Momentum Picks: Market Outlook

Momentum Picks
September 23, 2016

Market Outlook
Domestic Indices
Indices
Close
Change
Change%
28773.13
265.71
0.93
Nifty 50
8867.45
90.30
1.03
Nifty 50 future
8884.45
77.50
0.88
S&PBSE 500
S&PBSE Midcap
11970.49
13294.56
130.09
182.79
1.10
1.39
S&PBSE Smallcap
12948.98
127.62
1.00
Indices
Close
Dow Jones
18392.46
Nasdaq
5339.52
FTSE
6911.40
DAX
10674.18
Hang Seng
23787.36
Nikkei
16783.10
SGX Nifty
8894.00
* Asian Market as at 7:30am
Change
98.76
44.34
76.63
237.69
35.80
-29.22
9.50
Change%
0.54
0.84
1.12
2.28
0.15
-0.17
0.11
S&P BSE Sensex
Snapshot
Global Indices
Days action
CNX Nifty Technical Picture

Nifty 50
Trend
Intraday
Range bound
Short Term
Range bound
Support
8830-8790
8650
Resistance
8900-8940
Trend Reversal
9119
20 Days EMA
8768
200 days EMA
8228
Institutional Activity
Cash Segment (| Cr)
22-Sep-16
21-Sep-16
20-Sep-16
19-Sep-16
16-Sep-16
FIIs (Cash)
336.9
183.9
-1146.9
205.4
660.6
DIIs
310.4
-230.6
777.5
-252.3
-213.1
Structurally
speaking
Equity benchmarks ended on a strong note on Thursday mirroring strength across the global markets after the US
Federal Reserve kept policy rates unchanged and plotted a lower trajectory for future hikes. The Sensex rallied 265
points or 0.93% to 28773 while the Nifty surged 90 points or 1.03% to end at 8867 levels. The broader markets also
rose inline with the benchmarks as the BSE midcap and small cap indices rallied over 1% each. As a result the
overall market breadth was positive with an A/D ratio of 1.6:1 on BSE
The Nifty gapped up on Thursday following strong global cues after the US Fed maintained status quo, but hinted
a hike could come in the December meet. The index hit an intraday high of 8893 in the opening trades and
thereafter turned sideways to oscillate between 8880 and 8837 levels before finally closing at 8867 levels.
Sectorally, barring IT index which settled marginally lower, all major sectoral indices closed in the green. Gains
were led by banking, auto, capital goods and oil & gas indices which rose over 1.4% each
The price action resulted in a high wave candle as the index turned sideways after a strong opening however it
carries a 60 point bullish gap below its base between 8837 and 8777 levels. The index broke out the last three
sessions narrow consolidation band and also filled the Island reversal gap formed in the previous week to signal
resumption of positive momentum after the brief corrective decline. Going forward, we expect the index to
remain in rising trajectory and attempt a move towards the upper band of short term consolidation range of 8600
to 9000 levels over the coming weeks
The Nifty resolved higher from the narrow trading range of previous three sessions after taking support precisely
at the key medium term rising trendline formed by connecting the February, June and August 2016 placed
around 8700 region. The overall trend remains positive as the index continues to form rising peaks and trough on
the weekly scale. However, the current pullback lacks faster retracement as the index has consumed six sessions
to retrace about 61.8% of the recent corrective decline from 8968 to 8688 levels. Slower pace of retracement in
the current pullback indicates continuance of range bound consolidation in the short term precisely inline with
our expectations. We expect the index to extend the time wise consolidation in the coming weeks and oscillate
between the broad range of 8600 to 9000 levels amid stock specific action
We believe the current cool off provides fresh entry opportunity as we do not foresee the index going below its
key support base placed around 8650-8600 region as it is the confluence of the following parameters:
The bullish gap area formed on August 30, 2016 is placed in the range of 8642-8607
Upper band of last months consolidation is around 8660-8700
Since February 2016, the intermediate price corrections have not lasted more than 367 points. Similar
magnitude of correction from recent high of 8968 also projects support placed around 8600
50 day EMA that has acted as strong base during corrections since February 2016 is placed at 8607
The broader markets have also undergone a round of profit bookings in the current corrective phase which has
helped work off the highly overheated conditions as the BSE mid cap, small cap and NSE 500 indices had rallied
strongly to new life time highs well ahead of the benchmarks. The persistent outperformance of the broader
markets in the entire up move since February 2016 highlights the robust price structure
ICICI Securities Ltd. | Retail Equity Research
Oscillators
Among oscillators, the short-term stochastic remains in rising trajectory above its three period average suggesting
continuance of the ongoing pullback efforts over the coming sessions
IntradayStrategy
Nifty September futures are set to open on flattish note amid muted Asian cues. Failure to sustain above
Thursdays high (8918) could lead to choppy consolidation in the coming session. We recommend creating
intraday shorts in the range of 8915-8925 for target of 8870 with a protective stop loss placed at 8945 levels
Intraday Spot
levels
CNX Nifty Spot
The Nifty spot has resistance at 8900, 8940 while support is at 8830, 8790
Exhibit 1: CNX NSE Nifty Daily Candlestick Chart
Open
High
Low
Close
8873.35
8893.35
8837.80
8867.45
8968
8728
8543
8294
7992
7927
Immediate Support @ 8650

- Bullish gap area &
- Upper band of recent consolidation
- 50 day EMA
7715
Stochastic remains in rising trajectory and supports continuance of pullback efforts
Source: Bloomberg, ICICIdirect.com Research
Page 2
CNX Bank Nifty Futures Outlook
CNX Bank Nifty Futures

Indices
Nifty Bank
Close
Change
change%
20,162.1
260.9
1.3
Snapshot
CNX Bank Nifty Spot Performance

Index
Nifty Bank
Current
1M
3M
6M
12M
20,109.6
4.0
12.4
26.6
16.5
CNX Bank Nifty Future Technical Picture

Nifty Bank
Trend
Days action
Intraday
Range bound
Short Term
Range bound
Support
20040-19900
19200
Resistance
20240-20350
20935
Trend Reversal
20 Days EMA
18772
200 days EMA
17296
CNX Bank Nifty vs. Nifty

8900
8600
8300
8000
7700
7400
7100
6800
6500
Structurally
speaking
29-Mar
18-Apr
5-May
23-May
8-Jun
24-Jun
13-Jul
29-Jul
17-Aug
2-Sep
22-Sep
19500
18300
17100
15900
14700
13500
Bank Nifty (RHS)
NSE (LHS)
Oscillators
Intraday Future
levels
The Nifty Bank snapped a two session of decline and closed sharply higher by more than 1% on Thursdays
session amid strong global cues as US Federal Reserve in its monetary policy left policy rates unchanged and
plotted a lower trajectory for future hikes. Nifty Bank near month futures ended at 20162, up by 261 points or
1.3% for the session
The index opened with a huge gap up amid strong global cues and formed an intraday high of 20349 in
the opening trade. Profit booking at the higher levels saw the index giving up some of its intraday gains,
as the index dragged lower and formed an intraday low of 20040 in the midsession. However a steady
recovery in the second half of trade saw the index gaining from strength to strength and finally closed
with healthy gains of 1.3% at 20162 levels
The price action resulted in a high wave candle with long shadows in either direction highlighting the
intraday volatility. It also carries a bullish gap between 19901 and 20040 in the intraday chart which will
act as immediate support for the index in the coming sessions. Nifty Bank is likely to continue with its
current consolidation in the broad range of 19750-20350 and only a sustain closing above 20350 can see
the index testing its previous life-time high of 20934 in the coming months
Nifty Bank on Thursdays session traded with positive bias however it reacted lower after facing resistance
near the higher band of the last seven sessions consolidation range of 20350. Index in the last seven
sessions has been consolidating in the broad range of 19750-20350, after achieving price wise equality
with the last rising segment at recent high of 20649 from the August 2016 bottom of 18355. On the last
occasion after rallying from 16910 to 19176, the index entered into a sideways consolidation mode for the
next three to four weeks. In the current scenario, the index is already in consolidation trend for the last
two weeks which is likely to continue in the coming sessions
The index is likely to continue with its sideways consolidation in the broad range of 19750-20350 in the
coming sessions, before resumption of the up move to challenge the previous life-time high of 20934 in
the coming months
We have now revised the short-term support base for the index to 19200-19400. Any cool-off towards the
same should be used as incremental buying opportunity as it is the confluence of key technical
parameters:
The recent breakout area of the month long consolidation placed around 19200
The lower band of the rising channel in placed since June 2016 is placed around 19400 levels
The previous major trough of last week of August 2016 is also placed at 19182 levels
The short-term stochastic oscillator has rebounded from the oversold territory signalling continuance of the
positive trend in the coming sessions
For the coming session, Nifty Bank September futures have resistance at 20240, 20350 while supports are at
20040, 19900
Page 3
Exhibit 2: Nifty Bank Generic Future Daily Candlestick Chart
20649
CNX Bank Nifty Future
Open
High
Low
Close
20225.30
20349.00
20040.60
20162.10
19176
19182
18355
17069
16910
50 day EMA
16379
Short-term major support near 19200-19400

levels being the presence of rising channel and
the upper band of the recent consolidation
Bullish Gap
RSI is placed near the neutral reading of 50 signalling range bound consolidation in the short term
Stochastic oscillator has rebounded from the oversold territory signalling continuance of the positive trend in the coming sessions
Page 4
Trend Scanner
Sectoral Indices Performance

Sector
Close
Points Chg % Change
Auto
22695.61
322.25
1.44
Banks
23035.22
338.52
1.49
BSE Small Cap
12948.98
127.62
1.00
Capital Goods
15137.48
204.71
1.37
Consumer Durables
12762.21
112.84
0.89
8775.33
36.38
0.42
Healthcare
16673.93
168.92
1.02
IT
10333.67
-37.26
-0.36
Metals
9819.53
100.41
1.03
Mid Cap
13294.56
182.79
1.39
Oil & Gas
FMCG
11350.11
168.34
1.51
Power
2081.54
27.88
1.36
PSU
7604.78
103.09
1.37
Real Estate
1554.94
17.89
1.16
Sectoral Indices - Monthly Performance (%)
Overbought Stocks
Scrip Name
Close
% Change
10-day SMA
Delivery (%)
ACC Ltd
1666.05
2.3
1636.64
58.31
BASF India Ltd
1163.45
3.3
1142.19
87.06
930
3.2
902.56
57.84
1413.25
1.5
1403.86
81.81
412.4
2.1
405.22
62.05
Glenmark Pharmaceuticals Ltd

Housing Development Finance Corp
Hindustan Petroleum Corp Ltd
Scrip Name
Coal India Ltd
Oberoi Realty Ltd
Tech Mahindra Ltd
LTP
Stochastic
1180.15
92.4
BEL
1256
83.95
MRF
44376
93.06
Oil India
406.8
89.52
LTP
Stochastic
Ceat
Close
% Change
10-day SMA
Delivery (%)
327.45
-1.1
328.39
65.78
292.6
-1.5
296.71
63.03
454.75
-1.4
462.07
78.35
Scrip Name
Britannia
3400.95
15.98
GodreJCP
1589
10.94
Kotak Bank
795.2
12.09
Stocks hitting 52 week High

Scrip Name
Bullish Candlestick Formations

Scrip Name
Scrip Name
Oversold Stocks
Negative Trends
Candlestick Patterns
7.1
6.6
4.5
4.1
4.1
3.8
2.7
2.5
1.3
1.1
0.0
Auto
Oil & Gas
Consumer Durables
BSE Small Cap
Healthcare
Banks
Mid Cap
PSU
Capital Goods
FMCG
Power
Real Estate
Metals
IT
Positive Trends
Pattern name
Mahindra Holiday
Engulfing
KPR Mills
Piercing Line
Bearish Candlestick Formations

LTP
477.0
1229.0
Scrip Name
Pattern name
LTP
2033.0
Bajaj Finserv
3229.3
VST Ind
Engulfing
2265.0
Coal India
Engulfing
327.5
Maruti
TVS Motors
Aurobindo Pharma
Continuation
857.0
UBL
Engulfing
875.5
TVS Motors
Continuation
349.2
Tech Mahindra
Continuation
454.8
M&M Finance
Continuation
359.2
Idea Cellular
Continuation
83.4
Ajanta Pharma
Continuation
2041.7
LTP
Ajanta Pharma
Dishman Pharma
215.0
5607.5
348.4
Stocks hitting 52 week Low

Scrip Name
Astrazen
LTP
957.1
Note: For Candlestick pattern description please refer towards end of the report.
-1.4
-2.3
-2.6
-11
-1
19
Page 5
Global Asset Classes
Market Activity Report
Global Currencies
Nifty Heat Map
1.308
-0.13
Japanese Yen
101.180
100.760
-0.41
Australian ($)
0.763
0.764
-0.13
Swiss Franc
0.970
0.969
-0.10
Global Treasury Yields

Closing Yield (%)
Previous Yield (%)
6.81
6.81
US 10 Year
1.62
1.62
EURO 10 Year
-0.10
0.00
GBP 10 Year
0.71
0.80
JPY 10 Year
-0.05
-0.03
India 10 year
BPCL
US Dollar
Close
Prev. Close
%Chg
Gold/ounce
1335.12
1337.07
-0.14
Copper /ton
4835.00
4739.75
2.01
Brent Crude/barrel
47.21
47.65
-0.92
Silver/ounce
19.80
19.87
-0.33
598.8
2.0%
Power
Grid
178.6
Bharti
Airtel
327.0
Grasim
Ind
4,927.4
Bajaj
Auto
2,926.8
M&M
HUL
Commodities
2.3%
Lupin
1.9%
1.6%
1.2%
0.8%
1,413.6
0.5%
910.2
-0.3%
1,528.7
-1.1%
ACC
Tata Steel
IDFC
RIL
Cairn
India
GAIL
1,666.1
2.3%
377.3
2.0%
61.1
1.8%
1,089.0
1.6%
195.1
1.1%
390.1
0.7%
Ambuja
Cement
265.6
Tata
power
76.0
Axis
Bank
0.4%
-0.4%
591.8
-1.2%
Yes Bank
NTPC
169.5
3.1%
1,246.6
2.2%
157.0
1.9%
Asian
Paints
1,192.0
Tata
Motors
558.5
HDFC
Bank
1,306.9
NMDC
Infosys
Wipro
IDEA
1.8%
1.6%
1.1%
103.2
0.6%
1,058.8
0.3%
481.8
-0.4%
83.4
-1.3%
Indusind
Bank
1,219.6
ICICI
Bank
275.5
BHEL
Maruti
HDFC Ltd
Sun
Pharma
ITC
Dr Reddy
HCL Tech
Tech M.
2.9%
2.1%
147.1
1.9%
5,597.1
1.7%
1,413.3
1.5%
786.8
1.0%
255.3
0.6%
3,149.3
-0.1%
788.9
-0.5%
454.8
-1.4%
SBI
Vedanta
Ltd
L&T
ONGC
Cipla
Kotak
Bank
Ultratech
United
Spirits
Coal India
TCS
257.9
2.7%
168.7
2.1%
1,500.0
1.9%
35000
30000
25000
20000
15000
10000
5000
0
15-Sep
259.5
1.6%
609.1
1.3%
795.2
0.9%
3,980.0
0.5%
16-Sep
19-Sep
20-Sep
21-Sep
Exchange Cash Turnover (| crore)

BSE Cash
700000
600000
500000
400000
300000
200000
100000
0
2,310.1
3,312
21,823
1.306
3,538.6
Bank of
Baroda
22-Sep
NSE Cash
NSE Derivative
619,180
British Pound
Hero
Moto
3.4%
3,181
18,705
-0.05
154.6
333,377
0.03
1.121
Hindalco
5,381
19,328
95.448
1.120
4.0%
228,260
95.489
Euro
141.2
3,616
19,226
Dollar Index
PNB
231,635
0.53
4,507
31,684
% Chg
67.021
433,877
Prev.close
66.665
3,801
19,232
Close
Rupee (|)
501,428
Spot
NSE Derivatives Turnover (| crore)
15-Sep
16-Sep
19-Sep
20-Sep
21-Sep
22-Sep
-0.2%
327.5
-1.1%
Advances / Declines
2,378.0
-1.5%
BSE
NSE
33%
4%
63%
37%
5%
58%
Page 6
Stock recommendations for the day

Exhibit 3: TVS Motors (TVSSUZ)
Daily Candlestick Chart
Trendline breakout joining major swing highs signaling

further northward journey in coming sessions
TVS Motors(TVSSUZ) Sep Future
CMP :
349.30
Comment : Trendline breakout joining major swing

highs & bullish crossover in RSI
Action :
Buy above 350.00
Targets :
356.00/359.00
Stop-loss : 347.00
14 period RSI generated bullish crossover suggest positive bias
Page 7
Exhibit 4: M&M Financial (MAHFIN)
Price rebound taking support at 50 day EMA suggests

further upward momentum in coming sessions
M&M Financial (MAHFIN) Sep Future
CMP
359.85
Comment : Price rebound taking support at 50 day

EMA & Stochastics in rising trajectory
Action :
Buy above 360.00
Targets :
366.00/369.00
50 day EMA
Stop-loss : 356.80
Stochastics (5,3,S,3) in rising trajectory suggest bullish bias
Page 8
Exhibit 5: Tech Mahindra (TECMAH)
Price forming lower low after facing resistance at short term

trendline signaling further downsides in coming sessions
Tech Mahindra(TECMAH) Sep Future
CMP
456.30
Comment : Price forming lower low after facing

resistance at short term trendline
Action :
Sell below 456.00
Targets :
450.00/446.00
Stop-loss : 460.00
14 period RSI generated bearish crossover suggest negative bias
Page 9
Previous Days Performance

Scrip
Product
Strategy
Recommended Price
Targets
SL
Gain/Loss %*
Bharti Infratel
Bata India
Future
Future
Buy
Buy
above 375
below 509.50
381.0/384.0
500.50/496
371.50
514.50
-1.00
Stocks return: Avg -1.00 per trade
Strike Rate for the day: 0/1
Comment
No Trade (Opened at Target)

Stoploss triggered
(Cum. Profits over last 114 trading days: 98.45%)
(Cum strike rate over 114 trading days: 123/231
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
Page 10
Derivative Comments
35.9
2.7
65.0
8.7
51.7
25.4
47.8
38.6
52.8
55.4
21.0
11.3
6.9
5.0
35.6
66.8
Nifty Call Put Concentration (September)
2.6
30.2
80
70
60
50
40
30
20
10
0
3.9
23.6
OI in Lacs
Nifty Options OI Distribution
Post a gap up opening, the index witnessed difficulty to carry on with the same pace above 8900 levels. However, towards the
end, the Nifty managed to close 90 points higher. Nifty futures settled at a premium of 17 points. India VIX fell 9.9% to settle at
13.3
FIIs bought | 337 crore while DIIs bought | 310 crore in the cash segment. FIIs sold | 299 crore in index futures and bought |
498 crore in index options. In stock futures, they sold | 127 crore
The highest Put base is at 8500 strike with 67 lakh shares while the highest Call base is still at the 9000 strike with 65 lakh
shares. The 8700 and 8800 Call strikes saw reductions of 4.3 and 7.5 lakh shares, respectively, while the 8700 and 8600 Put
strikes saw reductions of 6.1 and 6.7 lakh shares, respectively
Stock Analysis
OI addition: We saw long build-up in Ajanta Pharma, Federal Bank, TVS Motors and IFCI while short build-up was seen in
CALL
PUT
31.9
34.5
35.2
34.8
35.6
35.8
36.2
35.3
34.7
34.6
34.0
34.2
34.6
34.7
35.1
35.3
37
36
35
34
33
32
31
30
29
9050
9000
8950
8900
8850
8800
8750
8700
8650
8600
30-Aug
31-Aug
1-Sep
2-Sep
6-Sep
7-Sep
8-Sep
9-Sep
12-Sep
14-Sep
15-Sep
16-Sep
19-Sep
20-Sep
21-Sep
22-Sep
OI In million
Nifty OI vs. Future Price
Nifty Futures OI
Nifty Fut Price (RHS)
Dabur, JSW Energy, Tech Mahindra and Lupin

OI shedding: We saw short covering in Jubilant Foodworks, Yes Bank, Reliance Capital and PFC whereas long closure was
seen in UBL, Divis Labs, and Infosys
OI Gainers
Symbol
AJANTPHARM
FEDERALBNK
OI Losers
OI
%Chg
Price
%Chg
524800
22.62
2050
4.3
APOLLOHOSP
34408000
18.31
74
3.1
JUBLFOOD
Symbol
OI
%Chg
Price %Chg
552000
-18.05
1342
2.3
2526500
-8.58
979
3.0
TVSMOTOR
6612000
18.28
349
4.6
TORNTPHARM
356000
-8.15
1652
2.1
DABUR
6195000
16.94
286
-1.5
SRTRANSFIN
3493200
-7.43
1,188
3.7
VOLTAS
4630000
16.33
381
0.3
12920600
-7.20
1247
2.1
YESBANK
Nifty Active Strikes

Call
Strike
Put
8600
OI chg %
-18.05
Price
287.15
OI chg %
-10.71
Price
5.85
8700
-17.04
193.30
-11.34
8800
-16.15
109.25
14.81
11.30
26.60
8900
-6.96
47.05
25.50
62.00
9000
2.79
14.85
-20.04
126.45
Page 11
Support and Resistance

SCRIP
CLOSE
S1
S2
S3
R1
R2
R3
TREND
SENSEX
28773.13
28776.25
28731.55
28686.85
28865.7
28968.85
29072
+ve
BANK NIFTY FUTURE
20162.1
20173
20095.9
20018.8
20327.2
20407.55
20487.95
+ve
NIFTY FUTURE
8884.45
8886.15
8871.9
8857.65
8914.6
8946.05
8977.5
+ve
BANK NIFTY
20109.6
20116.7
20049.7
19982.75
20250.65
20339.7
20428.8
+ve
NIFTY
8867.45
8866.85
8852.95
8839.05
8894.6
8927.15
8959.7
+ve
ACC
1666.05
1662.55
1654.8
1647.05
1678.05
1685.9
1693.75
+ve
ADANI ENTER.
71.85
71.75
71.35
71
72.5
72.85
73.2
+ve
ADANI PORT
275.35
275.05
273.6
272.15
278
280.45
282.9
+ve
ADANI POWER
27.9
27.85
27.75
27.6
28.1
28.25
28.4
+ve
ADITYA BIRLA
1402.05
1401.3
1396.9
1392.45
1410.15
1414.65
1419.1
+ve
AJANTA PHARMA
2041.7
2029.65
2007.95
1986.3
2073.05
2079.65
2086.3
+ve
ALLAHABAD BANK
82.45
82.2
81.7
81.15
83.2
83.9
84.55
+ve
AMARA RAJA BATT.
1032.65
1027.95
1017.7
1007.45
1048.4
1054.5
1060.55
+ve
AMBUJA CEMENT
265.55
264.5
263.25
261.65
267
268.25
269.8
Neutral
ANDHRA BANK
61.05
60.9
60.6
60.35
61.5
62
62.55
+ve
APOLLO HOSP.ENT.
1342
1338.6
1332.05
1325.45
1351.75
1358.6
1365.45
+ve
APOLLO TYRES
215.7
214.25
212.75
211.2
217.2
218.65
220.25
Neutral
ARVIND
342.6
341.75
339.35
336.95
346.5
348.5
350.5
+ve
ASHOK LEYLAND
83.95
83.85
83.45
83.05
84.65
85.2
85.8
+ve
ASIAN PAINTS
1192
1190
1184.5
1179
1201
1204.85
1208.7
+ve
AUROBINDO PHARMA
856.95
849.8
837.7
825.55
874.05
877.75
881.4
+ve
AXIS BANK
591.8
583.85
582
580.15
594.85
600.35
605.85
-ve
BAJAJ AUTO
2926.75
2932.75
2918.7
2904.6
2960.9
2991.8
3022.65
+ve
BAJAJ FINANCE
1127.95
1119.1
1103.75
1088.4
1149.85
1154.7
1159.5
+ve
BOB
169.45
169.05
168.25
167.4
170.75
172.45
174.1
+ve
BOI
119.65
119.3
118.6
117.95
120.65
121.65
122.65
+ve
BATA INDIA
511.5
509.5
507.3
504
513.85
516.05
519.35
Neutral
BEML
910.9
910.9
908.45
905.95
915.85
923
930.15
+ve
BHARAT ELECTRON.
1256.35
1255.2
1251.75
1248.3
1262.1
1267.25
1272.35
+ve
BHARAT FORGE
924.85
920.95
913.9
906.9
935.05
939.25
943.45
+ve
BPCL
598.8
597.4
594.45
591.5
603.3
607.6
611.9
+ve
327
326.45
325.1
323.8
329.1
330.35
331.6
+ve
BHEL
147.1
146.95
146.4
145.85
148.05
149.5
150.9
+ve
BHARTI INFRATEL
375.1
376.55
372.4
368.25
384.85
390.05
395.2
+ve
BHARTI AIRTEL
Page 12
SCRIP
CLOSE
S1
S2
S3
R1
R2
R3
TREND
BIOCON
962.95
960.95
956.15
951.3
970.65
976.85
983.05
+ve
BOSCH
23403.55
23427.8
23353.2
23278.55
23577
23681.35
23785.7
+ve
BRITANNIA IND.
3400.95
3402.5
3387.75
3373
3431.95
3453.9
3475.85
+ve
CADILA HEALTHCARE
392.05
390.65
388.75
386.1
394.45
396.35
398.95
Neutral
CAIRNS INDIA
195.1
194.9
193.7
192.45
197.35
198
198.65
+ve
CANARA BANK
308.1
307.85
305.85
303.85
311.85
313.55
315.2
+ve
CASTROL INDIA
470.45
469.5
465.3
461.15
477.9
480.6
483.35
+ve
CEAT
1180.15
1170.75
1162.75
1154
1186.75
1194.75
1203.55
Neutral
CENTURY TEXT.
901.35
899.15
893.5
887.85
910.45
920.4
930.4
+ve
CESC
644
644.95
641.4
637.8
652.1
655.7
659.25
+ve
CIPLA
609.1
608.55
606.8
605
612.05
615.2
618.3
+ve
COAL INDIA
327.45
324.9
323.8
322.7
328.35
330.05
331.8
-ve
COLGATE PALM.
975.2
974.4
971.45
968.5
980.3
984.8
989.25
+ve
CONTAINER CORP
1336.1
1335.45
1330.5
1325.55
1345.35
1353.3
1361.3
+ve
CROMPTON GREAVES
81.55
81.6
81.2
80.8
82.4
82.8
83.2
+ve
CUMMINS INDIA
906.75
906.45
902.15
897.85
915.05
920
925
+ve
DABUR INDIA
285.35
282.45
281.4
280.3
286.4
288.35
290.3
-ve
DEWAN HOUSING F.
291.55
290.55
288.55
286.55
294.55
296.55
298.6
+ve
DISH TV
98.55
98.1
97.65
96.85
99
99.5
100.25
Neutral
1329
1319.55
1313.85
1308.2
1330.25
1335.6
1340.95
-ve
153.75
153.1
151.9
150.65
155.5
156.5
157.45
+ve
DIVI'S LAB.
DLF
DR.REDDY'S LAB.
3149.3
3135.8
3124.8
3113.8
3152.45
3160.8
3169.15
-ve
EICHER MOTORS
24808.95
24725.25
24579.2
24433.15
25017.35
25270.75
25524.1
+ve
ENGINEERS INDIA
261.65
261.6
260.15
258.7
264.55
266.8
269.05
+ve
EXIDE IND.
194.95
195.25
194.3
193.3
197.2
198.95
200.7
+ve
73.2
73.05
72.5
71.9
74.2
74.8
75.4
+ve
390.05
390.4
389
387.6
393.25
395.2
397.2
+ve
GLENMARK PHARMA.
930
926.9
920.55
914.2
939.6
945
950.35
+ve
GODREJ CONSUMER
1588.75
1564.1
1552.15
1540.2
1597.45
1614.1
1630.75
-ve
GODREJ IND.
428.3
427.25
425.3
423.35
431.1
433.15
435.15
+ve
GRANULES INDIA
122.15
122.1
121.7
121.3
122.9
123.85
124.8
+ve
GRASIM
4927.35
4921.6
4906.75
4891.85
4951.35
4968.55
4985.75
+ve
FEDERAL BANK
GAIL
Page 13
SCRIP
CLOSE
S1
S2
HAVELL'S INDIA
409.45
409.3
407.9
HCL TECH
788.85
781.8
779.4
S3
R1
R2
R3
TREND
406.5
412.1
414.3
416.55
+ve
777.05
789.85
793.9
797.95
-ve
HDFC BANK
1306.9
1307.5
1303.4
1299.3
1315.7
1320.15
1324.55
+ve
HDFC
1413.25
1412.4
1408.05
1403.7
1421.1
1427.9
1434.65
+ve
HERO MOTO
3538.55
3538.7
3519.8
3500.85
3576.6
3611.15
3645.65
+ve
HEXAWARE TECH.
195.15
192.95
191.6
190.3
195.5
196.75
198.05
-ve
HINDALCO
154.6
154.5
153.5
152.5
156.45
158.95
161.45
+ve
HIND. UNILEVER
910.15
902.95
899.45
895.95
910.3
914
917.65
-ve
HPCL
412.4
411.5
409.6
407.75
415.3
418.25
421.2
+ve
HINDUSTAN ZINC
223.2
222.8
221.85
220.9
224.7
225.85
227.05
+ve
HDIL
84.35
84.5
84
83.45
85.5
86.15
86.8
+ve
IBULL HSG FIN
801.55
801.7
798.7
795.7
807.7
811
814.3
+ve
IDBI
74.65
74.75
74.3
73.9
75.6
76.55
77.5
+ve
IDEA CELLULAR
83.35
82.6
82.4
82.15
83.55
84.05
84.5
-ve
IDFC
61.05
61.1
60.85
60.6
61.6
62.1
62.6
+ve
IFCI
30.05
30.1
29.85
29.6
30.55
30.9
31.2
+ve
INDUSIND BANK
1219.6
1217.05
1210.05
1203.05
1231.05
1236.95
1242.8
+ve
INDIA CEMENTS
151.25
150.95
149.95
149
152.95
153.85
154.75
+ve
INDO COUNT IND.
809.3
805.35
796.6
787.85
822.85
836.85
850.85
+ve
INDRAPRASTHA GAS
748.65
749.1
746.6
744.15
754.1
756.95
759.85
+ve
IOC
579.3
578.6
576.75
574.85
582.35
585.1
587.85
+ve
IB REAL ESTATE
87.35
87.45
86.9
86.35
88.6
89.75
90.9
+ve
INFOSYS
1058.8
1058.05
1055.8
1053.55
1062.55
1065.3
1068.1
+ve
IRB INFRA.
249.85
248.5
247.1
245.2
251.35
252.75
254.65
Neutral
ITC
255.25
255.35
254.45
253.6
257.05
258.55
260
+ve
96.5
96.25
95.6
94.95
97.5
98.6
99.7
+ve
539.25
539.3
537.6
535.9
542.75
545.8
548.85
+ve
JINDAL ST&POW
82.2
82.1
81.7
81.35
82.9
83.45
84.05
+ve
JSW ENERGY
78.75
77.8
77.45
77.1
79
79.6
80.2
-ve
JSW STEEL
1762.7
1764.45
1757.3
1750.15
1778.75
1786.4
1794.05
+ve
JAIN IRRIGATION
JET AIRWAYS
JUBILANT FOOD
976.45
974.1
965.35
956.65
991.5
998.4
1005.35
+ve
JUSTDIAL
467.85
467.65
465.05
462.45
472.85
475.7
478.6
+ve
KARNATAKA BANK
155.65
155.55
154.95
154.35
156.7
157.55
158.4
+ve
KAVERI SEEDS.COM
362.25
361.75
359.4
357
366.5
369.1
371.7
+ve
Page 14
SCRIP
CLOSE
S1
S2
S3
R1
R2
R3
KOTAK MAH.BANK
KPIT TECH.
795.15
795.6
792.85
790.15
801.05
803.95
806.9
+ve
131.05
130.65
130.1
129.45
131.7
132.25
132.9
Neutral
L&T
1499.95
1496.8
1490.05
1483.3
1510.3
1516.95
1523.55
+ve
LIC HOUSING
583.45
582.45
579.95
577.45
587.4
590.45
593.45
+ve
L&T FINANCE
94.15
93.9
93.25
92.65
95.15
95.7
96.3
+ve
LUPIN
1528.65
1509.55
1504.25
1499
1531.75
1542.85
1554
-ve
M&M
1413.6
1414.2
1410.6
1407.05
1421.35
1427.85
1434.35
+ve
MARICO
285.85
283.6
282
280.4
286.55
288.05
289.55
-ve
MARUTI SUZUKI
5597.1
5597.9
5580.6
5563.35
5632.5
5668.5
5704.55
+ve
MCLEOD RUSSEL
181.05
181.1
180.3
179.5
182.65
183.8
184.95
+ve
MINDTREE
509.75
508.45
505.8
501.75
513.7
516.35
520.45
Neutral
M&M FIN.SERV.
359.15
357.5
354.4
351.25
363.75
367.35
370.9
+ve
MOTHERSON SUMI
323.75
324
322.4
320.75
327.2
328.45
329.7
+ve
MRF
44375.85
44306.3
44140.45
43974.55
44638.05
44868.55
45099.05
+ve
NCC
87.05
87.2
86.55
85.9
88.45
88.9
89.3
+ve
NHPC
26.85
26.8
26.7
26.6
27
27.1
27.15
+ve
NIIT TECHNOLOGIES
412.35
412.55
411.6
410.6
414.5
415.85
417.2
+ve
NMDC
103.15
103.2
102.8
102.45
103.95
104.35
104.8
+ve
NTPC
157
156.7
156.15
155.55
157.85
158.65
159.45
+ve
406.8
405.9
405
403.55
407.75
408.7
410.1
Neutral
OIL INDIA
TREND
ONGC
259.5
259.5
258.75
257.95
261.1
263.2
265.3
+ve
OBC
130.65
130.15
129.2
128.3
132
133.45
134.9
+ve
15098.45
14895.65
14830.15
14764.65
15125.65
15240.65
15355.65
-ve
504.3
504.2
501.2
498.2
510.15
517.5
524.85
+ve
PAGE INDUSTRIES
PC JEWELLER
PETRONET LNG
341.3
340.5
338.7
336.85
344.1
346.1
348.1
+ve
PIDILITE INDUSTRIES
706.15
704.75
702.4
699.4
709.45
711.8
714.75
Neutral
+ve
POWER FINANCE
122.75
122.7
122.25
121.8
123.6
124.55
125.5
POWER GRID
178.55
178.45
177.45
176.4
180.5
182.1
183.75
+ve
PTC INDIA
79.95
79.65
79.15
78.15
80.6
81.1
82.05
Neutral
PNB
141.15
140.65
139.65
138.65
142.65
144.05
145.4
+ve
RCOM
48.6
48.55
48.4
48.2
48.9
49.2
49.5
+ve
REL. CAPITAL
575.7
573.3
567.55
561.85
584.75
588.7
592.7
+ve
Page 15
SCRIP
CLOSE
S1
S2
S3
R1
R2
R3
TREND
RELIANCE INFRA.
611.95
609.55
604.75
599.95
619.2
624.45
629.7
+ve
RELIANCE
1088.95
1088.45
1084.25
1080.05
1096.85
1102.5
1108.15
+ve
51.8
51.75
51.6
51.45
52.1
52.4
52.7
+ve
REC
247.55
246.95
245.65
244.35
249.6
251.2
252.8
+ve
SAIL
48.95
48.85
48.65
48.4
49.3
49.65
49.95
+ve
SHRIRAM TRANS.
1186.85
1182.45
1172.8
1163.15
1201.75
1212.2
1222.7
+ve
SIEMENS
RELIANCE POWER
1262.35
1255
1248.25
1237.2
1268.45
1275.2
1286.25
Neutral
SINTEX IND.
84.6
84.5
83.9
83.35
85.65
86.3
86.95
+ve
SOUTH INDIAN BANK
23.25
23.3
23.15
22.95
23.6
23.75
23.85
+ve
S.R.F.
1624.2
1627.15
1618.65
1610.15
1644.1
1654.05
1663.95
+ve
SBI
257.9
257.5
256.7
255.85
259.2
261.6
263.95
+ve
STRIDES SHASUN
1028.95
1018.35
1010.9
1003.45
1030.55
1036.65
1042.75
-ve
SUN PHARMA
786.75
786.55
785.15
783.75
789.3
792.45
795.6
+ve
SUN TV
508.25
505.95
501.15
496.4
515.45
520.1
524.75
+ve
SYNDICATE BANK
76.45
76.35
76.05
75.75
76.95
77.45
77.95
+ve
TATA COMM.
533.6
534.9
531.15
527.45
542.35
545.7
549.05
+ve
TATA CHEM.
553.35
552.65
549.8
546.95
558.3
561.75
565.2
+ve
TATA ELXSI
1547.9
1537.8
1530.3
1522.8
1551.5
1558.35
1565.25
-ve
TATA MOTOR DVR
355.35
355.1
353.65
352.25
357.95
361.05
364.2
+ve
TATA MOTORS
558.45
558
555.1
552.2
563.8
567.3
570.75
+ve
TATA POWER
75.95
75.5
75.2
74.9
76.05
76.35
76.6
-ve
TATA GLOBAL BEV.
138.9
138.3
137.75
137.05
139.45
140
140.7
Neutral
-ve
TCS
2378
2356.75
2350.9
2345.1
2385.2
2399.4
2413.65
TECH MAHINDRA
454.75
450.05
447.4
444.75
456.6
459.85
463.1
-ve
TATA STEEL
377.25
376.95
375.2
373.45
380.45
383
385.55
+ve
414.4
413.85
411.75
409.65
418.1
420.5
422.95
+ve
TORRENT PHARMA
1649.05
1644.65
1635.15
1625.65
1663.65
1670.45
1677.2
+ve
TV18 BROADCAST
45.5
45.25
44.7
44.15
46.4
46.85
47.3
+ve
TVS MOTOR
349.15
347.6
344.6
341.55
353.65
357.4
361.1
+ve
UCO BANK
38.65
38.75
38.5
38.25
39.25
39.4
39.6
+ve
ULTRATECH CEMENT
3980
3981.5
3969.25
3957.05
4006
4027.35
4048.7
+ve
875.45
857.75
849.1
840.45
879.1
889.8
900.5
-ve
TITAN IND.
UNITED BREW.
Page 16
SCRIP
CLOSE
S1
UNITED PHOSPH.
684.25
677.95
672.6
UNITED SPIRITS
2310.1
2294
2288.75
VEDANTA
168.65
168.4
167.1
VOLTAS
379.5
375.3
WIPRO
481.75
WOCKHARDT
S2
R3
TREND
689.55
693.45
-ve
2325.2
2335.6
-ve
170.9
171.85
172.75
+ve
371.8
379.95
382.25
384.55
-ve
477.05
481.95
483.35
484.75
-ve
Neutral
S3
R1
R2
667.3
685.7
2283.5
2314.8
165.85
373.55
479.15
478.1
898.6
895.85
891.55
875.75
904.45
908.8
924.55
YES BANK
1246.55
1246
1239
1231.95
1260.05
1267.9
1275.75
+ve
ZEE
525.65
524
521.15
518.65
529.7
532.55
535.05
Neutral
Page 17
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
Page 18
Recommended Product wise Trading Portfolio allocation
Page 19
Candlesticks Glossary:
Candlestick patterns describe the market sentiment for the specified period. Some of the formations suggest reversal of sentiment
(trend) and, therefore, are important for a chart reader. By themselves, the patterns do not carry any price target but only an
indication of change in market behaviour. More importance needs to be given to the placement of the pattern within larger trend
Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or
downtrend. The market falls, and a black candle forms (ideally a small black candle). Next, a white real body wraps around the
prior sessions black body. Low of the pattern becomes short term support for prices
Piercing Line: Potential bottom reversal pattern. A black body forms in the downtrend. The market continues moving south on
the next sessions open but that session culminates in a white real body that closes (e.g. pierces) than half way or more into the
prior black body. Lowest low between two candles is referred to as technical support for prices
Hammer: A candlestick line which, during a downtrend, has a very long lower shadow and small real body (black or white) at the
top end of the sessions range. There should be no, or a very small, upper shadow. Pattern suggests buying support during
declines and needs confirmation in terms of sustainability of prices above head of the Hammer in following session
Bearish Engulfing Line: Potential top reversal signal. This two candlestick pattern emerges during a rally. A black candle real
body wraps around a white real body (classically a small white candle) Highest high between two candles becomes resistance
level for prices for future reference
Dark Cloud cover: A dark cloud cover forms a top reversal pattern. The first session should be a strong, white real body. The
second sessions price opens over the prior sessions high (or above the prior sessions close). By the end of the second session, it
closes near the low of the session and should fall well into the prior sessions white body. Pattern suggests that market has a poor
chance of rising immediately
Shooting Star: A single candlestick line during a rally in which there is a small real body (white or black) at the bottom end of the
session's range and a very long upper shadow. The candle line should also have little or no lower shadow. Pattern suggest the
trouble for prices overhead
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
Page 20
Pankaj Pandey
Head Research
pankaj.pandey@icicisecurities.com
ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai 400 093
research@icicidirect.com
Page 21
Disclaimer
ANALYST CERTIFICATION
We /I, Dharmesh Shah, Dipesh Dagha, Nitin Kunte, 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.
Terms & conditions and other disclosures:

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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.
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
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Page 22

Momentum Picks: Market Outlook

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Momentum Picks

September 23, 2016

S&P BSE Sensex

CNX Nifty Technical Picture

200 days EMA

ICICI Securities Ltd. | Retail Equity Research

Exhibit 1: CNX NSE Nifty Daily Candlestick Chart

Immediate Support @ 8650

Stochastic remains in rising trajectory and supports continuance of pullback efforts

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

CNX Bank Nifty Futures Outlook

CNX Bank Nifty Futures

CNX Bank Nifty Spot Performance

CNX Bank Nifty Future Technical Picture

200 days EMA

CNX Bank Nifty vs. Nifty

Bank Nifty (RHS)

ICICI Securities Ltd. | Retail Equity Research

Exhibit 2: Nifty Bank Generic Future Daily Candlestick Chart

Short-term major support near 19200-19400

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Sectoral Indices Performance

Points Chg % Change

BSE Small Cap

Oil & Gas

Sectoral Indices - Monthly Performance (%)

BASF India Ltd

Glenmark Pharmaceuticals Ltd

Stocks hitting 52 week High

Bullish Candlestick Formations

Bearish Candlestick Formations

Stocks hitting 52 week Low

ICICI Securities Ltd. | Retail Equity Research

Global Asset Classes

Market Activity Report

Nifty Heat Map

Global Treasury Yields

Previous Yield (%)

ICICI Securities Ltd. | Retail Equity Research

Exchange Cash Turnover (| crore)

NSE Derivatives Turnover (| crore)

Stock recommendations for the day

Daily Candlestick Chart

Trendline breakout joining major swing highs signaling

Comment : Trendline breakout joining major swing

Buy above 350.00

14 period RSI generated bullish crossover suggest positive bias

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Exhibit 4: M&M Financial (MAHFIN)

Daily Candlestick Chart

Price rebound taking support at 50 day EMA suggests

Comment : Price rebound taking support at 50 day

Buy above 360.00

Stochastics (5,3,S,3) in rising trajectory suggest bullish bias

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Exhibit 5: Tech Mahindra (TECMAH)

Daily Candlestick Chart

Price forming lower low after facing resistance at short term