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Momentum Picks
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ICICI Securities Ltd. | Retail Equity Research
Market Outlook
Snapshot
Key equity benchmarks hit their weekly closing highs as the Street cheered the exit polls of the recently held Assembly elections that projected a thumping win for the main opposition party. Indices, however, closed off their highs ahead of key US Jobs data. The BSE Sensex rose 1% or 249 points to settle at 20958 while the NSE Nifty settled at 6241, up 80 points or 1.30%. The broader markets lagged benchmarks as the BSE midcap and small cap index gained 0.13% and 0.39%, respectively. The overall market breadth remained tilted in favour of advances
Day’s action
The Nifty opened with a huge gap up action after exit polls on Wednesday projected a thumping win for the BJP in the recently held assembly elections in four states. Gains were largely led by financials and capital goods stocks while profit booking in healthcare, FMCG and IT took away some of the opening gains as the index settled off the day’s highs (6300) by sixty points at 6241
Candlestick Formation
The price action resulted in a High wave bear candle with larger upper shadow indicating profit booking after a strong gap up and left an unfilled bullish gap (6160-6232) below its lows. The larger upper shadow indicates profit booking near the higher boundary of a rising trend channel placed at 6300 (in blue) and bearish gap of November 5, 2013 (6304-6317)
Structurally speaking
• As mentioned in the previous edition, the cool-off in the last couple of sessions proved to be a breather as the index zoomed past Monday’s bull candle’s high (6228) continuing its uptrend. In the process, it also made a higher bottom at Wednesday’s lows (6150) that remains an immediate support from a short-term perspective. On Thursday, the index witnessed profit booking at higher boundary of rising trend channel at 6300 (in blue), which coincides with the falling gap area of Novembers 5 (6304-6317)
• As detailed in earlier editions of this report, after breaking out of Double bottom formation at identical lows of 5972, the Nifty is making higher high and higher bottom formation and looks on course to challenge its lifetime high of 6357. On Thursday, with a high of 6300, it has reached within striking distance of the same
• Going forward, we advise a cautious approach near all-time highs (6357) as the outcome of assembly election results due on Sunday and US economic data would provide further directional bias for the index in Monday’s session
• However, only a faster retracement below 6150 on a closing basis would derail the current bullish trend
Oscillators Among momentum oscillators, the 14-day RSI is seen trending up steadily. With the current reading of 58 it supports bullish momentum in the short-term. The past two day’s breather has helped intra-day oscillators to work their way out of the overbought situation
Strategy After strong gains on Thursday, the index is likely to consolidate in the upcoming session. Declines in Nifty December futures towards 6250-6240 may be utilised to go long for target of 6290-6310 stop loss 6225
Intraday spot levels The Nifty spot has resistance at 6270, 6320 while support is at 6210, 6185 levels
Domestic Indices
Indices Close Change Change%
S&P BSE Sensex 20,957.8 249.10 1.2CNX Nifty 6,241.1 80.15 1.3
Nifty future 6,280.0 80.75 1.3
S&PBSE 500 7,668.2 75.21 1.0
S&PBSE Midcap 6,357.7 8.18 0.1
S&PBSE Smallcap 6,203.0 24.14 0.4
Global Indices
Indices Close Change Change%Dow Jones 15821.51 -68.26 -0.43Nasdaq 4,033.2 -4.8 -0.1FTSE 6498.33 -11.64 -0.18
DAX 9,085.0 -55.7 -0.6Hang Seng 23,642.0 -70.4 -0.3Nikkei 15,208.3 30.2 0.2SGX Nifty 6,282.0 4.0 0.1* Asian Market at 7:30 am.IST
CNX Nifty Technical Picture Nifty Intraday Short Term
Trend Range bound Up
Trend Reversal 5970
Support 6210-6185 5970
Resistance 6270-6320 6357
20 Days EMA 6139
200 days EMA 5885
Recommendations for the day
1. Buy Maruti above 1714.00 2. Buy Hindustan Petroleum Corp above 225.00 3. Buy IndusInd Bank above 442.00 4. Sell Century Textile below 276.00 *All Recommendations are of Dec Future
Momentum PicksDecember 6, 2013
ICICI Securities Ltd. | Retail Equity Research
Page 2
Exhibit 1: CNX NSE Nifty – Daily Candlestick Chart
Source: Spider software, ICICIdirect.com Research
ICICI Securities Ltd. | Retail Equity Research
Page 3
CNX Bank Nifty Futures Outlook
Day’s action The Bank Nifty jumped to a monthly high after exit polls projected a thumping win for the BJP in state assembly elections held recently. December Bank Nifty contract gained 4.47% to close at 11726
Candlestick Formation
The price action for the day formed a strong bull candle with a close near its high(11747) and huge 250 points bullish gap below its low (11475-11225)
Structurally speaking
The Bank Nifty opened above Monday’s bull candle’s high (11432) and consolidated the gains for the next few hours. The index, however, closed near the day’s high as the buying momentum continued led by private banking stocks As indicated in earlier editions of this report, past couple of session’s price action proved to be a breather as the index resumed its short-term uptrend on Thursday with huge gains. After Thursday’s session, the index also formed a fresh higher low above 200 day EMA (11019), which remains a key short term support for future price action. Only a faster retracement below 11000 would threaten the upward momentum The entire price action since November 13, 2013 lows of 10481 is well channelled and maintains rising peak and trough formation, which describes an uptrend. After Thursday’s price action, the index has approached the higher boundary of the rising blue channel and November highs at 11835 where it may turn volatile. Sustained breach above 11835 would inject further upsides towards 12500 in short-term
Oscillators Among momentum oscillators, the 14 period RSI continues to trend higher and supports overall positive momentum given current reading of 63
Key Intraday levels Bank Nifty December futures has supports at 11600, 11470 while resistances are at 11850, 11950
CNX Bank Nifty Futures
Indices Close Change change%CNX Bank Nifty 11,726.6 501.3 4.5
CNX Bank Nifty Technical Picture
Bank Nifty Intraday Short Term
Trend Up Up
Trend Reversal 11600 10500
Support 11600-11470 10500
Resistance 11850-11950 11800
20 Days EMA 11126
200 days EMA 11019
ICICI Securities Ltd. | Retail Equity Research
Page 4
Exhibit 2: CNX Bank Nifty – Daily Candlestick Chart
Source: Spider software, ICICIdirect.com Research
ICICI Securities Ltd. | Retail Equity Research
Page 5
Trend Scanner
Positive Trends
Scrip Name Close % Change 10-day SMA Delivery (%)
HDFC Bank Ltd 688.1 4.64 658.59 82.78
Kotak Mahindra Bank Ltd 761.95 1.72 750.41 60.25
Maruti Suzuki India Ltd 1700.15 3.68 1664.97 75.77
Oil & Natural Gas Corp Ltd 290.9 1.39 289.98 60.53
Reliance Industries Ltd 871 1.75 852.01 63.31
Negative Trends
Scrip Name Close % Change 10-day SMA Delivery (%)
Hindustan Unilever Ltd 565.35 -1.16 580.80 70.12
Dr Reddy's Laboratories Ltd 2414.75 -1.43 2448.4 67.99
MindTree Ltd 1361 -1.83 1378.83 63.35
Overbought Stocks Oversold Stocks
Scrip Name Close Stochastic Scrip Name Close Stochastic
Tata Steel 421 92.96 Hind Zinc 124.55 18.63
GAIL 345 81.43
Jindal Steel 282.05 82.36
Stocks rising for 5 days & stochastic overbought Stocks falling for 5 days & stochastic oversold
Stocks hitting 52 week high Stocks hitting 52 week low
Scrip Name Close Scrip Name Close
Aurobindo Pharma 302.6 Pfocus 26.85
JSW Steel 930
NIIT Tech 335
Voltas 115.95
Candlestick Patterns
Bullish Reversal Pattern Bearish Reversal Pattern
Morning Star Bearish Candle
Scrip Name Close Scrip Name Close
Godrej industries 279.35 Hind Unilever 565.35
Sun Pharma 576.60
Century Textile 274.20
Bullish Candle
IndusInd Bank 438.85
HPCL 223.40
Canara Bank 259.05
Maruti 1700.15
Note: For Candlestick pattern description please refer towards end of the report.
ICICI Securities Ltd. | Retail Equity Research
Page 6
Market Activity Report
Sectoral Indices Performance
Sector Close Previous Change % Change Volume
Auto 12241.8 12196.2 45.6 0.4 1544000
Banks 13298.3 12732.8 565.5 4.4 6666000
BSE Small Cap 6203.0 6178.9 24.1 0.4 54022000
Capital Goods 10197.1 9844.0 353.1 3.6 4658000
Consumer Durables 5737.4 5715.8 21.6 0.4 1265000
FMCG 6364.0 6424.4 -60.4 -0.9 1168000
Healthcare 9478.4 9619.4 -141.0 -1.5 2979000
IT 8426.3 8469.1 -42.8 -0.5 704000
Metals 9658.1 9552.5 105.7 1.1 5939000
Mid Cap 6357.7 6349.6 8.2 0.1 40222000
Oil & Gas 8701.1 8594.0 107.1 1.2 1208000
Power 1668.3 1646.5 21.8 1.3 17515000
PSU 5868.8 5781.4 87.3 1.5 11145000
Real Estate 1362.8 1342.9 19.9 1.5 12012000
Institutional Activity
Cash Segment (| Cr) FII DII 29-Nov-13 745.2 -101.82-Dec-13 791.0 -618.23-Dec-13 516.6 -671.34-Dec-13 52.1 -18.15-Dec-13 1,151.5 -674.0
Sectoral Indices - Monthly Performance (%)
-7.8-3.9
-2.2-1.8
-0.8-0.8-0.4
0.91.01.2
2.53.23.3
10.8
-10.0 -5.0 0.0 5.0 10.0 15.0
Consumer DurablesFMCG
Oil & GasReal Estate
PSUHealthcare
AutoMid Cap
ITBanks
BSE Small CapPowerMetals
Capital Goods
(%)
Exchange Cash Turnover (| crore)
2,24
4
2,06
2
1,95
8
2,09
5
1,97
4
2,08
7
12,7
24
10,2
46
9,72
7
10,1
62
10,7
07
12,9
48
0
5000
10000
15000
28-Nov 29-Nov 2-Dec 3-Dec 4-Dec 5-DecBSE Cash NSE Cash
NSE Derivatives Turnover (| crore)
286,
472
81,7
91
81,9
46
78,5
67
99,0
00
118,
967
0
100000
200000
300000
400000
28-Nov 29-Nov 2-Dec 3-Dec 4-Dec 5-DecNSE Derivative
ICICI Securities Ltd. | Retail Equity Research
Page 7
Breadth Analyser
Nifty Heat Map
Sun Pharma
576.6
-1.2% -1.3% -1.4% -1.4% -2.4%Lupin
854.1Dr Reddy
2,414.8HUL
565.4ITC
308.8
NTPC143.9
-0.6% -0.7% -0.7% -0.9% -1.0%Sesa Goa
180.9Ranbaxy
440.3
Cipla387.6
-0.2% -0.4% -0.5% -0.6% -0.6%
Cairn India
318.9 Tata Motors
390.3
M&M944.4
0.1%0.4% 0.4%
Bajaj Auto
1,940.3ACC
1,106.5
Hindalco121.8
1.2% 1.1% 0.9% 0.9% 0.9%
Bharti Airtel
335.4 Hero Moto
2,050.5
ONGC290.9
1.7% 1.7% 1.6% 1.5% 1.4%NMDC
142.2GAIL
344.8
DLF156.0
1.8%1.8% 1.8%
Tata power
83.5Tata Steel
421.4
2.2% 2.2% 2.1%
Grasim Ind
2,696.9BPCL
358.4SBI
1,856.0
Reliance Infra
437.5
4.1% 3.7% 3.7% 3.0% 2.9%
1,241.5
4.2%
BHEL171.4 Bank of
Baroda669.7
Maruti1,700.2
Coal India280.0
L&T1,086.5
4.5%Axis Bank
TCS1,987.2
HCL Tech1,108.7
Ultratech1,871.7
Infosys3,351.3
Power Grid
96.3 Asian Paints
504.9
0.7% 0.5%
JSPL282.1 Ambuja
Cement185.9
RIL871.0 Kotak
Bank762.0
HDFC Ltd827.5
JP Asso.55.4
1.9% 1.8%
Indusind Bank
438.9PNB
582.2
2.8% 2.3%
1,135.9
6.5%
HDFC Bank
688.1
4.6%IDFC
112.8
7.0%
ICICI Bank
Advances / Declines
BSE
46% 48%6%
NSE
45%5%
50%
Global Asset Classes
Global Currencies
Spot Close Prev.close % Chg
Rupee (|) 61.753 62.050 0.5
Dollar Index 80.266 80.633 -0.5
Euro 1.366 1.367 0.0
British Pound 1.633 1.633 0.0
Japanese Yen 101.830 101.780 0.0
Australian ($) 0.905 0.906 -0.1
Swiss Franc 0.897 0.897 0.0
Global Treasury Yields
Closing Yield (%) Previous Yield (%)India 10 year 9.11 9.09US 10 Year 2.87 2.84EURO 10 Year 1.86 1.82GBP 10 Year 2.92 2.91JPY 10 Year 0.63 0.63
Commodities US Dollar
Close Prev. Close %Chg
Gold 1224.42 1243.21 -1.51
Copper 3.23 3.23 0.00
Brent Crude 111.01 111.54 -0.48
ICICI Securities Ltd. | Retail Equity Research
Page 8
Stock recommendations for the day
Exhibit 3: Maruti (MARUTI) Daily Candlestick Chart
Source: Spider software, ICICIdirect.com Research
Maruti (MARUTI) Dec Future
CMP : 1712.20
Comment :
Action :
Targets : 1738/1750/higher
Stop-loss : 1701.00
Falling channel breakout in the daily chart and taking support at the 21 days EMA and bullish crossover of the 14 periods RSI in daily chart
Buy above 1714.00
ICICI Securities Ltd. | Retail Equity Research
Page 9
Exhibit 4: Hindustan Petroleum Corp (HINPET) Daily Candlestick Chart
Source: Spider software, ICICIdirect.com Research
Hindustan Petroleum Corp(HINPET) Dec Future
CMP : 224.45
Comment :
Action :
Targets : 229.20/231.50/Higher
Stop-loss : 222.80
Range breakout in the daily chart and price taking support at the 55 days EMA in the daily chart and MACD giving buy signal in the daily chart
Buy above 225.00
ICICI Securities Ltd. | Retail Equity Research
Page 10
Exhibit 5: IndusInd Bank (INDBA) Daily Candlestick Chart
Source: Spider software, ICICIdirect.com Research
IndusInd Bank (INDBA) Dec Future
CMP : 441.75
Comment :
Action :
Targets : 449/453/Higher
Stop-loss : 438.20
Price closed above 200 days SMA with a bullish gap and MACD giving buy signal moving above trigger line in daily chart
Buy above 442.00
ICICI Securities Ltd. | Retail Equity Research
Page 11
Exhibit 6: Century Textile (CENTEX) Daily Candlestick Chart
Source: Spider software, ICICIdirect.com Research
Century Textile (CENTEX) Dec Future
CMP : 276.60
Comment :
Action :
Targets : 271/268.50/Lower
Stop-loss : 278.80
Price taking resistance at the 200 days EMA and price closed below rising channel in the daily chart and stochastic giving sell signal in the daily chart
Sell below 276.00
ICICI Securities Ltd. | Retail Equity Research
Page 12
Previous Day’s Performance
Scrip Product Strategy Recommended Price Targets SL Gain/Loss %* CommentPNB Future Buy above 573.00 582/587/+ 568.50 - No Trade (Opened at Target)Tata Power Future Buy above 83.00 84.70/85.50/+ 82.10 1.45 Target 1 AchievedL&T Future Buy above 1050.00 1066/1074/+ 1041.00 - No Trade (Opened at Target)IB Realestate Future Sell below 68.00 66.50/65.70/- 68.75 - No Trade * Return Opportunity
Stock profits: Avg 1.45% per trade (Cum. Profits over last 168 days: 248.20%) Strike Rate for the day:1/1 (Cum strike rate over 168 days: 247/401(62%) Note: The follow-up and performance review table of the strategies indicates the profit opportunity that was available in the strategies. Individual profits may vary, depending upon the entry and exit price and stop losses.
ICICI Securities Ltd. | Retail Equity Research
Page 13
Derivative Comments
• Reacting on exit poll results, the Nifty opened gap up with nearly 100 points. However, later it lost momentum and witnessed some profit taking in the latter part of the day’s trade. At the end, the Nifty closed down at 6280, up 81 points for the day. Nifty futures premium declined and settled at 38 points. India VIX dipped 4.09% and closed at 23.71
• FIIs bought | 1152 crore in the cash segment. In the index futures and options segment, FIIs bought | 772 crore and | 1443 crore, respectively. In stock futures, they bought | 700 crore
• The highest Put base remains at 6000, with over 48 lakh shares. The highest Call base remains at 6500 strike with over 58 lakh shares. On the Call side, 6200 & 6300 strikes saw reduction of 3.50 lakh shares each. On the Put side, 6200 & 6300 strikes saw addition of 1.30 & 4.80 lakh shares, respectively
Stocks Analysis
• OI addition: We saw long build-up in Voltas India, HDFC, Coal India, REC and Crompton Greaves while short build-up was seen in Power Grid, ITC, Dr Reddy’s, Sesa Sterlite and NTPC
• OI shedding: We saw short covering in CESC, IDFC, Glenmark Pharma, HDFC Bank and JP Power whereas long closure was seen in Indraprastha Gas, Sun TV, Dabur India, Aurobindo Pharma and Cipla
Nifty Options OI Distribution
Nifty Call Put Concentration (DEC)
5.0
5.6 17
.3
16.6 23
.7
41.7 56
.5
57.8
40.7
36.3
33.4 48
.6
37.4
39.6
18.5
6.3
9.9
4.3
0
10
20
30
40
50
60
70
5800 5900 6000 6100 6200 6300 6400 6500 6600
OI in
Lac
s
Call Put
Nifty OI vs. Future Price
22.7
22.0
21.8
22.0
22.8
22.6
23.7
18.6
20.1
20.8
21.5
21.1
22.4
0
5
10
15
20
25
19-N
ov
20-N
ov
21-N
ov
22-N
ov
25-N
ov
26-N
ov
27-N
ov
28-N
ov
29-N
ov
2-De
c
3-De
c
4-De
c
5-De
c
OI I
n La
kh
58005900600061006200630064006500
Nifty Futures OI Nifty Fut Price (RHS)
Nifty Active Strikes
Strike OI chg % IV (%) OI chg % IV (%)
6000 -1.52 23.31 -14.28 23.82
6100 -6.70 22.32 -8.60 23.08
6200 -12.50 22.11 3.43 22.39
6300 -8.12 21.71 34.47 21.63
6400 30.27 21.18 24.06 20.72
Call (%) Put (%)
OI Gainers Symbol OI(Lots) %Chg Price %Chg
VOLTAS 6452000 21.92 117.45 4.03
POWERGRID 102840000 20.79 92.8 -0.11
COALINDIA 8207000 19.22 281.4 2.65
HDFC 7778000 15.67 834.0 1.79
ITC 31748000 14.67 311.6 -1.27
OI Losers Symbol OI(Lots) %Chg Price %Chg
CESC 598000 -12.70 396.4 1.15
GLENMARK 888500 -10.30 531.1 0.53
IDFC 26522000 -8.54 113.5 7.02
HDFCBANK 11241500 -7.91 691.2 4.53
JPPOWER 13369000 -7.47 20.5 2.76
ICICI Securities Ltd. | Retail Equity Research
Page 14
Support and Resistance Table
SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND
SENSEX 20957.81 20987.7 20928.55 20869.45 21105.9 21208.45 21311 +ve
NIFTY 6241.10 6249.50 6232.35 6215.20 6283.75 6316.35 6348.90 +ve
ACC 1106.50 1108.10 1103.75 1099.40 1116.80 1120.80 1124.80 +ve
ADANI ENTER. 269.45 268.05 265.80 262.55 272.65 274.95 278.15 Neutral
ADANI POWER 39.20 39.35 38.95 38.55 40.15 41.30 42.40 +ve
ADITYA BIRLA 1234.80 1230.55 1224.55 1209.50 1242.55 1248.55 1263.55 Neutral
ALLAHABAD BANK 92.55 92.40 91.95 91.50 93.30 94.30 95.35 +ve
ANDHRA BANK 62.05 62.05 61.70 61.35 62.75 63.35 63.95 +ve
APOLLO TYRES 78.80 78.95 78.40 77.90 80.00 80.80 81.55 +ve
ARVIND 128.05 125.75 124.75 123.75 128.45 129.80 131.20 -ve
ASHOK LEYLAND 16.35 16.10 15.95 15.85 16.45 16.60 16.80 -ve
ASIAN PAINTS 504.85 505.25 503.80 502.35 508.15 509.95 511.75 +ve
AUROBINDO PHARMA 302.55 298.65 297.15 295.65 303.90 306.55 309.20 -ve
BAJAJ AUTO 1940.25 1944.85 1935.35 1925.85 1963.85 1972.85 1981.85 +ve
BOB 669.65 669.60 666.35 663.10 676.10 684.00 691.90 +ve
BOI 217.25 217.65 216.20 214.70 220.55 223.00 225.45 +ve
BATA INDIA 1041.05 1033.00 1025.85 1018.75 1043.35 1048.55 1053.75 -ve
BHARAT FORGE 299.85 300.70 299.10 297.45 303.90 305.35 306.80 +ve
BPCL 358.35 358.20 355.90 353.60 362.85 366.20 369.60 +ve
BHARTI AIRTEL 335.35 335.90 334.40 332.90 338.90 341.25 343.60 +ve
BHEL 171.35 170.65 169.35 168.05 173.25 174.65 176.05 +ve
CAIRNS INDIA 318.85 316.85 315.90 315.00 319.45 320.75 322.05 -ve
CANARA BANK 259.05 257.20 253.95 250.65 263.70 266.35 269.00 +ve
CENTURY TEXT. 274.20 271.15 268.80 266.45 275.25 277.30 279.40 -ve
CESC 393.85 392.15 388.95 385.70 398.60 402.00 405.35 +ve
CHAMBAL FERT. 38.20 38.20 38.05 37.95 38.45 38.85 39.30 +ve
CIPLA 387.55 383.85 382.15 380.45 388.40 390.70 392.95 -ve
COAL INDIA 279.95 279.40 276.75 274.10 284.70 286.30 287.90 +ve
COLGATE PALMOLIVE 1257.30 1242.40 1237.70 1232.95 1261.75 1271.40 1281.05 -ve
CROMPTON GREAVES 127.25 126.90 125.75 124.60 129.20 130.80 132.45 +ve
DABUR INDIA 163.20 161.50 160.65 159.75 163.25 164.10 165.00 -ve
DISH TV 59.95 59.45 58.75 57.50 60.85 61.55 62.75 Neutral
DIVI'S LAB. 1135.85 1125.30 1118.80 1112.35 1138.75 1145.45 1152.20 -ve
ICICI Securities Ltd. | Retail Equity Research
Page 15
SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND DLF 155.95 156.25 155.15 154.10 158.35 160.30 162.25 +ve
DR.REDDY'S LAB. 2414.75 2384.75 2372.90 2361.00 2422.35 2441.15 2459.95 -ve
EXIDE IND. 112.55 111.60 110.85 110.05 112.90 113.55 114.15 -ve
FEDERAL BANK 78.35 78.65 78.05 77.45 79.85 80.45 81.05 +ve
FIN. TECH. 159.55 156.55 155.25 154.00 160.25 162.15 164.00 -ve
FUTURE RETAIL 71.55 71.25 70.65 70.15 72.40 72.95 73.50 Neutral
GAIL 344.75 344.70 343.15 341.60 347.85 350.35 352.90 +ve
GMR INFRA. 21.10 21.10 20.90 20.65 21.55 21.90 22.25 +ve
GODREJ IND. 279.35 278.65 276.65 274.60 282.75 284.85 286.90 +ve
GRASIM 2696.85 2690.90 2676.90 2662.90 2718.90 2731.85 2744.75 +ve
AMBUJA CEMENT 185.90 186.10 185.40 184.65 187.50 188.60 189.65 +ve
GUJ.STATE PET. 61.70 60.80 60.20 59.60 61.90 62.45 63.00 -ve
HAVELL'S INDIA 753.60 753.45 752.55 751.65 755.25 757.60 759.95 +ve
HCL TECH 1108.70 1096.05 1090.35 1084.70 1111.35 1119.00 1126.70 -ve
HDFC BANK 688.10 685.65 681.05 676.45 694.80 699.85 704.85 +ve
HDFC 827.45 828.60 824.50 820.40 836.75 842.45 848.20 +ve
HERO MOTO 2050.50 2051.80 2044.60 2037.35 2066.25 2079.40 2092.55 +ve
HEXAWARE TECH. 114.35 112.30 111.15 109.95 114.95 116.30 117.60 -ve
HINDALCO 121.75 121.35 120.70 119.45 122.70 123.40 124.60 Neutral
HIND. UNILEVER 565.35 560.60 558.55 556.50 567.05 570.30 573.50 -ve
HPCL 223.40 222.05 219.35 216.65 227.45 229.70 231.90 +ve
HINDUSTAN ZINC 124.40 123.80 122.85 121.95 125.70 126.65 127.50 Neutral
HDIL 50.35 50.40 49.85 49.35 51.45 52.65 53.85 +ve
ICICI BANK 1135.85 1132.05 1124.05 1116.05 1148.05 1164.90 1181.75 +ve
IDBI 65.85 65.80 65.45 65.05 66.55 67.20 67.85 +ve
IDEA CELLULAR 175.10 175.40 174.65 173.90 176.85 177.60 178.35 +ve
IDFC 112.80 112.30 110.65 109.00 115.60 117.20 118.80 +ve
IFCI 25.65 25.65 25.55 25.40 25.90 26.30 26.65 +ve
ORACLE FIN. 3034.40 3020.05 3000.25 2980.40 3059.70 3079.55 3099.35 Neutral
INDUSIND BANK 438.85 438.25 435.65 433.05 443.45 447.20 450.95 +ve
INDIA CEMENTS 57.60 57.30 56.85 56.35 58.25 58.70 59.20 Neutral
INDRAPRASTHA GAS 276.65 272.60 270.55 268.50 277.90 280.55 283.20 -ve
INDIAN HOTELS 49.15 48.60 48.10 47.65 49.35 49.70 50.10 -ve
IOC 205.35 205.15 204.30 203.45 206.90 208.20 209.50 +ve
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SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND
IOB 51.80 51.75 51.55 51.30 52.20 52.65 53.05 +ve
IB REAL ESTATE 68.60 68.75 68.25 67.75 69.75 70.75 71.75 +ve
INFOSYS 3351.30 3329.20 3316.90 3304.60 3357.70 3371.95 3386.20 -ve
IRB INFRA. 98.70 98.20 97.00 95.75 100.65 102.10 103.55 +ve
ITC 308.75 304.70 302.85 300.95 310.15 312.90 315.60 -ve
IVRCL 16.95 16.60 15.95 15.30 17.90 18.10 18.35 +ve
JAIPRAKASH ASS. 55.35 54.95 54.35 53.65 56.15 56.70 57.45 Neutral
JAIPRAKASH HYDRO 20.40 20.40 20.25 20.15 20.65 21.00 21.40 +ve
JAIN IRRIGATION 69.60 69.60 69.20 68.75 70.40 71.10 71.75 +ve
JINDAL ST&POW 282.05 281.00 279.45 276.80 284.10 285.65 288.35 Neutral
JSW ENERGY 54.45 54.50 54.05 53.65 55.35 55.90 56.50 +ve
JSW STEEL 932.45 929.85 925.45 922.05 938.70 943.15 946.55 Neutral
JUBILANT FOOD 1369.10 1364.70 1351.75 1338.75 1390.70 1398.75 1406.80 +ve
KARNATAKA BANK 104.55 104.55 103.90 103.20 105.95 107.05 108.20 +ve
KOTAK MAH.BANK 761.95 762.35 758.30 754.20 770.50 775.65 780.85 +ve
L & T 1086.45 1083.50 1077.35 1071.15 1095.80 1107.80 1119.80 +ve
LIC HOUSING 202.45 203.10 201.80 200.55 205.65 207.15 208.65 +ve
NSE LUPIN 854.05 845.45 842.40 839.35 857.65 863.75 869.80 -ve
M & M 944.35 940.70 935.45 932.00 951.30 956.60 960.00 Neutral
MARUTI SUZUKI 1700.15 1696.05 1685.70 1675.30 1716.85 1732.65 1748.45 +ve
UNITED SPIRITS 2552.65 2544.25 2526.50 2512.95 2579.75 2597.45 2611.00 Neutral
MCLEOD RUSSEL 290.75 286.60 284.35 282.10 292.10 294.90 297.65 -ve
MRF 17494.95 17492.65 17424.15 17355.65 17629.65 17729.35 17829.05 +ve
ADANI PORTS SEZ 160.40 160.35 159.35 158.35 162.35 165.60 168.90 +ve
NSE NHPC 18.10 18.10 18.05 18.00 18.20 18.35 18.45 +ve
NMDC 142.15 141.85 140.95 140.05 143.65 144.65 145.70 +ve
NTPC 143.85 142.00 141.35 140.70 144.35 145.55 146.70 -ve
ONGC 290.90 290.75 289.35 287.95 293.60 295.45 297.35 +ve
OPTO CIRCUITS 22.60 22.30 22.10 21.85 22.70 22.90 23.05 -ve
OBC 197.30 197.15 196.20 195.25 199.10 201.70 204.35 +ve
PETRONET LNG 133.05 131.10 130.10 129.15 133.40 134.50 135.65 -ve
POWER FINANCE 163.40 163.55 162.10 160.65 166.45 168.40 170.35 +ve
POWER GRID 96.30 96.15 95.80 95.40 96.90 97.55 98.20 +ve
POWER TRADING 62.55 62.75 62.20 61.65 63.80 64.70 65.60 +ve
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SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND PUNJ LLOYD 28.50 28.40 28.20 27.95 28.85 29.20 29.50 +ve
PNB 582.15 584.50 579.65 574.85 594.15 602.40 610.65 +ve
RANBAXY 440.30 434.20 429.75 425.25 441.90 445.75 449.60 -ve
RAYMOND 275.65 270.80 268.20 265.60 276.75 279.75 282.70 -ve
RCOM 139.10 139.10 138.50 137.90 140.35 142.50 144.65 +ve
REL. CAPITAL 387.05 386.80 384.90 383.05 390.55 394.55 398.55 +ve
RELIANCE INFRA. 437.45 437.35 434.45 431.60 443.05 447.05 451.05 +ve
RELIANCE 871.00 871.50 869.25 867.05 876.00 882.55 889.15 +ve
RELIANCE POWER 74.10 74.15 73.75 73.40 74.90 75.45 76.00 +ve
RENUKA SUGAR 21.05 20.55 20.30 20.05 21.15 21.45 21.75 -ve
REC 225.25 225.90 224.35 222.75 229.05 231.90 234.70 +ve
SAIL 70.15 70.10 69.80 69.45 70.80 71.30 71.80 +ve
SESA GOA 180.90 177.90 176.55 175.20 181.55 183.40 185.20 -ve
SHRIRAM TRANS. 591.05 592.10 587.70 583.35 600.90 606.10 611.35 +ve
SIEMENS 620.45 619.80 615.05 610.30 629.30 635.30 641.35 +ve
SINTEX IND. 34.10 34.10 33.75 33.35 34.80 35.40 35.95 +ve
SBI 1855.95 1858.75 1849.65 1840.55 1877.00 1893.65 1910.30 +ve
SUN PHARMA 576.60 567.75 565.05 562.35 580.00 586.10 592.25 -ve
SUN TV 373.60 368.55 365.25 362.00 375.50 378.95 382.40 -ve
SYNDICATE BANK 89.50 89.65 89.15 88.65 90.65 91.50 92.35 +ve
TATA CHEMICALS 272.80 270.60 268.25 265.95 273.50 274.95 276.40 -ve
TATA MOTOR DVR 201.30 199.55 198.00 196.50 201.80 202.90 204.05 -ve
TATA MOTORS 390.30 385.35 382.80 380.25 391.75 394.95 398.15 -ve
TATA POWER 83.50 83.55 83.15 82.70 84.40 85.40 86.35 +ve
TATA TEA 146.65 146.90 146.25 145.55 148.20 149.15 150.10 +ve
TCS 1987.15 1968.95 1959.45 1949.95 1994.20 2006.80 2019.45 -ve
TECH MAHINDRA 1682.30 1666.40 1660.20 1653.95 1685.25 1694.65 1704.05 -ve
TATA STEEL 421.40 420.70 419.20 417.70 423.70 426.20 428.75 +ve
TITAN IND. 226.70 226.75 225.95 225.15 228.35 229.15 230.00 +ve
UCO BANK 75.30 75.40 75.05 74.65 76.15 76.95 77.75 +ve
ULTRATECH CEMENT 1871.65 1851.90 1844.25 1836.55 1878.50 1891.80 1905.05 -ve
UBI 122.80 122.65 121.85 121.05 124.30 125.40 126.50 +ve
UNITED PHOSPH. 165.90 165.85 165.00 164.10 167.55 169.55 171.55 +ve
UNITECH 15.80 15.60 15.40 14.65 16.05 16.30 17.00 Neutral
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SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND AXIS BANK 1241.50 1240.65 1235.10 1229.60 1251.70 1265.35 1279.00 +ve
TATA COMM. 288.50 286.20 283.40 280.65 289.25 290.80 292.35 -ve
VOLTAS 116.60 116.45 115.15 113.85 119.00 120.10 121.20 +ve
WIPRO 492.90 489.55 486.40 482.45 495.90 499.10 503.00 Neutral
YES BANK 395.05 393.15 388.45 383.80 402.55 406.35 410.15 +ve
ZEE 263.75 258.15 256.25 254.30 265.75 269.55 273.30 -ve
NOTES:
• Please execute the recommendation within the levels provided in the report • Once the recommendation is executed, it is advisable to keep strict stop loss as provided in the report • Avoid entering into the recommendation in the first 5 min of trade • If the recommendation opens near the target levels due to gap up/gap down opening, then the recommendation
is considered not initiated • The recommendations are valid only for the day and should be squared off by the end of the day. • Only stocks in derivatives segment have been considered for daily trading. • Medium to long-term prospects of a stock does not have any bearing on the daily view.
Trading Portfolio allocation • It is recommended to spread out the trading corpus in a proportionate manner between the various technical
research products. • Please avoid allocating the entire trading corpus to a single stock or a single product segment. • Within each product segment it is advisable to allocate equal amount to each recommendation. • For example: The ‘Momentum Picks’ product carries 3 to 4 intraday recommendations. It is advisable to allocate
equal amount to each recommendation
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Recommended Product wise Trading Portfolio allocation
Allocations Return Objective
Products Product wise allocation
Max allocation in 1 stock
Number of Calls Frontline Stocks Mid-cap stocks
Duration
Daily Calls 8% 2-3% 3-4 Stocks 0.50-1% 2-3% Intraday Short term Delivery 6% 3-5% 7-10 p.m 4-5% 7-10% Opportunity based Weekly Calls 8% 3-5% 1-2 Stocks 5-7% 7-10% 1 Week Weekly Technical 8% 3-5% 1-2 Stocks 5-7% 7-10% 1 Week Monthly Call 15% 5% 2-3 Stocks 7-10% 10-15% 1 Month Monthly Technical 15% 2-4% 5-8 Stocks 7-10% 10-15% 1 Month Techno Funda 15% 5-10% 1-2 Stocks 10% and above 15% and above 6 Months Technical Breakout 15% 5-10% 1-2 Stocks 10% and above 15% and above 3-6 Months Cash in Hand 10% - - - - -
100%
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Candlesticks Glossary:
Candlestick patterns describe the market sentiment for the specified period. Some of the formations suggest reversal of sentiment (trend) and, therefore, are important for a chart reader. By themselves, the patterns do not carry any price target but only an indication of change in market behaviour. More importance needs to be given to the placement of the pattern within larger trend
Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or downtrend. The market falls, and a black candle forms (ideally a small black candle). Next, a white real body wraps around the prior 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 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
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Pankaj Pandey Head – Research [email protected] ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No 7, MIDC Andheri (East) Mumbai – 400 093 [email protected] Disclaimer 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 Ltd (I-Sec). The author may be holding a small number of shares/position in the above-referred companies as on date of release of this report. I-Sec may be holding a small number of shares/position in the above-referred companies as on date of release of this report. 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 may 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. 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 report may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. I-Sec and affiliates accept no liabilities 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. Actual results may differ materially from those set forth in projections. I-Sec may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. 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 I-Sec 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.