62.55 62.75 62.20 61.65 63.80 64.70 65.60 +ve


SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND PUNJ LLOYD 28.50 28.40 28.20 27.95 28.85 29.20 29.50 +ve

PNB 582.15 584.50 579.65 574.85 594.15 602.40 610.65 +ve

RANBAXY 440.30 434.20 429.75 425.25 441.90 445.75 449.60 -ve

RAYMOND 275.65 270.80 268.20 265.60 276.75 279.75 282.70 -ve

RCOM 139.10 139.10 138.50 137.90 140.35 142.50 144.65 +ve

REL. CAPITAL 387.05 386.80 384.90 383.05 390.55 394.55 398.55 +ve

RELIANCE INFRA. 437.45 437.35 434.45 431.60 443.05 447.05 451.05 +ve

RELIANCE 871.00 871.50 869.25 867.05 876.00 882.55 889.15 +ve

RELIANCE POWER 74.10 74.15 73.75 73.40 74.90 75.45 76.00 +ve

RENUKA SUGAR 21.05 20.55 20.30 20.05 21.15 21.45 21.75 -ve

REC 225.25 225.90 224.35 222.75 229.05 231.90 234.70 +ve

SAIL 70.15 70.10 69.80 69.45 70.80 71.30 71.80 +ve

SESA GOA 180.90 177.90 176.55 175.20 181.55 183.40 185.20 -ve

SHRIRAM TRANS. 591.05 592.10 587.70 583.35 600.90 606.10 611.35 +ve

SIEMENS 620.45 619.80 615.05 610.30 629.30 635.30 641.35 +ve

SINTEX IND. 34.10 34.10 33.75 33.35 34.80 35.40 35.95 +ve

SBI 1855.95 1858.75 1849.65 1840.55 1877.00 1893.65 1910.30 +ve

SUN PHARMA 576.60 567.75 565.05 562.35 580.00 586.10 592.25 -ve

SUN TV 373.60 368.55 365.25 362.00 375.50 378.95 382.40 -ve

SYNDICATE BANK 89.50 89.65 89.15 88.65 90.65 91.50 92.35 +ve

TATA CHEMICALS 272.80 270.60 268.25 265.95 273.50 274.95 276.40 -ve

TATA MOTOR DVR 201.30 199.55 198.00 196.50 201.80 202.90 204.05 -ve

TATA MOTORS 390.30 385.35 382.80 380.25 391.75 394.95 398.15 -ve

TATA POWER 83.50 83.55 83.15 82.70 84.40 85.40 86.35 +ve

TATA TEA 146.65 146.90 146.25 145.55 148.20 149.15 150.10 +ve

TCS 1987.15 1968.95 1959.45 1949.95 1994.20 2006.80 2019.45 -ve

TECH MAHINDRA 1682.30 1666.40 1660.20 1653.95 1685.25 1694.65 1704.05 -ve

TATA STEEL 421.40 420.70 419.20 417.70 423.70 426.20 428.75 +ve

TITAN IND. 226.70 226.75 225.95 225.15 228.35 229.15 230.00 +ve

UCO BANK 75.30 75.40 75.05 74.65 76.15 76.95 77.75 +ve

ULTRATECH CEMENT 1871.65 1851.90 1844.25 1836.55 1878.50 1891.80 1905.05 -ve

UBI 122.80 122.65 121.85 121.05 124.30 125.40 126.50 +ve

UNITED PHOSPH. 165.90 165.85 165.00 164.10 167.55 169.55 171.55 +ve

UNITECH 15.80 15.60 15.40 14.65 16.05 16.30 17.00 Neutral


SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND AXIS BANK 1241.50 1240.65 1235.10 1229.60 1251.70 1265.35 1279.00 +ve

TATA COMM. 288.50 286.20 283.40 280.65 289.25 290.80 292.35 -ve

VOLTAS 116.60 116.45 115.15 113.85 119.00 120.10 121.20 +ve

WIPRO 492.90 489.55 486.40 482.45 495.90 499.10 503.00 Neutral

YES BANK 395.05 393.15 388.45 383.80 402.55 406.35 410.15 +ve

ZEE 263.75 258.15 256.25 254.30 265.75 269.55 273.30 -ve

NOTES:

• Please execute the recommendation within the levels provided in the report • Once the recommendation is executed, it is advisable to keep strict stop loss as provided in the report • Avoid entering into the recommendation in the first 5 min of trade • If the recommendation opens near the target levels due to gap up/gap down opening, then the recommendation

is considered not initiated • The recommendations are valid only for the day and should be squared off by the end of the day. • Only stocks in derivatives segment have been considered for daily trading. • Medium to long-term prospects of a stock does not have any bearing on the daily 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 Picks’ product carries 3 to 4 intraday recommendations. It is advisable to allocate

equal amount to each recommendation


Recommended Product wise Trading Portfolio allocation

Allocations Return Objective

Products Product wise allocation

Max allocation in 1 stock

Number of Calls Frontline Stocks Mid-cap stocks

Duration

Daily Calls 8% 2-3% 3-4 Stocks 0.50-1% 2-3% Intraday Short term Delivery 6% 3-5% 7-10 p.m 4-5% 7-10% Opportunity based Weekly Calls 8% 3-5% 1-2 Stocks 5-7% 7-10% 1 Week Weekly Technical 8% 3-5% 1-2 Stocks 5-7% 7-10% 1 Week Monthly Call 15% 5% 2-3 Stocks 7-10% 10-15% 1 Month Monthly Technical 15% 2-4% 5-8 Stocks 7-10% 10-15% 1 Month Techno Funda 15% 5-10% 1-2 Stocks 10% and above 15% and above 6 Months Technical Breakout 15% 5-10% 1-2 Stocks 10% and above 15% and above 3-6 Months Cash in Hand 10% - - - - -

100%


Candlesticks Glossary:

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

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 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


Pankaj Pandey Head – Research [email protected] ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No 7, MIDC Andheri (East) Mumbai – 400 093 [email protected] Disclaimer 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 Ltd (I-Sec). The author may be holding a small number of shares/position in the above-referred companies as on date of release of this report. I-Sec may be holding a small number of shares/position in the above-referred companies as on date of release of this report. 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 may 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. 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 report may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. I-Sec and affiliates accept no liabilities 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. Actual results may differ materially from those set forth in projections. I-Sec may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. 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 I-Sec and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

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