Momentum Picks

December 17, 2014

Market Outlook

Domestic Indices
Indices

Close

Change

Change%

26781.44

-538.12

-1.97

8067.60

-152.00

-1.85

8116.00

-151.20

-1.83

10338.63
9764.69

-226.39
-297.89

-2.14
-2.96

10628.62

-369.29

-3.36

Indices
Close
17068.87
Dow Jones
Nasdaq
4547.83
6331.83
FTSE
DAX
9563.89
Hang Seng
22687.44
Nikkei
16848.53
8106.00
SGX Nifty
* Asian Market at 7:30 am.IST

Change
-111.97
-57.32
149.11
229.88
23.33
80.96
-6.00

Change%
-0.65
-1.24
2.41
2.46
0.10
0.48
-0.07

S&P BSE Sensex

CNX Nifty
Nifty future
S&PBSE 500
S&PBSE Midcap
S&PBSE Smallcap

Snapshot

Equity benchmarks tanked nearly 2% to register their worst single day drop since September 2013 as the global
jitters engulfed the sentiments. A weakening rupee which slumped to a 13 month low of 63.58 against the US$
and tumbling global markets accelerated the selling pressure. The BSE Sensex tanked 538 points or 1.97% to
26781, while the NSE Nifty plunged 152 points or 1.85% to 8067 levels. The broader markets bore deeper cuts as
the BSE mid cap and small cap indices lost 2.96% and 3.36% respectively. The A/D ratio stood at a dismal 1:4.5
on the BSE highlighting the extent of sell off in Tuesdays trade

Global Indices

Days action

CNX Nifty Technical Picture

Nifty
Trend

Intraday
Range bound

Short Term
Range bound

Trend Reversal
Support

8050-8020

7950

Resistance

8100-8140

8400

20 Days EMA

8350

200 days EMA

7602

Structurally
speaking

Institutional Activity
Cash Segment (| Cr)
16-Dec-14

FII
-1,247.2

DII
534.6

15-Dec-14

-455.7

136.0

12-Dec-14

-865.0

323.4

11-Dec-14

-808.3

431.9

10-Dec-14

5.4

-519.1

ICICI Securities Ltd. | Retail Equity Research

The Nifty opened with a bearish gap amid weak global cues and slipped below previous sessions low of 8152
in the initial trades itself. The index kept losing ground as selling pressure kept mounting throughout the
session and settled near the low point of the day at 8067 levels. Sectorally, IT index (up 1.66%) was the only
saving grace in a trembling market. All other major sectoral indices closed deep in the red led by losses in
banking, FMCG, metal and realty indices which fell between 3-4%
The price action formed the largest bear candle in the current fall as the index extended losses for an eighth
session in a row. Since May 2012, it has formed maximum of eight consecutive lower high/lows before
reversing direction. The index may be due a pause after posting eight lower high/lows in current decline
After the sharp decline over the last eight sessions the index has approached its crucial support region. We
expect the current decline to halt near the current levels while the index is likely witness a base formation in the
short-term based on the key technical observations as listed below:
The index has retraced its last rising segment (7723 to 8626) by 61.8% at Tuesdays low of 8052. The
previous corrective decline during September-October had also halted at the 61.8% of its preceding rise
Tuesdays low of 8052 is placed precisely at the 100 day SMA currently placed at 8055. During the
October 2014 correction, the index tested its 100 SMA and posted a strong rebound to new life highs
The index also approached the lower band of the rising channel (marked in blue), which encompasses
the entire price action since September 2014 till date
Since May 2012, the index posted a maximum of eight lower lows (Fibonacci number). With already
eight lower lows in place the current decline is due a pause
The short term stochastic oscillator (5/3/3) has plunged to its lowest reading (9) since April 2014 while
the 14 period RSI is also poised at its lowest reading (30) since August 2013 indicating deeply oversold
conditions in the short term and suggest a reversal may be in the offing
The weight of the aforementioned evidences leads us to believe the index is due a pullback in the coming
sessions. The price decline over the last eight sessions has occurred in a narrow falling channel (marked in
maroon). The upper band of this channel for the coming sessions is placed around 8150. Strength and close
above 8150 will signal a reversal of the current corrective trend and pave the way for a pullback towards 8400
in the short term being the 61.8% retracement of the current fall (8626 to 8052)

Intraday strategy
Intraday Spot
levels

The index is set to open on a flat note amid firm global cues. We expect the index to attempt a pullback in the
coming session as intraday oscillators indicate highly oversold conditions after the recent decline. Initiate intraday
longs in Nifty Dec future in the range of 8090-8100 for upside towards 8145 with a protective stop loss of 8070
The Nifty spot has resistance at 8100, 8140 while support is at 8050, 8020

Exhibit 1: CNX NSE Nifty Daily Candlestick Chart

CNX Nifty Spot

Open

High

Low

Close

8172.60

8189.35

8052.60

8067.60

Index is poised at an important support region being confluence of

100 SMA, 61.8% retracement of prior rise and lower band of rising
channel. We expect the corrective decline to halt at current levels
and index should witness a base formation before resolving higher

8626

8180

61.8%

100 SMA

61.8%

Short term stochastic has plunged to its lowest level since April 2014 with a reading of 9
suggesting deeply oversold conditions and indicates a pullback may be on the horizon

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 2

CNX Bank Nifty Futures Outlook

CNX Bank Nifty Futures

Indices
CNX Bank Nifty

Close

Change

change%

17,916.8

-569.3

-3.1

Days action

The Bank Nifty plunged more than 550 points and closed below the psychological 18000 mark on panic
selling triggered by a further fall in the rupee, which fell to a 13-months low and global growth worries. The
Bank Nifty settled at 17917, down 569 points or 3.10% for the day

CNX Bank Nifty Spot Performance

Performance in %
Index
Bank Nifty

Current
17,830.6

1M
1.1

3M
12.6

6M
16.0

12M
59.1

Days action

CNX Bank Nifty Future Technical Picture

Bank Nifty
Trend

Intraday
Range bound

Short Term
Range bound

Support

17835-17700

17500

Resistance

18030-18120

Trend Reversal

18700

20 Days EMA

18240

200 days EMA

15344

Structurally
speaking

CNX Bank Nifty vs. Nifty

19000

8600
8300
8000
7700
7400
7100
6800
6500

17800
16600
15400
14200
17-Jun
3-Jul
21-Jul
7-Aug
26-Aug
12-Sep
30-Sep
22-Oct
12-Nov
28-Nov
16-Dec

13000

Bank Nifty (RHS)

NSE (LHS)

The Bank Nifty futures opened on a negative note amid weak global cues. The index tanked below the
low of the previous five sessions (18300) in initial trade and continued to head lower amid incessant
selling pressure across banking stocks. The index finished the session near the low of the day (17864)
The price action for the day resulted in the largest bear candle since July 2014 and breached below
key support area of 18000. The index breached its five session trading range (18300-18670) in the
morning trade and tanked lower signalling extended profit booking. The index continues to form lower
highs for seventh consecutive session thus signalling a corrective price action. Only a sustained
closing above the high of previous sessions (18559) will signal a change of trend. Failure to do so, will
keep the corrective bias intact
The Bank Nifty breached below the immediate support level of 18000 and headed sharply lower in
Tuesdays session signalling an extended downside in the short-term. It also indicates at least a shortterm peak being made at life highs of 18929 levels
As mentioned in the earlier edition, the index breached the lower band of the narrow rising channel
encompassing the entire up move over the last two months. It indicates a temporary pause in the
momentum and paves the way for a corrective price action in the short term. Follow through
weakness below Tuesdays low of 17864 will see the index gradually drift towards its short term
support placed around 17500 levels
The 38.2% Fibonacci retracement of the October-December up move (15180 to 18929) is placed at
17500. It also coincides with the 50 day EMA currently placed at 17475 and lower band of midNovember consolidation at 17500, thus making this a value area for the index where fresh buying
support is likely. Any corrective decline towards 17500 region should be used as buying opportunity to
ride the ongoing uptrend

Oscillators

Among oscillators, the 14 period RSI is in downtrend and has cooled off from the overbought territory and
is approaching its own intermediate support of 40 reading

Intraday Future
levels

For the upcoming session, Bank Nifty December futures has supports at 17835, 17700 while resistances
are at 18030, 18120

ICICI Securities Ltd. | Retail Equity Research

Page 3

Exhibit 2: CNX Bank Nifty Generic Future Daily Candlestick Chart

Bank Nifty breached its previous five session trading range on Tuesdays session
and plunged lower below the psychological 18000 mark signalling extended profit
booking. The index continues to form lower highs for seventh consecutive
session only a sustained closing above the high of previous sessions will signal a
change of trend. Failure to do so, will keep the corrective bias intact and index
gradually drift towards its short term support placed around 17500 levels

18929

CNX Bank Nifty Future

Open

High

Low

Close

18398.50

18422.00

17863.30

17916.75

38.2% retracement at 17500

Gap @ 16743-16845
50 days EMA

16364
Gap @ 15990-16190

15180
RSI has cooled off from the overbought territory and is approaching its own intermediate support of 40 reading

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 4

Trend Scanner
Sectoral Indices Performance
Sector

Close

Points Chg % Change

Positive Trends

Candlestick Patterns

Auto

18304.9

-299.08

-1.61

Scrip Name

Close

% Change

10-day SMA

Delivery (%)

Bullish Candlestick Formations

Bearish Candlestick Formations

Banks

20435.88

-612.41

-2.91

HT Media Ltd

120.65

1.00

119.52

63.13

Bullish Engulfing

Bearish Engulfing

BSE Small Cap

10628.62

-369.29

-3.36

HCL Technologies Ltd

1558.90

4.96

1567.68

53.22

Scrip Name

Close

Scrip Name

Capital Goods

14841.78

-250.05

-1.66

TCS

2445.9

Pfizer

9145.63

-227.2

-2.42

Idea

143.7

Consumer Durables
FMCG

7790.07

-247.88

-3.08

Healthcare

14479.56

-408.82

-2.75

Bullish Continuation pattern

IT

10264.63

167.96

1.66

HCL Tech

Metals

10119.13

-440.74

-4.17

Mid Cap

9764.69

-297.89

-2.96

Oil & Gas

9611.68

-140.11

-1.44

Power

1952.09

-48.30

-2.41

PSU

7778.77

-214.7

-2.69

Real Estate

1498.24

-59.19

-3.80

Negative Trends
Scrip Name
Glenmark Pharmaceuticals Ltd
Century Textiles & Industries Ltd

Close

% Change

10-day SMA

Delivery (%)

766.80

-4.72

803.77

59.80

492.50

-2.46

526.80

-3.38

157.58

36.54

139.25

-3.80

154.25

25.19

Sectoral Indices - Monthly Performance (%)

Banks
FMCG
Healthcare
Auto
Mid Cap
IT
BSE Small Cap
PSU
Capital Goods
Consumer Durables
Power
Real Estate
Metals
Oil & Gas

Overbought Stocks

-2.3
-3.3
-4.7
-6.0
-6.3
-6.7
-6.7
-7.8
-9.4
-10.5
-10.8
-12.0
-6

Syndicate Bank

117.7

Dr Reddy

3150.0

399.1

JSW Steel

1027.5

Biocon
2535.6

427.8

PFC

264.5

DLF

138.9

Note: For Candlestick pattern description please refer towards

end of the report.

1.2
0.3

-16

1560.0
555.0

Tech Mahindra

151.65

Bearish Continuation pattern

HPCL

29.18

DLF Ltd

1966.0

Jet Airways
Piercing Line

IDFC Ltd

Close

Oversold Stocks

Stocks hitting 52 week high

Stocks rising for 5 days & stochastic overbought

Stocks falling for 5 days & stochastic oversold

Scrip Name

LTP

Scrip Name

LTP

Stochastic

Scrip Name

LTP

Stochastic

Gulf Oil

546

Care Rating

1471.2

85.22

Berger paint

384.5

18.06

Mastek

330.7

BHEL

247.8

16.92

Vividha

3322

HPCL

551.3

14.35

Tata Chemical

412.5

12.55

ICICI Securities Ltd. | Retail Equity Research

Page 5

Market Activity Report

Australian ($)

0.822

0.822

0.01

Swiss Franc

0.960

0.960

-0.02

Global Treasury Yields

Closing Yield (%)

Previous Yield (%)

India 10 year

7.99

7.99

US 10 Year

2.06

2.06

EURO 10 Year

0.60

0.62

GBP 10 Year

1.77

1.80

JPY 10 Year

0.35

0.36

Power
Grid

133.1

Grasim
Ind

3,365.9

Kotak
Bank

1,283.5

NMDC
Coal India
HDFC Ltd
JSPL

Commodities

US Dollar
Close

Prev. Close

Gold/ounce

1197.69

1197.01

0.06

Copper /ton

6409.5

6447.5

0.73

59.40

60.01

-1.10

Reliance
Infra

-1.0%
-1.5%
-1.9%
134.4
-2.3%
366.8
-2.7%
1,086.9
-3.3%
132.0
-4.2%
496.8
-5.2%

758.9

RIL
M&M
PNB
Tata Steel
IDFC
ICICI
Bank
Hindalco

%Chg

ICICI Securities Ltd. | Retail Equity Research

-1.1%
864.6
-1.6%
1,227.5
-2.0%
1,071.9
-2.3%
389.7
-2.8%
151.7
-3.4%
330.7
-4.2%
144.8
-5.5%

L&T
Sun
Pharma
Ultratech
Indusind
Bank
HUL
NTPC
Bank of
Baroda
JP Asso.

1,483.4
-1.2%
830.2
-1.7%
2,484.9
-2.0%
763.8
-2.4%
766.7
-3.0%
128.3
-3.5%
1,008.5
-4.6%
23.6
-6.3%

Cipla
HDFC
Bank
GAIL
Tata
Motors
ACC
DLF
Tata
power
Dr Reddy

2,494.8
-0.9%
623.4
-1.4%
925.8
-1.7%
413.5
-2.1%
481.7
-2.5%
1,392.0
-3.0%
139.3
-3.8%
79.9
-4.8%
3,142.4
-6.4%

Axis Bank
Lupin
Maruti
ONGC
Cairn
India
ITC
Ambuja
Cement
SBI
Sesa Goa

472.0
-1.0%

16,000.00

1,425.3
-1.4%

8,000.00

3,309.9

0.00

-1.7%
335.6
-2.2%
235.7
-2.6%
380.6
-3.0%
218.9
-4.1%
295.6

3,551

Asian
Paints

Bajaj
Auto

18,260

-0.23

-0.7%

16-Dec

-0.09

116.410

635.4

NSE Derivatives Turnover (| crore)

500000
400000
300000
200000
100000
0

-4.8%

NSE Derivative

401,965

1.575

116.690

Ranbaxy

14,012 2,924

1.574

Japanese Yen

-0.4%

15-Dec

British Pound

3,132.8

BSE Cash

215,422

-0.02

Hero
Moto

NSE Cash

24,000.00

2,976

1.251

-0.4%

0.0%

16,361

1.251

247.8

350.1

12-Dec

Euro

BHEL

0.7%

Bharti
Airtel

242,100

-0.16

1,938.0

3,307

88.125

1.7%

Infosys

16,409

87.980

3.6%

647.5

11-Dec

Dollar Index

5.0%

BPCL

283,719

-0.93

2,443.1

3,041

62.945

TCS

15,513

63.538

1,558.9

10-Dec

Rupee (|)

HCL Tech

203,089

% Chg

3,040

Prev.close

16,149

Close

9-Dec

Spot

Brent Crude/barrel

Exchange Cash Turnover (| crore)

Nifty Heat Map

Global Currencies

244,846

Global Asset Classes

9-Dec

10-Dec

11-Dec

12-Dec

15-Dec

16-Dec

193.6
-7.8%

Advances / Declines
NSE

BSE

79%

3%

18%

90%

1% 9%

Page 6

Stock recommendations for the day

Exhibit 3: Tech Mahindra (TECMAH)

Daily Candlestick Chart

Piercing Line candlestick pattern at the 50 percent retracement of previous up move signalling
reversal of trend after recent corrective price action

Tech Mahindra (TECMAH) December Future

CMP

2548.50

Comment : Piercing Line candlestick pattern at the 50

percent retracement of previous upmove and
RSI taking suuport near its previous support zone

Action :

Buy above 2550.00

Targets :

2580/2595/Higher

Stop-loss :

2533.00

RSI taking support near its previous low in the daily chart

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 7

Exhibit 4: IDFC (IDFC)

Daily Candlestick Chart

Price close below 34 days EMA and facing resistance near the
higher band of the falling channel suggesting further
downsides in coming sessions
IDFC (IDFC) December Future
CMP

152.40

Comment : Price close below 34 days EMA and facing

resistance at higher band of the falling channel
and Stochastics in sell mode in the daily chart

Action :

Sell below 152.00

Targets :

149/147.50/Lower

Stop-loss :

153.50

Stochastics in sell mode in the daily chart

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 8

Exhibit 5: Century Textile (CENTEX)

Daily Candlestick Chart

Price sustaining below short term trendline breakdown area in the daily
chart and price close below 200 days EMA suggesting further
downsides in coming sessions

Century Textile (CENTEX) December Future

CMP

493.60

Comment : Price sustaining below short term trendline

breakdown area in the daily chart and price close
below 20 days EMA and RSI forming lower low
in daily charts
Action :

Sell in the range of 497-498

Targets :

489/485/Lower

Stop-loss :

502.20

RSI forming lower low supporting downward bias in the short term

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 9

Previous Days Performance

Scrip

Product

Strategy

Recommended Price

Targets

SL

Gain/Loss %*

Ultratech Cement
Sesa Sterlite
Arvind

Future
Future
Future

Buy
Sell
Sell

In range of 2533-2537
below 211.0
below 257.0

2562/2578/+
207/205/252.5/250/-

2520.00
213.10
259.50

-0.60
1.90
2.50

Comment

Stoploss triggered
Target 2 achieved
Target 2 almost achieved

* Return Opportunity

Stock profits: Avg 1.27% per trade

Strike Rate for the day: 2/3

(Cum. Profits over last 165 days:220.90%)

(Cum strike rate over 165 days: 220/375

Note: The follow-up and performance review table of the strategies indicates the profit opportunity that was available in the strategies. Individual profits may vary,
depending upon the entry and exit price and stop losses.

ICICI Securities Ltd. | Retail Equity Research

Page 10

Derivative Comments

3 4 .5
3 .7

3 3 .3
3 .5
8800

8600

8500

8400

8300

8200

C all

8700

Nifty C all P ut C oncentration (D E C )

2 3 .3
4 6 .6
4 2 .3
3 5 .0
5 3 .1
2 3 .4
5 1 .8
2 5 .3
5 9 .9
2 0 .2
4 4 .2
6 .6

80
70
60
50
40
30
20
10
0

8100

O I in L a c s

Nifty Options OI Distribution

Post a negative start, the follow-up selling continued. However, more panic was seen after the Russian market opened 8-10%
lower. The index finally ended below the crucial support of 8200 losing 152 points. Nifty futures premium increased and settled
at 50 points. India VIX increased 16.31% and settled at 16.30
FIIs sold | 1247 crore while DIIs bought | 534 crore in the cash segment. FIIs sold | 557 crore in index futures and | 33 crore in
index options. In stock futures, they sold | 1053 crore
The highest Put base is at the 8000 strike with 64 lakh shares while the highest Call base is at the 8500 strike with 60 lakh
shares. The 8200 and 8300 Calls witnessed addition of 27.60 and 16.60 lakh shares, respectively. The 8200 and 8300 Put strikes
saw reduction of 14.25 and 11.70 lakh shares, respectively
Stock Analysis

OI addition: We saw long build-up in TCS, HPCL, Tech Mahindra and Infosys while short build-up was seen in HDIL, Axis Bank,

P ut

SBI and LIC Housing

OI shedding: We saw short covering in OFSS, Mind Tree, HCL Tech and Idea Cellular whereas long closure was seen in Sun
TV, SAIL, Arvind & IOC

8700

25

8600

20
15

2 6 .5
2 1 .9
2 3 .3
2 3 .2
2 2 .6
2 1 .8
2 1 .2
2 1 .5
2 2 .8
2 3 .8
2 3 .7
2 3 .9
2 5 .0
2 5 .4
2 6 .7

30

10

8500
8400
8300
8200

2 6 -N o v
2 7 -N o v
2 8 -N o v
1 -D e c
2 -D e c
3 -D e c
4 -D e c
5 -D e c
8 -D e c
9 -D e c
1 0 -D e c
1 1 -D e c
1 2 -D e c
1 5 -D e c
1 6 -D e c

O I In m illio n

Nifty OI vs. Future Price

OI Gainers
S ym b o l
DRRE DDY
H D IL
G L E NMAR K

Nifty F utures O I

Nifty F ut P rice (R H S )

Nifty Active Strikes

C all (% )
S trike

OI Losers
OI
1368250

% C h g P rice % C h g
18.62 3,172

S ym b o l

OI

%C hg

P rice % C h g

-6.1

T V S MO T O R

4461000

-8.53

249

-3.9

4106000

-5.48

295

-4.6

34988000

16.84

62

-6.6

O R IE NT B ANK

4869000

16.48

772

-4.3

S UNT V

AXIS B ANK

28624500

14.06

473

-1.5

S AIL

S B IN

62597500

11.58

297

-5.0

HC LTE C H

1704000

-4.96

339

-3.6

44332000

-3.48

78

-0.9

3516000

-4.21

1,565

4.6

P ut (% )

8000

O I chg %
17.10

IV (% )
16.44

O I chg %
58.48

IV (% )
17.31

8100

387.86

15.49

-0.11

15.63

8200

186.85

15.56

-28.93

14.66

8300

43.46

15.86

-33.22

14.16

8400

-6.55

16.66

-15.24

15.61

ICICI Securities Ltd. | Retail Equity Research

Page 11

Support and Resistance

SCRIP
SENSEX

CLOSE

S1

S2

S3

R1

R2

R3

TREND

26781.44

26612

26510.15

26408.3

26843.55

26959.35

27075.15

-ve

NIFTY

8067.60

8017.00

7987.00

7956.95

8085.40

8119.60

8153.75

-ve

ACC

1391.95

1373.45

1366.85

1360.25

1397.20

1409.10

1421.00

440.55

437.80

435.05

432.10

443.25

445.95

448.95

ADANI ENTER.
ADANI POWER
ADITYA BIRLA
ALLAHABAD BANK
ANDHRA BANK

-ve
Neutral

40.20

38.75

38.55

38.35

40.70

41.70

42.65

1605.20

1578.50

1567.55

1556.65

1615.95

1634.70

1653.45

-ve
-ve

117.70

114.85

113.40

112.00

118.80

120.80

122.80

-ve
-ve

81.65

79.45

78.75

78.05

82.55

84.10

85.65

1124.35

1104.95

1097.55

1090.20

1130.9

1143.90

1156.90

-ve

APOLLO TYRES

223.25

217.90

215.60

213.30

223.95

226.95

229.95

-ve

ARVIND

252.25

249.05

245.90

242.75

252.25

253.90

255.50

-ve

45.90

44.80

44.25

43.75

46.20

46.90

47.65

-ve

APOLLO HOSPITALS

ASHOK LEYLAND
ASIAN PAINTS

758.85

751.55

747.50

743.45

759.05

762.80

766.55

-ve

1095.85

1069.75

1059.70

1049.65

1097.35

1111.15

1124.95

-ve

BAJAJ AUTO

2494.75

2467.55

2455.80

2444.05

2498.45

2513.90

2529.35

-ve

BOB

1008.50

985.95

977.95

969.95

1016.80

1032.20

1047.65

-ve

AUROBINDO PHARMA

BOI

278.55

271.50

269.30

267.15

278.80

282.45

286.10

-ve

1269.55

1246.45

1238.10

1229.80

1272.60

1285.70

1298.80

-ve

BHARAT FORGE

896.55

885.10

879.35

873.60

899.00

905.95

912.90

-ve

BPCL

647.45

645.45

639.65

633.90

656.95

667.70

678.45

+ve

BHARTI AIRTEL

350.05

348.85

346.15

343.45

354.20

356.80

359.45

+ve

BIOCON

429.05

415.85

413.95

412.10

431.95

440.00

448.05

-ve

CAIRNS INDIA

235.65

231.25

228.85

226.45

235.60

237.75

239.95

-ve

CANARA BANK

407.35

400.25

396.50

392.75

409.75

414.45

419.20

-ve

CENTURY TEXT.

492.50

483.15

478.35

473.50

493.75

499.05

504.35

-ve

CESC

629.20

622.00

613.55

603.95

638.95

647.45

657.00

Neutral

BATA INDIA

CHAMBAL FERT.

60.80

59.70

59.40

59.05

61.10

61.80

62.45

CIPLA

623.40

616.45

611.10

605.80

623.65

627.25

630.85

-ve

COAL INDIA

366.75

360.05

355.55

351.10

368.60

372.90

377.20

-ve

COLGATE PALM.

-ve

1718.05

1694.05

1679.15

1664.30

1726.05

1742.05

1758.05

-ve

CROMPTON GREAVES

168.85

165.45

163.80

162.15

168.45

169.95

171.50

-ve

DABUR INDIA

223.30

218.95

216.95

214.95

224.55

227.35

230.15

-ve

61.00

59.45

58.70

57.95

61.60

62.70

63.75

-ve

DISH TV

ICICI Securities Ltd. | Retail Equity Research

Page 12

SCRIP
DIVI'S LAB.

CLOSE

S1

S2

S3

R1

R2

R3

TREND

1681.80

1655.60

1639.45

1623.30

1688.55

1705.05

1721.50

139.25

136.15

133.65

131.15

140.00

141.90

143.80

-ve

3142.35

3065.55

3039.70

3013.80

3169.50

3221.50

3273.50

-ve

EXIDE IND.

166.75

163.25

161.10

158.90

168.10

170.50

172.95

-ve

FEDERAL BANK

133.90

130.85

129.95

129.05

134.90

136.95

139.00

-ve

FUTURE RETAIL

84.80

81.80

81.05

80.25

84.90

86.45

87.95

-ve

DLF
DR.REDDY'S LAB.

GAIL
GLAXO SMITH.C.H.
GLENMARK PHARMA.
GMR INFRA.

-ve

413.50

409.80

404.30

398.75

414.30

416.55

418.80

-ve

5620.10

5490.80

5454.75

5418.65

5625.20

5692.40

5759.55

-ve

766.80

747.40

742.90

738.35

770.60

782.20

793.75

-ve

16.40

15.05

14.75

14.45

16.30

16.90

17.55

-ve

GODREJ CONSUMER

848.60

818.85

813.05

807.25

856.75

875.70

894.70

-ve

GODREJ IND.

265.20

261.15

259.45

257.70

265.35

267.45

269.55

-ve

3365.90

3341.40

3317.10

3292.85

3374.55

3391.10

3407.70

-ve

252.95

245.50

242.70

239.90

255.20

260.05

264.95

-ve

1558.90

1545.65

1522.05

1498.45

1592.90

1608.50

1624.15

925.75

914.50

910.40

906.35

927.00

933.25

939.50

-ve

HDFC

1086.85

1071.25

1053.80

1036.35

1092.65

1103.35

1114.10

-ve

HERO MOTO

3132.75

3117.25

3103.00

3088.75

3134.10

3142.55

3150.95

204.50

204.05

201.75

199.40

208.70

211.05

213.40

GRASIM
HAVELL'S INDIA
HCL TECH
HDFC BANK

HEXAWARE TECH.

+ve

-ve
+ve

HINDALCO

144.75

140.45

139.20

137.95

145.45

147.95

150.45

-ve

HIND. UNILEVER

766.65

755.65

749.60

743.55

770.35

777.70

785.05

-ve

HPCL

551.30

551.55

545.00

538.45

564.65

572.55

580.45

+ve

HINDUSTAN ZINC

158.00

156.15

155.15

154.15

158.40

159.55

160.65

-ve

62.05

60.30

59.40

58.45

62.75

63.95

65.15

-ve

330.70

325.80

323.40

321.00

332.40

335.75

339.05

-ve

65.25

63.55

63.00

62.45

65.90

67.05

68.25

IDEA CELLULAR

143.25

142.65

140.95

139.30

146.05

146.80

147.60

NSE INFRA DEV FINANC

151.65

148.90

147.70

146.55

152.70

154.60

156.55

-ve

33.85

32.75

32.50

32.25

34.25

35.00

35.70

-ve

INDUSIND BANK

763.75

753.40

746.35

739.30

767.60

774.75

781.85

-ve

INDIA CEMENTS

76.85

75.25

73.60

71.95

77.20

78.20

79.15

-ve

HDIL
ICICI BANK
IDBI

NSE IND.FIN.CORP.OF

-ve
+ve

INDRAPRASTHA GAS

414.40

409.20

405.90

402.60

415.25

418.30

421.30

-ve

IOC

326.80

325.40

322.90

319.15

330.30

332.75

336.55

Neutral

IOB

55.45

53.25

52.70

52.10

56.25

57.75

59.25

ICICI Securities Ltd. | Retail Equity Research

-ve

Page 13

SCRIP
IB REAL ESTATE

CLOSE

S1

S2

S3

R1

R2

R3

TREND

65.45

64.30

63.45

62.60

65.80

66.55

67.35

1938.00

1938.20

1931.75

1925.25

1951.15

1964.50

1977.80

IRB INFRA.

240.30

235.20

232.50

229.75

241.60

244.80

248.00

-ve

ITC

380.60

375.65

372.95

370.25

381.70

384.75

387.75

-ve

JAIPRAKASH ASS.

23.60

22.95

22.45

21.95

23.65

24.05

24.40

-ve

J.P.POWER VENT.

11.60

11.35

11.30

11.20

11.65

11.80

11.95

-ve

INFOSYS

-ve
+ve

JAIN IRRIGATION

67.50

63.40

62.90

62.45

68.35

70.80

73.30

-ve

JINDAL ST&POW

131.95

129.35

128.00

126.65

132.75

134.45

136.15

-ve

JSW ENERGY

90.25

88.45

87.40

86.35

90.45

91.45

92.50

-ve

NSE JSW STEEL

1029.85

1003.50

994.35

985.20

1038.80

1056.45

1074.10

-ve

JUBILANT FOOD

-ve

1298.55

1283.10

1266.80

1250.50

1299.05

1307.05

1315.00

KARNATAKA BANK

135.35

131.45

130.15

128.80

136.85

139.50

142.20

-ve

KOTAK MAH.BANK

1283.50

1267.45

1248.55

1229.60

1285.25

1294.15

1303.05

-ve

L&T

1483.35

1479.10

1471.05

1465.10

1495.25

1503.35

1509.25

Neutral

396.15

380.75

377.50

374.25

402.10

412.80

423.45

-ve

NSE LUPIN

1425.25

1413.15

1407.90

1402.60

1427.65

1434.90

1442.15

-ve

M&M

1227.50

1211.70

1203.60

1195.55

1227.90

1236.05

1244.15

-ve

MARUTI SUZUKI

3309.85

3279.65

3271.25

3262.85

3320.75

3341.30

3361.85

-ve

MCLEOD RUSSEL

221.80

216.15

214.85

213.50

223.60

227.35

231.05

-ve

M&M FIN.SERV.

287.45

280.45

277.45

274.50

289.35

293.80

298.25

-ve

37210.95

36857.65

36684.45

36511.25

37294.65

37513.15

37731.65

-ve

18.55

18.45

18.35

18.25

18.60

18.65

18.75

-ve

NMDC

134.40

131.85

131.25

130.65

134.50

135.85

137.20

-ve

NSE NTPC

128.30

125.70

124.75

123.80

128.80

130.35

131.90

-ve

ONGC

335.55

330.25

326.35

322.50

335.00

337.35

339.75

-ve

OBC

295.75

289.20

286.25

283.30

297.85

302.20

306.50

-ve

PETRONET LNG

186.40

184.25

183.20

182.15

186.75

188.05

189.30

-ve

LIC HOUSING

MRF
NSE NHPC

POWER FINANCE

264.50

257.85

254.50

251.15

266.45

270.75

275.05

-ve

POWER GRID

133.05

131.85

131.30

130.75

133.20

133.90

134.55

-ve

POWER TRADING
PNB
RANBAXY
RCOM
REL. CAPITAL

ICICI Securities Ltd. | Retail Equity Research

86.55

84.85

84.10

83.30

87.25

88.40

89.60

-ve

1071.85

1047.90

1039.90

1031.90

1074.40

1087.65

1100.90

-ve

635.35

629.90

627.00

624.15

636.80

640.25

643.75

-ve

83.75

82.20

81.20

80.20

84.00

84.90

85.75

-ve

480.00

462.55

458.40

454.25

485.75

497.35

508.95

-ve

Page 14

SCRIP

CLOSE

S1

S2

S3

R1

R2

R3

TREND

RELIANCE INFRA.

496.80

484.75

481.15

477.55

501.25

509.50

517.75

-ve

RELIANCE

864.60

861.00

855.10

852.55

872.80

878.65

881.25

Neutral

59.70

58.45

58.15

57.90

60.10

60.90

61.75

-ve

296.65

289.35

287.20

285.05

298.80

303.55

308.25

-ve

77.55

75.90

75.45

75.00

77.25

77.95

78.60

-ve

193.60

186.45

184.25

182.05

195.40

199.90

204.35

-ve

1084.35

1059.65

1052.35

1045.00

1092.75

1109.30

1125.85

-ve

RELIANCE POWER
REC
SAIL
SESA GOA
SHRIRAM TRANS.
SIEMENS

837.00

814.75

808.30

801.85

842.65

856.60

870.55

-ve

SBI

295.60

288.75

286.60

284.50

297.75

302.25

306.75

-ve

SUN PHARMA

830.15

819.95

816.20

812.45

832.70

839.05

845.45

-ve

SUN TV

337.00

326.60

322.10

317.65

338.70

344.80

350.85

-ve

SYNDICATE BANK

117.30

113.60

112.30

111.05

118.70

121.25

123.80

-ve

TATA CHEMICALS

412.50

410.60

408.30

405.55

415.25

417.60

420.35

Neutral

TATA MOTOR DVR

324.60

318.35

315.20

312.10

326.45

330.50

334.55

-ve

TATA MOTORS

481.65

476.20

473.30

470.35

482.80

486.10

489.40

-ve

79.85

77.90

77.45

77.00

80.50

81.85

83.15

-ve

TATA POWER
TATA GLOBAL BEV.

144.25

140.95

140.25

139.55

145.40

147.65

149.85

TCS

2443.05

2429.40

2400.85

2372.30

2486.55

2511.15

2535.75

TECH MAHINDRA

-ve
+ve

2534.55

2533.00

2506.55

2480.05

2586.00

2611.00

2636.00

TATA STEEL

389.65

387.45

383.50

380.40

395.35

399.30

402.40

TITAN IND.

360.00

354.60

351.65

348.70

360.05

362.80

365.55

-ve

UCO BANK

75.80

73.80

73.15

72.55

76.30

77.55

78.80

-ve

2484.85

2456.55

2435.60

2414.60

2496.55

2516.55

2536.55

-ve

210.25

204.85

202.90

200.95

209.80

212.30

214.75

-ve
-ve

ULTRATECH CEMENT
UBI

+ve
Neutral

UNITED BREW.

746.10

725.60

718.60

711.60

753.45

767.35

781.30

UNITED PHOSPH.

302.70

298.15

295.10

292.05

304.15

307.10

310.10

-ve

14.90

13.95

13.70

13.40

15.10

15.65

16.20

-ve

VOLTAS

247.65

243.40

240.30

237.15

248.65

251.30

253.90

-ve

WIPRO

536.75

534.95

531.25

526.00

542.30

545.95

551.25

Neutral

UNITECH

NSE YES BANK

690.95

679.35

671.20

663.10

691.40

697.40

703.45

-ve

ZEE

368.25

368.25

365.85

363.45

373.05

375.75

378.50

+ve

ICICI Securities Ltd. | Retail Equity Research

Page 15

NOTES:

Please execute the recommendation within the levels provided in the report
Once the recommendation is executed, it is advisable to keep strict stop loss as provided in the report
Avoid entering into the recommendation in the first 5 min of trade
If the recommendation opens near the target levels due to gap up/gap down opening, then the recommendation
is considered not initiated
The recommendations are valid only for the day and should be squared off by the end of the day.
Only stocks in derivatives segment have been considered for daily trading.
Medium to long-term prospects of a stock does not have any bearing on the daily view.

Trading Portfolio allocation

It is recommended to spread out the trading corpus in a proportionate manner between the various technical
research products.
Please avoid allocating the entire trading corpus to a single stock or a single product segment.
Within each product segment it is advisable to allocate equal amount to each recommendation.
For example: The Momentum Picks product carries 3 to 4 intraday recommendations. It is advisable to allocate
equal amount to each recommendation

ICICI Securities Ltd. | Retail Equity Research

Page 16

Recommended Product wise Trading Portfolio allocation

Products

Allocations
Product wise
Max allocation
allocation
in 1 stock

Return Objective
Number of Calls

Frontline Stocks

Mid-cap stocks

Duration

Daily Calls

8%

2-3%

3-4 Stocks

0.50-1%

2-3%

Intraday

Short term Delivery

6%

3-5%

7-10 p.m

4-5%

7-10%

Opportunity based

Weekly Calls

8%

3-5%

1-2 Stocks

5-7%

7-10%

1 Week

Weekly Technical

8%

3-5%

1-2 Stocks

5-7%

7-10%

1 Week

Monthly Call

15%

5%

2-3 Stocks

7-10%

10-15%

1 Month

Monthly Technical

15%

2-4%

5-8 Stocks

7-10%

10-15%

1 Month

Techno Funda

15%

5-10%

1-2 Stocks

10% and above

15% and above

6 Months

Technical Breakout

15%

5-10%

1-2 Stocks

10% and above

15% and above

3-6 Months

Cash in Hand

10%

100%

ICICI Securities Ltd. | Retail Equity Research

Page 17

Candlesticks Glossary:
Candlestick patterns describe the market sentiment for the specified period. Some of the formations suggest reversal of sentiment
(trend) and, therefore, are important for a chart reader. By themselves, the patterns do not carry any price target but only an
indication of change in market behaviour. More importance needs to be given to the placement of the pattern within larger trend

Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or
downtrend. The market falls, and a black candle forms (ideally a small black candle). Next, a white real body wraps around the
prior sessions 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 sessions 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 sessions range. There should be no, or a very small, upper shadow. Pattern suggests buying support during
declines and needs confirmation in terms of sustainability of prices above head of the Hammer in following session
Bearish Engulfing Line: Potential top reversal signal. This two candlestick pattern emerges during a rally. A black candle real
body wraps around a white real body (classically a small white candle) Highest high between two candles becomes resistance
level for prices for future reference
Dark Cloud cover: A dark cloud cover forms a top reversal pattern. The first session should be a strong, white real body. The
second sessions price opens over the prior sessions high (or above the prior sessions close). By the end of the second session, it
closes near the low of the session and should fall well into the prior sessions 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

ICICI Securities Ltd. | Retail Equity Research

Page 18

Pankaj Pandey

Head Research

pankaj.pandey@icicisecurities.com

ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai 400 093
research@icicidirect.com

ICICI Securities Ltd. | Retail Equity Research

Page 19

Disclaimer
ANALYST CERTIFICATION
We /I, Dharmesh Shah, Dipesh Dagha, Nitin Kunte, Pabitro Mukherjee Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately
reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

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 is a whollyowned subsidiary of ICICI Bank which is Indias 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.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for
the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI
Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance
or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable
regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.
This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and
information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though
disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this
report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions
expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not
be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in
interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a
guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth
in projections. Forward-looking statements are not predictions and may be subject to change without notice.
ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past
twelve months.
ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of
managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.
ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the report in
the past twelve months.
ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its analysts did not receive any compensation or other
benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts have any material conflict of interest
at the time of publication of this report.
It is confirmed that Dharmesh Shah, Dipesh Dagha, Nitin Kunte, Pabitro Mukherjee Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding
twelve months.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of
the research report.
Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies
mentioned in this report.

ICICI Securities Ltd. | Retail Equity Research

Page 20