daily calls

ICICI Securities Ltd. | Retail Equity Research

Market Outlook

Sensex: We said, "Strength above the Grey channel opens up positive options ... failure could mean lacklustre action..." The index faced resistance exactly at the upper Grey channel and lost further 229 points or 0.8% for the day. While all sectors ended flat to negative, oil & gas and realty lost over 2% each. The A/D ratio also turned negative 1:3 as a result. The action formed a Bear candle, re-confirming the Grey falling channel we showed. It also broke the 38.2% level, which provided temporary support on Wednesday. The bias would remain negative until the index is able to strengthen and close above its previous day. However, weakness below the previous candle is required to open up further downsides.

Exhibit 1: Sensex – Daily Candlestick Chart

Source: ASA, ICICIdirect.com Research

Domestic Indices

Indices Close Change Change%

S&P BSE Sensex 27350.68 -251.33 -0.91

CNX Nifty 8224.10 -68.80 -0.83

Nifty future 8276.90 -65.20 -0.78

S&PBSE 500 10590.69 -100.82 -0.94

S&PBSE Midcap 10108.60 -131.10 -1.28

S&PBSE Smallcap 11068.48 -168.05 -1.50

Global Indices

Indices Close Change Change%Dow Jones 17280.83 -315.51 -1.79Nasdaq 4653.60 -54.57 -1.16FTSE 6300.63 -161.07 -2.49

DAX 9594.73 -267.80 -2.72Hang Seng 22903.06 -344.87 -1.48Nikkei 17228.71 -143.05 -0.82SGX Nifty 8224.00 -49.00 -0.59* Asian Market at 7:30 am.IST

Market Breadth

919245

1991935

10635

0 500 1000 1500 2000

Advance

Decline

UnchgNSE

BSE

Recommendations for the day

1. Sell Nifty Dec Future in range of 8250-8260 2. Buy Lupin in the range of 1453.00-1455.00 3. Sell SSLT below 216.50 *All recommendations are of December Future

Daily Calls December 15, 2014


Exhibit 2: Nifty Future – Daily Candlestick Chart

Source: ASA, ICICIdirect.com Research

CNX Nifty (Cash Levels) Technical Picture

Nifty Intraday Short TermTrend Down Range bound

Trend Reversal 8230

Support 8180-8150 8180

Resistance 8230-8260 8650

20 Days EMA 8395

200 days EMA 7591 Nifty Future Recommendations CMP :

Comment :

Action :

Targets : 8220/8200/Lower

Stop-loss : 8275.00

Future premium increased from 49 points to 53. NF testing 50% retracement level at 8200-10. Reverse if holds 8200-10

Sell in the range of 8250-8260

8276.90


Trend Scanner

Positive Trends

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

Amara Raja Batteries Ltd 759.10 4.84 736.55 32.55

Britannia Industries Ltd 1795.95 2.02 1780.13 78.74

Hindustan Unilever Ltd 797.75 0.21 810.33 61.86

Ultratech Cement Ltd 2511.50 1.09 2488.08 64.77

Negative Trends

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

Reliance Infrastructure Ltd 529.10 -3.35 575.55 24.97

Reliance Communications Ltd 89.50 -3.30 98.01 30.85

SSLT 215.90 -2.73 227.95 46.58

Overbought Stocks Oversold Stocks

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

Scrip Name LTP Stochastic Scrip Name LTP Stochastic

Jagran 145.8 82.82 Bharti Airtel 346.5 10.4

JK Lakshmi Cement 410.05 88.63 Emami 744 18.8

SKF India 1287 5.4

SRF 866.65 11.7

Candlestick Patterns

Bullish Candlestick Formations Bearish Candlestick Formations

Bullish Engulfing Bearish Engulfing

Scrip Name Close Scrip Name Close

Emami 744.0 Mcleod Russel 232.5

Mcdowell 2840.0 Sintex 96.4

Bullish Continuation pattern Bearish Continuation pattern

Aurobindo Pharma 1161.0 Sesa Sterlite 215.3

Amar Raja Batteries 760.0 Reliance Infra 525.0

Jubliant Food 1359.9 Cairn India 241.5

Ultratech Cement 2525.5 JP Associates 26.2

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

Stocks hitting 52 week high

Scrip Name LTP

Dlink 144.6

ITC 396

KPIT 193.3

SKS Micro 378.8

Talwalkars 270.7

Global Currencies

Spot Close Prev.close % Chg

Rupee (|) 62.295 62.345 0.08

Dollar Index 88.372 88.363 0.02

Euro 1.246 1.246 -0.04

British Pound 1.571 1.572 -0.01

Japanese Yen 118.730 118.750 0.02

Australian ($) 0.822 0.825 -0.28

Swiss Franc 0.964 0.964 -0.04

Global Treasury Yields

Closing Yield (%) Previous Yield (%)

India 10 year 7.85 7.87

US 10 Year 2.09 2.08

EURO 10 Year 0.62 0.68

GBP 10 Year 1.80 1.91

JPY 10 Year 0.38 0.40

Commodities US Dollar

Close Prev. Close %Chg

Gold/ounce 1216.77 1222.59 -0.51

Copper /ton 6542.25 6517.5 -1.29

Brent Crude/barrel 61.23 61.85 -1.00

Institutional Activity

Cash Segment (| Cr) FII DII 12-Dec-14 -865.0 323.4

11-Dec-14 -808.3 431.9

10-Dec-14 5.4 -519.1

9-Dec-14 -221.5 -345.4

8-Dec-14 4,984.6 1,030.7


Stock recommendations for the day

Exhibit 3: Lupin (LUPIN) Daily Bar Chart

Source: Bloomberg, ICICIdirect.com Research

Price closed above 21 days EMA and falling channel breakout in daily chart EMA signalling reversal of trend after recent sideways corrective price action in the daily chart

Lupin (LUPIN) December Future

CMP 1461.50

Comment :

Action :

Targets : 1470/1478/Higher

Stop-loss : 1445.00

A falling channel breakout in the daily chart and price closed above 21 days EMA and stochastic giving buy signal in the daily chart

Buy in the range of 1453.00-1455.00

Stochastic giving buy signal in the daily chart


Exhibit 4: Sesa Sterlite (SESGOA) Daily Candlestick Chart

Source: Bloomberg , ICICIdirect.com Research

Price facing resistance at 5 days EMA and sustaining below the trendline breakdown area in the daily chart indicating continuation of profit booking in the short term

14 periods RSI in downtrend forming lower low in the daily chart

Sesa Sterlite (SESGOA) December Future

CMP 216.80

Comment :

Action :

Targets : 212.50/210.50/Lower

Stop-loss : 218.60

Price taking resistance from 5 days EMA and sustaining below the trendline breakdown area and RSI giving sell signal forming lower low in the daily chart

Sell below 216.50


Previous Day’s Performance

Scrip Product Strategy Recommended Price Targets SL Gain/Loss %* Comment

Nifty Future Sell In range of 8390-8395 8360/8340/- 8410.00 - No tradeIDFC Future Buy In range of 158.75-159.50 162/163.5/+ 157.60 - No trade (Open naer target)Aurobindo Pharma Future Sell In range oif 1124-1126 1140/1148/+ 1116.00 - No tradeJindal Stel & Power Future Sell below 144.0 141/139.5/- 145.50 2.10 Target 1 achievedReliance Infra. Future Sell below 550.0 541/536/- 555.00 2.50 Target 2 achieved* Return Opportunity

Nifty Points gained for the day: 0 points Gains over last 163 days: 452 points Stock profits: Avg 2.3% per trade (Cum. Profits over last 163 days:213.10%) Strike Rate for the day: 2/2 (Cum strike rate over 163 days: 216/369 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


Support and Resistance Table (Cash Levels)

SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND

SENSEX 27350.68 27216.4 27143.45 27070.55 27402.5 27495.6 27588.65 -ve

NIFTY 8224.10 8186.30 8165.50 8144.65 8239.10 8265.50 8291.90 -ve

ACC 1429.95 1430.30 1425.45 1420.60 1440.05 1446.00 1452.00 +ve

ADANI ENTER. 444.25 444.50 442.50 440.55 448.50 452.45 456.45 +ve

ADANI POWER 43.65 43.15 42.85 42.50 43.85 44.20 44.50 -ve

ADITYA BIRLA 1662.40 1643.15 1630.40 1617.65 1669.00 1681.90 1694.80 -ve

ALLAHABAD BANK 125.35 123.05 121.55 120.10 126.15 127.70 129.25 -ve

ANDHRA BANK 87.75 86.55 85.30 84.05 88.15 88.95 89.80 -ve

APOLLO HOSPITALS 1145.00 1138.05 1131.20 1122.25 1151.85 1158.75 1167.65 Neutral

APOLLO TYRES 222.20 215.75 214.35 213.00 222.50 225.85 229.25 -ve

ARVIND 266.00 261.75 258.45 255.20 267.65 270.60 273.55 -ve

ASHOK LEYLAND 49.05 48.10 47.70 47.35 49.40 50.05 50.70 -ve

ASIAN PAINTS 774.30 775.40 771.60 767.75 783.10 789.60 796.05 +ve

AUROBINDO PHARMA 1156.70 1153.90 1144.55 1135.20 1172.60 1179.45 1186.35 +ve

BAJAJ AUTO 2521.35 2496.90 2483.90 2470.90 2528.05 2543.60 2559.20 -ve

BOB 1059.65 1043.50 1033.15 1022.85 1061.80 1070.95 1080.10 -ve

BOI 284.15 278.75 275.45 272.10 286.35 290.10 293.90 -ve

BATA INDIA 1278.40 1262.55 1250.10 1237.60 1286.30 1298.20 1310.05 -ve

BHARAT FORGE 920.85 916.45 910.00 898.35 929.25 935.65 947.35 Neutral

BPCL 667.60 667.60 665.25 662.90 672.35 677.80 683.30 +ve

BHARTI AIRTEL 347.95 348.00 346.45 344.90 351.10 355.45 359.75 +ve

BIOCON 453.70 452.30 450.80 448.05 455.30 456.80 459.50 Neutral

CAIRNS INDIA 242.10 238.45 236.75 235.00 243.40 245.85 248.30 -ve

CANARA BANK 417.00 409.25 403.65 398.05 418.55 423.20 427.85 -ve

CENTURY TEXT. 515.75 513.85 510.85 506.15 519.80 522.75 527.45 Neutral

CESC 656.15 652.65 648.30 640.15 661.45 665.85 673.95 Neutral

CHAMBAL FERT. 64.00 63.15 62.55 62.00 64.20 64.75 65.30 -ve

CIPLA 640.90 635.10 632.35 629.60 641.70 644.95 648.25 -ve

COAL INDIA 364.35 364.80 363.20 361.60 367.95 370.45 373.00 +ve

COLGATE PALM. 1803.30 1789.60 1781.05 1772.45 1809.00 1818.75 1828.45 -ve

CROMPTON GREAVES 172.35 168.85 167.15 165.45 173.50 175.80 178.15 -ve

DABUR INDIA 234.70 233.80 232.15 230.95 237.00 238.60 239.85 Neutral

DISH TV 64.50 63.15 62.45 61.75 64.90 65.75 66.60 -ve


SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND

DIVI'S LAB. 1709.10 1711.20 1699.15 1687.10 1735.30 1747.90 1760.50 +ve

DLF 152.05 149.00 147.30 145.60 152.85 154.75 156.70 -ve

DR.REDDY'S LAB. 3377.75 3349.20 3319.80 3290.40 3383.40 3400.50 3417.65 -ve

EXIDE IND. 170.60 167.45 166.25 165.00 171.10 172.90 174.70 -ve

FEDERAL BANK 142.20 142.50 141.75 141.05 143.95 145.30 146.65 +ve

FUTURE RETAIL 90.00 88.55 87.15 85.60 91.45 92.90 94.45 Neutral

GAIL 424.30 412.65 408.65 404.60 425.55 432.00 438.45 -ve

GLAXO SMITH.C.H. 5758.40 5738.70 5688.40 5638.10 5839.35 5927.60 6015.80 +ve

GLENMARK PHARMA. 807.75 809.10 801.00 792.95 825.25 829.00 832.75 +ve

GMR INFRA. 18.05 17.50 17.35 17.20 18.20 18.55 18.90 -ve

GODREJ CONSUMER 917.10 898.75 881.30 863.80 923.10 935.30 947.45 -ve

GODREJ IND. 276.15 270.65 268.90 267.15 277.95 281.60 285.25 -ve

GRASIM 3360.65 3350.10 3339.10 3321.95 3372.10 3383.10 3400.30 Neutral

HAVELL'S INDIA 265.80 257.45 249.60 241.70 268.25 273.65 279.05 -ve

HCL TECH 1512.50 1490.40 1481.20 1472.05 1520.30 1535.25 1550.25 -ve

HDFC BANK 931.50 928.25 925.60 922.90 931.85 933.65 935.45 -ve

HDFC 1069.50 1053.40 1047.85 1042.30 1073.65 1083.80 1093.90 -ve

HERO MOTO 3124.90 3130.50 3118.25 3105.95 3155.00 3175.10 3195.15 +ve

HEXAWARE TECH. 210.10 210.15 209.10 208.05 212.30 214.50 216.75 +ve

HINDALCO 153.55 151.10 149.70 148.35 154.05 155.50 157.00 -ve

HIND. UNILEVER 797.75 798.20 795.65 793.05 803.35 806.55 809.70 +ve

HPCL 562.20 553.80 548.75 543.70 564.30 569.55 574.80 -ve

HINDUSTAN ZINC 163.65 161.15 160.05 159.00 163.60 164.85 166.10 -ve

HDIL 68.10 67.30 66.45 65.20 69.10 70.00 71.25 Neutral

ICICI BANK 346.30 343.60 341.40 339.15 346.80 348.40 349.95 -ve

IDBI 69.10 68.05 67.35 66.65 69.45 70.20 70.90 -ve

IDEA CELLULAR 142.60 140.25 139.20 138.15 143.40 144.95 146.50 -ve

NSE INFRA DEV FINANC 155.80 153.45 151.70 149.95 156.65 158.25 159.85 -ve

NSE IND.FIN.CORP.OF 37.10 36.50 36.15 35.80 37.25 37.65 38.05 -ve

INDUSIND BANK 778.65 779.30 776.45 773.60 784.95 788.45 791.95 +ve

INDIA CEMENTS 78.40 75.90 75.00 74.10 79.40 81.10 82.85 -ve

INDRAPRASTHA GAS 430.05 426.85 422.20 417.55 431.10 433.25 435.35 -ve

IOC 341.00 337.85 336.35 334.80 342.15 344.30 346.40 -ve

IOB 60.35 59.40 58.55 57.65 60.70 61.30 61.95 -ve


SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND IB REAL ESTATE 67.30 65.80 64.85 63.85 67.75 68.75 69.70 -ve

INFOSYS 1938.65 1938.85 1928.30 1917.70 1960.00 1972.20 1984.40 +ve

IRB INFRA. 244.70 239.85 237.60 235.35 246.55 249.90 253.30 -ve

ITC 395.70 392.35 390.25 388.15 396.00 397.85 399.65 -ve

JAIPRAKASH ASS. 26.15 25.50 25.20 24.90 26.30 26.70 27.10 -ve

J.P.POWER VENT. 12.25 12.05 11.95 11.90 12.30 12.40 12.55 -ve

JAIN IRRIGATION 76.15 74.90 74.15 73.40 76.60 77.45 78.30 -ve

JINDAL ST&POW 140.50 138.05 136.30 134.60 141.25 142.85 144.50 -ve

JSW ENERGY 91.80 89.85 88.95 88.05 92.40 93.65 94.95 -ve

NSE JSW STEEL 1106.60 1100.95 1093.10 1085.60 1116.70 1124.60 1132.05 Neutral

JUBILANT FOOD 1355.90 1350.80 1333.50 1316.15 1385.50 1402.10 1418.70 +ve

KARNATAKA BANK 147.00 145.30 143.95 142.55 147.45 148.50 149.55 -ve

KOTAK MAH.BANK 1247.30 1244.50 1241.50 1236.00 1250.60 1253.65 1259.15 Neutral

L & T 1510.95 1493.20 1479.35 1465.45 1516.85 1528.65 1540.45 -ve

LIC HOUSING 436.90 429.40 425.80 422.25 439.70 444.85 450.00 -ve

NSE LUPIN 1449.85 1451.40 1446.15 1440.95 1461.85 1470.75 1479.65 +ve

M & M 1251.40 1239.95 1233.90 1227.90 1252.25 1258.35 1264.50 -ve

MARUTI SUZUKI 3379.30 3375.65 3362.60 3349.60 3401.70 3418.30 3434.90 +ve

MCLEOD RUSSEL 232.85 229.40 227.35 225.25 234.25 236.70 239.15 -ve

M&M FIN.SERV. 300.35 292.60 288.30 284.00 302.05 306.75 311.50 -ve

MRF 37747.40 37566.90 37372.90 37000.40 37954.95 38148.95 38521.40 Neutral

NSE NHPC 19.00 18.95 18.80 18.75 19.15 19.25 19.35 Neutral

NMDC 139.10 139.15 138.55 137.95 140.40 141.50 142.65 +ve

NSE NTPC 132.95 132.55 132.05 131.50 133.55 134.05 134.60 Neutral

ONGC 337.10 331.50 328.15 324.80 339.35 343.30 347.20 -ve

OBC 305.50 300.45 297.05 293.70 307.40 310.85 314.35 -ve

PETRONET LNG 188.90 184.25 182.95 181.65 190.00 192.90 195.80 -ve

POWER FINANCE 276.90 272.00 268.55 265.10 278.90 282.35 285.85 -ve

POWER GRID 134.80 133.45 132.65 131.85 134.85 135.55 136.25 -ve

POWER TRADING 92.15 90.80 90.05 89.30 92.55 93.45 94.35 -ve

PNB 1096.15 1080.25 1070.25 1060.25 1100.40 1110.45 1120.50 -ve

RANBAXY 642.55 637.35 634.40 631.45 644.10 647.50 650.85 -ve

RCOM 89.50 87.45 86.45 85.45 90.10 91.40 92.75 -ve

REL. CAPITAL 525.60 519.90 514.95 510.00 526.90 530.40 533.90 -ve


SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND RELIANCE INFRA. 529.10 518.00 512.80 507.65 532.60 539.90 547.25 -ve

RELIANCE 882.35 870.80 863.50 856.20 886.60 894.55 902.45 -ve

RELIANCE POWER 63.00 62.45 62.10 61.80 63.20 63.55 63.95 -ve

REC 315.10 313.35 310.55 307.50 318.90 321.70 324.75 Neutral

SAIL 78.80 78.10 77.60 77.15 79.05 79.50 80.00 -ve

SESA GOA 215.90 212.75 211.05 209.35 216.80 218.80 220.80 -ve

SHRIRAM TRANS. 1123.30 1102.50 1086.65 1070.80 1128.35 1141.30 1154.20 -ve

SIEMENS 885.55 872.25 862.95 853.65 889.40 898.00 906.55 -ve

SBI 311.35 307.95 305.90 303.90 311.90 313.85 315.85 -ve

SUN PHARMA 843.35 843.30 838.95 834.55 852.05 856.05 860.00 +ve

SUN TV 344.70 329.30 325.75 322.15 349.50 359.60 369.70 -ve

SYNDICATE BANK 128.25 126.10 124.55 123.00 128.95 130.35 131.80 -ve

TATA CHEMICALS 413.25 405.55 402.45 399.30 416.25 421.60 426.95 -ve

TATA MOTOR DVR 336.85 337.40 334.75 332.10 342.70 346.35 349.95 +ve

TATA MOTORS 499.95 494.70 491.00 487.30 500.60 503.55 506.45 -ve

TATA POWER 84.30 83.95 83.35 82.65 85.10 85.65 86.40 Neutral

TATA GLOBAL BEV. 152.95 151.30 150.60 149.90 153.55 154.65 155.80 -ve

TCS 2450.70 2408.90 2399.90 2390.95 2457.55 2481.90 2506.25 -ve

TECH MAHINDRA 2588.55 2582.00 2571.75 2553.60 2602.40 2612.60 2630.80 Neutral

TATA STEEL 402.70 394.20 389.70 385.15 405.60 411.35 417.05 -ve

TITAN IND. 373.90 367.10 363.95 360.85 375.65 379.90 384.20 -ve

UCO BANK 80.55 79.40 78.70 78.00 80.95 81.70 82.45 -ve

ULTRATECH CEMENT 2511.50 2510.25 2501.40 2492.50 2527.95 2547.70 2567.45 +ve

UBI 215.30 211.90 209.60 207.35 216.65 219.00 221.40 -ve

UNITED BREW. 798.45 798.90 793.75 788.60 809.15 821.95 834.75 +ve

UNITED PHOSPH. 308.95 299.05 296.55 294.00 310.20 315.80 321.35 -ve

UNITECH 16.75 16.25 16.10 15.95 16.90 17.25 17.55 -ve

VOLTAS 260.80 256.90 254.00 251.10 261.85 264.30 266.80 -ve

WIPRO 543.15 540.55 536.80 534.50 548.00 551.70 554.05 Neutral

NSE YES BANK 698.90 691.75 686.90 682.10 700.80 705.30 709.85 -ve

ZEE 361.35 357.15 354.80 352.50 362.90 365.75 368.65 -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 minutes 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 ‘Daily Calls’ product carries 3 to 4 intraday recommendations. It is advisable to allocate

equal amount to each recommendation


Recommended 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 ANALYST CERTIFICATION We /I, Dharmesh Shah, Dipesh Daga, Nitin Kunte, Pabitro Mukherjee 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.

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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. 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 or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the report in the past twelve months. ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities 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 have any material conflict of interest at the time of publication of this report. It is confirmed that Dharmesh Shah, Dipesh Daga, Nitin Kunte, Pabitro Mukherjee Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. 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 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.

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