momentum picks date scrip i-direct code action...

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Research Analysts

Nitin Kunte, CMT

[email protected]

Vinayak Parmar

[email protected]

Dharmesh Shah

[email protected]

Pabitro Mukherjee

[email protected]

Ninad Tamhanekar, CMT

[email protected]

Momentum Picks

May 28, 2020For Instant stock ideas:

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Open Recommendations

Gladiator Stocks

Click here to know more…

Scrip Action

Hero Motocorp Buy

Dr. Reddy's Laboratories Buy

Larsen & Toubro Buy

Duration: 6 Months

New recommendations

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

28-May-20 Nifty Nifty Buy 9305.00-9327.00 9364.00/ 9412.00 9268.00 Intraday

28-May-20 Britannia Industries BRIIND Buy 3228.00-3234.00 3258.80/3287.00 3202.40 Intraday

28-May-20 Hero Motocorp HERMOT Buy 2174.00-2180.00 2195.80/2215.00 2157.20 Intraday

27-May-20 Granules India GRAIND Buy 169.00-173.00 188.00 162.00 14 Days

27-May-20 Bandhan Bank BANBAN Buy 208.00-213.00 235.00 198.00 14 Days

Open recommendations

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

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

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

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

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ICICI Securities Ltd. | Retail Equity Research 2

Nifty Technical Picture

Technical Outlook

Source: Bloomberg, Spider, ICICI Direct Research

Mom

entum

Pic

ks

NSE Nifty Daily Candlestick Chart

Positive: BFSI, IT, Auto, Infra,

Metals, Chemicals

Sectors in focus (Intraday):

NSE (Nifty): 9315

NSE Nifty Daily Candlestick Chart

Action

Price Range

Target

Stoploss

Nify Future Intraday Recommendation

9268.00

Buy

9364.00/ 9412.00

9305.00-9327.00

Indices Close 1 Day Chg 1 Day % Chg

SENSEX Index 31605.22 995.92 3.25

NIFTY Index 9314.95 285.90 3.17

Nifty Futures 9309.40 275.10 3.06

BSE500 Index 12055.24 277.25 2.35

Midcap Index 11467.83 61.25 0.54

Small cap Index 10619.01 28.59 0.27

SGX Nifty 9365.00 55.60 0.60

* SGX Nifty at 7:30 am

Domestic Indices

Open High Low Close

9082.20 9334.00 9004.25 9314.95

Intraday Short term

Trend

Support 9290-9245 9000

Resistance 9390-9455 9500

20 day EMA 9145

200 day EMA 10632

Key support breakdown

Daily Stochastic inching upward, indicating extended pullback

9890

7511

8055

Falling trend line breakout,

signifies conclusion of

secondary corrective phase

Day that was…

Equity benchmarks resolved out of past eight sessions consolidation

and ended the session at 9315 as Nifty climbed 286 points or 3.2%.

Market breadth stayed positive with A/D ratio of 1.5:1.

Technical Outlook

• The price action formed a sizable bull candle with small lower

shadow, indicating positive bias as elevated buying demand

emerged from last sessions low (9000). On expected lines, Bank

Nifty gained strong momentum from 80% retracement and

witnessed faster retracement as it entirely retraced past five sessions

decline in a single session, thereby providing impetus for Nifty to

head towards our intermediate target of 9300

• Wednesday’s sharp up move helped index to resolve above falling

trend line (drawn adjoining April-May high of 9890 – 9585), at 9300,

indicating conclusion of secondary corrective phase, in turn

suggesting resumption of primary up trend that makes us confident

that index would resolve above immediate resistance of 9500 and

eventually challenge the psychological mark of 10000 in coming

weeks as: a) since beginning of CY20 strong positive correlation has

been observed in developed markets and emerging markets. As the

US market have resolved above 61.8% retracement, we expect catch

up activity to be seen in domestic markets, leading it to resolve

higher towards 50% retracement of entire fall (12450-7511), at 9970

b) sharp pullback (~19%) of mid-March got arrested at negative gap

(10334 –10040) d) April 2020 high is placed at 9890

• Going ahead, follow through strength above last sessions high

(9334) would aid index to witness strongest pullback in past four

weeks, indicating rejuvenation of upward momentum. Hence, we

expect rallies to get elongated amid shallow price corrections.

Thereby we revise our support base upward at 9000. We believe,

any cool off from here on should be capitalised as incremental

buying opportunity to ride next leg of up move

• In the coming session, volatility would remain high owing to

monthly derivative expiry. However, we expect index to witness

follow through strength to Wednesday’s sharp up move. Hence,

intraday dip towards 9305 – 9327 should be used to create long

position for 9412

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

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

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

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

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

61.8%. Currently, the index has retraced almost 61.8% of April 2020 up

move (8055-9890), indicating possibility of higher base formation at

major support area of 8800

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Bank Nifty: 18710

May 28, 2020 ICICI Securities Ltd. | Retail Equity Research 3

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


The daily stochastic in up trend thus

supports the positive bias

The Bank Nifty witnessed a sharp rebound on Wednesday after

the recent under performance and closed higher by more than

7% on back of strong global cues. The pullback was broad

based as all the 12 index constituents closed in the green. The

Bank Nifty ended the session at 18710, up by 1270 points or

7.3%.

Technical Outlook

• The daily price action formed a strong bull candle with a

higher high – low, which enclosed previous six sessions

price action signalling strong buying demand at the major

support area of 17000-17200 on expected lines

• The index in the process recouped its entire previous week

decline signalling reversal of the corrective trend. A follow

through strength above Wednesday high (18874) will signal

extension of up move towards 20100 levels in the coming

week being the swing high of mid May’20 and 61.8%

retracement of the entire previous decline (21967-17105).

Failure to do so will lead to a consolidation in the broad

range of 18000-18800 thus forming a higher base after the

sharp up move of more than 7% on Wednesday session

• The Bank Nifty has crucial support around 17200- 17000

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

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

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

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

The last two months lows area also placed around 17100

levels

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

note on the back of strong global cues. The index has

witnessed a sharp up move from support area and has

recouped its entire previous week decline so bias is positive.

Hence, use intraday dips towards 18630-18690 for creating

long position for target of 18880 with a stop loss of 18540

Among oscillators, the daily stochastic has rebounded from its

previous low of January 2020 and is currently in up trend thus

supports the positive bias in the index in the coming sessions

16116

Major support breakdown

21967

Support @

17200-17000

17143

Open High Low Close

17603.40 18874.25 17560.35 18710.55

Indices Close Change Change%

Nifty Bank 18710.50 1270.15 7.28

Intraday Short term

Trend

Support 18620- 18400 17000

Resistance 18960- 19200 20100

20 day EMA 18715

200 day EMA 25888

Nifty Bank Technical Picture

32613

20122

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Stock Picks


Hero MotoCorp (HERHON) – Daily candlestick Chart

Britannia Industries (BRIIND) – Daily candlestick Chart


Duration: Intraday

Technical Observations


Daily MACD sustaining above its nine periods average thus

supports positive bias

A falling trendline breakout and price sustaining above 20 days EMA

signalling continuation of the up move

Daily 14 periods RSI sustaining above its nine periods average

thus validates positive bias

CMP 3227.85

Action Buy

Initiation Range 3228.00-3234.00

Target 3258.80/3287.00

Stop Loss 3202.40

Rationale

A falling trendline breakout and

price sustaining above 20 days

EMA and RSI in up trend

Price rebounding from the lower band of the rising channel and 20 days EMA

signalling strength and positive bias

20 days

EMA

CMP 2174.00

Action Buy

Initiation

Range

2174.00-2180.00

Target 2195.80/2215.00

Stop Loss 2157.20

Rationale

Price rebounding from the lower

band of the rising channel and 20

days EMA and MACD in buy

mode

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Buy Granules India (GRAIND) in the range of 169.00-173.00


Source: Bloomberg, Spider Software, ICICI Direct Research


Stock Picks

Target: 188.00 Stop Loss: 162.00

Duration: 14 days

• The stock has generated a

breakout above the falling

trendline joining the high of

Feb'20 (189) and Apr'20 (181)

placed at | 170 levels thus

provides fresh entry opportunity

to ride the next up move in the

stock

• The breakout from the falling

trendline was supported by strong

volume of more than three times

the 200 days average volume of

15 lakhs share per day, indicating

larger participation at the breakout

area

• The stock has recently rebounded

taking support at the 50 days EMA

and the 38.2% retracement of the

previous up move (|114-181)

placed around | 162 levels

• Among oscillators, the daily

MACD 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 continue

with its current up trend and head

towards | 189 levels being the

previous all time high of Feb’20

Recommendation initiated on i-click to gain at 10:39 on May 27, 2020

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

Price breakout from a falling trendline with strong volume

thus offers fresh entry opportunity

114

189

Daily Bar Chart

Support at | 162-160 levels

being the confluence of 50 days

EMA and 38.2% retracement of

previous up move (| 114-181)

181

Target @ 188

95

Price breakout with strong volume signalling larger participation at

the breakout area

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Buy Bandhan Bank (BANBAN) in the range of 208.00-213.00




Stock Picks


Duration: 14 days

• The entire pullback of the last two

months is well channelled. The

stock on Wednesday’s trade

rebounded taking support at the

lower band of the rising channel

as can be seen in the adjacent

chart, hence provides fresh entry

opportunity with a favourable risk

reward set up

• The stock has already taken 17

sessions to retrace just 61.8% of

the previous 15 sessions up move

| 165-266. A slower retracement

signals a higher base formation

for the stock

• The stock has immediate support

at | 200-198 levels being the 80%

retracement of the current up

move (| 195-220) and the lower

band of the rising channel

containing last two months price

activity

• Among oscillators, the daily

stochastic has rebounded from

the oversold territory and has

generated a buy signal moving

above its three periods average

thus validates positive bias

• Based on the above technical

observations the stock is expected

to continue with its current up

move and head towards | 235

levels being the 61.8%

retracement of the last decline (|

266-195)


The daily stochastic has generated a buy signal moving above its three periods average

The stock has witnessed a sharp rebound from the lower band of the rising

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

fresh entry opportunity with a favourable risk reward set up

650

153

Daily Bar Chart

A slower retracement

signal a higher base

formation for the stock

165

Target @

235

266

support @

200-198

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




Stock Picks


Duration: 14 days

• The stock has recently generated

a resolute breakout above the

falling trendline joining the high of

Feb’20 (|1062) and May’20 (|927)

and is seen sustaining above the

same in the last four sessions.

Thus, forming a higher base for

the next leg of up move

• The share price is also seen

sustaining above the rising 50

days EMA indicating positive bias

and continuation of the up move

• It has immediate support at | 850-

840 levels being the confluence of

the 61.8% retracement of the

current up move (| 816-923) and

the rising 50 days EMA placed at |

855 levels

• Among oscillators, the weekly

MACD is in up trend and is seen

sustaining above its nine periods

average thus supports the positive

bias in the stock

• Based on the above technical

observations we expect the stock

to continue with its positive

momentum and head towards |

985 levels being the 80%

retracement of the Feb-Mar

decline (| 1062-692)


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

nine periods average thus validates positive bias

The stock is seen consolidating above the recent trendline

breakout area signalling higher base formation for the next leg

of up move thus offers fresh entry opportunity

1062

927

Daily Bar Chart

816

Target @

985

692

Support @

850-840

923

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




Stock Picks


Duration: 14 days

• The stock is at the cusp of

breakout from the last five weeks

triangular consolidation pattern

signalling reversal of the

corrective trend and offers fresh

entry opportunity

• The stock has already taken 18

sessions to retrace just 38.2% of

the previous 14 sessions up move

| 220-330. A slower retracement

signals a higher base formation

for the stock

• 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


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

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

signalling reversal of the corrective trend and offers fresh entry opportunity

439

280

Daily Bar Chart

A slower retracement

signal a higher base

formation for the stock

220

Target @

343

330

support @

300

Price rise supported by strong volume

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Market Activity Report


Global Equity Market PerformanceGlobal Currency, Commodities and Bond

Advance Decline

Source: Bloomberg, Investing, ICICI Direct Research

Close1 Day %

Change

Currency

USD INR 75.81 -0.1

Dollar Index 98.83 -0.1

EURO USD 1.10 0.2

GBP USD 1.22 0.2

JPY 107.80 0.1

Swiss Franc 0.96 0.0

Commodities ($)

Gold 1,711.25 0.0

Brent 34.33 0.3

Copper 5,259.50 -1.9

Silver 17.82 0.4

Yield (bps change)

India 105.98 0.00

US 0.69 2.16

EURO -0.41 1.55

Japan -0.01 0.00

0

500

1000

1500

2000

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

Advances Declines

1.8

1.3

1.3

0.5

2.0

0.2

3.3

2.2

2.9

-0.5 0.5 1.5 2.5 3.5

France

UK

Germany

China

Japan

Hong Kong

India

US

Brazil

% Change

1 Day Change

1 Day Change

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Market Activity Report


Sectoral Indices Performance Fund Flow activity of the last 5 sessions

Source: Bloomberg, ICICI Direct Research

India - Sectoral Close1 Day %

Change

Sensex 31,605.2 3.3

Nifty 9,315.0 3.2

BSE Auto 13,390.5 0.8

Bankex 21,516.1 7.3

Capital Goods 11,443.0 1.8

Consumer

Durables18,688.9 0.2

FMCG 10,495.7 0.5

Healthcare 15,288.0 -0.8

IT 14,146.6 3.0

Metal 6,537.7 2.7

Oil & Gas 11,339.5 1.4

Power 1,454.0 0.7

Realty 1,316.5 1.7

BSE 500 12,055.2 2.4

BSE Midcap

Index11,467.8 0.5

BSE Small Cap 10,619.0 0.3

-1,467

-259

-1,354

4,716

-335

-1,800

-1,300

-800

-300

200

700

1,200

1,700

2,200

2,700

3,200

3,700

4,200

4,700

20-May 21-May 22-May 26-May 27-May

Rs C

rore

Date

FII

2,373

402

-344

2,841

2,409

-600

400

1,400

2,400

20-May 21-May 22-May 26-May 27-May

Rs C

rore

Date

DII

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Trend Scanner

May 28, 2020 ICICI Securities Ltd. | Retail Equity Research 11Source: Bloomberg, ICICI Direct Research

52 Weeks Low

Negative Trend Universe: NSE 500

Candlestick Pattern

Positive Trend Universe: NSE 500 52 Weeks High

Oversold Stocks

Heat Map

Overbought Stocks

Dr Reddy's Laboratories 3883.00 0.48 3844.00 38.23

Ultratech 3727.40 -1.55 3466.00 41.97

Infosys 705.45 3.66 677.00 39.17

Hero Motocorp 2175.65 2.93 2079.00 15.86

Scrip Name Close

Change

%

20-Day

SMA

Delivery

( %)

Scrip Name LTP

Bajaj Finserv 4250

Karnataka Bank 36.05

ABB 734

Scrip Name LTP Stochastic

Sun Tv 391 77.8Bullish Candlestick Formations Bearish Candlestick Formations

Scrip Name Pattern name LTP Scrip Name Pattern name LTP

Axis Bank Continuation 389.5 Cera Engulfing 2165.0

PVR Engulfing 873.8 VIP Inds Continuation 205.0

BSE Piercing line 393.0 Tata Consumer Engulfing 366.4

MCX Continuation 1286.0 Exide Inds Dark cloud cover 156.0

Scrip Name LTP Stochastic

GNFC 126.1 8.9

DCB 62.1 31.9

Cochin Shipyard 218.6 3.1

Scrip Name LTP

Aarti drugs 880.6

Bayer Crop science 5296

Coromandel International 698

PFC 76.90 2.40 85.00 46.83

Scrip Name Close

Change

%

20-day

SMA

Delivery

(%)

Axis Bank

387 ICICI

Bank

319

Wipro

201 Grasim

Ind

567 HDFC

Bank

904

13.4% 8.9% 6.6% 6.4% 6.0%

Indusind

Bank

369 Bajaj

Finance

1,936

UPL

388 Kotak

Bank

1,218

BPCL

329

6.0% 5.9% 5.7% 5.6% 5.2%

JSW

Steel

185

SBI

159

HDFC Ltd

1,570 Bharti

Infratel

217 Bajaj

Finserv

4,258

4.9% 4.8% 4.5% 4.1% 3.9%

Infosys

705 Adani

Ports

327

Hindalco

133

TCS

2,005

L&T

851

3.7% 3.5% 3.3% 3.2% 3.1%

Hero

Moto

2,176

Coal India

131

Tata Steel

288

NTPC

95

Britannia

3,220

2.9% 2.8% 2.7% 1.8% 1.8%

Tata

Motors

85 Reliance

Ind.

1,446

HCl Tech

531

ONGC

78

Eicher

14,967

1.7% 1.5% 1.3% 1.2% 1.1%

HUL

1,998

Cipla

633

M&M

433 Bharti

Airtel

563

TechM

524

1.0% 0.9% 0.8% 0.7% 0.6%

Bajaj

Auto

2,581

IOC

78

GAIL

89

Dr Reddy

3,883

Nestle

16,717

0.6% 0.5% 0.5% 0.5% 0.4%

ITC

192

Vedanta

88

Maruti

5,244 Power

Grid

157

Zee Ent.

164

0.2% 0.0% 0.0% -0.1% -0.5%

Asian

Paints

1,619 Shree

Cement

20,535

Titan

886

Ultratech

3,727 Sun

Pharma

451

-0.6% -0.6% -0.8% -1.5% -1.8%

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Intraday Supports and Resistance (Cash)


Scrip Name Trend Close S1 S2 S3 R1 R2 R3

NIFTY 50 Positive 9314.95 9102 8888 8772 9432 9548 9762

S&P BSE SENSEX INDEX Positive 31605.22 30867 30129 29732 32002 32399 33137

NIFTY BANK Positive 18710.55 17890 17068 16576 19204 19696 20518

NIFTY 50 FUTURES Positive 9311.1 9085 8860 8732 9438 9566 9791

NIFTY BANK FUTURES Positive 18663.05 17811 16958 16432 19189 19716 20568

ACC LTD Positive 1259.55 1238 1217 1192 1284 1309 1330

AMBUJA CEMENTS Negative 187.45 184 182 179 189 192 194

ADANI POWER LTD Positive 37 36 35 33 38 39 41

ADANI ENTERPRISE Neutral 141 138 137 135 142 143 145

ADANI PORTS AND Positive 326.65 318 308 302 333 339 349

ASHOK LEYLAND Negative 43.2 42 42 41 43 44 44

AMARA RAJA BATT Positive 611.2 602 593 587 617 623 633

APOLLO HOSPITALS Positive 1337.6 1317 1297 1275 1358 1380 1400

ASIAN PAINTS LTD Negative 1619.45 1597 1576 1556 1638 1658 1679

APOLLO TYRES LTD Positive 94.85 92 90 89 96 98 100

AUROBINDO PHARMA Negative 713.4 704 694 684 723 732 742

AXIS BANK LTD Positive 387 356 323 305 407 425 457

BAJAJ FINANCE LT Neutral 1936.45 1830 1725 1667 1993 2051 2156

BATA INDIA LTD Positive 1320.85 1275 1228 1201 1349 1376 1422

BHARTI AIRTEL Negative 563.1 556 549 545 568 573 580

BHARAT ELECTRON Positive 66.65 65 63 62 68 69 71

BHARAT HEAVY ELE Neutral 25.2 25 24 24 25 26 26

BHARAT FORGE CO Positive 288.35 282 277 268 297 307 312

BALKRISHNA INDS Positive 1076 1050 1023 1008 1092 1107 1135

BIOCON LTD Neutral 350.85 345 338 329 361 370 377

BAJAJ AUTO LTD Positive 2580.55 2545 2510 2480 2610 2640 2674

BAJAJ FINSERV LT Negative 4258.05 4069 3881 3777 4361 4465 4652

BANK OF BARODA Positive 38.5 37 36 35 39 40 41

BANK OF INDIA Positive 32 32 31 31 33 33 34

BOSCH LTD Neutral 9431.3 9289 9146 9041 9537 9642 9785

BHARAT PETROL Positive 329.45 319 306 300 337 344 356

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BERGER PAINTS Negative 455.1 444 434 427 461 468 479

BRITANNIA INDS Neutral 3220.3 3161 3102 3063 3259 3298 3357

CANARA BANK Positive 83.65 80 77 74 85 87 91

CONTAINER CORP Negative 350.15 341 332 324 357 364 373

CADILA HEALTHCAR Negative 337.6 333 329 326 341 345 349

CENTURY TEXTILE Positive 282.15 279 275 272 285 287 292

CESC LTD Positive 561.6 554 548 540 569 578 584

CHOLAMANDALAM IN Neutral 135.3 124 112 103 144 152 164

CIPLA LTD Neutral 633.05 626 620 614 638 644 650

COLGATE PALMOLIV Negative 1278.55 1264 1248 1238 1289 1298 1314

COAL INDIA LTD Positive 130.8 127 124 121 132 134 137

DABUR INDIA LTD Negative 428.95 423 418 412 434 440 445

DIVI LABS LTD Negative 2290.4 2260 2230 2200 2320 2350 2380

DLF LTD Positive 137.65 136 134 132 139 140 143

DR REDDY'S LABS Negative 3883 3832 3780 3746 3918 3952 4004

EICHER MOTORS Positive 14966.95 14608 14249 13993 15223 15479 15838

EQUITAS HOLDINGS Negative 41.8 42 41 40 43 43 45

ESCORTS LTD Negative 873.5 856 840 828 884 896 913

EXIDE INDUS LTD Positive 156 153 151 147 160 163 166

FED BANK LTD Positive 40.95 38 36 35 42 44 46

GAIL INDIA LTD Positive 88.6 87 86 85 89 90 92

GODREJ CONSUMER Negative 574 567 561 554 580 587 593

GMR INFRASTRUCTU Positive 17.25 16 16 16 17 18 18

GLENMARK PHARMA Negative 349 345 340 336 354 358 363

GRASIM INDS LTD Positive 566.65 540 514 500 581 596 622

HAVELLS INDIA Positive 470.65 456 442 430 482 494 507

HCL TECH LTD Negative 530.95 520 509 502 538 545 556

HOUSING DEV FIN Positive 1570.4 1514 1458 1426 1602 1634 1690

HDFC BANK LTD Positive 903.65 870 837 818 923 943 976

HERO MOTOCORP LT Positive 2175.65 2131 2087 2059 2203 2231 2275

HINDALCO INDS Positive 133.3 131 128 126 136 138 141

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HINDUSTAN PETRO Positive 185.75 182 176 174 189 192 197

HINDUSTAN UNILEV Negative 1998.1 1971 1944 1927 2015 2032 2059

VODAFONE IDEA LT Neutral 5.65 6 6 6 6 6 7

IDFC FIRST BANK Positive 20.4 19 19 18 20 21 22

INDRAPRASTHA GAS Positive 456.4 446 437 421 471 487 497

INDIABULLS HOUSI Positive 121.8 116 112 108 124 128 133

INDUSIND BANK Positive 368.95 353 336 325 380 392 408

INTERGLOBE AVIAT Negative 953.9 931 907 894 968 981 1004

INFOSYS LTD Neutral 705.45 685 663 651 719 731 753

INDIAN OIL CORP Neutral 77.55 76 75 74 78 79 80

ICICI PRUDENTIAL Positive 353.9 345 337 331 358 363 371

ITC LTD Negative 192.15 188 184 181 195 198 202

JINDAL STEEL & P Positive 115.05 110 103 100 120 123 129

JSW STEEL LTD Positive 184.8 177 168 162 192 198 207

JSW ENERGY LTD Neutral 40.9 39 38 36 41 42 44

JUBILANT FOODWOR Neutral 1689.3 1660 1630 1610 1710 1730 1760

JUST DIAL LTD Negative 356.2 352 347 344 361 364 369

CUMMINS INDIA Positive 345.05 341 335 332 350 353 358

KOTAK MAHINDRA Positive 1217.55 1171 1125 1089 1253 1289 1335

LIC HOUSING FIN Positive 248.3 239 228 222 256 262 272

LUPIN LTD Negative 894.55 886 876 864 908 920 930

LARSEN & TOUBRO Positive 850.85 833 815 803 863 875 893

L&T FINANCE HOLD Neutral 53.85 52 50 48 55 56 59

MAHANAGAR GAS LT Positive 917.7 905 893 870 939 961 973

MAX FINANCIAL SE Neutral 443.7 421 399 386 457 471 493

MANAPPURAM FINAN Neutral 119.75 115 109 105 124 127 133

MAHINDRA & MAHIN Negative 432.5 419 407 399 439 447 459

M&M FIN SERVICES Positive 138.5 134 128 125 143 146 152

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MARICO LTD Neutral 323.25 319 316 313 326 328 332

MRF LTD Positive 58078.8 57652 57226 56952 58352 58626 59052

MARUTI SUZUKI IN Neutral 5244.4 5157 5068 5001 5313 5380 5468

MOTHERSON SUMI Positive 86.6 85 83 82 89 90 92

MINDTREE LTD Negative 891.45 872 854 841 903 916 935

MUTHOOT FINANCE Neutral 844.15 804 764 742 866 888 928

NATIONAL ALUMIN Positive 29.05 29 28 27 30 31 32

NBCC INDIA LTD Neutral 17.15 17 17 16 17 17 17

NESTLE INDIA LTD Positive 16716.5 16530 16342 16197 16863 17008 17196

NIIT TECH LTD Neutral 1493.85 1470 1446 1425 1516 1538 1562

NCC LTD Neutral 21.35 20 20 20 21 22 22

NMDC LTD Neutral 75.05 75 73 73 77 77 79

NTPC LTD Positive 94.7 93 90 89 97 98 101

OIL INDIA LTD Negative 82.75 82 80 80 85 86 87

OIL & NATURAL GA Neutral 77.95 76 75 74 78 79 80

PAGE INDUSTRIES Neutral 18587.15 18408 18229 18045 18771 18955 19135

PIDILITE INDS Negative 1402.8 1390 1376 1357 1423 1442 1456

PIRAMAL ENTERPRI Positive 957.5 925 891 872 978 997 1030

PETRONET LNG LTD Positive 234.25 231 227 224 238 241 245

PUNJAB NATL BANK Positive 27.5 26 26 25 27 28 29

POWER FINANCE Neutral 76.9 75 73 72 78 79 81

PVR LTD Neutral 861.25 828 796 773 883 906 939

POWER GRID CORP Neutral 157.15 156 155 154 158 159 160

RBL BANK LTD Positive 118.15 113 107 104 122 125 131

REC LTD Positive 86.25 85 84 83 88 88 90

RELIANCE INDS Neutral 1445.55 1420 1395 1378 1462 1479 1504

STEEL AUTHORITY Positive 29.65 28 28 27 29 30 30

STATE BANK IND Positive 158.6 153 147 143 163 167 173

SHRIRAM TRANSPRT Positive 555 540 523 510 569 583 599

SIEMENS LTD Negative 1018.8 1011 1002 994 1028 1036 1044

SHREE CEMENT Positive 20477.55 20218 19959 19618 20818 21159 21418

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SRF LTD Neutral 3426.2 3398 3370 3339 3457 3488 3516

SUN PHARMA INDU Negative 450.9 441 432 420 463 475 484

SUN TV NETWORK Positive 393.75 389 383 374 403 411 418

TATA STEEL LTD Positive 287.95 282 275 270 293 297 304

TATA CONSULTANCY Neutral 2005.3 1962 1917 1893 2031 2055 2100

TECH MAHINDRA LT Negative 523.75 516 507 502 530 535 544

TATA CONSUMER PRODUCT Neutral 368.55 362 356 349 376 383 389

TORRENT POWER LT Neutral 305.85 303 300 295 311 316 319

TATA POWER CO Positive 35.75 36 35 34 37 37 38

RAMCO CEMENT/THE Positive 609.05 602 595 585 618 629 635

TORRENT PHARMA Negative 2402.55 2312 2221 2070 2554 2705 2795

TITAN CO LTD Neutral 885.85 873 860 851 896 904 918

TATA CHEMICALS Positive 310 302 295 290 315 319 327

TATA MOTORS LTD Positive 84.55 84 83 82 86 87 88

TVS MOTOR CO LTD Neutral 323.05 313 302 296 330 336 347

UNITED BREWERIES Neutral 931.4 919 908 899 940 950 961

UJJIVAN FINANCIA Positive 156.45 152 146 143 161 164 169

UNITED SPIRITS Negative 578.2 570 563 554 587 596 603

UPL LTD Positive 387.8 374 359 351 397 405 420

ULTRATECH CEMENT Neutral 3727.4 3676 3625 3559 3793 3859 3910

VEDANTA LTD Negative 87.9 87 85 84 90 91 92

VOLTAS LTD Positive 464.55 454 442 436 472 478 490

WIPRO LTD Positive 201.25 191 180 173 208 216 226

YES BANK LTD Neutral 27.6 28 27 28 29 29 29

ZEE ENTERTAINMEN Neutral 164.45 162 159 157 166 169 171

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Forthcoming Economic Event Calendar


Date Event Date Event

US China

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

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

29-May Wholesale Inventories MoM

29-May MNI Chicago PMI

UK

India 27-May Retail Price Index

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

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

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Momentum Picks: Strategy Follow up


Duration: Intraday

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

27-May-20 Nifty Nifty Buy 8985-9015 9048.0 / 9095.00 8952.00 95 points Target 2 achieved

27-May-20 SBI Life Insurance SBILIF Buy 753.00-756.00 760.80/767.50 747.90 - No trade

27-May-20 Mahanagar Gas MAHGAS Buy 927.00-930.00 936.90/945.50 919.70 - No trade

Duration: Cash Positional

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

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

13-May-20 Balmer Lawrie BALLAW Buy 98.00 115.00 92.00 -3.00 Exit at 95.35

27-May-20 Dhanuka Agritech DHAAGR Buy 524.00 573.00 491.00 9.00 Target achieved

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Gladiator Stocks: Open Recommendations


Back to Top

Date Scrip Name Strategy Recommendations Price Target Stoploss Time Frame

22-May-20 Hero Motocorp Buy 2090-2160 2470.00 1930.00 6 Months

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

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

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

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

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

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

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

All the recomedations are in Cash segment

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Price history of last three years

Source: Spider Software, ICICI Direct Research

Bandhan Bank

MindTree Radico Khaitan

Granules

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Product Guidelines......


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

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

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

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

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

recommendation maintain stop loss on daily closing basis

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

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

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

1st

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

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

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

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

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

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

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

Trading portfolio allocation

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

products

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

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

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

amount to each recommendation

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May 28, 2020 ICICI Securities Ltd. | Retail Equity Research 22Source: ICICI Direct Research

Recommended product wise trading portfolio allocation

Duration

Momentum Picks-

Intraday

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

Momentum Picks-

Positional

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

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

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

Cash 5%

-

100%

Number of Calls Return Objective

Product Product wise

allocation

Allocations

Max allocation

In 1 Stock

Opportunity Based

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

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

to the placement of the pattern within larger trend

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

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

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

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

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

prices

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

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

support for prices

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

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

the Hammer in following session

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

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

reversed

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

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

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

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

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

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

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

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

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

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

Candlesticks Glossary


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Pankaj Pandey Head – Research [email protected]

ICICI Direct Research Desk,

ICICI Securities Limited,

1st Floor, Akruti Trade Centre,

Road No 7, MIDC,

Andheri (East)

Mumbai – 400 093

[email protected]


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

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

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

of the companies mentioned in the report.

Terms & conditions and other disclosures:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,

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

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


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