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Research Analysts
Nitin Kunte, CMT
Vinayak Parmar
Dharmesh Shah
Pabitro Mukherjee
Ninad Tamhanekar, CMT
Momentum Picks
June 26, 2020For Instant stock ideas:
SUBSCRIBE to mobile notification on
ICICIdirect Mobile app…
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
26-Jun-20 Nifty Nifty Buy 10180-10205 10245.00/ 10291.00 10139.00 Intraday
26-Jun-20 Biocon BIOCON Buy 405.00-407.00 409.90/414.00 401.80 Intraday
26-Jun-20 DLF DLFLIM Sell 158.70-159.50 157.20/155.50 160.70 Intraday
Intraday recommendations are for current month futures.
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KOpen High Low Close
10235.55 10361.80 10194.50 10288.90
2
Sectors in focus (Intraday):
Indices Close 1 Day Chg 1 Day % Chg
SENSEX Index 34842.10 -26.88 -0.08
NIFTY Index 10288.90 -16.40 -0.16
Nifty Futures 10245.65 -36.25 -0.36
BSE500 Index 13479.59 9.97 0.07
Midcap Index 13222.43 82.00 0.62
Small cap Index 12606.14 95.37 0.76
SGX Nifty 10275.00 29.35 0.29
* SGX Nifty at 7:30 am
Domestic Indices
Action
Price Range
Target
Stoploss
Nifty Future Intraday Reco.
10139.00
Buy
10245.00/ 10291.00
10180-10205
Positive: Pharma, Agri Inputs
Neutral: Metals, Realty
Intraday Short term
Trend
Support 10220-10160 9900
Resistance 10360-10410 10600
20 day EMA 10005
200 day EMA 10520
Nifty Technical Picture
Mom
entum
Pic
ks
Mom
entum
Pic
ks
Technical Outlook
ICICI Securities Ltd. | Retail Equity ResearchSource: Bloomberg, Spider, ICICI Direct Research
NSE Nifty Daily Candlestick Chart
NSE (Nifty): 10289
NSE Nifty Daily Candlestick Chart
7511
8806
Key resistance
at 10600
9889
Formation of lower high-
low signifies pause in up
move, that makes us
believe upside will be
capped at 10600.
9544
Daily stochastic logged a bearish crossover amid overbought territory,
indicating extended breather
Support @
9900
Day that was…
Equity benchmarks ended the June derivative expiry session on a
subdued note, as the Nifty settled at 10289, down 16 points or 0.2%. In
the process, market breadth turned slightly positive with A/D ratio of
1.3:1 as Nifty midcap, small cap rose, 0.9% and 0.5%, respectively.
Sectorally, FMCG, pharma outshone while IT, metal underperformed.
Technical Outlook
- The price action formed a high wave candle carrying lower high-
low, indicating extended breather amid elevated volatility as the
index has seen more than 450 points intraday movement.
Meanwhile, stock specific action remained in focus
- Going ahead, we expect the index to extend the ongoing breather
as it formed a lower high-low after arresting mid June rally
(~11%) at key resistance of 10600, signifying pause in broader up
move, as the ongoing breather would help daily and weekly
stochastic oscillator to cool off from overbought zone (currently
placed at 71 and 85, respectively). This makes us believe upside
will be capped at 10600 in coming sessions, as it is confluence of:
- 61.8% retracement of entire CY20 decline (12430-7511), 10550
- 52 weeks EMA is placed at 10628
- as per change of polarity concept, early March breakdown with
a negative gap area near CY19 low of 10585 would now act as
key resistance
- In the ongoing volatile market scenario, we advise sticking to
quality stocks, as over past five weeks Nifty midcap, small cap
index have rallied 23%, 27%, respectively. This has hauled weekly
stochastic oscillator in overbought territory (at 93 and 89,
respectively), indicating impending breather in broader market
- We believe the ongoing corrective decline in the benchmark Nifty
would find its feet near key support threshold of 9900 as it is 61.8%
retracement of current up move (9544 – 10553), at 9936
- In the coming session, Nifty future is likely to open on a positive
note tracking mixed global cues. We expect index to consolidate in
Thursday’s broad range (10200-10350). Thus, intraday dip towards
10180–10205 should be used to create long for target of 10291
Structurally, over the past two decades it has been observed that, post
major correction of more than 40% (seen in 2000-01 & 2008) 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 would complete its 40% pullback in the vicinity of 10500-10600.
We expect it to maintain the same rhythm as observed in historical
instances and enter the corrective phase in coming weeks.
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3
Correction post first pullback after major correction
June 26, 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 21250-20930 20500
Resistance 21700-21880 22450
20 day EMA 20736
200 day EMA 24915
Nifty Bank Technical Picture
Bank Nifty: 21506
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research
Technical Outlook Bank Nifty Index – Daily Candlestick Chart
Source: Bloomberg, Spider, ICICI Direct Research
The Bank Nifty traded with high volatility on the monthly
derivative expiry session and closed marginally higher by 0.4%
on Thursday. The pullback was mainly lead by the private
banking stocks. The bank nifty ended the session at 21506 up by
79 points or 0.4%
Technical Outlook
• The daily price action formed a small bull candle with
shadows in either direction highlighting intraday volatility.
The index has formed a lower high and lower low
continuation of profit booking after the recent sharp up
move of more than 15% in just six sessions.
• The profit booking in the last two sessions from the
resistance area of 22450 in on expected lines being the
confluence of the 38.2% retracement of the the entire CY
2020 decline (32613-16116) placed at 22450 levels and the
100 days EMA (22550). The placement of daily and weekly
stochastic oscillator into highly overbought territory had also
lead to the recent decline.
• Going ahead, only a decisive close above Wednesday’s high
(22479) would open the door for further pullback, else profit
booking towards the support area of 20500-20100 would be
seen in coming sessions
• We believe, the index has immediate support around 20500-
20100 levels being the confluence of the rising 50 days EMA
(20700) and 80% retracement of current up move (19507 –
22479) at 20100 levels
• In the coming session, Bank Nifty is opening on a flat to
positive note on the back of muted global cues. Volatility is
likely to remain high. Use intraday dips towards 21080-21140
for creating long position for target of 21340 with a stop loss
of 20970
Among the oscillators the daily stochastic reacted lower from
the overbought territory and has recently generated a bearish
crossover below its three periods average signalling
continuation of the corrective bias in coming sessions
16116
21967
Open High Low Close
21218.05 21703.50 20926.45 21506.15
32613
17105
Stochastic recently generated a bearish crossover
signalling corrective bias
22479
Index witnessed profit
booking from the 38.2%
retracement of the entire
decline (32613-16116) and
the 100 days EMA
19507
Indices Close Change Change%
Nifty Bank 21506.15 79.35 0.37
Nifty Bank daily change
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Stock Picks
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 5
DLF Limited (DLFLIM) – Daily candlestick Chart
Biocon (BIOCON) – Daily candlestick Chart
Source: Bloomberg, Spider, ICICI Direct Research
Duration: Intraday
Technical Observations
Technical Observations
Daily stochastic giving sell signal in daily chart
Price forming base above the 20 days EMA and is at the cusp of breakout from the last
three weeks consolidation range signalling positive bias
Daily stochastic giving buy signal
Price reacting lower from the 200 days EMA and the 38.2% retracement of the entire
CY20 decline (| 265-115) signalling downward bias in the coming session
CMP 405.70
Action Buy
Initiation Range 405.00-407.00
Target 409.90/414.00
Stop Loss 401.80
Rationale
Price forming base above the 20
days EMA and is at the cusp of
breakout from the last three
weeks consolidation range
signalling positive bias
200 days
EMA
CMP 157.75
Action Sell
Initiation
Range
158.70-159.50
Target 157.20/155.50
Stop Loss 160.70
Rationale
Price reacting lower from the 200
days EMA and the 38.2%
retracement of the entire CY20
decline signalling downward bias
and stochatic giving sell signal
Bullish engulfing
candle at the 20
days EMA
265
115
38.2% retracement of the entire
CY20 decline (| 265-115)
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Market Activity Report
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 6
Global Equity Market Performance
Advance Decline
Source: Bloomberg, Investing, ICICI Direct Research
1.0
0.4
0.7
0.3
1.0
-0.3
-0.1
1.2
1.7
-0.7 -0.2 0.3 0.8 1.3 1.8
France
UK
Germany
China
Japan
Hong Kong
India
US
Brazil
% Change
1 Day Change
1 Day Change
0
400
800
1200
1600
2000
17-Jun 18-Jun 19-Jun 22-Jun 23-Jun 24-Jun 25-Jun
Advances Declines
Currenc/Yield/
Commodities
Close1 Day %
Change
Currency
USD INR 75.71 0.1
Dollar Index 97.19 0.0
EURO USD 1.12 0.0
GBP USD 1.24 0.0
JPY 107.07 0.0
Swiss Franc 0.94 0.1
Commodities ($)
Gold 1,773.60 -0.1
Brent 40.23 -0.3
Copper 5,893.00 0.5
Silver 17.62 -0.3
Yield (bps change)
India 105.89 0.00
US 0.68 1.23
EURO -0.46 1.60
Japan 0.01 0.00
Global Currency, Commodities and Bond
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Market Activity Report
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 7
Fund Flow activity of the last 5 sessions
Source: Bloomberg, ICICI Direct Research
1,237
424
169
1,767
-1,051-1,200
-200
800
1,800
19-Jun 22-Jun 23-Jun 24-Jun 25-Jun
Rs C
rore
Date
FII
-881
-1,288
454
-1,525
-256
-1,900
-900
100
19-Jun 22-Jun 23-Jun 24-Jun 25-Jun
Rs C
rore
Date
DII
Sectoral Indices Close1 Day %
Change
Sensex 34,842.1 -0.1
Nifty 10,288.9 -0.2
BSE Auto 15,277.8 -0.1
Bankex 24,446.7 0.6
Capital Goods 13,038.1 -0.6
Consumer
Durables
20,548.5 -0.1
FMCG 11,276.0 2.3
Healthcare 16,579.9 1.0
IT 14,396.4 -1.6
Metal 7,346.2 -0.6
Oil & Gas 12,723.2 -1.0
Power 1,612.0 -0.1
Realty 1,648.2 -0.9
BSE 500 13,479.6 0.1
BSE Midcap Index 13,222.4 0.6
BSE Small Cap 12,606.1 0.8
Sectoral Indices Performance
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Trend Scanner
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 8Source: Bloomberg, ICICI Direct Research
Heat Map
Bullish Candlestick Formations Bearish Candlestick Formations
Scrip Name Pattern name LTP Scrip Name Pattern name LTP
Gujarat Gas Engulfing 308.9 ACC Continuation 1248.0
Sun Tv Engulfing 415.5 Bank of India Engulfing 50.7
Biocon Engulfing 404.3 DLF Continuation 157.5
Hero Motocorp Continuation 2559.7 GE T&D Engulfing 81.8
Candlestick Pattern
DLF 157.25 -1.75 155.00 18.37
IndusInd Bank 475.15 -1.36 469.00 19.53
Scrip Name Close
Change
%
20-day
SMA1-Mar
Negative Trend Universe: NSE 500
SBI Life Insurance 786.25 0.70 773.00 40.26
Lupin 935.25 1.50 910.00 28.95
Escorts 1030.95 4.37 966.00 11.23
Hindustan Unilever 2173.15 2.01 2106.00 61.02
Positive Trend Universe: NSE 500
Scrip Name Close
Change
%
20-Day
SMA
Delivery
( %)
Scrip Name LTP
Jindal Poly 385.9
Rallis 271
IOL chemical 471.4
52 Weeks High
Scrip Name LTP
NA
52 Weeks Low
Scrip Name LTP Stochastic
Bajaj Finance 2987.1 80.3
Tata Power 44.1 72.5
Overbought Stocks
Scrip Name LTP Stochastic
Amara Raja 640.25 10.5
Pidilite Industries 1386 26.1
Thyrocare 505 14.7
Oversold Stocks
ITC
202 Kotak
Bank
1,382 Hero
Moto
2,560 Bajaj
Finance
3,005
HUL
2,173
5.3% 2.8% 2.6% 2.4% 2.0%
GAIL
103
Vedanta
111 ICICI
Bank
351 Sun
Pharma
488
Cipla
635
1.7% 1.6% 0.8% 0.7% 0.6%
Power
Grid
179
Nestle
16,787
SBI
185 Bharti
Airtel
559
Maruti
5,762
0.5% 0.5% 0.4% 0.3% 0.1%
Britannia
3,450
Bajaj Auto
2,820
Wipro
218 JSW
Steel
194 HDFC
Bank
1,029
0.1% 0.1% 0.0% -0.2% -0.4%
Bajaj
Finserv
6,021
UPL
443
Ultratech
3,802 Reliance
Ind.
1,718
Axis Bank
422
-0.4% -0.5% -0.5% -0.6% -0.7%
Coal India
140
Dr Reddy
4,007
Tata Steel
323 Tata
Motors
104
NTPC
96
-0.8% -0.9% -0.9% -1.0% -1.0%
Zee Ent.
172 Grasim
Ind
607
Titan
978
HDFC Ltd
1,778
TechM
554
-1.0% -1.0% -1.1% -1.1% -1.2%
TCS
2,016
L&T
943 Indusind
Bank
475
M&M
507
HCl Tech
550
-1.3% -1.3% -1.4% -1.6% -1.7%
ONGC
82
Eicher
18,091
Infosys
701 Bharti
Infratel
228
BPCL
370
-1.8% -1.9% -1.9% -2.0% -2.2%
Shree
Cement
22,069 Adani
Ports
344
IOC
85
Hindalco
147 Asian
Paints
1,689
-2.2% -2.2% -2.4% -3.2% -3.3%
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Intraday Supports and Resistance (Cash)
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 9Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
NIFTY 50 Negative 10288.9 10202 10115 10035 10370 10449 10537
S&P BSE SENSEX INDEX Negative 34842.1 34534 34226 33953 35116 35390 35698
NIFTY BANK Negative 21506.15 21055 20602 20277 21832 22156 22609
NIFTY 50 FUTURES Negative 10290.4 10193 10096 10012 10375 10460 10557
NIFTY BANK FUTURES Negative 21505.4 21036 20566 20225 21848 22188 22659
ACC LTD Negative 1251.1 1236 1222 1199 1273 1296 1310
AMBUJA CEMENTS Negative 186.25 185 182 179 191 194 197
ADANI POWER LTD Negative 36.75 36 35 34 38 39 39
ADANI ENTERPRISE Neutral 161.65 153 145 137 169 177 185
ADANI PORTS AND Negative 344 341 337 331 350 355 359
ASHOK LEYLAND Negative 53.45 53 52 51 56 56 58
AMARA RAJA BATT Negative 640.25 630 621 607 653 667 676
APOLLO HOSPITALS Positive 1437.5 1414 1391 1376 1453 1468 1491
ASIAN PAINTS LTD Negative 1689 1665 1642 1601 1729 1770 1793
APOLLO TYRES LTD Neutral 112.3 109 105 103 115 117 121
AUROBINDO PHARMA Neutral 789.85 782 774 761 804 817 825
AXIS BANK LTD Negative 421.7 411 402 393 430 438 448
BAJAJ FINANCE LT Negative 3005.35 2888 2772 2693 3083 3162 3278
BATA INDIA LTD Negative 1319.05 1308 1296 1280 1336 1352 1364
BHARTI AIRTEL Negative 559 552 544 539 566 572 580
BHARAT ELECTRON Negative 83.7 81 79 77 85 87 89
BHARAT HEAVY ELE Negative 37.85 36 34 33 38 40 41
BHARAT FORGE CO Negative 357.45 349 340 332 366 374 383
BALKRISHNA INDS Negative 1236.95 1218 1200 1184 1252 1268 1286
BIOCON LTD Positive 404.3 394 382 376 412 418 430
BAJAJ AUTO LTD Negative 2820.45 2766 2711 2649 2883 2945 3001
BAJAJ FINSERV LT Negative 6021.15 5919 5817 5714 6124 6227 6329
BANK OF BARODA Negative 52 51 49 48 54 55 57
BANK OF INDIA Negative 50.25 46 42 35 56 62 66
BOSCH LTD Negative 11447.05 11282 11117 11004 11560 11673 11838
BHARAT PETROL Negative 370.25 364 357 347 381 391 398
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Intraday Supports and Resistance (Cash)
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 10Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
BERGER PAINTS Neutral 520.2 510 500 484 537 554 563
BRITANNIA INDS Negative 3450.4 3422 3394 3367 3476 3502 3530
CANARA BANK Negative 104.8 102 100 97 106 108 110
CONTAINER CORP Neutral 426.2 414 403 395 433 441 453
CADILA HEALTHCAR Negative 363.35 361 357 354 368 371 375
CENTURY TEXTILE Neutral 307.45 303 298 294 312 316 322
CESC LTD Negative 613.2 604 595 588 620 627 637
CHOLAMANDALAM IN Negative 205.95 194 183 175 212 219 230
CIPLA LTD Neutral 634.9 628 622 615 641 648 654
COLGATE PALMOLIV Positive 1397.6 1383 1370 1351 1415 1434 1448
COAL INDIA LTD Negative 140.4 138 136 133 144 146 149
DABUR INDIA LTD Positive 459.15 452 446 439 465 472 478
DIVI LABS LTD Negative 2330.45 2312 2292 2259 2365 2398 2417
DLF LTD Negative 157.25 155 153 150 159 163 164
DR REDDY'S LABS Negative 4006.6 3975 3944 3911 4039 4072 4104
EICHER MOTORS Neutral 18090.7 17883 17674 17428 18338 18584 18793
EQUITAS HOLDINGS Negative 54.35 51 50 48 55 57 58
ESCORTS LTD Negative 1030.95 993 957 936 1051 1073 1109
EXIDE INDUS LTD Negative 150.1 149 146 145 153 154 157
FED BANK LTD Negative 52.2 50 49 48 53 55 56
GAIL INDIA LTD Positive 103.1 101 100 97 106 109 110
GODREJ CONSUMER Positive 676.3 669 660 651 687 696 704
GMR INFRASTRUCTU Negative 20.45 21 20 20 22 22 22
GLENMARK PHARMA Negative 458.1 438 418 402 474 490 510
GRASIM INDS LTD Neutral 607.45 599 591 577 622 636 644
HAVELLS INDIA Positive 579.4 574 568 560 589 597 603
HCL TECH LTD Negative 550.05 545 540 533 558 566 571
HOUSING DEV FIN Negative 1777.8 1757 1735 1708 1806 1833 1855
HDFC BANK LTD Negative 1028.75 1007 986 965 1049 1070 1091
HERO MOTOCORP LT Positive 2559.7 2481 2402 2350 2612 2664 2743
HINDALCO INDS Negative 146.6 144 140 136 151 156 159
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Intraday Supports and Resistance (Cash)
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 11Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
HINDUSTAN PETRO Negative 221.85 218 214 207 229 236 240
HINDUSTAN UNILEV Neutral 2173.15 2126 2080 2048 2204 2236 2282
VODAFONE IDEA LT Negative 9.85 10 9 9 11 11 12
IDFC FIRST BANK Negative 27 26 26 25 27 28 28
INDRAPRASTHA GAS Negative 445.15 432 421 414 451 459 470
INDIABULLS HOUSI Neutral 227.3 203 179 161 245 263 286
INDUSIND BANK Negative 475.15 461 446 431 491 506 521
INTERGLOBE AVIAT Negative 1044.95 1032 1019 1001 1063 1081 1094
INFOSYS LTD Negative 700.5 694 688 682 707 712 719
INDIAN OIL CORP Negative 85.05 84 83 81 87 89 91
ICICI PRUDENTIAL Negative 428.25 423 418 412 433 439 444
ITC LTD Positive 202.1 195 187 183 206 211 218
JINDAL STEEL & P Negative 149.8 146 141 139 154 157 161
JSW STEEL LTD Negative 193.55 191 188 184 197 200 203
JSW ENERGY LTD Negative 49.5 47 47 45 50 51 52
JUBILANT FOODWOR Negative 1782.95 1745 1707 1677 1812 1843 1880
JUST DIAL LTD Negative 382.3 372 363 355 390 399 408
CUMMINS INDIA Negative 403.7 397 389 383 411 417 425
KOTAK MAHINDRA Negative 1381.7 1340 1300 1276 1405 1430 1470
LIC HOUSING FIN Negative 268.4 264 261 258 271 275 278
LUPIN LTD Positive 935.25 922 909 897 947 959 972
LARSEN & TOUBRO Negative 943.1 931 919 903 960 977 988
L&T FINANCE HOLD Negative 70.7 67 64 61 72 74 77
MAHANAGAR GAS LT Negative 1069.6 1046 1021 1007 1085 1099 1124
MAX FINANCIAL SE Positive 536 508 479 459 557 577 606
MANAPPURAM FINAN Neutral 157.45 151 144 140 162 166 173
MAHINDRA & MAHIN Negative 507.25 502 496 489 515 522 528
M&M FIN SERVICES Negative 179.25 175 170 166 184 188 194
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Intraday Supports and Resistance (Cash)
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 12Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
MARICO LTD Positive 341.65 338 334 332 345 348 352
MRF LTD Neutral 64809.65 63954 63097 62324 65584 66357 67214
MARUTI SUZUKI IN Negative 5762.3 5659 5557 5463 5855 5949 6051
MOTHERSON SUMI Negative 96.05 93 91 89 97 99 100
MINDTREE LTD Negative 916.7 909 900 890 929 940 949
MUTHOOT FINANCE Negative 1104.8 1089 1074 1056 1122 1140 1155
NATIONAL ALUMIN Neutral 34.1 31 30 28 35 36 38
NBCC INDIA LTD Negative 23.7 24 23 23 24 25 25
NESTLE INDIA LTD Neutral 16787 16618 16449 16333 16903 17019 17188
NIIT TECH LTD Negative 1378.55 1357 1337 1323 1392 1407 1427
NCC LTD Negative 32.1 31 30 29 34 34 36
NMDC LTD Negative 84.25 83 81 80 87 89 90
NTPC LTD Negative 96.1 93 92 89 98 100 102
OIL INDIA LTD Negative 90.9 84 75 66 101 109 118
OIL & NATURAL GA Negative 81.6 80 78 76 84 86 88
PAGE INDUSTRIES Neutral 20293.2 20007 19720 19275 20739 21184 21471
PIDILITE INDS Negative 1381.95 1369 1357 1335 1403 1425 1438
PIRAMAL ENTERPRI Neutral 1342.45 1240 1139 1078 1402 1463 1564
PETRONET LNG LTD Negative 260.8 256 252 247 266 271 275
PUNJAB NATL BANK Negative 37.1 36 35 34 38 39 41
POWER FINANCE Negative 90 86 84 81 92 94 97
PVR LTD Negative 1062.85 1038 1012 996 1080 1096 1122
POWER GRID CORP Negative 179.35 175 170 166 184 188 193
RBL BANK LTD Negative 189.9 182 174 169 195 200 207
REC LTD Positive 114.55 113 110 107 118 120 123
RELIANCE INDS Neutral 1717.9 1705 1691 1669 1741 1763 1777
STEEL AUTHORITY Neutral 30.85 30 30 29 32 32 33
STATE BANK IND Negative 185.25 181 178 175 188 190 194
SHRIRAM TRANSPRT Negative 690.45 673 657 647 700 711 727
SIEMENS LTD Negative 1110.1 1088 1064 1045 1130 1150 1173
SHREE CEMENT Negative 22068.8 21765 21462 21035 22495 22922 23225
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Intraday Supports and Resistance (Cash)
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 13Source: Bloomberg, ICICI Direct Research
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
SRF LTD Negative 3615.15 3569 3524 3486 3652 3690 3735
SUN PHARMA INDU Negative 487.65 480 471 464 495 502 511
SUN TV NETWORK Negative 413.7 395 376 365 425 436 455
TATA STEEL LTD Negative 323.1 321 318 314 327 330 333
TATA CONSULTANCY Negative 2016.1 1996 1977 1945 2047 2079 2098
TECH MAHINDRA LT Negative 554.15 548 543 535 562 571 576
TATA CONSUMER PRODUCT Negative 384 379 372 367 390 396 402
TORRENT POWER LT Positive 326.15 322 319 314 330 335 338
TATA POWER CO Neutral 44 43 43 42 45 46 46
RAMCO CEMENT/THE Negative 632.6 610 587 573 646 660 683
TORRENT PHARMA Neutral 2500.1 2463 2427 2394 2532 2565 2601
TITAN CO LTD Negative 977.6 970 962 950 990 1002 1011
TATA CHEMICALS Negative 317.3 312 307 304 320 323 328
TATA MOTORS LTD Negative 103.8 102 99 97 106 109 111
TVS MOTOR CO LTD Neutral 383.3 375 366 358 393 402 411
UNITED BREWERIES Negative 1049.1 1027 1005 987 1066 1083 1106
UJJIVAN FINANCIA Negative 221.55 211 199 193 230 237 248
UNITED SPIRITS Negative 601.1 595 588 579 611 620 627
UPL LTD Negative 442.9 435 428 418 453 462 470
ULTRATECH CEMENT Negative 3802.35 3765 3727 3672 3858 3913 3952
VEDANTA LTD Neutral 111.25 110 107 106 114 115 118
VOLTAS LTD Positive 552.1 539 526 518 560 568 581
WIPRO LTD Negative 218.2 216 212 209 223 226 229
YES BANK LTD Negative 27 27 26 26 27 28 28
ZEE ENTERTAINMEN Negative 172.35 170 165 162 177 181 185
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Forthcoming Economic Event Calendar
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 14Source: Bloomberg, ICICI Direct Research
Date Event Date Event
US China
28-Jun GDP Annualized QoQ 27-Jun Industrial Profits YoY
29-Jun PCE Deflator MoM 30-Jun Manufacturing PMI
29-Jun Wholesale Inventories MoM 30-Jun Non-manufacturing PMI
29-Jun MNI Chicago PMI
India UK
29-Jun Fiscal Deficit INR Crore 29-Jun Nationwide House PX MoM
30-Jun GDP Annual Estimate YoY 30-Jun GfK Consumer Confidence
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Momentum Picks: Strategy Follow up
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 15
Duration: Intraday
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
25-Jun-20 Nifty Nifty Sell 10260-10285 10220.00/ 10167.00 10326.00 (53 Points) stoploss triggered
25-Jun-20 Motherson Sumi Systems MOTSUM Sell 95.00-95.50 93.90/92.60 96.55 - No Trade (Opened at Target)
25-Jun-20 Bajaj Finance BAJFI Sell 2905.00-2912.00 2882.10/2855.00 2934.10 - No Trade (Opened at Target)
Duration: Cash Positional
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
15-Jun-20 Rallis India RALIND Buy 251.00 280.00 228.00 11.00 Target almost achieved
22-Jun-20 Hikal HIKCHE Buy 127.00 142.00 117.00 6.00 Book 50% profit at 134.00
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Gladiator Stocks: Open Recommendations
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 16
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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Product Guidelines......
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 17
• 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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June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 18Source: 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
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 19
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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
June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 20
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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.
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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
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June 26, 2020 ICICI Securities Ltd. | Retail Equity Research 21
Disclaimer
