larsen & toubro buy ultratech cement buy teamlease...
TRANSCRIPT
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Research Analysts
Nitin Kunte, CMT
Vinayak Parmar
Dharmesh Shah
Pabitro Mukherjee
Ninad Tamhanekar, CMT
Momentum Picks
May 18, 2020For Instant stock ideas:
SUBSCRIBE to mobile notification on
ICICIdirect Mobile app…
Open Recommendations
Gladiator Stocks
Click here to know more…
Scrip Action
Larsen & Toubro Buy
Ultratech Cement Buy
Teamlease Services Buy
Duration: 6 Months
New recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
18-May-20 Nifty Nifty Buy 9070-9105 9133.0 / 9178.00 9043.00 Intraday
18-May-20 UltraTech Cement ULTCEM Buy 3580.00-3586.00 3614.80/3647.00 3549.80 Intraday
18-May-20 Asian Paints ASIPAI Buy 1542.00-1548.00 1559.40/1574.00 1529.20 Intraday
Open recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
14-May-20 Canara Bank CANBAN Buy 87.00-89.00 97.00 80.00 14 Days
14-May-20 Radico Khaitan RADKHA Buy 310.00-315.00 343.00 296.00 14 Days
13-May-20 Balmer Lawrie BALLAW Buy 97.00-100.00 115.00 92.00 14 Days
13-May-20 JK Lakshmi Cement JKLAKS Buy 195.00-200.00 220.00 185.00 14 Days
Intraday recommendations are for current month futures. Positional recommendations are in cash segment
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ICICI Securities Ltd. | Retail Equity Research 2
Nifty Technical Picture
Technical Outlook
Source: Bloomberg, Spider, ICICI Direct Research
Mom
entum
Pic
ks
NSE Nifty Daily Candlestick Chart
Positive: Pharma, Agri input,
Cement, Liquor
Neutral: IT , Metals
Sectors in focus (Week):
Open High Low Close
9182.40 9182.40 9050.00 9136.85
Consolidation amid stock specific action to continue in ongoing result season…
NSE Nifty Weekly Candlestick Chart
Week that was…
Equity benchmarks extended their breather for a second consecutive
week amid elevated global volatility. The Nifty ended the week at 9137,
down 115 points or 1.25%. Broader markets relatively outperformed the
benchmarks as the Nifty midcap and small cap rose 2% & 1%,
respectively. Sectorally, auto, PSU banks and metals outperformed while
energy and NBFC underperformed.
Technical Outlook
• The weekly price action formed a bear candle with a sizable upper
shadow, indicating profit booking emerged from the upper band of
consolidation placed at 9500
• Key point to highlight is that the index retraced less than past seven
session’s up move (8909-9890) over the last 10 sessions. Slower
pace of retracement signifies time consolidation. Thus, in the
upcoming week, we expect the index to see prolonged ongoing
consolidation in the broad range of 9500-8800 amid stock specific
action in the ongoing result season
• During the ongoing corrective move, on four occasions the index
made attempts to surpass the 9400-9500 zone, indicating immediate
resistance is at 9500 as it is: a) 50% retracement of past two weeks
decline (9890-9044), placed at 9466, b) negative gap recorded on
May 4 (9731 -9533) coinciding with current week’s 9585. Thus, a
decisive close above 9500 would lead to further acceleration of
upward momentum. Else, there would be extension of ongoing
consolidation (9500-8800)
• On the downside, we believe any corrective decline from here on
would get anchored around key support threshold of 8800 as it is
confluence of a) 61.8% retracement of entire April 2020 up move
(8055-9890) 8756, b) price parity of end of March decline (9039–
8055) projected from April high of 9890, is placed at 8900
• Since April index have not corrected for more than two consecutive
sessions. In the current scenario, as index have already corrected
over past two sessions, we expect Nifty futures to maintain the same
rhythm by holding Friday’s low 9051 (on a closing basis). Hence, in
coming session, dips towards 9070-9105 should be used to create
intraday long position for target of 9178
Structurally, during March-April, the index witnessed the longest
pullback (~32%) in magnitude since life-time high of 12430. During this
pullback, we observed that internal rallies have got elongated (as last
rally of 1830 points was larger in magnitude compared to end of March
rally of 1530 points) along with shallow intermediate corrections (as
current decline of 850 points is as of now shallow than earlier decline
980 points), indicating robust price structure. Thus, we believe ongoing
consolidation (9500-8800) would help weekly stochastic to cool off (at
68)
Key support
breakdown
Weekly Stochastic pointing downward, indicating extended breather
9890
We expect index to prolong the
ongoing consolidation in the
broad range of 9500-8800 amid
stock specific action in the
ongoing result season
7511
12430
Intraday Short term
Trend
Support 9050-8990 8800
Resistance 9170-9220 9500
20 day EMA 9228
200 day EMA 10747
Indices Close 1 Day Chg 1 Day % Chg
SENSEX Index 31097.73 -25.16 -0.08
NIFTY Index 9136.85 -5.90 -0.06
Nifty Futures 9137.10 -7.00 -0.10
BSE500 Index 11907.64 -18.59 -0.16
Midcap Index 11500.32 -35.79 -0.31
Small cap Index 10688.86 -17.62 -0.16
SGX Nifty 9091.00 -46.10 -0.50
* SGX Nifty at 7:30 am
Domestic Indices
Action
Price Range
Target
Stoploss
Nify Future Intraday Recommendation
9043.00
Buy
9133.0 / 9178.00
9070-9105
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Bank Nifty: 18834
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 3
Nifty Bank daily change Technical Outlook Bank Nifty Index – Weekly Candlestick Chart
Source: Bloomberg, Spider, ICICI Direct Research
The weekly 14 periods RSI is seen consolidating
near its nine periods average indicating
continuation of range bound price activity
The Bank Nifty declined for a second consecutive week amid
elevated global volatility and closed down ~ 3% during previous
week. The decline was lead by the private banking stocks. The
index ended the week at 18834, down by 518 points or 2.7%.
Technical Outlook
• The weekly price action formed a bear candle with shadows in
either direction indicating higher volatility. Long upper shadow
highlights profit booking emerged from upper band of
consolidation near 25500, as index pared intraweek gains seen
on the announcement of stimulus package
• Going ahead, only a firm closing above previous session high
(19120) will signal a pause in the current corrective trend. Failure
to do will signal extension of decline toward the major support
area of 17500 in the coming sessions
• We believe the global markets would continue to dictate the
subsequent trend in the Indian equity market
• The index is currently undergoing a consolidation in the broad
range of 17500-20500 after the sharp rally (~28%) seen in April
2020 (17144–21967), which will make the market healthy.
Meanwhile, 20550 would continue to act as key resistance as it
is confluence of the previous week’s high and the lower band of
the bearish gap area of May 4, 2020 (21353-20530)
• The index has crucial support around 17500-17200 as it is the
confluence of (a) 80% retracement of the entire up move of the
last six weeks (16116-21967) placed at 17300 and (b) price parity
with the previous major decline (21462-17144) as projected
from the previous week’s high (21967) signals support around
17650. Hence, we believe such an extended correction should
not be considered as negative. Instead, it should be capitalised
on to accumulate quality banking stocks.
• In the coming session, the index is opening on a flat note on the
back of mixed global cues. We expect it to trade range bound
with a positive bias today. Hence, use intraday dip towards
18701-18762 for creating short position for target of 18890 with
a stop loss of 18648
Among oscillators, the weekly 14 periods RSI is seen consolidating
near its nine periods average indicating continuance of the current
range bound consolidation in the index in the coming week.
Indices Close Change Change%
Nifty Bank 18833.95 -234.55 -1.23
Open High Low Close
19098.80 19119.10 18683.65 18833.95
16116
Major support breakdown
21967
20530
17144
Index have strong support around 17200 as it
is the confluence of:
- 80% retracement of the entire up move of
the last one months
- price parity with the previous major
decline signalling support around 17650
Support
@ 17200
Intraday Short term
Trend
Support 18720- 18600 17200
Resistance 19020- 19180 20550
20 day EMA 19675
200 day EMA 26479
Nifty Bank Technical Picture
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Stock Picks
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 4
Asian Paints (ASIPAI) – Daily candlestick Chart
UltraTech Cement (ULTCEM) – Daily candlestick Chart
Source: Bloomberg, Spider, ICICI Direct Research
Duration: Intraday
Technical Observations
Technical Observations
Price rebounding taking support at the 80% retracement of previous up move and low of
April signalling buying demand at lower levels
Daily Stochastic generated a buy signal
Price at the cusp of breakout from the last one month consolidation range
signalling positive bias
Daily 14 periods RSI in positive trend
CMP 3587.00
Action Buy
Initiation Range 3580.00-3586.00
Target 3614.80/3647.00
Stop Loss 3549.80
Rationale
Price at the cusp of breakout
from the last one month
consolidation range and RSI in
buy mode
CMP 1550.80
Action Buy
Initiation
Range
1542.00-1548.00
Target 1559.40/1574.00
Stop Loss 1529.20
Rationale
Price rebounding taking support at
the 80% retracement of previous
up move and low of April and
stochatic genrated a buy signal
80% retracement
of previous up
move (1431-1864)1431
1864
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Buy Radico Khaitan (RADKHA) in the range of 310.00-315.00
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 5
Source: Bloomberg, Spider Software, ICICI Direct Research
Technical Observations
Stock Picks
Target: 343.00 Stop Loss: 296.00
Duration: 14 days
• The stock is at the cusp of
breakout from the last five weeks
triangular consolidation pattern
signalling reversal of the
corrective trend and offers fresh
entry opportunity
• The stock has already taken 18
sessions to retrace just 38.2% of
the previous 14 sessions up move
| 220-330. A slower retracement
signals a higher base formation
for the stock
• The stock has immediate support
at | 300-296 levels being the
61.8% retracement of the
previous up move (| 280-318) and
the lower band of the last five
weeks triangular consolidation
• Among oscillators, the daily 14
periods RSI is in up trend and is
seen sustaining above its nine
periods average thus supports the
positive bias in the stock
• We expect the stock to maintain
positive bias and head towards |
343 levels being the 123%
external retracement of the last
decline (| 330-280) placed at | 343
levels
Recommendation initiated on i-click to gain at 14:52 on May 14, 2020
The daily 14 periods RSI is in up trend and is seen sustaining above its nine periods average
The stock is at the cusp of breakout from the triangular consolidation pattern
signalling reversal of the corrective trend and offers fresh entry opportunity
439
280
Daily Bar Chart
A slower retracement
signal a higher base
formation for the stock
220
Target @
343
330
Target @
300
Price rise supported by strong volume
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Buy Canara Bank (CANBAN) in the range of 87.00-89.00
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 6
Source: Bloomberg, Spider Software, ICICI Direct Research
Technical Observations
Stock Picks
Target: 97.00 Stop Loss: 80.00
Duration: 14 days
• The stock resolved out of
contracting triangle pattern (as
shown in chart), indicating
conclusion of consolidation, in
turn suggesting positive bias,
auguring well for acceleration of
upward momentum towards | 97
in coming sessions
• Structurally, over past 29 sessions
stock has retraced 80% of
preceding four sessions up move
(83– 96), at 78. Slower pace of
retracement along with elongated
time consolidation signifies
inherent strength.
• We believe the stock has strong
support at | 80 as it is
Wednesday’s positive gap, placed
in the range of (81 – 82)
• Therefore, we expect the stock to
accelerate upward momentum
and head towards | 97 levels
being the price equality of March
end rally (74-96) projected from
current week’s low |76, placed at
| 98
Recommendation initiated on i-click to gain at 09:40 on May 14, 2020
The daily Stochastic inching northward, highlighting positive bias
Breakout from contracting triangle signifies conclusion of consolidation, auguring well for next
leg of up move
76
Daily Bar Chart
105
94
Target @
97
Contracting Triangle
Breakout
Support
@ 80
74
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Buy Balmer Lawrie & Co Ltd (BALLAW) in the range of 97.00-100.00
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 7
Source: Bloomberg, Spider Software, ICICI Direct Research
Technical Observations
Stock Picks
Target: 115.00 Stop Loss: 92.00
Duration: 14 days
• The stock has bounced from its 50
days SMA backed by rising
volumes, indicating inherent
strength auguring well for stock to
resolve higher and head towards
115 in coming sessions
• Structurally, over past seventeen
sessions stock retraced merely
50% of preceding fourteen
sessions up move (69 – 115), at
92. Slower pace of retracement
signifies robust price structure.
We believe, the higher base
formation has set the stage to
resolve higher
• The support area of | 92 is based
on the confluence of 50 days SMA
(| 92) and the 50% retracement of
the last up move (| 69 – 115), at
92
• We expect the stock to accelerate
upward momentum and head
towards | 115 levels being the
long term 200 days SMA placed at
|113
Recommendation initiated on i-click to gain at 15:00 on May 12, 2020
The daily 14 periods RSI is logged a bullish crossover, highlighting positive bias
Slower pace of retracement signifies robust price structure, as over past seventeen sessions
stock retraced merely 50% of preceding fourteen sessions up move (69 – 115), at 92
115
Daily Bar Chart
69
The crucial support at | 92:
- 50 Days SMA is placed at |
92
- 50% retracement of the last
up move (| 69-115)
92
Target @
115
50 Days
SMA
200 Days
SMA
Rising Volumes
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Buy JK Lakshmi Cement (JKLAKS) in the range of 195.00-200.00
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 8
Source: Bloomberg, Spider Software, ICICI Direct Research
Technical Observations
Stock Picks
Target: 220.00 Stop Loss: 185.00
Duration: 14 days
• The stock has registered a
breakout above the falling
trendline signalling reversal of the
corrective trend and offers fresh
entry opportunity
• The stock has already taken four
weeks to retrace just 80% of the
previous two week up move |
180-235. A slower retracement
signals a higher base formation
for the stock
• The stock has immediate support
at | 188-185 levels being the 80%
retracement of the previous up
move (| 180-235) and the last four
weeks consolidation low placed
around | 186 levels
• Among oscillators, the daily
MACD in up trend and is
sustaining above its nine periods
average thus supports the positive
bias in the stock
• We expect the stock to maintain
positive bias and head towards |
220 levels being the 80%
retracement of the last four weeks
decline (| 236-186) placed at | 224
levels
Recommendation initiated on i-click to gain at 10:51 on May 13, 2020
The daily MACD in up trend and is sustaining above its nine periods average thus supports the positive bias
The stock has registered a breakout above the falling trendline signalling reversal of
the corrective trend and offers fresh entry opportunity
186
235
Daily Bar Chart
340
A slower retracement signal a higher
base formation for the stock
180
Target @
220
388396
263
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Market Activity Report
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 9
Global Equity Market PerformanceGlobal Currency, Commodities and Bond
Advance Decline
Source: Bloomberg, Investing, ICICI Direct Research
0
500
1000
1500
2000
7-May 8-May 11-May 12-May 13-May 14-May 15-May
Advances Declines
Close1 Day %
Change
Currency
USD INR 75.47 0.0
Dollar Index 100.36 -0.2
EURO USD 1.08 0.0
GBP USD 1.22 -0.1
JPY 107.27 0.0
Swiss Franc 0.97 0.1
Commodities ($)
Gold 1,700.37 0.2
Brent 31.27 0.4
Copper 5,202.00 -0.4
Silver 16.39 1.4
Yield (bps change)
India 106.06 -0.04
US 0.63 0.01
EURO -0.53 0.01
Japan 0.00 0.00
0.1
1.0
1.2
0.1
0.5
0.4
-0.1
0.3
-1.8
-2.5 -1.5 -0.5 0.5 1.5
France
UK
Germany
China
Japan
Hong Kong
India
US
Brazil
% Change
1 Day Change
1 Day Change
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Market Activity Report
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 10
Sectoral Indices Performance Fund Flow activity of the last 5 sessions
Source: Bloomberg, ICICI Direct Research
India - Sectoral Close1 Day %
Change
Sensex 31,097.7 -0.1
Nifty 9,136.9 -0.1
BSE Auto 13,024.5 -1.0
Bankex 21,576.1 -1.1
Capital Goods 11,670.5 -0.3
Consumer
Durables18,317.6 -0.1
FMCG 10,077.7 0.2
Healthcare 15,029.5 -0.5
IT 13,314.2 -0.6
Metal 6,322.1 1.6
Oil & Gas 11,199.8 0.5
Power 1,443.6 0.5
Realty 1,346.2 -1.4
BSE 500 11,907.6 -0.2
BSE Midcap
Index11,500.3 -0.3
BSE Small Cap 10,688.9 -0.2
-822
-364
233
802
1,226
-2,400
-1,400
-400
600
1,600
11-May 12-May 13-May 14-May 15-May
Rs C
rore
Date
DII
535
-1,662
-283
-2,153-2,388
-2,900
-2,400
-1,900
-1,400
-900
-400
100
600
1,100
1,600
11-May 12-May 13-May 14-May 15-May
Rs C
rore
Date
FII
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Trend Scanner
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 11Source: Bloomberg, ICICI Direct Research
52 Weeks Low
Negative Trend Universe: NSE 500
Candlestick Pattern
Positive Trend Universe: NSE 500 52 Weeks High
Oversold Stocks
Scrip Name LTP Stochastic
Dr Reddys 3738 7
Mindtree 850 23
HDFC Life 488 22
Heat Map
Scrip Name LTP
Aarti Drugs 858.2
Alembic pharma 870
Ajanta Pharma 1483.9
Bharti Airtel 554.20 2.60 519.00 24.90
Torrent Pharma 2460.40 2.20 2402.00 59.3
Ramco cement 572.90 4.30 540.00 16.4
Scrip Name Close
Change
%
20-Day
SMA
Delivery
( %)
Bullish Candlestick Formations Bearish Candlestick Formations
Scrip Name Pattern name LTP Scrip Name Pattern name LTP
Asian Paints Piercing line 1555.0 Adani Ports Harami cross 308.2
BEL Engulfing 67.4 Ashok Leyland Engulfing 47.2
India cements Continuation 116.7 Bandhan Bank Engulfing 243.0
Ramco Cement Continuation 573.8 PVR Continuation 851.0
Sriram Trpt finance 640.50 -1.10 697.00 10.3
Inox Leisure 193.40 -3.80 210.00 53.1
Scrip Name Close
Change
%
20-day
SMA
Delivery
(%)
Scrip Name LTP
Chalet Hotels 126.3
Inox Leisure 193.1
Shoppers stop 160
Overbought Stocks
Adani Ports 309.7 95
Hero MotoCorp 2191 81
Infatel 202.5 86
Vedanta
93
BPCL
318 Bharti
Airtel
554 Asian
Paints
1,553
Tata Steel
273
4.3% 2.7% 2.6% 2.0% 1.8%
Hindalco
119
NTPC
91 Reliance
Ind.
1,459
HUL
2,032 Grasim
Ind
518
1.7% 1.7% 1.6% 1.3% 1.3%
Nestle
16,444
Coal India
130 Tata
Motors
84
ITC
165
Eicher
14,100
1.2% 0.7% 0.7% 0.5% 0.5%
IOC
76 Kotak
Bank
1,178
GAIL
86 Adani
Ports
309
Britannia
3,126
0.5% 0.4% 0.4% 0.3% 0.2%
Cipla
570
HDFC Ltd
1,634
Dr Reddy
3,735
ONGC
76
Titan
846
0.1% 0.1% 0.1% 0.0% 0.0%
Maruti
5,100
TCS
1,893 JSW
Steel
174 HDFC
Bank
888 Power
Grid
160
-0.3% -0.5% -0.5% -0.6% -0.6%
Shree
Cement
19,181
Ultratech
3,583
L&T
864
Infosys
652
SBI
166
-0.7% -0.7% -0.8% -0.9% -0.9%
TechM
511
Wipro
184
HCl Tech
511 Bajaj
Finance
2,086 Bajaj
Finserv
4,723
-1.0% -1.2% -1.2% -1.2% -1.4%
ICICI
Bank
323 Bajaj
Auto
2,664 Sun
Pharma
449 Hero
Moto
2,194 Indusind
Bank
419
-1.4% -1.4% -1.6% -2.1% -2.2%
Zee Ent.
164
UPL
379
Axis Bank
389 Bharti
Infratel
203
M&M
381
-3.2% -3.3% -3.3% -3.4% -4.8%
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Global Markets
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 12
Dow Jones (23685): Index oscillated within past four weeks range, ,indicating prolonged consolidation….
German Dax (10465): Index snapped past two weeks up move, indicating breather…
Technical Observations
Technical Observations
Source: Bloomberg, ICICI Direct Research
13596
Weekly RSI turned flat after recent up move, indicating breather
10279
Weekly RSI inching downward, indicating breather
21712
• The US markets ended on negative
note amid rising worries related to US-
China trade war and joblessness. DJIA
ended the week at 23685, down 2.65%
• The weekly price action formed a bear
candle carrying long lower shadow,
indicating elevated buying demand
emerging from lower band of past
four weeks consolidation (24765 –
22942), indicating prolonged
consolidation
• Going ahead, we believe, a decisive
close above April high 24765 would
open the doors for next leg of up
move towards 25200 being 61.8%
retracement of entire CY20 decline
• On the downside past four weeks low
of 23000 would continue to act as
immediate support on a closing basis
• The European markets ended largely
negative due to the impact of the
rising coronavirus cases on the US
economy and initial jobless claims.
The Dax ended the week at 10465,
down 4%
• The weekly price action formed a bear
candle with a significant lower
shadow, as index recouped some of
intraweek losses at the fag end of the
week, indicating supportive efforts
emerging from the 38.2% retracement
of current up move off May low 10160
• Going ahead, we expect extension of
ongoing consolidation 11200 – 10200.
A resolute breakout from upper band
of consolidation (11200) would pave
the way towards 11700 as it is 61.8%
retracement of entire decline (13795 -
8255), at 11668
Resistance
@ 24765
Resistance
@ 11700
Support
@ 23000
Support @
10200
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Global Markets
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 13
Hang Seng (23798): Index extended consolidation over fifth consecutive week... Technical Observations
Source: Bloomberg, ICICI Direct Research
Weekly RSI tilted downward, indicating pause in prevailing momentum
• The Hang Seng index pared
intraweek gains and ended the week
on a negative note at 23798, down
1.8%
• The weekly price action formed a
bear candle with small upper
shadow, indicating extended
consolidation
• Going ahead, to witness a
meaningful pullback index need to
resolve out of upper band of past
four weeks consolidation (24855),
leading acceleration of upward
momentum towards 26100 as it is
61.8% retracement of entire CY-20
corrective phase (29175 – 21139), at
26097 coincided with negative gap
seen during March in the range of
(26130 – 25578)
• On the down side, 23500 would act
as strong support as it is 38.2%
retracement of last four weeks
pullback (21139 – 24855), at 23420
coincided with last three week’s low
23483
21139
Resistance
@ 26100
Support
@ 23500
29175
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Commodity
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 14
Technical Observations
Technical ObservationsBrent crude ($32.8): Pull back to extend towards $33
Gold ($1743) : Sustaining above $1750 would open upsides towards $1800
50
75.6
1445
Key support
@ 1600
• Gold prices closed higher amid
renewed worries of US-China trade
war as safe haven demand
emerged. Gold spot prices closed
the week at $1743, up over 2% for
the week
• The weekly price action formed
sizeable bull candle which resulted
in a highest close since late 2012.
• Going forward, a decisive break
above $1750 will accelerate further
rally towards multiple swing highs
between 2011-2012 at $1800, else
consolidation in the range of $1650-
1750 to continue
• Key immediate support is now
being upgraded to $1650 which is a
swing low over past four weeks
• Brent oil futures extended gains for
third week in a row led by better than
expected Chinese refinery data and
cut down in production by OPEC
countries. Brent futures settled 6%
higher at $ 32.8
• The weekly price action formed
relatively smaller candle carrying
higher high-low as price extended pull
back on expected lines to hit target of
$33
• Going forward, we expect prices to
consolidate in the broad range of
$30-35 as they approach overbought
conditions after doubling from lows in
just three weeks
• The support is elevated towards last
week’s low of $30 while March april-
swing high of $35 to act as a hurdle
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Currency
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 15
Technical ObservationsRupee (75.53): Consolidation to extend in the range of 73-77
68.26
74.50
68.30
72.40
Support
@ 73
• The rupee remained almost unchanged
for the week easing of selling in Indian
equities. The rupee ended at 75.83,
down 30 bps for the week
• The US dollar/rupee pair formed a Doji
indicating extended breather for third
week after 5% gains for dollar in March
2020.
• Going forward, we expect Rupee to
consolidate in the range of 73-77 in a
truncated week as Dollar appears
overbought and approached key hurdle
placed at 77.5 which is 150%
retracement of entire 2018-2019 decline
(74.5-68.3)
• Immediate support for pair is placed at
73 levels which is low of past five
weeks
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Intraday Supports and Resistance (Cash)
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 16Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
NIFTY 50 Negative 9136.85 9064 8991 8931 9196 9255 9328
S&P BSE SENSEX INDEX Negative 31097.73 30814 30529 30288 31340 31581 31865
NIFTY BANK Negative 18833.95 18639 18444 18203 19074 19314 19510
NIFTY 50 FUTURES Negative 9125 9058 8990 8929 9187 9248 9316
NIFTY BANK FUTURES Negative 18770 18588 18405 18160 19017 19263 19446
ACC LTD Negative 1194.2 1177 1159 1145 1209 1223 1241
AMBUJA CEMENTS Positive 181.8 179 177 174 184 187 189
ADANI POWER LTD Neutral 32.35 33 32 31 34 34 35
ADANI ENTERPRISE Positive 141.05 140 138 137 144 146 148
ADANI PORTS AND Positive 309.25 306 302 299 313 316 319
ASHOK LEYLAND Negative 47.15 47 46 44 49 51 52
AMARA RAJA BATT Positive 572.85 556 539 528 584 595 612
APOLLO HOSPITALS Positive 1355.3 1305 1254 1218 1392 1428 1479
ASIAN PAINTS LTD Neutral 1552.95 1522 1491 1472 1572 1591 1622
APOLLO TYRES LTD Negative 91.7 91 89 88 93 95 96
AUROBINDO PHARMA Neutral 664.95 657 648 639 675 684 693
AXIS BANK LTD Negative 388.55 382 376 365 399 410 416
BAJAJ FINANCE LT Negative 2086.45 2049 2012 1969 2130 2174 2211
BATA INDIA LTD Negative 1335 1314 1294 1265 1363 1392 1412
BHARTI AIRTEL Neutral 554.1 543 533 526 561 568 578
BHARAT ELECTRON Neutral 67.75 63 59 57 70 73 76
BHARAT HEAVY ELE Neutral 27.3 28 27 27 29 29 30
BHARAT FORGE CO Negative 277.3 271 266 262 281 286 290
BALKRISHNA INDS Positive 944.3 929 915 889 969 995 1009
BIOCON LTD Negative 328.5 319 311 301 337 347 355
BAJAJ AUTO LTD Neutral 2663.6 2640 2615 2580 2700 2735 2760
BAJAJ FINSERV LT Negative 4723.25 4672 4620 4540 4805 4886 4938
BANK OF BARODA Negative 41.6 40 40 38 43 44 45
BANK OF INDIA Neutral 33.45 34 33 33 35 35 35
BOSCH LTD Negative 9583.15 9428 9274 9163 9693 9804 9958
BHARAT PETROL Positive 318.2 312 305 298 325 331 338
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Intraday Supports and Resistance (Cash)
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 17Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
BERGER PAINTS Positive 450.85 446 441 434 458 465 470
BRITANNIA INDS Positive 3125.65 3096 3065 3015 3177 3227 3258
CANARA BANK Negative 83.95 82 81 78 87 89 91
CONTAINER CORP Negative 378.35 370 363 356 385 393 399
CADILA HEALTHCAR Positive 332.2 327 322 314 340 348 353
CENTURY TEXTILE Negative 274.85 268 261 256 280 285 292
CESC LTD Negative 580.1 567 555 539 596 611 624
CHOLAMANDALAM IN Negative 149.35 147 144 142 152 154 157
CIPLA LTD Neutral 570.3 563 555 544 582 593 602
COLGATE PALMOLIV Negative 1351.8 1327 1302 1284 1371 1390 1415
COAL INDIA LTD Negative 129.6 127 126 124 130 132 133
DABUR INDIA LTD Neutral 443.9 436 428 414 459 472 481
DIVI LABS LTD Positive 2335.2 2305 2273 2219 2391 2445 2476
DLF LTD Positive 138.8 138 135 134 141 143 145
DR REDDY'S LABS Negative 3735.1 3709 3682 3647 3771 3806 3833
EICHER MOTORS Negative 14099.6 13767 13434 13218 14316 14532 14865
EQUITAS HOLDINGS Negative 49.85 49 47 46 52 53 54
ESCORTS LTD Positive 823.55 802 782 765 840 856 877
EXIDE INDUS LTD Positive 154.8 152 148 146 158 160 164
FED BANK LTD Neutral 43.75 43 42 41 44 46 46
GAIL INDIA LTD Negative 85.8 85 84 83 87 88 89
GODREJ CONSUMER Positive 543.5 532 519 498 565 586 599
GMR INFRASTRUCTU Positive 18.1 18 18 17 18 18 18
GLENMARK PHARMA Positive 339.65 332 325 315 350 361 368
GRASIM INDS LTD Neutral 517.85 512 506 502 522 526 532
HAVELLS INDIA Negative 486.85 480 475 464 497 507 513
HCL TECH LTD Negative 511.25 504 498 491 517 524 529
HOUSING DEV FIN Negative 1633.8 1610 1585 1562 1659 1683 1708
HDFC BANK LTD Negative 888.15 878 868 860 895 902 912
HERO MOTOCORP LT Neutral 2193.55 2159 2125 2080 2238 2283 2317
HINDALCO INDS Positive 119.25 117 116 114 121 123 124
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Intraday Supports and Resistance (Cash)
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 18Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
HINDUSTAN PETRO Neutral 189.1 187 184 181 194 198 201
HINDUSTAN UNILEV Positive 2032.1 2012 1993 1981 2044 2057 2076
VODAFONE IDEA LT Neutral 4.85 5 5 5 5 5 6
IDFC FIRST BANK Negative 20.85 21 21 20 21 21 22
INDRAPRASTHA GAS Negative 456.6 451 443 435 466 475 482
INDIABULLS HOUSI Negative 133.45 129 126 123 135 138 142
INDUSIND BANK Negative 418.7 413 408 399 427 436 441
INTERGLOBE AVIAT Neutral 984 952 919 896 1007 1029 1062
INFOSYS LTD Negative 652.3 645 637 627 663 673 681
INDIAN OIL CORP Neutral 75.5 76 75 74 77 77 78
ICICI PRUDENTIAL Negative 384.85 377 371 365 389 395 401
ITC LTD Negative 164.65 163 160 158 167 168 171
JINDAL STEEL & P Negative 94.55 91 89 87 96 99 101
JSW STEEL LTD Negative 174.3 173 170 166 179 182 185
JSW ENERGY LTD Negative 39.6 40 39 39 41 41 42
JUBILANT FOODWOR Negative 1666.3 1642 1617 1591 1693 1719 1745
JUST DIAL LTD Positive 350.25 342 333 318 366 381 390
CUMMINS INDIA Negative 338.35 331 324 313 349 360 367
KOTAK MAHINDRA Negative 1178.3 1158 1138 1122 1194 1210 1230
LIC HOUSING FIN Negative 253.9 249 243 236 262 269 275
LUPIN LTD Neutral 841.8 831 820 804 858 874 885
LARSEN & TOUBRO Positive 864.4 851 837 820 882 899 913
L&T FINANCE HOLD Negative 57.3 57 56 55 59 60 61
MAHANAGAR GAS LT Negative 892.85 883 872 857 909 924 934
MAX FINANCIAL SE Neutral 449.1 446 443 439 453 457 460
MANAPPURAM FINAN Positive 127.25 124 121 117 132 135 139
MAHINDRA & MAHIN Negative 381.3 368 355 337 399 417 430
M&M FIN SERVICES Negative 168.45 165 162 158 171 174 177
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Intraday Supports and Resistance (Cash)
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 19Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
MARICO LTD Positive 316.5 310 305 299 321 327 333
MRF LTD Negative 58135.55 57691 57245 56715 58667 59197 59643
MARUTI SUZUKI IN Neutral 5100.4 5001 4900 4839 5163 5224 5325
MOTHERSON SUMI Negative 82.2 79 77 75 83 85 87
MINDTREE LTD Negative 852.15 823 794 773 872 894 922
MUTHOOT FINANCE Neutral 819.85 806 793 780 832 845 858
NATIONAL ALUMIN Positive 28.95 29 28 28 30 30 31
NBCC INDIA LTD Positive 18.65 19 18 18 20 20 21
NESTLE INDIA LTD Neutral 16443.8 16248 16051 15900 16596 16747 16944
NIIT TECH LTD Neutral 1358.65 1337 1315 1296 1378 1397 1419
NCC LTD Neutral 23.9 23 23 22 24 25 25
NMDC LTD Positive 73.85 73 71 69 76 77 79
NTPC LTD Neutral 90.85 90 88 88 93 94 95
OIL INDIA LTD Positive 85.9 85 84 83 87 88 90
OIL & NATURAL GA Positive 76.15 76 74 73 78 80 81
PAGE INDUSTRIES Positive 17642.9 17450 17258 17115 17784 17926 18118
PIDILITE INDS Positive 1373.25 1357 1342 1328 1386 1400 1416
PIRAMAL ENTERPRI Negative 888.5 867 845 826 907 927 948
PETRONET LNG LTD Negative 227.95 224 221 216 232 237 240
PUNJAB NATL BANK Negative 28.8 28 28 27 29 30 30
POWER FINANCE Negative 84.15 83 82 81 86 88 89
PVR LTD Negative 853.25 828 804 773 883 914 938
POWER GRID CORP Negative 159.8 158 157 155 162 164 165
RBL BANK LTD Neutral 120.9 119 117 113 124 127 129
REC LTD Negative 97.9 96 94 91 101 104 106
RELIANCE INDS Negative 1459.4 1427 1395 1376 1479 1499 1531
STEEL AUTHORITY Neutral 29.35 28 26 25 31 32 34
STATE BANK IND Negative 166.4 164 162 160 167 170 171
SHRIRAM TRANSPRT Negative 641.35 626 609 592 660 677 693
SIEMENS LTD Positive 1082.6 1053 1022 1003 1102 1120 1151
SHREE CEMENT Negative 19180.5 18806 18433 18054 19559 19937 20311
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Intraday Supports and Resistance (Cash)
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 20Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
SRF LTD Positive 3596.05 3540 3484 3409 3670 3744 3800
SUN PHARMA INDU Negative 448.6 443 438 430 456 464 470
SUN TV NETWORK Negative 386.35 380 375 369 391 397 402
TATA STEEL LTD Positive 273.45 269 265 261 277 281 285
TATA CONSULTANCY Negative 1892.9 1867 1840 1814 1919 1944 1971
TECH MAHINDRA LT Negative 510.55 506 500 493 519 526 531
TATA CONSUMER PRODUCT Neutral 352.2 344 337 326 363 375 382
TORRENT POWER LT Negative 304.6 298 293 289 307 311 317
TATA POWER CO Negative 31.4 30 29 28 32 33 34
RAMCO CEMENT/THE Positive 575.25 558 541 530 587 598 615
TORRENT PHARMA Positive 2461.45 2428 2395 2374 2482 2503 2536
TITAN CO LTD Positive 845.6 838 831 820 856 867 874
TATA CHEMICALS Neutral 293.2 287 282 275 300 307 312
TATA MOTORS LTD Positive 84.35 83 81 80 85 87 88
TVS MOTOR CO LTD Negative 336.1 332 327 320 344 351 357
UNITED BREWERIES Neutral 914.45 901 886 861 940 964 979
UJJIVAN FINANCIA Negative 167.55 163 158 152 174 180 185
UNITED SPIRITS Neutral 540.85 531 523 509 554 567 576
UPL LTD Neutral 378.9 372 367 356 389 399 405
ULTRATECH CEMENT Neutral 3583.15 3545 3506 3464 3626 3668 3707
VEDANTA LTD Positive 92.95 88 85 81 96 99 103
VOLTAS LTD Negative 462.05 452 442 435 470 477 487
WIPRO LTD Negative 183.8 182 181 179 185 187 189
YES BANK LTD Neutral 28.7 27 26 25 29 30 30
ZEE ENTERTAINMEN Neutral 164.2 160 156 150 170 176 179
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Forthcoming Economic Event Calendar
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 21Source: Bloomberg, ICICI Direct Research
Date Event Date Event
US China
20-May FOMC Meeting Minutes 18-May New Home Prices MoM
28-May GDP Annualized QoQ 22-May FX Net Settlement - Clients CNY
29-May PCE Deflator MoM 27-May Industrial Profits YoY
29-May Wholesale Inventories MoM 31-May Manufacturing/Non-Manufacturing PMI
29-May MNI Chicago PMI UK
India 20-May Retail Price Index
29-May Fiscal Deficit INR Crore 28-May Nationwide House PX MoM
31-May GDP Annual Estimate YoY 29-May GfK Consumer Confidence
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Momentum Picks: Strategy Follow up
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 22
Duration: Intraday
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
15-May-20 Nifty Nifty Buy 9062-9102 9129.0 / 9178.00 9034.00 96 Points Target 2 Achieved
15-May-20 Larsen & Toubro LARTOU Buy 870.00-872.00 878.90/887.00 862.80 0.90 Target 1 Achieved
15-May-20 LIC Housing Finance LICHF Sell 254.00-256.00 252.40/250.10 257.60 -1.00 Stoploss triggered
Duration: Cash Positional
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
12-May-20 Havells India HAVIND Buy 479.00 525.00 456.00 6.00 Booked 50% profit at 507.00
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Gladiator Stocks: Open Recommendations
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 23
Back to Top
Date Scrip Name Strategy Recommendations Price Target Stoploss Time Frame
13-May-20 Larsen & Toubro Buy 845-870 995.00 790.00 6 Months
13-May-20 Ultratech Cement Buy 3400-3500 3990.00 3190.00 6 Months
13-May-20 Teamlease Services Buy 1535-1570 1890.00 1390.00 6 Months
12-May-20 Zydus Wellness Buy 1240-1270 1460.00 1140.00 6 Months
6-May-20 SBI Life Insurance Buy 715.00-740.00 840.00 665.00 6 Months
5-May-20 Torrent Pharma Buy 2350.00-2435.00 2760.00 2190.00 6 Months
30-Apr-20 City Union Bank Buy 133.00-138.00 165.00 115.00 6 Months
24-Apr-20 Ipca Laboratories Buy 1580.00-1630.00 1885.00 1440.00 6 Months
All the recomedations are in Cash segment
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May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 24
Price history of last three years
Source: Spider Software, ICICI Direct Research
JK Lakshmi Cement Balmer Lawrie
Radico Khaitan Canara Bank
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Product Guidelines......
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 25
• In case of intraday stock recommendations, execute the trade within +/- 0.25% of the recommended range provided in
the report. The stock recommendation has to be execute after the first 5 minutes of trade and only up to 11:00 am. In
case of Nifty future execute after the first 5 minutes of trade and up to 03:00 pm
• In case of positional recommendations, execute the recommendations in the range provided in the report
• Once the recommendation is executed, it is advisable to maintain strict stop loss as provided in the report. For positional
recommendation maintain stop loss on daily closing basis
• We adapt a trading strategy of booking 50% profit when the position is in profit by 4-5% and trail stop loss on remaining
position to the entry point (In case of positional stock recommendations)
• In case of intra day Nifty futures recommendation, once recommendation is activated, consider booking 50% profit near
1st
Target (tolerance of 3 points) and trail stop loss to cost for remaining positions
• If the recommended intra day stock hits the target price before getting activated, then it is considered not initiated
• The Intra day recommendations are valid only for the day and should be squared off by 15:10 hrs. The positional
recommendations are valid only for the prescribed period and are to be squared off at the end of mentioned period
unless communicated otherwise through separate mail or on i-click to gain page
• Only stocks in derivatives segment have been considered for intra day recommendations
• Medium to long-term prospects of a stock does not have any bearing on the intra day view
Trading portfolio allocation
• It is recommended to spread out the trading corpus in a proportionate manner between the various technical research
products
• Please avoid allocating the entire trading corpus to a single stock or a single product segment
• Within each product segment it is advisable to allocate equal amount to each recommendation
• For example: The ‘Momentum Pick’ product carries 2 to 4 intraday recommendations. It is advisable to allocate equal
amount to each recommendation
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May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 26Source: 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
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 27
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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
May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 28
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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
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May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 29
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