Daily Calls

May 12, 2015

Market Outlook

Domestic Indices
Indices

Close

Change

Change%

27507.30

401.91

1.48

CNX Nifty

8325.25

133.75

1.63

Nifty future

8342.15

131.60

1.60

S&PBSE Midcap

10831.92
10453.96

168.90
217.75

1.58
2.13

S&PBSE Smallcap

10967.62

138.56

1.28

Indices
Close
Dow Jones
18105.17
Nasdaq
4993.57
FTSE
7029.85
DAX
11673.35
Hang Seng
27638.83
Nikkei
19516.03
SGX Nifty
8331.00
* Asian Market as at 7:30am

Change
-85.94
-9.98
-16.97
-36.38
-64.12
-110.46
-7.00

Change%
-0.47
-0.20
-0.24
-0.31
-0.23
-0.56
-0.08

S&P BSE Sensex

S&PBSE 500

Sensex: We said, "Positive bias...larger positive options possible if the last fall gets retraced faster..." The index gapped up above
Friday and holding the Yellow support line, gained further, to finish 402 points or 1.4% higher. Except FMCG, most other sectors
ended with gains. PSU banks outperformed while the A/D ratio ended positive 3:1.
The action formed another Bull candle, with a small gap-up area below its bottom. The bias will remain positive on higher highlow after bouncing from the lower Grey channel. "Faster retracement" and strength above 27604 today, followed by dips holding
higher lows, would be positive for eventually testing upper end of the Grey falling channel. Otherwise not.
Exhibit 1: Sensex Daily Candlestick Chart

Global Indices

Market Breadth
35
103

Unchg

285

Decline

NSE
973

824

Advance
0

BSE

1755
500

1000

1500

2000

Recommendations for the day

1. Buy Nifty May Future in range of 8295-8300
2. Buy ACC above 1508.00
3. Buy Tata Chemical in range of 445.00-446.00
4. Sell Dabur India below 258.50
*Recommendations are of May Future

Source: ASA, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Exhibit 2: Nifty Future Daily Candlestick Chart

CNX Nifty (Cash Levels) Technical Picture
Nifty
Trend

Intraday
Up

Trend Reversal

Short Term
Range bound

8265

Support

8295-8265

8000

Resistance

8355-8390

8520

20 Days EMA

8345

200 days EMA

8184

Nifty Future Recommendations

CMP :

8342.15

Comment : Future premium decreased from 19 points to

17. Move above 8398 required for faster
retracement of last fall.Reverse if fails to
reach or sustain above 8355-65 or 8400mark
Action :

Buy in the range of 8295-8300

Targets :

8330/8350/Higher

Stop-loss :

8275.00

Source: ASA, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 2

Trend Scanner
Global Currencies
Spot

Positive Trends

Candlestick Patterns

Close

Prev.close

% Chg

Rupee (|)

63.855

63.938

0.13

Scrip Name

Dollar Index

95.122

95.011

0.12

Aurobindo Pharma Ltd

Euro

1.114

1.116

-0.13

Axis Bank Ltd

British Pound

1.557

1.559

-0.12

Housing Development Finance Corp

Japanese Yen

120.170

120.080

-0.08

Eicher Motors Ltd

Australian ($)

0.790

0.789

0.14

Swiss Franc

0.935

0.934

-0.07

Global Treasury Yields

Ultratech Cement Ltd

Close

% Change

10-day SMA

Delivery (%)

1362.80

6.07

1290.53

58.66

551.10

1.90

547.57

55.18

1226.10

3.44

1192.30

70.94

16871.60

6.91

15380.59

55.27

2823.80

4.66

2686.05

64.86

Negative Trends

Closing Yield (%)

Previous Yield (%)

India 10 year

7.89

7.89

US 10 Year

2.26

2.28

EURO 10 Year

0.61

0.55

GBP 10 Year

1.95

1.88

JPY 10 Year

0.42

0.40

Scrip Name

Close

% Change

10-day SMA

Delivery (%)

Dabur India Ltd

257.20

-1.40

259.42

62.32

DLF Ltd

130.25

-2.03

132.37

26.92

Bullish Candlestick Formations

Pattern name

PVR

Engulfing Bull

Petronet

Engulfing Bull

Marico

Engulfing Bull

380.1

Ashok Leyland

Continious

74.2

Auro Pharma

Continious

1359.8

SBIN

Continious

275.5

Eicher Motors

Continious

16825.0

Motherson Sumi Continious

513.0

Prev. Close

%Chg

Gold/ounce

1183.99

1183.97

0.00

Copper /ton

6368.5

6391.5

-0.18

64.73

64.91

-0.28

Brent Crude/barrel

Scrip Name

Pattern name

LTP

660.0

Just Dial

Evening Star

176.6

DLF

Engulfing Bear

130.0

Hindustan Uni

Engulfing Bear

863.0

1087.5

Stocks hitting 52 week High

Essel Pack

US Dollar
Close

LTP

Note: For Candlestick pattern description refer towards the end of

the report s

Scrip Name

Commodities

Bearish Candlestick Formations

Scrip Name

Overbought Stocks
Scrip Name
Amtek India

Oversold Stocks
LTP

Stochastic
121

85.71

Jubilant Industries

Scrip Name

LTP

Exide Industries

156.25

16.23

145.3

14.2

NTPC

Stochastic

Relaxo

LTP
134.85
151.6
846.65

Repro

448

UPL

505

Institutional Activity
Cash Segment (| Cr)
11-May-15
8-May-15
7-May-15
6-May-15
5-May-15

FII
170.0
-438
-1361
-1700
-757

DII
328.6
1,114
1,158
1,455
979

ICICI Securities Ltd. | Retail Equity Research

Page 3

Stock recommendations for the day

Exhibit 3: ACC (ACC)

Daily Candlestick Chart

Falling channel breakout and price close above 200

day EMA signalling further upsides in coming sessions

ACC (ACC) May Future

CMP

1507.55

Comment :

Falling channel breakout and price close

above 200 day EMA and RSI in uptrend in
daily charts

Action :

Buy above 1508.00

Targets :

1528/1538/Higher

Stop-loss :

1498.00

RSI has generated a bullish crossover above its nine periods average thus validates positive momentum

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 4

Exhibit 4: Tata Chemical (TATCHE)

Daily Candlestick Chart

Tata Chemical (TATCHE) May Future

CMP

446.15

Comment : Short term trendline breakout and MACD

giving buy signal sustaining above its signal
line in the daily chart
Action :

Buy in the range of 445.00-446.00

Targets :

453/457/Higher

Stop-loss :

441.50

Short term trendline breakout joining immediate highs indicates

more upsides in coming sessions

MACD sustaining above its signal line suggests positive trend

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 5

Exhibit 5: Dabur India (DABIND)

Daily Candlestick Chart

38.2% @ 272

Dabur India (DABIND) May Future

CMP

258.70

Comment : Price facing resistance at 13 day EMA and

reacted from 38.2 percent retracement of
recent fall and RSI in sell mode in daily
charts
Action :

Sell below 258.50

Targets :

254/251.50/Lower

Stop-loss :

260.80

Price facing resistance at 13 day EMA and reacted from 38.2%

retracement of the previous decline indicates further downsides
in coming sessions

RSI generated bearish crossover suggesting further downward momentum

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 6

Previous Days Performance

Scrip

Nifty
Hindustan Unilever
Bajaj Auto
Cipla
PNB

Product

Future
Future
Future
Future
Future

Strategy

Buy
Buy
Buy
Buy
Sell

Nifty Points gained for the day: 0 points

Stock profits: Avg 0.43% per trade

Strike Rate for the day: 1/2

Recommended Price

In range of 8190-8200
above 900.00
above 2137
In range of 655-666.00
below 143.80

Targets

8230/8250/+
915/924/+
2168/2185/+
667/673/+
140.8/139.2/-

SL

8175.00
891.00
2118.00
649.50
145.30

Gain/Loss %*

1.85
-1.00

Comment

No trade
No trade
Target 2 achieved
No trade (Open near target)
Stoploss triggered

Gains over last 25 days: 44.5 points

(Cum. Profits over last 25 days: 44.80%)

(Cum strike rate over 25 days: 35/56

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 7

Support and Resistance Table (Cash Levels)

SCRIP

CLOSE

S1

S3

R1

R2

R3

SENSEX

27507.3

27467.45

27389.2

S2

27310.95

27623.95

27804.7

27985.45

TREND
+ve

NIFTY

8325.25

8309.75

8282.7

8255.7

8363.8

8414

8464.2

+ve

ACC

+ve

1498.95

1491.9

1476.25

1460.55

1523.25

1532.9

1542.5

ADANI ENTER.

707.15

704.55

699.2

693.85

715.25

726.2

737.15

+ve

ADANI PORT

344.05

343.05

341.05

339.05

347

352

356.95

+ve

ADITYA BIRLA

Neutral

1868.15

1853.85

1839.1

1817.55

1883.35

1898.1

1919.7

ALLAHABAD BANK

102.7

102.25

101.15

100.05

104.4

105.65

106.85

+ve

AMBUJA CEMENT

238.5

237.3

235.1

232.9

241.75

243.9

246

+ve

AMTEK AUTO

153.4

153.45

152.25

151

155.9

159.25

162.55

+ve

77.8

77.45

76.6

75.75

79.1

79.9

80.65

+ve

APOLLO HOSP.ENT.

1250.6

1245.7

1220.25

1194.75

1296.65

1302.85

1309.05

+ve

APOLLO TYRES

170.95

170.15

168.3

166.45

173.85

175.2

176.5

+ve

ARVIND

256.65

256

254.15

252.3

259.7

263.1

266.5

+ve

ANDHRA BANK

ASHOK LEYLAND

74.3

73.55

72.25

70.95

76.2

77.25

78.3

+ve

ASIAN PAINTS

771.65

769.1

763.05

756.95

781.25

786.7

792.1

+ve

AUROBINDO PHARMA

1362.8

1353.05

1334.8

1316.55

1389.5

1410.85

1432.2

+ve

551.1

549.9

547.7

545.45

554.35

560.1

565.85

+ve

2182.4

2175.65

2160.1

2144.5

2206.75

2233.35

2259.9

+ve

169.7

165.6

158.8

152

179.2

182.6

185.95

+ve

AXIS BANK
BAJAJ AUTO
BOB
BOI
BATA INDIA
BPCL

206.25

204.85

200.5

196.2

213.55

217.15

220.8

+ve

1051.45

1050.45

1044.75

1039.05

1061.8

1066.55

1071.3

+ve

750.8

750.35

748.1

745.85

754.85

761.95

769.05

+ve

BHARTI AIRTEL

396.2

393

391.45

389.85

397.05

399.05

401.05

-ve

BHEL

234.7

234.2

231.55

228.95

239.45

240.7

242

+ve

CAIRNS INDIA

209.95

209.6

208.85

208.05

211.15

212.4

213.6

+ve

CANARA BANK

362.55

359.25

353.65

348.1

370.4

376.6

382.8

+ve

CENTURY TEXT.

653.25

651.85

647.05

642.3

661.35

670.25

679.15

+ve

CESC

544.45

544.1

541.8

539.5

548.7

552.45

556.15

+ve

CIPLA

666.1

666.65

664

661.4

671.9

682.1

692.35

+ve

371.95

371.3

368.8

366.35

376.25

378.45

380.65

+ve

CROMPTON GREAVES

170.3

169.7

168.35

166.95

172.4

174

175.55

+ve

DISH TV

77.45

77.45

77

76.55

78.35

79.65

81

+ve

1731.45

1731.65

1720.6

1709.6

1753.75

1765.45

1777.2

+ve

COAL INDIA

DIVI'S LAB.

ICICI Securities Ltd. | Retail Equity Research

Page 8

SCRIP

CLOSE

S1

S2

S3

R1

R2

R3

TREND

DLF

130.25

127.9

126.05

124.25

130.6

131.95

133.3

-ve

DR.REDDY'S LAB.

3359.7

3364.55

3346.8

3329.05

3400.05

3426.75

3453.45

+ve

157.6

157.1

155

152.95

161.2

162.05

162.95

+ve

FEDERAL BANK

EXIDE IND.

135.05

134.9

133.8

132.65

137.1

139.4

141.65

+ve

GAIL

373.05

372.1

369.75

367.35

376.85

379.25

381.6

+ve

3556.75

3548.4

3529.75

3511.1

3585.7

3599.2

3612.75

+ve

285.75

284.35

278.3

272.3

296.45

299.4

302.35

+ve

HCL TECH

941.9

940.1

933.55

927.05

953.15

961.35

969.55

+ve

HDFC BANK

990.3

988

983.35

978.65

997.35

1006.45

1015.6

+ve
+ve

GRASIM
HAVELL'S INDIA

HDFC

1226.1

1221.1

1211.35

1201.6

1240.55

1253.55

1266.55

2384.25

2375.3

2351.6

2327.95

2422.6

2450.75

2478.9

+ve

HEXAWARE TECH.

255.6

255.65

253.85

252.05

259.3

263.5

267.75

+ve
+ve

HERO MOTO
HINDALCO

142.5

142.55

141.35

140.1

145

146.6

148.25

HIND. UNILEVER

864.7

850.95

837.8

824.65

870.35

880.05

889.75

-ve

HPCL

605.5

604.1

599.75

595.35

612.8

622.75

632.7

+ve

IBULL HSG FIN

556.2

552.95

548.25

542.15

562.35

567.05

573.2

Neutral

IDBI

70.85

70.55

69.8

69.05

72.05

72.8

73.5

+ve

IDEA CELLULAR

171.1

171.35

170.25

169.1

173.6

175.95

178.3

+ve

NSE INFRA DEV FINANC

160.8

160.95

160.35

159.8

162.1

163.95

165.8

+ve

NSE IND.FIN.CORP.OF

31.45

31.4

31.05

30.75

32.05

32.45

32.9

+ve

INDUSIND BANK

819.65

817.95

813.7

809.45

826.45

831.55

836.7

+ve

INDIA CEMENTS

92.7

92.55

91.8

91.05

94.05

95.15

96.25

+ve

407.1

405.5

401.95

398.4

412.6

415.25

417.9

+ve

338.95

338.4

337.2

336.05

340.75

343.2

345.65

+ve

58.25

58.35

57.75

57.2

59.5

60.4

61.3

+ve

1993.65

1987.8

1975.85

1963.9

2011.7

2017.6

2023.45

+ve

IRB INFRA.

231.65

230.85

228.55

226.25

235.45

238.8

242.2

+ve

ITC

326.45

323.65

321.95

320.3

326.85

328.4

330

-ve

JINDAL ST&POW

135.6

135.65

134.55

133.5

137.8

139.85

141.9

+ve

NSE JSW ENERGY

INDRAPRASTHA GAS
IOC
IB REAL ESTATE
INFOSYS

108.95

108.75

107.9

107.1

110.4

111.55

112.75

+ve

NSE JSW STEEL

903.2

904.65

899.45

894.3

915.05

921.95

928.9

+ve

JUBILANT FOOD

1475.45

1470.05

1455.9

1441.75

1498.35

1509.5

1520.7

+ve

KOTAK MAH.BANK

1339.05

1338.55

1331.8

1325

1352.15

1362.85

1373.55

+ve

1615.3

1616.8

1610.75

1604.7

1628.95

1642.1

1655.25

+ve

L&T

ICICI Securities Ltd. | Retail Equity Research

Page 9

SCRIP
LIC HOUSING

CLOSE

S1

S2

S3

R1

R2

R3

TREND

426.5

425.3

422.25

419.15

431.4

434.95

438.45

+ve

LUPIN

1769.9

1751.7

1736.95

1725.5

1781.15

1795.85

1807.35

Neutral

M&M

1194.25

1195

1188.25

1181.5

1208.5

1218.6

1228.75

+ve

3651.7

3649.55

3635

3620.45

3678.7

3699.2

3719.7

+ve

1271

1272.6

1265.2

1257.85

1287.35

1297.8

1308.3

+ve

274

273.25

270.3

267.3

279.15

281.6

284.05

+ve

511.8

508.55

502.5

496.45

520.65

526.5

532.35

+ve

19.3

19.25

19.2

19.1

19.4

19.45

19.55

Neutral

NMDC

131.95

131.95

131.05

130.15

133.75

134.8

135.9

+ve

NSE NTPC

144.95

144.5

143.6

142.65

146.35

147.15

147.9

+ve

319

317.2

315.75

313.15

320.1

321.5

324.15

Neutral

OBC

196.35

195.2

192.35

189.55

200.85

203.85

206.85

+ve

PETRONET LNG

175.35

174.4

172.15

169.9

178.9

180.5

182.1

+ve

264.8

262.8

259.4

255.95

269.65

271.95

274.25

+ve

MARUTI SUZUKI
MINDTREE
M&M FIN.SERV.
MOTHERSON SUMI
NSE NHPC

ONGC

POWER FINANCE
PTC INDIA

68.55

68.55

68.3

68.05

69.05

69.5

69.95

+ve

PNB

149.1

148.25

146.15

144.1

152.45

156.85

161.3

+ve

REL. CAPITAL

399.15

398.75

396.3

393.8

403.7

407.3

410.9

+ve

RELIANCE INFRA.

412.85

412

409.6

407.25

416.75

420.35

423.95

+ve

RELIANCE

895.95

894.45

890.45

886.4

902.45

910.65

918.8

+ve

54.35

54.3

54

53.7

54.85

55.25

55.65

+ve

REC

297.85

297.65

294.75

291.8

303.55

306.15

308.75

+ve

SAIL

68.85

69.05

68.6

68.15

69.9

70.6

71.3

+ve

217.65

214.3

209.7

224.35

227.7

232.3

Neutral
+ve

RELIANCE POWER

SESA GOA
SHRIRAM TRANS.

823.2

818.1

808.55

799

837.2

846.25

855.3

SIEMENS

1342.2

1337.95

1326.9

1315.85

1360.05

1378.75

1397.45

+ve

SKS MICRO FIN.

465.15

462.75

456.85

450.95

474.6

479.55

484.5

+ve

SBI

276.05

274

270.35

266.7

281.3

283.4

285.5

+ve

964.4

962.45

957.55

952.65

972.3

980.95

989.65

+ve

367.05

365.85

362.6

359.4

372.3

377.5

382.7

+ve
+ve

SUN PHARMA
SUN TV

106.5

106.15

104.45

102.75

109.55

110.8

112.1

TATA COMM.

SYNDICATE BANK

429.25

429.45

427.55

425.6

433.25

436.95

440.6

+ve

TATA CHEM.

445.75

444.65

441.35

438.1

451.2

456.05

460.95

+ve

TATA MOTOR DVR

322.75

321.15

318.05

315

327.35

331.9

336.45

+ve

529.7

527.8

524.3

520.8

534.75

542.55

550.3

+ve

TATA MOTORS

ICICI Securities Ltd. | Retail Equity Research

Page 10

SCRIP
TATA POWER
TATA GLOBAL BEV.

CLOSE

S1

S2

S3

R1

R2

R3

TREND

74.3

74.2

73.8

73.45

75

75.6

76.25

+ve

143.35

143

142.15

141.3

144.65

145.7

146.7

+ve

TCS

2556

2552

2542.5

2533

2571.05

2588.95

2606.9

+ve

TECH MAHINDRA

631.3

630.5

625.05

619.55

641.45

644.15

646.8

+ve

TATA STEEL

377.1

376.7

374

371.25

382.15

385.85

389.5

+ve

TITAN IND.

367.65

364.7

358.4

352.1

377.3

386.1

394.9

+ve

TVS MOTOR

227.05

226.35

224.9

223.4

229.3

232.45

235.6

+ve

UCO BANK

62.05

61.85

60.95

60.1

63.6

64.15

64.7

+ve

ULTRATECH CEMENT

2823.8

2808.85

2768.4

2727.9

2889.8

2912.5

2935.2

+ve

UBI

140.35

139.2

136.95

134.65

143.7

145.25

146.8

+ve

UNITED PHOSPH.

504.75

502.3

499.25

493.5

508.4

511.45

517.15

Neutral

VOLTAS

281.5

281.5

279.5

277.45

285.5

289.35

293.2

+ve

WIPRO

541.5

539.45

537.65

535.55

543.05

544.85

546.95

Neutral

1294.95

1299.4

1281.2

1262.95

1335.8

1358.75

1381.7

+ve

844.35

842.15

836.8

831.45

852.85

860.85

868.85

+ve

317.7

316.7

314.4

312.05

321.35

323.15

324.95

+ve

WOCKHARDT
YES BANK
ZEE

ICICI Securities Ltd. | Retail Equity Research

Page 11

NOTES:

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

Trading Portfolio allocation

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

ICICI Securities Ltd. | Retail Equity Research

Page 12

Recommended 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 13

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 14

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 15

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.

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Page 16