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Research Analysts
Nitin Kunte, CMT
Vinayak Parmar
Dharmesh Shah
Pabitro Mukherjee
Ninad Tamhanekar, CMT
Momentum Picks
July 1, 2020For Instant stock ideas:
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Open Recommendations
Gladiator Stocks
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Scrip Action
Asian Paints Buy
Titan Buy
M&M Buy
Duration: 6 Months
New recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
1-Jul-20 Nifty Nifty Buy 10190-10212 10254.00/ 10309.00 10144.00 Intraday
1-Jul-20 Havells India HAVIND Buy 577.00-579.00 583.40/588.70 572.60 Intraday
1-Jul-20 PVR PVR Sell 950.00-953.00 942.20/933.00 960.80 Intraday
Open recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
26-Jun-20 Persistent PERSYS Buy 610-622 670.00 582.00 14 Days
26-Jun-20 Tata Elxsi TATELX Buy 880-895 990.00 840.00 14 Days
Intraday recommendations are for current month futures. Positional recommendations are in cash segment
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KOpen High Low Close
10382.60 10401.05 10267.35 10302.10
2
Sectors in focus (Day):
Indices Close 1 Day Chg 1 Day % Chg
SENSEX Index 34915.80 -45.72 -0.13
NIFTY Index 10302.10 -10.30 -0.10
Nifty Futures 10240.25 -15.20 -0.15
BSE500 Index 13438.14 -27.99 -0.21
Midcap Index 13055.28 -18.44 -0.14
Small cap Index 12380.75 -93.69 -0.75
SGX Nifty 10225.00 -15.25 -0.15
* SGX Nifty at 7:30 am
Domestic Indices
Action
Price Range
Target
Stoploss
Nifty Future Intraday Reco.
10144.00
Buy
10254.00/ 10309.00
10190-10212
Positive: Pharma, IT, Insurance, Agri
Inputs, Telecom, Midcaps
Neutral: Media , Realty
Intraday Short term
Trend
Support 10260-10210 9900
Resistance 10340-10400 10600
20 day EMA 10089
200 day EMA 10514
Nifty Technical Picture
Mom
entum
Pic
ks
Mom
entum
Pic
ks
Technical Outlook
ICICI Securities Ltd. | Retail Equity Research
Source: Bloomberg, Spider, ICICI Direct Research
NSE Nifty Daily Candlestick Chart
NSE (Nifty): 10302
NSE Nifty Daily Candlestick Chart
7511
8806
Key
resistance
at 10600100 days
SMA
9544
Daily stochastic pointing downward, indicating extended breather
Support @
9900
Day that was…
Equity benchmarks extended their breather amid mixed global cues
and ended Tuesday’ session flat as the Nifty lost 10 points to settle at
10302. The market breadth remained in favour of declines with A/D
ratio of 1:1.3. Sectorally, auto and FMCG outshone while pharma and
PSU bank underperformed.
Technical Outlook
- The daily price action formed a small bear candle, indicating
extended breather as the index has been oscillating in a narrow
range over past four sessions. We believe, the ongoing breather
has helped daily stochastic cool off the overbought condition
(currently placed at 38)
- We reiterate our stance that the Nifty would trade firm above 10200
and consolidate in the broad range of 10200-10600 with a positive
bias amid stock specific action as we expect broader market to
endure its outperformance, going ahead
- Key point to highlight during ongoing major up move since March
low of 7511 is that, barring one instance, the index has not
corrected for more than two consecutive sessions, indicating
inherent strength. Thus, we expect index to maintain the same
rhythm. Hence, any temporary breather from hereon should be
used as incremental buying opportunity in quality stocks
- During June 2020, Nifty midcap and small cap indices have
relatively outperformed the benchmarks by gaining 11% and 15%,
respectively, despite elevated global volatility, indicating inherent
strength. The formation of higher peak and trough underpinned by
improving market breadth, signifies broader market participation,
auguring well for durability of ongoing up move
- We believe, key level of 9900 would continue to act as strong
support as it is confluence of a) 61.8% retracement of current up
move (9544 – 10553), at 9936 b) 100 days SMA is placed at 9970
- In the coming session, we expect Nifty to hold intermediate
support of 10200 and trade with a positive bias. Thus, intraday dip
towards 10190–10212 should be used to create long position for
target of 10309
Structurally, over the past two decades it has been observed that, post
major correction of more than 40% the index enters a volatile phase.
In both historical instances, after a first sharp pullback, (in CY01-02 it
rallied 42% and in CY08-09 it rallied 44%) from major low, the index
saw a corrective phase. In the current scenario, index has completed
its 40% pullback from major low seen during March 2020 of 7511. We
expect it to maintain the same rhythm as observed in historical
instances and enter the volatile phase in coming weeks.
We expect the Nifty to
consolidate in the broad range of
10200-10600 with a positive bias
Since March low of 7511 is that,
barring one instance, the index
has not corrected for more than
two consecutive sessions,
indicating inherent strength.
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3
Correction post first pullback after major correction
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research
Nifty Weekly Chart : Major correction of 2001-02
Nifty Weekly Chart : Major correction of 2008-09
Index corrected after witnessing first pullback of 42%
Index corrected after witnessing first
sharp pullback of 44%
6357
2252
3240
2502
850
1818
1205
920
Source: Bloomberg, Spider, ICICI Direct Research
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4
Intraday Short term
Trend
Support 21210-21000 20100
Resistance 21520-21650 22450
20 day EMA 20917
200 day EMA 24812
Nifty Bank Technical Picture
Bank Nifty: 21370
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research
Technical Outlook Bank Nifty Index – Daily Candlestick Chart
Source: Bloomberg, Spider, ICICI Direct Research
The Bank Nifty failed to capitalize on the positive start and gave
up its intraday gains to close on a flat note on Tuesday on back
of muted global cues. PSU banking stocks continue to under
perform as the PSU bank index closed lower by 1.8%. The
BANK NIFTY ended the session at 21370, up marginally by 11
points or 0.1%.
Technical Outlook
• The daily price action formed a small bear candle with
shadows in either directions. The index in the last four
sessions is seen trading in a narrow 800 points range
signalling consolidation and a higher base formation after
the last two weeks strong up move
• Going ahead we expect the index to continue its
consolidation in the broad range of 21000-22450 with stock
specific activity in the coming sessions.
• India VIX extended its correction over second consecutive
week, indicating subdued volatility and continuance of risk-
on sentiment. The VIX has inverse correlation with the
market. Thus, we believe VIX will be the key to gauge the
market sentiment
• The index has already taken five sessions to retrace just 50%
of the previous six sessions up move (19507-22479). A lack
of faster retracement on either side also signals
consolidation and base formation after the recent strong up
move of 15% in the last two weeks
• We believe the index has major short term support around
20200-20100 levels as it is the 80% retracement of current
up move (19507 – 22479) at 20100 levels
• In the coming session, the Bank Nifty is expected to open on
a flat note on the back of muted Asian cues. Volatility is likely
to remain high on account of the volatile global market. We
expect index to continue with its current consolidation.
Hence use dips towards 21020-21060 for creating long
position for target of 21270 with a stop loss of 20910
Among oscillators, the daily stochastic has cooled off from the
overbought territory and is currently placed near the neutral
reading of 35 signalling consolidation in the coming sessions
16116
21967
Open High Low Close
21524.30 21650.50 21212.00 21370.15
32613
17105
Daily Stochastic currently placed near the neutral reading
of 35 signalling consolidation
Index is expected to
consolidate in the broad
range of 20950-22450 with
stock specific activity
19507
Indices Close Change Change%
Nifty Bank 21370.15 11.15 0.05
Nifty Bank daily change
Key resistance
at 22450
Support @
20100
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Stock Picks
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 5
PVR Limited (PVRLIM) – Daily candlestick Chart
Havells India (HAVIND) – Daily candlestick Chart
Source: Bloomberg, Spider, ICICI Direct Research
Duration: Intraday
Technical Observations
Technical Observations
Daily 14 periods RSI giving sell signal
Price consolidating above the recent breakout area signalling strength and
continuation of the positive bias
Daily RSI remain in up trend sustaining above its nine periods average
A rising trendline breakdown and price reacting lower from the 50 days
EMA signalling corrective bias and continuation of the downtrend
CMP 579.60
Action Buy
Initiation Range 577.00-579.00
Target 583.40/588.70
Stop Loss 572.60
Rationale
Price consolidating above the
recent breakout area signalling
strength and continuation of the
positive bias and RSI in buy
mode
50 days
EMA
CMP 951.65
Action Sell
Initiation
Range
950.00-953.00
Target 942.20/933.00
Stop Loss 960.80
Rationale
A rising trendline breakdown and
price reacting lower from the 50
days EMA signalling corrective
bias and continuation of the
downtrend and RSI giving sell
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6
Buy Persistent Systems (PERSYS) in the range of 610.00-622.00
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research
Source: Bloomberg, Spider Software, ICICI Direct Research
Technical Observations
Stock Picks
Target: 670.00 Stop Loss: 582.00
Duration: 14 days
• The share price is in steady
uptrend trading in a rising channel
signalling sustained demand at
elevated levels. The stock has
recently rebounded taking support
at the lower band of the rising
channel thus offering fresh entry
opportunity to ride the next up
move
• The stock in the process has also
closed above the 200 days EMA
(placed at | 598) as can be seen in
the adjacent chart signalling
positive bias
• We believe, the stock has strong
support at | 585, as it is the lower
band of the rising channel and the
38.2% retracement of current up
move (| 510 – 635), at |587.
• Among oscillators, the daily
MACD in up trend sustaining
above its nine periods average
validating bullish bias
• We expect the stock maintain
positive bias and head towards |
670 levels as it is the 80%
retracement of the entire CY’20
decline (| 740-420) placed at | 670
levels
Recommendation initiated on i-click to gain at 12:18 on June 26, 2020
The daily MACD in up trend sustaining above its nine periods
The stock is in steady uptrend trading in a rising channel signalling
sustained demand at elevated levels. It has recently rebounded from the
lower band of the rising channel thus offering fresh entry opportunity
740
Daily Bar Chart
Target
@ 670
460
Support
@ 585
20 days
EMA
420
510
575
551
635
572
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7
Buy Tata Elxsi (TATELX) in the range of 880.00-895.00
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research
Source: Bloomberg, Spider Software, ICICI Direct Research
Technical Observations
Stock Picks
Target: 990.00 Stop Loss: 840.00
Duration: 14 days
• The share price has logged a
resolute breakout from a bullish
pennant pattern signalling
continuation of the positive trend
and offers fresh entry opportunity
• The stock is in up trend forming
higher high-low signalling positive
bias. The base of the bullish
pennant pattern is placed at the 20
days EMA highlighting strength
• The breakout is supported by
strong volume of more than
double of the 50 days average
volume of six lakhs share per day
indicating larger participation in
the direction of trend
• We believe, the stock has strong
support at | 840, as it is the lower
band of the recent consolidation
and the 50% retracement of
current up move (| 740 – 943), at
| 841.
• Among oscillators, the daily
stochastic recorded bullish
crossover above its three periods
average, indicating positive bias
• We expect the stock to resolve
higher and gradually head
towards | 990 in coming sessions
as it is the 161.8% external
retracement of recent decline (|
943 to 847) placed at | 990 levelsRecommendation initiated on i-click to gain at 10:40 on June 26, 2020
The daily stochastic giving buy signal
The stock has registered a breakout above the bullish Pennant pattern
backed by strong volume thus provides fresh entry opportunity
943
Daily Bar Chart
Target
@ 990
847Support
@ 840
20 days
EMA
740
860
1098
Price breakout from the bullish Pennant pattern supported by strong volume
500
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Market Activity Report
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 8
Global Equity Market Performance
Advance Decline
Source: Bloomberg, Investing, ICICI Direct Research
-0.2
-0.9
0.6
0.3
0.0
0.5
-0.1
0.9
-0.7
-1.4 -0.9 -0.4 0.1 0.6 1.1
France
UK
Germany
China
Japan
Hong Kong
India
US
Brazil
% Change
1 Day Change
1 Day Change
0
400
800
1200
1600
2000
22-Jun 23-Jun 24-Jun 25-Jun 26-Jun 29-Jun 30-Jun
Advances Declines
Currenc/Yield/
Commodities
Close1 Day %
Change
Currency
USD INR 75.54 0.0
Dollar Index 97.32 0.0
EURO USD 1.12 0.1
GBP USD 1.23 -0.1
JPY 107.83 -0.1
Swiss Franc 0.94 0.0
Commodities ($)
Gold 1,799.05 -0.1
Brent 41.75 0.2
Copper 6,015.00 0.9
Silver 18.62 -0.1
Yield (bps change)
India 105.88 0.00
US 0.68 4.24
EURO -0.45 1.41
Japan 0.03 12.96
Global Currency, Commodities and Bond
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Market Activity Report
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 9
Fund Flow activity of the last 5 sessions
Source: Bloomberg, ICICI Direct Research
1,767
-1,051
-753
-1,937 -2,000
-2,400
-1,400
-400
600
1,600
24-Jun 25-Jun 26-Jun 29-Jun 30-Jun
Rs C
rore
Date
FII
-1,525
-256
1,304
1,036
2,051
-1,900
-900
100
1,100
2,100
24-Jun 25-Jun 26-Jun 29-Jun 30-Jun
Rs C
rore
Date
DII
Sectoral Indices Close1 Day %
Change
Sensex 34,915.8 -0.1
Nifty 10,302.1 -0.1
BSE Auto 15,275.2 1.1
Bankex 24,293.8 0.2
Capital Goods 12,858.8 0.1
Consumer
Durables
20,338.2 0.0
FMCG 11,258.3 0.2
Healthcare 16,263.0 -1.2
IT 14,886.9 -0.1
Metal 7,210.0 0.1
Oil & Gas 12,668.2 -1.5
Power 1,574.9 -0.8
Realty 1,581.4 0.0
BSE 500 13,438.1 -0.2
BSE Midcap Index 13,055.3 -0.1
BSE Small Cap 12,380.8 -0.8
Sectoral Indices Performance
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Trend Scanner
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 10Source: Bloomberg, ICICI Direct Research
Heat Map
Bullish Candlestick Formations Bearish Candlestick Formations
Scrip Name Pattern name LTP Scrip Name Pattern name LTP
Ambuja Cement Belt hold line 193.6 RBL Bank Continuation 173.5
Marico Belt hold line 352.0 Torrent pharma Belt hold line 2372.0
Jindal Steel & Power Continuation 162.0 PFC Continuation 84.0
SBI Life Continuation 806.5
Candlestick Pattern
Bharat Forge 319.35 0.90 352.00 15.04
RBL Bank 173.50 -3.42 163.00 12.75
PVR 1001.70 -2.16 1048.00 8.48
Negative Trend Universe: NSE 500
Scrip Name Close
Change
%
20-day
SMA1-Mar
Britannia Industries 3603.80 2.40 3435.00 35.8
Ipca laboratories 1674.40 -0.46 1600.00 57.43
SBI Life Insurance 806.45 2.50 776.00 54.03
TCS 2082.15 -0.93 2059.00 41.58
Positive Trend Universe: NSE 500
Scrip Name Close
Change
%
20-Day
SMA
Delivery
( %)
Scrip Name LTP
Aarti drugs 1271
Escorts 1043
Tata Comm 623.8
52 Weeks High
Scrip Name LTP
NA
52 Weeks Low
Scrip Name LTP Stochastic
Carborundum universal 278 82.4
Overbought Stocks
Scrip Name LTP Stochastic
Berger Paints 494 9.2
Pidilite Inds 1372 15.7
HDFC 1755 14.8
Oversold Stocks
Shree
Cement
23,051
Maruti
5,838
Nestle
17,174 ICICI
Bank
351
Britannia
3,604
3.2% 2.8% 2.7% 2.4% 2.4%
Ultratech
3,894
Tata Steel
327 Hero
Moto
2,547
Eicher
18,334 Bharti
Infratel
222
2.3% 1.8% 1.7% 1.2% 1.0%
NTPC
96
HDFC Ltd
1,755
L&T
944
M&M
511
Infosys
736
0.9% 0.8% 0.8% 0.6% 0.6%
HCl Tech
557
Axis Bank
407 Adani
Ports
344 Kotak
Bank
1,360
TechM
543
0.6% 0.5% 0.4% 0.4% 0.3%
Hindalco
146 Grasim
Ind
620
Wipro
220
HUL
2,180 Asian
Paints
1,687
0.2% 0.1% 0.0% -0.1% -0.3%
SBI
178
Zee Ent.
171 JSW
Steel
189
Cipla
640
Dr Reddy
3,945
-0.4% -0.6% -0.7% -0.7% -0.7%
Bajaj
Finserv
5,845
Titan
950
TCS
2,082 Bajaj
Finance
2,831 HDFC
Bank
1,066
-0.8% -0.8% -0.9% -0.9% -0.9%
Indusind
Bank
475 Reliance
Ind.
1,704 Bajaj
Auto
2,826 Tata
Motors
98
ONGC
81
-1.1% -1.1% -1.2% -1.2% -1.3%
Bharti
Airtel
560
ITC
195
GAIL
102
Vedanta
106
Coal India
133
-1.3% -1.3% -1.4% -1.4% -1.5%
UPL
425 Sun
Pharma
473 Power
Grid
175
IOC
85
BPCL
374
-1.6% -1.9% -1.9% -2.0% -2.4%
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Intraday Supports and Resistance (Cash)
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 11Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
NIFTY 50 Positive 10302.1 10247 10190 10113 10381 10458 10514
S&P BSE SENSEX INDEX Positive 34915.8 34742 34567 34321 35163 35409 35584
NIFTY BANK Positive 21370.15 21172 20973 20733 21610 21850 22049
NIFTY 50 FUTURES Positive 10258.5 10182 10104 10023 10341 10422 10500
NIFTY BANK FUTURES Positive 21245.05 21003 20761 20486 21520 21795 22037
ACC LTD Positive 1332.25 1302 1272 1255 1350 1366 1397
AMBUJA CEMENTS Positive 193.6 189 185 182 196 199 204
ADANI POWER LTD Negative 36 35 35 34 36 37 37
ADANI ENTERPRISE Neutral 156.25 154 150 145 163 168 172
ADANI PORTS AND Positive 343.9 340 338 333 348 352 355
ASHOK LEYLAND Negative 46.95 46 45 43 49 51 53
AMARA RAJA BATT Positive 650.4 644 637 631 657 663 670
APOLLO HOSPITALS Negative 1349.85 1334 1319 1293 1374 1399 1414
ASIAN PAINTS LTD Positive 1687.45 1674 1660 1638 1710 1732 1747
APOLLO TYRES LTD Neutral 108 107 106 104 111 112 114
AUROBINDO PHARMA Negative 771.7 758 745 727 789 807 820
AXIS BANK LTD Neutral 406.65 403 398 392 414 420 425
BAJAJ FINANCE LT Positive 2831 2785 2740 2665 2906 2982 3027
BATA INDIA LTD Positive 1306.2 1292 1279 1257 1327 1349 1362
BHARTI AIRTEL Positive 559.85 553 545 533 573 585 592
BHARAT ELECTRON Positive 88.65 86 84 80 92 96 98
BHARAT HEAVY ELE Neutral 35.7 34 33 31 37 39 40
BHARAT FORGE CO Negative 319.35 309 300 294 325 332 341
BALKRISHNA INDS Positive 1261.1 1244 1226 1207 1281 1300 1318
BIOCON LTD Negative 390.1 385 380 372 398 406 411
BAJAJ AUTO LTD Positive 2826.05 2791 2754 2692 2889 2950 2987
BAJAJ FINSERV LT Positive 5845.15 5760 5674 5533 5988 6130 6216
BANK OF BARODA Negative 48.6 48 47 46 50 51 52
BANK OF INDIA Negative 48.8 47 45 44 51 53 55
BOSCH LTD Positive 11418.1 11052 10686 10422 11682 11946 12312
BHARAT PETROL Negative 374 367 361 350 384 395 401
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Intraday Supports and Resistance (Cash)
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 12Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
BERGER PAINTS Negative 493.9 490 484 476 504 512 518
BRITANNIA INDS Positive 3603.8 3557 3511 3482 3632 3661 3707
CANARA BANK Neutral 100.55 100 98 95 104 106 108
CONTAINER CORP Neutral 417.9 415 411 406 424 429 433
CADILA HEALTHCAR Negative 353.1 346 340 329 364 376 382
CENTURY TEXTILE Negative 294.5 290 285 278 301 307 312
CESC LTD Positive 622 614 607 600 628 635 643
CHOLAMANDALAM IN Negative 189.4 185 181 174 196 203 208
CIPLA LTD Positive 640.25 636 631 624 648 655 660
COLGATE PALMOLIV Positive 1406.7 1393 1379 1366 1420 1433 1447
COAL INDIA LTD Negative 132.85 131 129 126 136 139 140
DABUR INDIA LTD Positive 465.95 461 457 451 472 477 482
DIVI LABS LTD Negative 2278.9 2253 2226 2185 2321 2362 2389
DLF LTD Negative 148.05 146 143 138 153 157 160
DR REDDY'S LABS Negative 3944.95 3909 3875 3824 3995 4045 4080
EICHER MOTORS Positive 18334.3 18180 18026 17851 18509 18684 18838
EQUITAS HOLDINGS Negative 49.55 47 46 43 51 54 55
ESCORTS LTD Positive 1040 1028 1015 999 1058 1075 1087
EXIDE INDUS LTD Positive 148.2 147 145 144 151 153 154
FED BANK LTD Negative 51 51 50 49 53 54 55
GAIL INDIA LTD Negative 102.15 102 100 98 105 106 108
GODREJ CONSUMER Positive 690.8 686 682 676 697 703 707
GMR INFRASTRUCTU Negative 20.05 20 19 19 20 21 21
GLENMARK PHARMA Negative 450.3 443 435 425 462 473 481
GRASIM INDS LTD Positive 619.7 611 603 594 629 637 646
HAVELLS INDIA Positive 579.5 574 569 562 587 594 599
HCL TECH LTD Neutral 556.85 553 549 546 561 565 568
HOUSING DEV FIN Positive 1754.65 1737 1720 1692 1783 1811 1828
HDFC BANK LTD Neutral 1065.85 1055 1045 1033 1078 1089 1100
HERO MOTOCORP LT Positive 2546.95 2516 2486 2459 2572 2598 2628
HINDALCO INDS Positive 146.2 144 142 138 151 154 157
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Intraday Supports and Resistance (Cash)
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 13Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
HINDUSTAN PETRO Negative 216.75 213 208 200 226 234 239
HINDUSTAN UNILEV Positive 2180 2166 2153 2136 2196 2213 2226
VODAFONE IDEA LT Positive 10.6 11 10 10 12 12 12
IDFC FIRST BANK Neutral 25.7 25 25 24 26 27 28
INDRAPRASTHA GAS Positive 442.3 439 435 428 449 455 459
INDIABULLS HOUSI Negative 207.15 200 192 180 220 232 239
INDUSIND BANK Neutral 474.8 466 458 444 488 502 510
INTERGLOBE AVIAT Negative 988.85 970 952 921 1019 1050 1068
INFOSYS LTD Negative 735.95 727 718 712 742 748 756
INDIAN OIL CORP Negative 85.35 84 82 80 87 90 91
ICICI PRUDENTIAL Positive 425.8 416 406 400 432 438 448
ITC LTD Negative 194.65 193 191 187 198 201 203
JINDAL STEEL & P Positive 161.5 155 150 145 165 170 175
JSW STEEL LTD Positive 189.35 186 183 179 194 199 202
JSW ENERGY LTD Neutral 47.15 47 46 46 49 50 51
JUBILANT FOODWOR Neutral 1727.25 1706 1685 1651 1761 1795 1816
JUST DIAL LTD Positive 401.7 393 384 374 412 422 432
CUMMINS INDIA Negative 392.35 388 383 375 401 409 414
KOTAK MAHINDRA Positive 1360.45 1345 1331 1317 1373 1387 1401
LIC HOUSING FIN Positive 265.05 263 259 253 272 277 281
LUPIN LTD Negative 911.8 901 890 873 929 946 956
LARSEN & TOUBRO Neutral 943.65 932 921 911 953 963 973
L&T FINANCE HOLD Negative 65.85 65 64 62 69 70 72
MAHANAGAR GAS LT Neutral 1052.1 1042 1033 1017 1067 1083 1092
MAX FINANCIAL SE Positive 542 522 501 485 559 575 596
MANAPPURAM FINAN Negative 151.35 150 148 146 155 158 160
MAHINDRA & MAHIN Positive 510.7 507 503 498 515 519 523
M&M FIN SERVICES Neutral 167.8 165 164 160 171 174 176
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Intraday Supports and Resistance (Cash)
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 14Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
MARICO LTD Positive 351.9 347 343 340 355 359 363
MRF LTD Positive 67274.5 66109 64942 64134 68084 68892 70059
MARUTI SUZUKI IN Positive 5838.3 5722 5605 5528 5915 5991 6108
MOTHERSON SUMI Positive 94.65 93 92 89 98 100 102
MINDTREE LTD Negative 925.65 919 913 902 936 947 953
MUTHOOT FINANCE Neutral 1086.05 1072 1057 1040 1104 1121 1136
NATIONAL ALUMIN Neutral 31.85 31 31 30 33 33 34
NBCC INDIA LTD Positive 23.25 24 23 23 25 25 26
NESTLE INDIA LTD Positive 17174.45 16852 16531 16308 17396 17619 17940
NIIT TECH LTD Negative 1409.2 1394 1378 1356 1433 1456 1472
NCC LTD Negative 29.15 29 28 27 31 32 33
NMDC LTD Positive 81.15 80 78 76 83 86 87
NTPC LTD Neutral 95.8 94 93 92 97 99 99
OIL INDIA LTD Negative 93.65 93 91 89 97 99 101
OIL & NATURAL GA Negative 81.35 80 79 78 83 85 86
PAGE INDUSTRIES Neutral 19914.6 19682 19450 19121 20243 20572 20803
PIDILITE INDS Negative 1372.1 1359 1346 1325 1392 1412 1425
PIRAMAL ENTERPRI Positive 1363.8 1346 1329 1300 1392 1421 1438
PETRONET LNG LTD Negative 258.05 252 246 240 265 272 278
PUNJAB NATL BANK Negative 34.75 34 33 32 35 37 37
POWER FINANCE Negative 84 82 79 76 87 91 93
PVR LTD Negative 1001.7 991 980 968 1014 1026 1037
POWER GRID CORP Negative 174.85 172 170 166 178 182 184
RBL BANK LTD Negative 173.5 169 164 156 181 190 194
REC LTD Negative 108.1 106 105 101 110 114 115
RELIANCE INDS Neutral 1704.1 1687 1669 1642 1732 1759 1778
STEEL AUTHORITY Positive 30.4 31 29 29 32 33 34
STATE BANK IND Negative 178.45 177 174 171 183 186 188
SHRIRAM TRANSPRT Positive 689.6 680 670 656 703 718 727
SIEMENS LTD Positive 1096.65 1085 1072 1051 1119 1140 1153
SHREE CEMENT Positive 23051.05 22486 21920 21498 23474 23896 24462
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Intraday Supports and Resistance (Cash)
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 15Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
SRF LTD Neutral 3605.7 3570 3534 3493 3647 3688 3724
SUN PHARMA INDU Negative 472.95 468 462 454 482 490 496
SUN TV NETWORK Negative 403.35 393 384 375 412 420 430
TATA STEEL LTD Positive 326.7 320 314 306 335 344 349
TATA CONSULTANCY Negative 2082.15 2068 2053 2031 2105 2127 2142
TECH MAHINDRA LT Neutral 543.4 541 538 534 548 552 556
TATA CONSUMER PRODUCT Neutral 387.45 384 382 378 390 394 396
TORRENT POWER LT Negative 318.75 315 313 308 323 327 330
TATA POWER CO Negative 44.85 44 43 42 46 47 48
RAMCO CEMENT/THE Neutral 635.1 628 622 615 641 648 654
TORRENT PHARMA Negative 2372.1 2338 2305 2245 2432 2493 2526
TITAN CO LTD Positive 949.85 940 930 915 966 982 991
TATA CHEMICALS Negative 310.05 309 306 302 315 319 322
TATA MOTORS LTD Neutral 98.25 96 94 91 101 104 106
TVS MOTOR CO LTD Positive 378.35 374 369 363 385 391 395
UNITED BREWERIES Positive 1037.75 1016 993 977 1054 1070 1093
UJJIVAN FINANCIA Negative 220.3 216 211 204 228 235 241
UNITED SPIRITS Positive 592.3 581 570 557 605 618 629
UPL LTD Neutral 425.2 416 407 391 440 455 464
ULTRATECH CEMENT Positive 3893.55 3842 3791 3759 3924 3955 4006
VEDANTA LTD Neutral 106.4 104 102 99 109 112 114
VOLTAS LTD Positive 546.45 541 535 531 551 555 561
WIPRO LTD Negative 219.65 218 216 214 222 224 226
YES BANK LTD Negative 25.6 25 25 24 27 27 28
ZEE ENTERTAINMEN Positive 171.1 168 166 162 174 178 181
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Forthcoming Economic Event Calendar
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 16Source: Bloomberg, ICICI Direct Research
Date Event Date Event
US China
1-Jul Markit US Manufacturing PMI 4-Jul Caixin China PMI Mfg
6-Jul Markit US Services PMI 6-Jul Caixin China PMI Services/Composite
6-Jul Markit US Composite PMI 11-Jul Aggregate Financing CNY
8-Jul Change in Nonfarm Payrolls 15-Jul Industrial Production YTD YoY
10-Jul FOMC Minutes 15-Jul Retail Sales YTD YoY
15-Jul Industrial Production MoM 18-Jul New Home Prices MoM
India UK
3-Jul Nikkei India PMI Mfg 1-Jul Markit UK PMI Manufacturing SA
6-Jul Markit India PMI Composite 6-Jul Markit/CIPS UK Services/Composite PMI
6-Jul Markit India PMI Services 8-Jul Bank of England Bank Rate
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Momentum Picks: Strategy Follow up
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 17
Duration: Intraday
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
30-Jun-20 Nifty Nifty Buy 10255-10282 10319.00/ 10369.00 10214.00 (53 Points) Stoploss triggered
30-Jun-20 Escorts ESCORT Buy 1034.00-1036.00 1044.80/1055.00 1024.80 - No trade(Open near target)
30-Jun-20 Bandhan Bank BANBAN Buy 328.00-329.00 331.70/335.00 325.20 - No trade(Open near target)
Duration: Cash Positional
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
26-Jun-20 Gujarat Gas GUJGA Buy 310 340.00 289.00 4.00 Book 50% profit at 323.50
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Gladiator Stocks: Open Recommendations
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 18
Back to Top
Date Scrip Name Strategy Recommendations Price Target Stoploss Time Frame
24-Jun-20 Asian Paints Buy 1720-1755 2020.00 1580.00 6 Months
24-Jun-20 Titan Company Buy 1000-1025 1185.00 928.00 6 Months
16-Jun-20 Mahindra & Mahindra Buy 500.00-517.00 588.00 455.00 6 Months
10-Jun-20 Lupin Buy 905.00-927.00 1080.00 835.00 6 Months
2-Jun-20 Bata India Buy 1390.00-1425.00 1625.00 1270.00 6 Months
1-Jun-20 Pidilite Ind Buy 1450-1490 1670.00 1320.00 6 Months
1-Jun-20 Procter Gamble & Health Buy 4170-4230 5090.00 3570.00 6 Months
24-Apr-20 Ipca Laboratories Buy 1580.00-1630.00 1885.00 1440.00 6 Months
All the recomedations are in Cash segment
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19July 1, 2020 ICICI Securities Ltd. | Retail Equity Research
Price history of last three years
Source: Spider Software, ICICI Direct Research
Tata Elxsi Persistent
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Product Guidelines......
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 20
• In case of intraday stock recommendations, execute the trade within +/- 0.25% of the recommended range provided in
the report. The stock recommendation has to be execute after the first 5 minutes of trade and only up to 11:00 am. In
case of Nifty future execute after the first 5 minutes of trade and up to 03:00 pm
• In case of positional recommendations, execute the recommendations in the range provided in the report
• Once the recommendation is executed, it is advisable to maintain strict stop loss as provided in the report. For positional
recommendation maintain stop loss on daily closing basis
• We adapt a trading strategy of booking 50% profit when the position is in profit by 4-5% and trail stop loss on remaining
position to the entry point (In case of positional stock recommendations)
• In case of intra day Nifty futures recommendation, once recommendation is activated, consider booking 50% profit near
1st
Target (tolerance of 3 points) and trail stop loss to cost for remaining positions
• If the recommended intra day stock hits the target price before getting activated, then it is considered not initiated
• The Intra day recommendations are valid only for the day and should be squared off by 15:10 hrs. The positional
recommendations are valid only for the prescribed period and are to be squared off at the end of mentioned period
unless communicated otherwise through separate mail or on i-click to gain page
• Only stocks in derivatives segment have been considered for intra day recommendations
• Medium to long-term prospects of a stock does not have any bearing on the intra day view
Trading portfolio allocation
• It is recommended to spread out the trading corpus in a proportionate manner between the various technical research
products
• Please avoid allocating the entire trading corpus to a single stock or a single product segment
• Within each product segment it is advisable to allocate equal amount to each recommendation
• For example: The ‘Momentum Pick’ product carries 2 to 4 intraday recommendations. It is advisable to allocate equal
amount to each recommendation
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July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 21Source: ICICI Direct Research
Recommended product wise trading portfolio allocation
Duration
Momentum Picks-
Intraday
10% 30-50% 2 Stocks 1-2% Intraday
Momentum Picks-
Positional
25% 8-10% 8-10 Per Month 5-8% 14 Days
Yearly Technical 25% 12-15% 7-9 Per Year 20-30% 1 Year
Gladiator Stocks 35% 10-13% 15-20% 6 Months
Cash 5%
-
100%
Number of Calls Return Objective
Product Product wise
allocation
Allocations
Max allocation
In 1 Stock
Opportunity Based
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Candlestick patterns describe the market sentiment for the specified period. Some of the formations suggest reversal of sentiment (trend) and, therefore, are important
for a chart reader. By themselves, the patterns do not carry any price target but only an indication of change in market behaviour. More importance needs to be given
to the placement of the pattern within larger trend
Morning Star: Potential bottom reversal pattern made of three candle lines. The first sizeable black candle reflects a market in which the bears are in complete charge.
The next candle line--the small real body--shows a slight diminution of the bearish force. The white candle that makes up the last part of the morning star visually
displays the bulls are gaining the upper hand. Lowest low amongst three candles becomes technical support
Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or downtrend. The market falls, and a black
candle forms (ideally a small black candle). Next, a white real body wraps around the prior session’s black body. Low of the pattern becomes short term support for
prices
Piercing Line: Potential bottom reversal pattern. A black body forms in the downtrend. The market continues moving south on the next session’s open but that session
culminates in a white real body that closes (e.g. pierces) than half way or more into the prior black body. Lowest low between two candles is referred to as technical
support for prices
Hammer: A candlestick line which, during a downtrend, has a very long lower shadow and small real body (black or white) at the top end of the session’s range. There
should be no, or a very small, upper shadow. Pattern suggests buying support during declines and needs confirmation in terms of sustainability of prices above head of
the Hammer in following session
Evening Star: Potential Top reversal pattern made of three candle lines. Comparable with a traffic signal. First white candle reflects a market in bullish trend. The next
candle line--the small real body—warns waning momentum. The black candle that completes the evening star visually exhibits that prior up trend has stopped or
reversed
Bearish Engulfing Line: Potential top reversal signal. This two candlestick pattern emerges during a rally. A black candle real body wraps around a white real body
(classically a small white candle) Highest high between two candles becomes resistance level for prices for future reference
Dark Cloud cover: A dark cloud cover forms a top reversal pattern. The first session should be a strong, white real body. The second session’s price opens over the
prior session’s high (or above the prior session’s close). By the end of the second session, it closes near the low of the session and should fall well into the prior
session’s white body. Pattern suggests that market has a poor chance of rising immediately
Shooting Star: A single candlestick line during a rally in which there is a small real body (white or black) at the bottom end of the session's range and a very long
upper shadow. The candle line should also have little or no lower shadow. Pattern suggest the trouble for prices overhead
Continuation Patterns: Other than widely known Candlestick reversal patterns discussed above, there are numerous patterns mentioned in literature on Candlestick
which describe the continuation of existing sentiments i.e. bullish or bearish. We have refrained from mentioning names of these patterns to avoid confusion. However,
the remark Continuation Pattern refers to bullish or bearish candlestick patterns which suggest continuation of existing trend
Candlesticks Glossary
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 22
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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
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 23
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We /I, Dharmesh Shah, Nitin Kunte, Ninad Tamhanekar, Pabitro Mukherjee, Vinayak Parmar Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the
subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Analysts are not registered as research analysts by FINRA and are not associated
persons of the ICICI Securities Inc. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee
of the companies mentioned in the report.
Terms & conditions and other disclosures:
ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities Limited is a SEBI registered Research Analyst with SEBI
Registration Number – INH000000990. ICICI Securities Limited SEBI Registration is INZ000183631 for stock broker. ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of
housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com
ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of
companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etc as opposed to focusing on a company's fundamentals and, as such, may not match with the
recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports.
Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.
ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Retail Research. The views and opinions expressed in this document may or may not match or may be contrary
with the views, estimates, rating, target price of the Institutional Research.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in
any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis,
ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been
suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.
This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational
purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the
same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your
specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient.
This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange
rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure
Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.
ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months.
ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings,
corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.
ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its analysts did not receive any compensation or other benefits from the companies
mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this report.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report.
Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report.
ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.
Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.
We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in
whose possession this document may come are required to inform themselves of and to observe such restriction.
July 1, 2020 ICICI Securities Ltd. | Retail Equity Research 24
Disclaimer