Open recommendationsvid.investmentguruindia.com/report/2020/July/Momentum...1-Jul-20 Havells India...

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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

July 1, 2020For Instant stock ideas:

SUBSCRIBE to mobile notification on

ICICIdirect Mobile app…

Open Recommendations

Gladiator Stocks

Click here to know more…

Scrip Action

Asian Paints Buy

Titan Buy

M&M Buy

Duration: 6 Months

New recommendations

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

1-Jul-20 Nifty Nifty Buy 10190-10212 10254.00/ 10309.00 10144.00 Intraday

1-Jul-20 Havells India HAVIND Buy 577.00-579.00 583.40/588.70 572.60 Intraday

1-Jul-20 PVR PVR Sell 950.00-953.00 942.20/933.00 960.80 Intraday

Open recommendations

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

26-Jun-20 Persistent PERSYS Buy 610-622 670.00 582.00 14 Days

26-Jun-20 Tata Elxsi TATELX Buy 880-895 990.00 840.00 14 Days

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

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KOpen High Low Close

10382.60 10401.05 10267.35 10302.10

2

Sectors in focus (Day):

Indices Close 1 Day Chg 1 Day % Chg

SENSEX Index 34915.80 -45.72 -0.13

NIFTY Index 10302.10 -10.30 -0.10

Nifty Futures 10240.25 -15.20 -0.15

BSE500 Index 13438.14 -27.99 -0.21

Midcap Index 13055.28 -18.44 -0.14

Small cap Index 12380.75 -93.69 -0.75

SGX Nifty 10225.00 -15.25 -0.15

* SGX Nifty at 7:30 am

Domestic Indices

Action

Price Range

Target

Stoploss

Nifty Future Intraday Reco.

10144.00

Buy

10254.00/ 10309.00

10190-10212

Positive: Pharma, IT, Insurance, Agri

Inputs, Telecom, Midcaps

Neutral: Media , Realty

Intraday Short term

Trend

Support 10260-10210 9900

Resistance 10340-10400 10600

20 day EMA 10089

200 day EMA 10514

Nifty Technical Picture

Mom

entum

Pic

ks

Mom

entum

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Technical Outlook

ICICI Securities Ltd. | Retail Equity Research

Source: Bloomberg, Spider, ICICI Direct Research

NSE Nifty Daily Candlestick Chart

NSE (Nifty): 10302

NSE Nifty Daily Candlestick Chart

7511

8806

Key

resistance

at 10600100 days

SMA

9544

Daily stochastic pointing downward, indicating extended breather

Support @

9900

Day that was…

Equity benchmarks extended their breather amid mixed global cues

and ended Tuesday’ session flat as the Nifty lost 10 points to settle at

10302. The market breadth remained in favour of declines with A/D

ratio of 1:1.3. Sectorally, auto and FMCG outshone while pharma and

PSU bank underperformed.

Technical Outlook

- The daily price action formed a small bear candle, indicating

extended breather as the index has been oscillating in a narrow

range over past four sessions. We believe, the ongoing breather

has helped daily stochastic cool off the overbought condition

(currently placed at 38)

- We reiterate our stance that the Nifty would trade firm above 10200

and consolidate in the broad range of 10200-10600 with a positive

bias amid stock specific action as we expect broader market to

endure its outperformance, going ahead

- Key point to highlight during ongoing major up move since March

low of 7511 is that, barring one instance, the index has not

corrected for more than two consecutive sessions, indicating

inherent strength. Thus, we expect index to maintain the same

rhythm. Hence, any temporary breather from hereon should be

used as incremental buying opportunity in quality stocks

- During June 2020, Nifty midcap and small cap indices have

relatively outperformed the benchmarks by gaining 11% and 15%,

respectively, despite elevated global volatility, indicating inherent

strength. The formation of higher peak and trough underpinned by

improving market breadth, signifies broader market participation,

auguring well for durability of ongoing up move

- We believe, key level of 9900 would continue to act as strong

support as it is confluence of a) 61.8% retracement of current up

move (9544 – 10553), at 9936 b) 100 days SMA is placed at 9970

- In the coming session, we expect Nifty to hold intermediate

support of 10200 and trade with a positive bias. Thus, intraday dip

towards 10190–10212 should be used to create long position for

target of 10309

Structurally, over the past two decades it has been observed that, post

major correction of more than 40% the index enters a volatile phase.

In both historical instances, after a first sharp pullback, (in CY01-02 it

rallied 42% and in CY08-09 it rallied 44%) from major low, the index

saw a corrective phase. In the current scenario, index has completed

its 40% pullback from major low seen during March 2020 of 7511. We

expect it to maintain the same rhythm as observed in historical

instances and enter the volatile phase in coming weeks.

We expect the Nifty to

consolidate in the broad range of

10200-10600 with a positive bias

Since March low of 7511 is that,

barring one instance, the index

has not corrected for more than

two consecutive sessions,

indicating inherent strength.

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3

Correction post first pullback after major correction

July 1, 2020 ICICI Securities Ltd. | Retail Equity Research

Nifty Weekly Chart : Major correction of 2001-02

Nifty Weekly Chart : Major correction of 2008-09

Index corrected after witnessing first pullback of 42%

Index corrected after witnessing first

sharp pullback of 44%

6357

2252

3240

2502

850

1818

1205

920


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4

Intraday Short term

Trend

Support 21210-21000 20100

Resistance 21520-21650 22450

20 day EMA 20917

200 day EMA 24812

Nifty Bank Technical Picture

Bank Nifty: 21370


Technical Outlook Bank Nifty Index – Daily Candlestick Chart


The Bank Nifty failed to capitalize on the positive start and gave

up its intraday gains to close on a flat note on Tuesday on back

of muted global cues. PSU banking stocks continue to under

perform as the PSU bank index closed lower by 1.8%. The

BANK NIFTY ended the session at 21370, up marginally by 11

points or 0.1%.

Technical Outlook

• The daily price action formed a small bear candle with

shadows in either directions. The index in the last four

sessions is seen trading in a narrow 800 points range

signalling consolidation and a higher base formation after

the last two weeks strong up move

• Going ahead we expect the index to continue its

consolidation in the broad range of 21000-22450 with stock

specific activity in the coming sessions.

• India VIX extended its correction over second consecutive

week, indicating subdued volatility and continuance of risk-

on sentiment. The VIX has inverse correlation with the

market. Thus, we believe VIX will be the key to gauge the

market sentiment

• The index has already taken five sessions to retrace just 50%

of the previous six sessions up move (19507-22479). A lack

of faster retracement on either side also signals

consolidation and base formation after the recent strong up

move of 15% in the last two weeks

• We believe the index has major short term support around

20200-20100 levels as it is the 80% retracement of current

up move (19507 – 22479) at 20100 levels

• In the coming session, the Bank Nifty is expected to open on

a flat note on the back of muted Asian cues. Volatility is likely

to remain high on account of the volatile global market. We

expect index to continue with its current consolidation.

Hence use dips towards 21020-21060 for creating long

position for target of 21270 with a stop loss of 20910

Among oscillators, the daily stochastic has cooled off from the

overbought territory and is currently placed near the neutral

reading of 35 signalling consolidation in the coming sessions

16116

21967

Open High Low Close

21524.30 21650.50 21212.00 21370.15

32613

17105

Daily Stochastic currently placed near the neutral reading

of 35 signalling consolidation

Index is expected to

consolidate in the broad

range of 20950-22450 with

stock specific activity

19507

Indices Close Change Change%

Nifty Bank 21370.15 11.15 0.05

Nifty Bank daily change

Key resistance

at 22450

Support @

20100

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Stock Picks

July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 5

PVR Limited (PVRLIM) – Daily candlestick Chart

Havells India (HAVIND) – Daily candlestick Chart


Duration: Intraday

Technical Observations


Daily 14 periods RSI giving sell signal

Price consolidating above the recent breakout area signalling strength and

continuation of the positive bias

Daily RSI remain in up trend sustaining above its nine periods average

A rising trendline breakdown and price reacting lower from the 50 days

EMA signalling corrective bias and continuation of the downtrend

CMP 579.60

Action Buy

Initiation Range 577.00-579.00

Target 583.40/588.70

Stop Loss 572.60

Rationale

Price consolidating above the

recent breakout area signalling

strength and continuation of the

positive bias and RSI in buy

mode

50 days

EMA

CMP 951.65

Action Sell

Initiation

Range

950.00-953.00

Target 942.20/933.00

Stop Loss 960.80

Rationale

A rising trendline breakdown and

price reacting lower from the 50

days EMA signalling corrective

bias and continuation of the

downtrend and RSI giving sell

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6

Buy Persistent Systems (PERSYS) in the range of 610.00-622.00


Source: Bloomberg, Spider Software, ICICI Direct Research


Stock Picks

Target: 670.00 Stop Loss: 582.00

Duration: 14 days

• The share price is in steady

uptrend trading in a rising channel

signalling sustained demand at

elevated levels. The stock has

recently rebounded taking support

at the lower band of the rising

channel thus offering fresh entry

opportunity to ride the next up

move

• The stock in the process has also

closed above the 200 days EMA

(placed at | 598) as can be seen in

the adjacent chart signalling

positive bias

• We believe, the stock has strong

support at | 585, as it is the lower

band of the rising channel and the

38.2% retracement of current up

move (| 510 – 635), at |587.

• Among oscillators, the daily

MACD in up trend sustaining

above its nine periods average

validating bullish bias

• We expect the stock maintain

positive bias and head towards |

670 levels as it is the 80%

retracement of the entire CY’20

decline (| 740-420) placed at | 670

levels

Recommendation initiated on i-click to gain at 12:18 on June 26, 2020

The daily MACD in up trend sustaining above its nine periods

The stock is in steady uptrend trading in a rising channel signalling

sustained demand at elevated levels. It has recently rebounded from the

lower band of the rising channel thus offering fresh entry opportunity

740

Daily Bar Chart

Target

@ 670

460

Support

@ 585

20 days

EMA

420

510

575

551

635

572

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7

Buy Tata Elxsi (TATELX) in the range of 880.00-895.00


Source: Bloomberg, Spider Software, ICICI Direct Research


Stock Picks

Target: 990.00 Stop Loss: 840.00

Duration: 14 days

• The share price has logged a

resolute breakout from a bullish

pennant pattern signalling

continuation of the positive trend

and offers fresh entry opportunity

• The stock is in up trend forming

higher high-low signalling positive

bias. The base of the bullish

pennant pattern is placed at the 20

days EMA highlighting strength

• The breakout is supported by

strong volume of more than

double of the 50 days average

volume of six lakhs share per day

indicating larger participation in

the direction of trend

• We believe, the stock has strong

support at | 840, as it is the lower

band of the recent consolidation

and the 50% retracement of

current up move (| 740 – 943), at

| 841.

• Among oscillators, the daily

stochastic recorded bullish

crossover above its three periods

average, indicating positive bias

• We expect the stock to resolve

higher and gradually head

towards | 990 in coming sessions

as it is the 161.8% external

retracement of recent decline (|

943 to 847) placed at | 990 levelsRecommendation initiated on i-click to gain at 10:40 on June 26, 2020

The daily stochastic giving buy signal

The stock has registered a breakout above the bullish Pennant pattern

backed by strong volume thus provides fresh entry opportunity

943

Daily Bar Chart

Target

@ 990

847Support

@ 840

20 days

EMA

740

860

1098

Price breakout from the bullish Pennant pattern supported by strong volume

500

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Market Activity Report


Global Equity Market Performance

Advance Decline

Source: Bloomberg, Investing, ICICI Direct Research

-0.2

-0.9

0.6

0.3

0.0

0.5

-0.1

0.9

-0.7

-1.4 -0.9 -0.4 0.1 0.6 1.1

France

UK

Germany

China

Japan

Hong Kong

India

US

Brazil

% Change

1 Day Change

1 Day Change

0

400

800

1200

1600

2000

22-Jun 23-Jun 24-Jun 25-Jun 26-Jun 29-Jun 30-Jun

Advances Declines

Currenc/Yield/

Commodities

Close1 Day %

Change

Currency

USD INR 75.54 0.0

Dollar Index 97.32 0.0

EURO USD 1.12 0.1

GBP USD 1.23 -0.1

JPY 107.83 -0.1

Swiss Franc 0.94 0.0

Commodities ($)

Gold 1,799.05 -0.1

Brent 41.75 0.2

Copper 6,015.00 0.9

Silver 18.62 -0.1

Yield (bps change)

India 105.88 0.00

US 0.68 4.24

EURO -0.45 1.41

Japan 0.03 12.96

Global Currency, Commodities and Bond

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Market Activity Report


Fund Flow activity of the last 5 sessions

Source: Bloomberg, ICICI Direct Research

1,767

-1,051

-753

-1,937 -2,000

-2,400

-1,400

-400

600

1,600

24-Jun 25-Jun 26-Jun 29-Jun 30-Jun

Rs C

rore

Date

FII

-1,525

-256

1,304

1,036

2,051

-1,900

-900

100

1,100

2,100

24-Jun 25-Jun 26-Jun 29-Jun 30-Jun

Rs C

rore

Date

DII

Sectoral Indices Close1 Day %

Change

Sensex 34,915.8 -0.1

Nifty 10,302.1 -0.1

BSE Auto 15,275.2 1.1

Bankex 24,293.8 0.2

Capital Goods 12,858.8 0.1

Consumer

Durables

20,338.2 0.0

FMCG 11,258.3 0.2

Healthcare 16,263.0 -1.2

IT 14,886.9 -0.1

Metal 7,210.0 0.1

Oil & Gas 12,668.2 -1.5

Power 1,574.9 -0.8

Realty 1,581.4 0.0

BSE 500 13,438.1 -0.2

BSE Midcap Index 13,055.3 -0.1

BSE Small Cap 12,380.8 -0.8

Sectoral Indices Performance

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Trend Scanner

July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 10Source: Bloomberg, ICICI Direct Research

Heat Map

Bullish Candlestick Formations Bearish Candlestick Formations

Scrip Name Pattern name LTP Scrip Name Pattern name LTP

Ambuja Cement Belt hold line 193.6 RBL Bank Continuation 173.5

Marico Belt hold line 352.0 Torrent pharma Belt hold line 2372.0

Jindal Steel & Power Continuation 162.0 PFC Continuation 84.0

SBI Life Continuation 806.5

Candlestick Pattern

Bharat Forge 319.35 0.90 352.00 15.04

RBL Bank 173.50 -3.42 163.00 12.75

PVR 1001.70 -2.16 1048.00 8.48

Negative Trend Universe: NSE 500

Scrip Name Close

Change

%

20-day

SMA1-Mar

Britannia Industries 3603.80 2.40 3435.00 35.8

Ipca laboratories 1674.40 -0.46 1600.00 57.43

SBI Life Insurance 806.45 2.50 776.00 54.03

TCS 2082.15 -0.93 2059.00 41.58

Positive Trend Universe: NSE 500

Scrip Name Close

Change

%

20-Day

SMA

Delivery

( %)

Scrip Name LTP

Aarti drugs 1271

Escorts 1043

Tata Comm 623.8

52 Weeks High

Scrip Name LTP

NA

52 Weeks Low

Scrip Name LTP Stochastic

Carborundum universal 278 82.4

Overbought Stocks

Scrip Name LTP Stochastic

Berger Paints 494 9.2

Pidilite Inds 1372 15.7

HDFC 1755 14.8

Oversold Stocks

Shree

Cement

23,051

Maruti

5,838

Nestle

17,174 ICICI

Bank

351

Britannia

3,604

3.2% 2.8% 2.7% 2.4% 2.4%

Ultratech

3,894

Tata Steel

327 Hero

Moto

2,547

Eicher

18,334 Bharti

Infratel

222

2.3% 1.8% 1.7% 1.2% 1.0%

NTPC

96

HDFC Ltd

1,755

L&T

944

M&M

511

Infosys

736

0.9% 0.8% 0.8% 0.6% 0.6%

HCl Tech

557

Axis Bank

407 Adani

Ports

344 Kotak

Bank

1,360

TechM

543

0.6% 0.5% 0.4% 0.4% 0.3%

Hindalco

146 Grasim

Ind

620

Wipro

220

HUL

2,180 Asian

Paints

1,687

0.2% 0.1% 0.0% -0.1% -0.3%

SBI

178

Zee Ent.

171 JSW

Steel

189

Cipla

640

Dr Reddy

3,945

-0.4% -0.6% -0.7% -0.7% -0.7%

Bajaj

Finserv

5,845

Titan

950

TCS

2,082 Bajaj

Finance

2,831 HDFC

Bank

1,066

-0.8% -0.8% -0.9% -0.9% -0.9%

Indusind

Bank

475 Reliance

Ind.

1,704 Bajaj

Auto

2,826 Tata

Motors

98

ONGC

81

-1.1% -1.1% -1.2% -1.2% -1.3%

Bharti

Airtel

560

ITC

195

GAIL

102

Vedanta

106

Coal India

133

-1.3% -1.3% -1.4% -1.4% -1.5%

UPL

425 Sun

Pharma

473 Power

Grid

175

IOC

85

BPCL

374

-1.6% -1.9% -1.9% -2.0% -2.4%

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Intraday Supports and Resistance (Cash)


Scrip Name Trend Close S1 S2 S3 R1 R2 R3

NIFTY 50 Positive 10302.1 10247 10190 10113 10381 10458 10514

S&P BSE SENSEX INDEX Positive 34915.8 34742 34567 34321 35163 35409 35584

NIFTY BANK Positive 21370.15 21172 20973 20733 21610 21850 22049

NIFTY 50 FUTURES Positive 10258.5 10182 10104 10023 10341 10422 10500

NIFTY BANK FUTURES Positive 21245.05 21003 20761 20486 21520 21795 22037

ACC LTD Positive 1332.25 1302 1272 1255 1350 1366 1397

AMBUJA CEMENTS Positive 193.6 189 185 182 196 199 204

ADANI POWER LTD Negative 36 35 35 34 36 37 37

ADANI ENTERPRISE Neutral 156.25 154 150 145 163 168 172

ADANI PORTS AND Positive 343.9 340 338 333 348 352 355

ASHOK LEYLAND Negative 46.95 46 45 43 49 51 53

AMARA RAJA BATT Positive 650.4 644 637 631 657 663 670

APOLLO HOSPITALS Negative 1349.85 1334 1319 1293 1374 1399 1414

ASIAN PAINTS LTD Positive 1687.45 1674 1660 1638 1710 1732 1747

APOLLO TYRES LTD Neutral 108 107 106 104 111 112 114

AUROBINDO PHARMA Negative 771.7 758 745 727 789 807 820

AXIS BANK LTD Neutral 406.65 403 398 392 414 420 425

BAJAJ FINANCE LT Positive 2831 2785 2740 2665 2906 2982 3027

BATA INDIA LTD Positive 1306.2 1292 1279 1257 1327 1349 1362

BHARTI AIRTEL Positive 559.85 553 545 533 573 585 592

BHARAT ELECTRON Positive 88.65 86 84 80 92 96 98

BHARAT HEAVY ELE Neutral 35.7 34 33 31 37 39 40

BHARAT FORGE CO Negative 319.35 309 300 294 325 332 341

BALKRISHNA INDS Positive 1261.1 1244 1226 1207 1281 1300 1318

BIOCON LTD Negative 390.1 385 380 372 398 406 411

BAJAJ AUTO LTD Positive 2826.05 2791 2754 2692 2889 2950 2987

BAJAJ FINSERV LT Positive 5845.15 5760 5674 5533 5988 6130 6216

BANK OF BARODA Negative 48.6 48 47 46 50 51 52

BANK OF INDIA Negative 48.8 47 45 44 51 53 55

BOSCH LTD Positive 11418.1 11052 10686 10422 11682 11946 12312

BHARAT PETROL Negative 374 367 361 350 384 395 401

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BERGER PAINTS Negative 493.9 490 484 476 504 512 518

BRITANNIA INDS Positive 3603.8 3557 3511 3482 3632 3661 3707

CANARA BANK Neutral 100.55 100 98 95 104 106 108

CONTAINER CORP Neutral 417.9 415 411 406 424 429 433

CADILA HEALTHCAR Negative 353.1 346 340 329 364 376 382

CENTURY TEXTILE Negative 294.5 290 285 278 301 307 312

CESC LTD Positive 622 614 607 600 628 635 643

CHOLAMANDALAM IN Negative 189.4 185 181 174 196 203 208

CIPLA LTD Positive 640.25 636 631 624 648 655 660

COLGATE PALMOLIV Positive 1406.7 1393 1379 1366 1420 1433 1447

COAL INDIA LTD Negative 132.85 131 129 126 136 139 140

DABUR INDIA LTD Positive 465.95 461 457 451 472 477 482

DIVI LABS LTD Negative 2278.9 2253 2226 2185 2321 2362 2389

DLF LTD Negative 148.05 146 143 138 153 157 160

DR REDDY'S LABS Negative 3944.95 3909 3875 3824 3995 4045 4080

EICHER MOTORS Positive 18334.3 18180 18026 17851 18509 18684 18838

EQUITAS HOLDINGS Negative 49.55 47 46 43 51 54 55

ESCORTS LTD Positive 1040 1028 1015 999 1058 1075 1087

EXIDE INDUS LTD Positive 148.2 147 145 144 151 153 154

FED BANK LTD Negative 51 51 50 49 53 54 55

GAIL INDIA LTD Negative 102.15 102 100 98 105 106 108

GODREJ CONSUMER Positive 690.8 686 682 676 697 703 707

GMR INFRASTRUCTU Negative 20.05 20 19 19 20 21 21

GLENMARK PHARMA Negative 450.3 443 435 425 462 473 481

GRASIM INDS LTD Positive 619.7 611 603 594 629 637 646

HAVELLS INDIA Positive 579.5 574 569 562 587 594 599

HCL TECH LTD Neutral 556.85 553 549 546 561 565 568

HOUSING DEV FIN Positive 1754.65 1737 1720 1692 1783 1811 1828

HDFC BANK LTD Neutral 1065.85 1055 1045 1033 1078 1089 1100

HERO MOTOCORP LT Positive 2546.95 2516 2486 2459 2572 2598 2628

HINDALCO INDS Positive 146.2 144 142 138 151 154 157

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HINDUSTAN PETRO Negative 216.75 213 208 200 226 234 239

HINDUSTAN UNILEV Positive 2180 2166 2153 2136 2196 2213 2226

VODAFONE IDEA LT Positive 10.6 11 10 10 12 12 12

IDFC FIRST BANK Neutral 25.7 25 25 24 26 27 28

INDRAPRASTHA GAS Positive 442.3 439 435 428 449 455 459

INDIABULLS HOUSI Negative 207.15 200 192 180 220 232 239

INDUSIND BANK Neutral 474.8 466 458 444 488 502 510

INTERGLOBE AVIAT Negative 988.85 970 952 921 1019 1050 1068

INFOSYS LTD Negative 735.95 727 718 712 742 748 756

INDIAN OIL CORP Negative 85.35 84 82 80 87 90 91

ICICI PRUDENTIAL Positive 425.8 416 406 400 432 438 448

ITC LTD Negative 194.65 193 191 187 198 201 203

JINDAL STEEL & P Positive 161.5 155 150 145 165 170 175

JSW STEEL LTD Positive 189.35 186 183 179 194 199 202

JSW ENERGY LTD Neutral 47.15 47 46 46 49 50 51

JUBILANT FOODWOR Neutral 1727.25 1706 1685 1651 1761 1795 1816

JUST DIAL LTD Positive 401.7 393 384 374 412 422 432

CUMMINS INDIA Negative 392.35 388 383 375 401 409 414

KOTAK MAHINDRA Positive 1360.45 1345 1331 1317 1373 1387 1401

LIC HOUSING FIN Positive 265.05 263 259 253 272 277 281

LUPIN LTD Negative 911.8 901 890 873 929 946 956

LARSEN & TOUBRO Neutral 943.65 932 921 911 953 963 973

L&T FINANCE HOLD Negative 65.85 65 64 62 69 70 72

MAHANAGAR GAS LT Neutral 1052.1 1042 1033 1017 1067 1083 1092

MAX FINANCIAL SE Positive 542 522 501 485 559 575 596

MANAPPURAM FINAN Negative 151.35 150 148 146 155 158 160

MAHINDRA & MAHIN Positive 510.7 507 503 498 515 519 523

M&M FIN SERVICES Neutral 167.8 165 164 160 171 174 176

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MARICO LTD Positive 351.9 347 343 340 355 359 363

MRF LTD Positive 67274.5 66109 64942 64134 68084 68892 70059

MARUTI SUZUKI IN Positive 5838.3 5722 5605 5528 5915 5991 6108

MOTHERSON SUMI Positive 94.65 93 92 89 98 100 102

MINDTREE LTD Negative 925.65 919 913 902 936 947 953

MUTHOOT FINANCE Neutral 1086.05 1072 1057 1040 1104 1121 1136

NATIONAL ALUMIN Neutral 31.85 31 31 30 33 33 34

NBCC INDIA LTD Positive 23.25 24 23 23 25 25 26

NESTLE INDIA LTD Positive 17174.45 16852 16531 16308 17396 17619 17940

NIIT TECH LTD Negative 1409.2 1394 1378 1356 1433 1456 1472

NCC LTD Negative 29.15 29 28 27 31 32 33

NMDC LTD Positive 81.15 80 78 76 83 86 87

NTPC LTD Neutral 95.8 94 93 92 97 99 99

OIL INDIA LTD Negative 93.65 93 91 89 97 99 101

OIL & NATURAL GA Negative 81.35 80 79 78 83 85 86

PAGE INDUSTRIES Neutral 19914.6 19682 19450 19121 20243 20572 20803

PIDILITE INDS Negative 1372.1 1359 1346 1325 1392 1412 1425

PIRAMAL ENTERPRI Positive 1363.8 1346 1329 1300 1392 1421 1438

PETRONET LNG LTD Negative 258.05 252 246 240 265 272 278

PUNJAB NATL BANK Negative 34.75 34 33 32 35 37 37

POWER FINANCE Negative 84 82 79 76 87 91 93

PVR LTD Negative 1001.7 991 980 968 1014 1026 1037

POWER GRID CORP Negative 174.85 172 170 166 178 182 184

RBL BANK LTD Negative 173.5 169 164 156 181 190 194

REC LTD Negative 108.1 106 105 101 110 114 115

RELIANCE INDS Neutral 1704.1 1687 1669 1642 1732 1759 1778

STEEL AUTHORITY Positive 30.4 31 29 29 32 33 34

STATE BANK IND Negative 178.45 177 174 171 183 186 188

SHRIRAM TRANSPRT Positive 689.6 680 670 656 703 718 727

SIEMENS LTD Positive 1096.65 1085 1072 1051 1119 1140 1153

SHREE CEMENT Positive 23051.05 22486 21920 21498 23474 23896 24462

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SRF LTD Neutral 3605.7 3570 3534 3493 3647 3688 3724

SUN PHARMA INDU Negative 472.95 468 462 454 482 490 496

SUN TV NETWORK Negative 403.35 393 384 375 412 420 430

TATA STEEL LTD Positive 326.7 320 314 306 335 344 349

TATA CONSULTANCY Negative 2082.15 2068 2053 2031 2105 2127 2142

TECH MAHINDRA LT Neutral 543.4 541 538 534 548 552 556

TATA CONSUMER PRODUCT Neutral 387.45 384 382 378 390 394 396

TORRENT POWER LT Negative 318.75 315 313 308 323 327 330

TATA POWER CO Negative 44.85 44 43 42 46 47 48

RAMCO CEMENT/THE Neutral 635.1 628 622 615 641 648 654

TORRENT PHARMA Negative 2372.1 2338 2305 2245 2432 2493 2526

TITAN CO LTD Positive 949.85 940 930 915 966 982 991

TATA CHEMICALS Negative 310.05 309 306 302 315 319 322

TATA MOTORS LTD Neutral 98.25 96 94 91 101 104 106

TVS MOTOR CO LTD Positive 378.35 374 369 363 385 391 395

UNITED BREWERIES Positive 1037.75 1016 993 977 1054 1070 1093

UJJIVAN FINANCIA Negative 220.3 216 211 204 228 235 241

UNITED SPIRITS Positive 592.3 581 570 557 605 618 629

UPL LTD Neutral 425.2 416 407 391 440 455 464

ULTRATECH CEMENT Positive 3893.55 3842 3791 3759 3924 3955 4006

VEDANTA LTD Neutral 106.4 104 102 99 109 112 114

VOLTAS LTD Positive 546.45 541 535 531 551 555 561

WIPRO LTD Negative 219.65 218 216 214 222 224 226

YES BANK LTD Negative 25.6 25 25 24 27 27 28

ZEE ENTERTAINMEN Positive 171.1 168 166 162 174 178 181

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Forthcoming Economic Event Calendar


Date Event Date Event

US China

1-Jul Markit US Manufacturing PMI 4-Jul Caixin China PMI Mfg

6-Jul Markit US Services PMI 6-Jul Caixin China PMI Services/Composite

6-Jul Markit US Composite PMI 11-Jul Aggregate Financing CNY

8-Jul Change in Nonfarm Payrolls 15-Jul Industrial Production YTD YoY

10-Jul FOMC Minutes 15-Jul Retail Sales YTD YoY

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

India UK

3-Jul Nikkei India PMI Mfg 1-Jul Markit UK PMI Manufacturing SA

6-Jul Markit India PMI Composite 6-Jul Markit/CIPS UK Services/Composite PMI

6-Jul Markit India PMI Services 8-Jul Bank of England Bank Rate

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Momentum Picks: Strategy Follow up


Duration: Intraday

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

30-Jun-20 Nifty Nifty Buy 10255-10282 10319.00/ 10369.00 10214.00 (53 Points) Stoploss triggered

30-Jun-20 Escorts ESCORT Buy 1034.00-1036.00 1044.80/1055.00 1024.80 - No trade(Open near target)

30-Jun-20 Bandhan Bank BANBAN Buy 328.00-329.00 331.70/335.00 325.20 - No trade(Open near target)

Duration: Cash Positional

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

26-Jun-20 Gujarat Gas GUJGA Buy 310 340.00 289.00 4.00 Book 50% profit at 323.50

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Gladiator Stocks: Open Recommendations


Back to Top

Date Scrip Name Strategy Recommendations Price Target Stoploss Time Frame

24-Jun-20 Asian Paints Buy 1720-1755 2020.00 1580.00 6 Months

24-Jun-20 Titan Company Buy 1000-1025 1185.00 928.00 6 Months

16-Jun-20 Mahindra & Mahindra Buy 500.00-517.00 588.00 455.00 6 Months

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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19July 1, 2020 ICICI Securities Ltd. | Retail Equity Research

Price history of last three years

Source: Spider Software, ICICI Direct Research

Tata Elxsi Persistent

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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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July 1, 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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