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Research Analysts

Nitin Kunte, CMT

[email protected]

Vinayak Parmar

[email protected]

Dharmesh Shah

[email protected]

Pabitro Mukherjee

[email protected]

Ninad Tamhanekar, CMT

[email protected]

Momentum Picks

June 12, 2020For Instant stock ideas:

SUBSCRIBE to mobile notification on

ICICIdirect Mobile app…

Open Recommendations

Gladiator Stocks

Click here to know more…

Scrip Action

Lupin Buy

Bata India Buy

Pidilite Ind Buy

Duration: 6 Months

New recommendations

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

12-Jun-20 Nifty Nifty Sell 9688-9718 9651.00/ 9601.00 9756.00 Intraday

12-Jun-20 Axis Bank AXIBAN Sell 409.8-411.8 407/402.80 414.80 Intraday

12-Jun-20 Ultratech Cement ULTCEM Sell 3688.00-3698.00 3662.70/3631.80 3723.60 Intraday

Open recommendations

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

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

9-Jun-20 Aurobindo Pharma AURPHA Buy 765.00-778.00 850.00 730.00 14 Days

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

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

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Nifty Technical Picture

Positive: IT, Pharma

Neutral: Banks, Metals, Auto, Infra

2

Sectors in focus (Intraday):

Mom

entum

Pic

ks

ICICI Securities Ltd. | Retail Equity Research

Technical Outlook

Source: Bloomberg, Spider, ICICI Direct Research

NSE Nifty Daily Candlestick Chart

NSE (Nifty): 9902

NSE Nifty Daily Candlestick Chart

Key support breakdown

Daily RSI logged bearish crossover, indicating corrective bias

7511

8055

10328

8997

12430

100 Days

SMA

Day that was…

On expected lines, index accelerated downward momentum on the

breach of psychological mark of 10000, resulting index to form a

sizable bear candle carrying lower high-low as the intraday pullbacks

were short lived and relentless selling pressure continued throughout

the dayTechnical Outlook

- The short-lived intraday pullback and relentless selling pressure led

index to form a sizable bear candle carrying lower high-low,

indicating acceleration of downward momentum on the breach of

psychological mark of 10000, on expected lines

- We reiterate our stance of extended correction as lack of fresh

trigger on the global as well as domestic front coincided with

overbought condition of weekly stochastic oscillator (placed at 81)

owing to past three weeks sharp rally of ~15%, indicating medium

term weakness. As market declines accelerate with today’s gap

down opening, our target of 9700 would be achieved. Further

breach of 9700 today would complete faster retracement of last

week’s rally as the index would retrace past six session’s gains

(9707-10328) in just four sessions. Meanwhile, IT and pharma

stocks would relatively outperform

- We believe, a decisive breach below 9700 would open further

downsides towards 9400 levels over next few weeks, while any

intermediate rallies are likely to be short lived. We believe, 9400

would act as key support as it is 61.8% retracement of last leg of

up move (8805-10328), at 9388

- Key point to highlight during past three weeks up move is that,

broader market consisting of Nifty midcap and small cap have

rallied 14% and 18% respectively that hauled weekly stochastic

oscillator in overbought territory (currently placed at 87 and 84),

indicating impending profit booking in the broader market

- In the coming session, Nifty futures is likely to witness gap down

opening tracking weak global cues. We expect index to trade with

a corrective bias as intraday pullbacks have been short lived over

past four sessions. Hence, intraday pullback towards 9688 – 9718

should be used to create short position for target of 9601

Structurally, over past three months index have already rallied 38%,

helping index to retrace more than 50% of entire CY-20 decline (12430-

7511), at 9970, leading weekly stochastic oscillator to approach

overbought territory (placed at 81). This makes us believe, upside

would be limited from hereon, and expect retracement of recent rally

in coming weeks

Open High Low Close

10094.10 10112.05 9885.05 9902.20

Indices Close 1 Day Chg 1 Day % Chg

SENSEX Index 33538.37 -708.68 -2.07

NIFTY Index 9902.00 -214.15 -2.12

Nifty Futures 9896.00 -222.00 -2.20

BSE500 Index 12910.01 -251.33 -1.91

Midcap Index 12480.58 -178.76 -1.41

Small cap Index 11830.42 -124.62 -1.04

SGX Nifty 9622.00 -274.00 -2.77

* SGX Nifty at 7:30 am

Domestic Indices

Intraday Short term

Trend

Support 9580-9500 9200

Resistance 9800-9900 10100

20 day EMA 9685

200 day EMA 10567

Action

Price Range

Target

Stoploss

Nify Future Intraday Recommendation

9756.00

Sell

9651.00/ 9601.00

9688-9718

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Bank Nifty: 20525

June 12, 2020 ICICI Securities Ltd. | Retail Equity Research 3

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


The Bank Nifty gave up its entire previous session gain and closed

the weekly derivative expiry session sharply lower by more than

2.5% on the back of weak global cues. The decline was broad

based as 11 out of the 12 index constituents closed in the red. The

bank nifty closed the session 20525 down by 575 points or 2.7%

Technical Outlook

• The daily price action formed a sizable bear candle which

completely engulfed previous session price action signaling

continuation of the corrective bias on expected lines

• Going ahead, as the index is opening gap down we expect

index to extend the decline towards 19000. On the higher side

upside is capped at current week high 21807 which also

confluence with the high of April (21967) and the 38.2%

retracement of the entire Feb-Mar decline (31649-16116) placed

around 22000 levels

• The index has immediate support in the range of 19000-19500

as it is the confluence of the following technical observations:

• 50% retracement of recent rally 17105-21619) placed

at 19360 levels

• The positive gap area of June 1, 2020 is placed at

(19297-19633)

• The last week low is also placed at 19630 levels

• In the coming session, Bank Nifty is opening with a negative gap

on the back of weak global cues. The bias remain down as it is

forming lower high-low. Hence, after a negative opening use

intraday pullback towards 19960-20030 for creating short

position for target of 19720 with a stoploss of 20130

• Structurally the index has rallied 20% in just two weeks which

has resulted in weekly stochastic testing the April high level of

68. So we expect retracement of the recent up move in the

coming weeks

• Among the oscillators the daily 14 periods RSI had generated a

bearish crossover below its nine periods average this signaling

continuation of the corrective bias in the coming session

16116

Major support

breakdown

21967

31649

17105

Daily RSI in recorded bearish crossover, signaling corrective bias

21807

Open High Low Close

21084.70 21244.45 20458.30 20525.15

Indices Close Change Change%

Nifty Bank 20525.15 -575.00 -2.72

Intraday Short term

Trend

Support 19670-19300 19000

Resistance 20200-20450 21000

20 day EMA 19917

200 day EMA 25372

Nifty Bank Technical Picture

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Stock Picks


Ultratech Cement (ULTCEM) – Daily candlestick Chart

Axis Bank (AXIBAN) – Daily candlestick Chart


Duration: Intraday

Technical Observations


Daily MACD logged a bearish crossover, indicating corrective bias

Price recorded breakdown from rising trend line after facing stiff resistance at 50 days EMA coinciding with

61.8% retracement of last leg of decline (483 – 333), at 425, indicating near term weakness

Daily Stochastic recorded bearish crossover, indicating corrective bias

Double top at the 200 days EMA signalling

corrective bias in the coming sessions

200 days EMA

50 days

EMA

CMP 412.95

Action Sell

Initiation Range 409.8-411.8

Target 407/402.80

Stop Loss 414.80

Rationale

Price recorded breakdown from

rising trend line after facing stiff

resistance at 50 days EMA,

indicating near term weakness

CMP 3711.75

Action Sell

Initiation

Range

3688.00-3698.00

Target 3662.70/3631.80

Stop Loss 3723.60

Rationale

Double top at the 200 days EMA

signalling corrective bias and

MACD is giving sell signal

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5

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

June 12, 2020 ICICI Securities Ltd. | Retail Equity Research

Source: Bloomberg, Spider Software, ICICI Direct Research


Stock Picks

Target: 430.00 Stop Loss: 364.00

Duration: 14 days

• The stock has registered a

resolute breakout from the

downward sloping channel

formation containing the last two

months price activity. In the

process it has also closed above

the 200 days EMA placed at | 380

levels signalling reversal of the

corrective consolidation and

offers fresh entry opportunity

• The breakout from the falling

channel is supported by strong

volume of more than 15 times the

50 days average volume of 2.5

lakhs share per day highlighting

larger participation in the direction

of trend

• It has already taken 37 sessions to

retrace 80% of the previous 05

sessions up move (| 301-440). A

slower retracement signals

inherent strength and a higher

base formation

• We believe, the stock has

immediate support at | 364 as it is

the confluence of the upper band

of the recent channel breakout

area and 61.8% retracement of

the last two days up move (| 340-

404)

• We expect the stock to accelerate

upward momentum and head

towards | 430 levels being the

61.8% retracement of the Fed-Mar

decline (| 555-253)

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

The daily stochastic has generated a buy signal

A resolute breakout from downward sloping channel

formation on the back of rising volumes, signals

strength and offers fresh entry opportunity

320

Daily Bar Chart

A slower retracement

highlights healthy

consolidation and a

higher base formation

Target @

430440

301

253

200 days EMA

555

275

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

Support

@ 364

340

404

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6

Buy Aurobindo Pharma (AURPHA) in the range of 765.00-778.00




Stock Picks


Duration: 14 days

• The stock is in strong up trend

forming higher peak and higher

trough in all time frame. The

entire up move since March low

of | 289 is well channelled

signalling sustained demand at

elevated levels. It has recently

rebounded taking support at the

lower band of the channel thus

offering fresh entry opportunity

• Structurally, it has registered a

major breakout during mid April

as it resolved above the highs of

Sep’19 (| 639) and Feb’20 (| 617)

as can be seen in the adjacent

chart

• It has immediate support placed at

| 730 levels being the confluence

of the current week low (| 729)

and the 38.2% retracement of

recent up move (| 655 – 791)

placed around | 730 levels

• Among oscillators, the daily

MACD is seen consolidating near

its nine periods average thus

supports the overall positive bias

• We expect the stock to maintain

its up trend and head towards |

850 levels as it is the price parity

with the previous up move (| 655-

791) as projected from the current

week low of | 729 signals upside

towards | 850 levelsRecommendation initiated on i-click to gain at 11:02 on June 09, 2020

Strong volume at the breakout area

The stock in strong up trend trading in a rising channel signaling sustained demand at

elevated levels. It has recently rebounded taking support at the lower band of the

channel thus offering fresh entry opportunity

Daily Bar Chart

617

Target @ 850

support @

730

684

289

639Major breakout area

655

791

The daily MACD is seen consolidating near its nine periods average thus

supports the overall positive bias

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7

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




Stock Picks


Duration: 14 days

• The share price logged a resolute

breakout from the downward

sloping trend line drawn adjoining

highs of Oct’19 (| 328) and Apr’20

(|229) and has also closed above

the 50 days EMA (| 196) indicating

conclusion of secondary

corrective phase and resumption

of primary up trend. Thereby

offering fresh entry opportunity to

ride next leg of up move

• Structurally, we believe the stock

has undergone a strong base

formation near | 160 as over past

seven months on two occasions

stock has bounced from key

support threshold of | 160. The

strong rebound from key support

area indicates elevated buying

demand

• On the downside, we believe

support is placed at | 198 being

23.6% retracement of ongoing up

move (| 170 – 205), which also

confluence with 50 days EMA is

placed at | 198

• Among oscillators, the daily 14

periods RSI is seen sustaining

above its nine periods average

indicating strength

• We expect the stock to accelerate

upward momentum and head

towards | 244 levels in coming

sessions as it is the 50%

retracement of last major decline

seen during October’2019 – March

2020 (| 320 – 164), at | 246

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

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

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

50 Days

EMA

170

Target @

244

support

@ 198

228

164

328

150

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Market Activity Report


Global Equity Market PerformanceGlobal Currency, Commodities and Bond

Advance Decline

Source: Bloomberg, Investing, ICICI Direct Research

0

500

1000

1500

2000

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

Advances Declines

Close1 Day %

Change

Currency

USD INR 76.21 0.3

Dollar Index 96.89 0.1

EURO USD 1.12 -0.1

GBP USD 1.25 -0.4

JPY 106.73 -0.1

Swiss Franc 0.94 0.1

Commodities ($)

Gold 1,731.00 -0.5

Brent 37.70 -1.6

Copper 5,764.00 -2.4

Silver 17.58 -1.7

Yield (bps change)

India 105.78 0.00

US 0.67 3.20

EURO -0.42 -2.29

Japan 0.00 -0.01

-4.7

-4.0

-4.5

-1.0

-1.7

-1.2

-2.1

-6.9

-2.1

-7.8 -5.8 -3.8 -1.8 0.2

France

UK

Germany

China

Japan

Hong Kong

India

US

Brazil

% Change

1 Day Change

1 Day Change

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Market Activity Report


Sectoral Indices Performance Fund Flow activity of the last 5 sessions

Source: Bloomberg, ICICI Direct Research

India - Sectoral Close 1 Day % Change

Sensex 33,538.4 -2.1

Nifty 9,902.0 -2.1

BSE Auto 14,430.5 -2.0

Bankex 23,431.2 -2.8

Capital Goods 12,626.3 -1.8

Consumer

Durables20,231.3 -1.9

FMCG 10,894.0 -1.3

Healthcare 16,043.1 -1.8

IT 14,588.8 -1.6

Metal 7,066.3 -2.9

Oil & Gas 12,401.6 -1.5

Power 1,554.1 -0.7

Realty 1,566.1 -2.0

BSE 500 12,910.0 -1.9

BSE Midcap Index 12,480.6 -1.4

BSE Small Cap 11,830.4 -1.0

98

813

491

-919

-805

-1,000

-800

-600

-400

-200

0

200

400

600

800

1,000

5-Jun 8-Jun 9-Jun 10-Jun 11-Jun

Rs C

rore

Date

FII

47

-1,238

-733

501

-874

-1,500

-500

500

5-Jun 8-Jun 9-Jun 10-Jun 11-Jun

Rs C

rore

Date

DII

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Trend Scanner

June 12, 2020 ICICI Securities Ltd. | Retail Equity Research 10Source: Bloomberg, ICICI Direct Research

52 Weeks Low

Negative Trend Universe: NSE 500

Candlestick Pattern

Positive Trend Universe: NSE 500 52 Weeks High

Oversold Stocks

Overbought Stocks

Scrip Name LTP

NA

Heat Map

Bullish Candlestick Formations Bearish Candlestick Formations

Scrip Name Pattern name LTP Scrip Name Pattern name LTP

Cummins India Engulfing 396.1 Adani ports Engulfing 338.6

PowerGrid Engulfing 171.0 Federal bank Engulfing 48.0

TCI Express Piercing line 656.0 Oberoi Realty Dark cloud cover 375.0

Granules India Continuation 200.0 Castrol India Engulfing 124.1

L&T Infotech 1870.40 -0.91 1796.00 72.06

Lupin 918.30 -1.08 884.00 15.7

Cadila Healthcare 369.50 0.08 347.00 16.28

Mindtree 918.70 1.06 897.00 27.22

Scrip Name Close

Change

%

20-Day

SMA

Delivery

( %)

Century Textile 293.40 -6.74 288.00 17.9

TVS Motors 332.20 -3.39 335.00 23.91

Scrip Name Close

Change

%

20-day

SMA

Delivery

(%)

Scrip Name LTP

Aurobindo pharma 783

Cadila healthcare 370

IOL Chemicals 413

Scrip Name LTP Stochastic

Zyduswellness 1234 12

Escorts 918.4 20

Sun Tv 384.15 22

Scrip Name LTP Stochastic

IndusInd bank 523.15 83

Prestige 190.6 88

Persistent 590.1 80

Indusind

Bank

523

Nestle

16,608 Hero

Moto

2,310 Power

Grid

171

M&M

475

4.7% 0.8% 0.8% 0.6% 0.5%

Bajaj Auto

2,719

NTPC

98

HCl Tech

578

Britannia

3,370

HUL

2,107

0.0% -0.1% -0.1% -0.2% -0.6%

HDFC Ltd

1,787 Shree

Cement

21,251

Cipla

635 Bajaj

Finserv

5,158

Dr Reddy

4,058

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

ONGC

87 Asian

Paints

1,611

Infosys

704

L&T

930

Hindalco

144

-1.5% -1.5% -1.7% -1.7% -1.7%

UPL

417

IOC

88

Wipro

213

TCS

2,068

Coal India

138

-1.8% -1.8% -1.9% -1.9% -2.1%

Reliance

Ind.

1,538 Adani

Ports

339

Ultratech

3,705 HDFC

Bank

969

BPCL

370

-2.2% -2.3% -2.3% -2.3% -2.3%

ITC

194 Kotak

Bank

1,299

GAIL

96

Titan

951 Bharti

Airtel

552

-2.4% -2.5% -2.6% -2.7% -2.7%

TechM

572 Axis

Bank

413 JSW

Steel

185 ICICI

Bank

341

Tata Steel

313

-3.2% -3.3% -3.3% -3.3% -3.3%

Eicher

16,443 Grasim

Ind

591 Bajaj

Finance

2,339

Maruti

5,426 Tata

Motors

106

-3.8% -3.9% -4.0% -4.4% -4.7%

Vedanta

101 Sun

Pharma

474

SBI

177

Zee Ent.

176 Bharti

Infratel

211

-4.8% -5.1% -5.6% -7.3% -9.4%

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Intraday Supports and Resistance (Cash)


Scrip Name Trend Close S1 S2 S3 R1 R2 R3

NIFTY 50 Negative 9902 9820 9739 9593 10047 10193 10274

S&P BSE SENSEX INDEX Negative 33538.37 33273 33007 32534 34012 34485 34751

NIFTY BANK Negative 20525.15 20242 19957 19455 21028 21529 21814

NIFTY 50 FUTURES Negative 9896 9815 9734 9592 10038 10180 10260

NIFTY BANK FUTURES Negative 20522.4 20230 19938 19434 21027 21532 21824

ACC LTD Negative 1244.55 1229 1214 1187 1271 1298 1313

AMBUJA CEMENTS Neutral 189.5 188 186 183 193 196 198

ADANI POWER LTD Negative 37.85 37 37 36 38 39 40

ADANI ENTERPRISE Positive 151.8 147 141 131 162 171 177

ADANI PORTS AND Negative 338.65 334 330 323 345 352 356

ASHOK LEYLAND Negative 51.1 50 49 48 51 53 53

AMARA RAJA BATT Negative 640.9 632 622 605 659 676 686

APOLLO HOSPITALS Positive 1347.55 1327 1307 1275 1379 1411 1431

ASIAN PAINTS LTD Negative 1610.6 1596 1582 1557 1635 1660 1674

APOLLO TYRES LTD Positive 105 103 101 98 108 111 113

AUROBINDO PHARMA Positive 785.85 773 759 742 803 819 833

AXIS BANK LTD Neutral 413.45 402 392 376 429 446 456

BAJAJ FINANCE LT Negative 2338.9 2287 2234 2148 2426 2512 2565

BATA INDIA LTD Negative 1340 1315 1291 1247 1384 1427 1452

BHARTI AIRTEL Negative 551.85 540 530 513 567 584 594

BHARAT ELECTRON Neutral 70.65 69 68 65 74 76 78

BHARAT HEAVY ELE Negative 30 30 28 27 32 34 35

BHARAT FORGE CO Negative 353.35 346 341 332 361 369 375

BALKRISHNA INDS Positive 1134.6 1122 1109 1089 1155 1175 1188

BIOCON LTD Positive 386.95 382 379 373 392 397 401

BAJAJ AUTO LTD Neutral 2718.55 2696 2672 2641 2751 2782 2805

BAJAJ FINSERV LT Negative 5158 5097 5036 4942 5252 5346 5407

BANK OF BARODA Neutral 45.15 44 43 41 47 49 50

BANK OF INDIA Positive 40.95 41 40 39 43 44 46

BOSCH LTD Negative 10783 10617 10450 10250 10984 11184 11351

BHARAT PETROL Neutral 370.05 364 357 345 382 394 401

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BERGER PAINTS Neutral 489.2 484 477 468 500 509 516

BRITANNIA INDS Negative 3370.35 3333 3295 3259 3406 3441 3479

CANARA BANK Positive 101 99 95 90 108 113 116

CONTAINER CORP Negative 389.9 382 374 360 404 418 426

CADILA HEALTHCAR Positive 369.5 364 359 352 376 383 388

CENTURY TEXTILE Negative 293.4 285 278 265 305 318 325

CESC LTD Negative 618.75 612 606 596 628 638 644

CHOLAMANDALAM IN Neutral 150.95 145 140 130 160 170 175

CIPLA LTD Negative 635 629 624 615 643 652 657

COLGATE PALMOLIV Negative 1339.2 1326 1313 1291 1361 1383 1396

COAL INDIA LTD Negative 137.7 135 134 130 141 144 146

DABUR INDIA LTD Negative 450.1 443 437 426 460 471 477

DIVI LABS LTD Negative 2356.3 2331 2304 2260 2401 2444 2471

DLF LTD Neutral 150.75 147 143 136 158 165 170

DR REDDY'S LABS Negative 4057.6 4020 3983 3929 4111 4165 4202

EICHER MOTORS Negative 16442.8 16070 15697 15107 17033 17623 17997

EQUITAS HOLDINGS Positive 48.2 46 44 39 52 56 59

ESCORTS LTD Neutral 918.35 902 887 860 945 973 988

EXIDE INDUS LTD Neutral 151.25 147 143 135 158 166 170

FED BANK LTD Neutral 48 47 46 44 50 52 53

GAIL INDIA LTD Neutral 95.55 92 89 82 101 108 111

GODREJ CONSUMER Negative 613.6 602 589 567 636 657 670

GMR INFRASTRUCTU Negative 20.75 20 20 19 22 22 23

GLENMARK PHARMA Negative 384.45 375 366 350 400 416 426

GRASIM INDS LTD Neutral 590.6 574 557 531 617 643 661

HAVELLS INDIA Positive 545.2 537 531 519 556 567 574

HCL TECH LTD Neutral 578.05 573 568 562 584 590 595

HOUSING DEV FIN Neutral 1787.45 1770 1753 1725 1815 1843 1859

HDFC BANK LTD Negative 968.6 960 951 936 983 997 1006

HERO MOTOCORP LT Neutral 2309.95 2291 2273 2246 2336 2363 2381

HINDALCO INDS Neutral 144.4 143 140 138 148 150 153

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HINDUSTAN PETRO Neutral 205.25 198 189 178 217 227 236

HINDUSTAN UNILEV Neutral 2106.9 2090 2071 2047 2132 2157 2175

VODAFONE IDEA LT Positive 9.25 9 8 6 11 12 13

IDFC FIRST BANK Neutral 24.9 23 23 21 26 28 28

INDRAPRASTHA GAS Positive 475 467 458 451 483 490 499

INDIABULLS HOUSI Positive 153.2 149 144 136 162 170 175

INDUSIND BANK Positive 523.15 504 483 460 547 569 590

INTERGLOBE AVIAT Negative 1005.65 972 939 893 1051 1097 1130

INFOSYS LTD Negative 703.95 699 693 685 712 719 725

INDIAN OIL CORP Neutral 88.35 87 85 81 92 95 98

ICICI PRUDENTIAL Positive 395.35 392 387 379 404 412 417

ITC LTD Negative 194.25 191 188 183 198 204 206

JINDAL STEEL & P Neutral 141 138 134 130 147 152 155

JSW STEEL LTD Negative 184.65 181 179 174 188 193 196

JSW ENERGY LTD Neutral 47.1 45 45 43 47 49 49

JUBILANT FOODWOR Neutral 1681.45 1662 1642 1614 1710 1738 1758

JUST DIAL LTD Negative 392.3 383 373 363 403 413 424

CUMMINS INDIA Positive 396.1 389 382 375 402 408 415

KOTAK MAHINDRA Negative 1298.7 1280 1262 1234 1325 1352 1370

LIC HOUSING FIN Positive 271.65 265 256 249 280 288 296

LUPIN LTD Negative 918.3 910 901 890 930 941 950

LARSEN & TOUBRO Negative 930.45 922 913 898 946 961 970

L&T FINANCE HOLD Positive 61.55 61 59 56 65 67 69

MAHANAGAR GAS LT Positive 1036.3 1003 971 948 1059 1082 1114

MAX FINANCIAL SE Positive 476.05 464 453 438 490 505 516

MANAPPURAM FINAN Positive 145.25 143 139 135 150 153 157

MAHINDRA & MAHIN Neutral 474.55 470 465 460 481 486 491

M&M FIN SERVICES Positive 156.9 152 147 141 163 169 173

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MARICO LTD Neutral 330.65 327 323 317 336 343 346

MRF LTD Negative 63300 62634 61967 61234 64034 64767 65434

MARUTI SUZUKI IN Negative 5426.15 5321 5216 5032 5610 5794 5898

MOTHERSON SUMI Negative 93.55 92 91 88 95 97 98

MINDTREE LTD Positive 918.7 901 883 871 931 943 961

MUTHOOT FINANCE Positive 959.75 944 929 902 986 1013 1028

NATIONAL ALUMIN Negative 31.2 31 30 29 33 34 35

NBCC INDIA LTD Neutral 23.25 23 22 21 25 26 27

NESTLE INDIA LTD Positive 16608.25 16480 16351 16166 16794 16979 17109

NIIT TECH LTD Negative 1366.3 1339 1313 1274 1405 1445 1471

NCC LTD Neutral 29.45 29 28 27 31 32 32

NMDC LTD Negative 87.2 87 84 82 91 94 96

NTPC LTD Negative 98.05 96 95 93 99 101 102

OIL INDIA LTD Positive 93.95 91 89 86 97 101 103

OIL & NATURAL GA Negative 86.9 86 85 83 90 91 93

PAGE INDUSTRIES Negative 18759.25 18369 17978 17425 19313 19866 20258

PIDILITE INDS Negative 1417.3 1401 1383 1354 1447 1476 1494

PIRAMAL ENTERPRI Positive 1026.05 1004 983 946 1062 1099 1120

PETRONET LNG LTD Neutral 255.15 250 245 239 260 265 270

PUNJAB NATL BANK Positive 32.8 33 31 30 35 37 38

POWER FINANCE Positive 82.85 81 79 76 86 89 90

PVR LTD Neutral 1055.05 970 886 832 1108 1162 1246

POWER GRID CORP Neutral 171 166 162 155 176 182 187

RBL BANK LTD Positive 160.55 155 148 138 171 182 188

REC LTD Positive 101.8 100 97 93 106 110 113

RELIANCE INDS Negative 1537.7 1524 1509 1487 1561 1583 1598

STEEL AUTHORITY Negative 30 30 29 28 32 33 34

STATE BANK IND Neutral 177.15 172 167 158 186 195 200

SHRIRAM TRANSPRT Positive 637.9 610 582 549 671 704 732

SIEMENS LTD Negative 1069 1052 1034 1003 1101 1132 1150

SHREE CEMENT Positive 21251.2 21088 20925 20645 21532 21812 21975

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SRF LTD Neutral 3625.7 3567 3507 3422 3712 3797 3857

SUN PHARMA INDU Negative 473.65 464 454 440 489 504 514

SUN TV NETWORK Neutral 384.15 375 366 351 399 414 423

TATA STEEL LTD Negative 313.15 309 304 296 321 329 334

TATA CONSULTANCY Negative 2067.65 2051 2035 2008 2094 2121 2137

TECH MAHINDRA LT Negative 571.85 561 550 535 587 602 614

TATA CONSUMER PRODUCT Negative 375.8 372 367 359 384 391 396

TORRENT POWER LT Positive 325.75 322 317 310 334 341 346

TATA POWER CO Negative 41.2 41 40 39 43 44 45

RAMCO CEMENT/THE Neutral 613.6 606 599 588 624 635 642

TORRENT PHARMA Positive 2447.6 2414 2381 2341 2487 2527 2560

TITAN CO LTD Negative 951.25 942 932 915 969 986 996

TATA CHEMICALS Negative 306.5 303 299 293 313 319 324

TATA MOTORS LTD Negative 106.15 103 101 97 109 113 115

TVS MOTOR CO LTD Negative 332.2 325 318 306 345 356 364

UNITED BREWERIES Negative 999.15 985 971 950 1020 1041 1055

UJJIVAN FINANCIA Positive 199 190 183 169 211 225 233

UNITED SPIRITS Neutral 594.3 584 573 554 614 633 644

UPL LTD Negative 417.45 410 403 391 429 441 447

ULTRATECH CEMENT Negative 3704.9 3656 3606 3524 3788 3870 3920

VEDANTA LTD Negative 101.05 99 96 93 106 110 113

VOLTAS LTD Positive 555.7 546 538 529 564 572 581

WIPRO LTD Negative 212.9 210 209 205 216 219 221

YES BANK LTD Neutral 29.8 28 28 26 30 32 33

ZEE ENTERTAINMEN Negative 175.95 171 165 155 187 197 204

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Forthcoming Economic Event Calendar


Date Event Date Event

US China

10-Jun FOMC Meeting 15-Jun Retail Sales YTD YoY

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

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

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

29-Jun Wholesale Inventories MoM 30-Jun Manufacturing PMI

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

India UK

12-Jun CPI YoY 8-Jun Bank of England Bank Rate

12-Jun Industrial Production YoY 15-Jun GDP QoQ

15-Jun Wholesale Prices YoY 22-Jun Retail Price Index

29-Jun Fiscal Deficit INR Crore 29-Jun Nationwide House PX MoM

30-Jun GDP Annual Estimate YoY 30-Jun 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

11-Jun-20 Nifty Nifty Sell 10098.00-10124.00 10058.00/ 10011.00 10163.00 113 points target 2 achieved

11-Jun-20 Lupin LUPIN Buy 927.00-931.00 938.30/949.00 919.40 -1.03 stoploss triggered

11-Jun-20 Motherson Sumi MOTSUM Sell 94.60-95.40 93.80/92.60 96.20 - No trade

Duration: Cash Positional

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

2-Jun-20 Tata Elxsi TATELX Buy 810.00 910.00 748.00 12.00 target achieved

11-Jun-20 BHEL BHEL Buy 31.00 35.90 28.00 -3.00 Exit at 30.10

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Gladiator Stocks: Open Recommendations


Back to Top

Date Scrip Name Strategy Recommendations Price Target Stoploss Time Frame

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

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

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

1-Jun-20 Procter Gamble & Health Buy 4170-4230 5090.00 3570.00 6 Months

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

All the recomedations are in Cash segment

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Price history of last three years

Source: Spider Software, ICICI Direct Research

Aurobindo Pharma Amrutanjan Health Care

HPCL

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Product Guidelines......


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

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

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

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

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

recommendation maintain stop loss on daily closing basis

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

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

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

1st

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

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

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

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

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

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

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

Trading portfolio allocation

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

products

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

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

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

amount to each recommendation

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June 12, 2020 ICICI Securities Ltd. | Retail Equity Research 21Source: ICICI Direct Research

Recommended product wise trading portfolio allocation

Duration

Momentum Picks-

Intraday

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

Momentum Picks-

Positional

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

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

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

Cash 5%

-

100%

Number of Calls Return Objective

Product Product wise

allocation

Allocations

Max allocation

In 1 Stock

Opportunity Based

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

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

to the placement of the pattern within larger trend

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

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

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

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

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

prices

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

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

support for prices

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

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

the Hammer in following session

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

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

reversed

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

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

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

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

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

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

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

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

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

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

Candlesticks Glossary


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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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