Momentum Picks

MOMENTUM PICK
New recommendations
Open Recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
26-Aug-19 Nifty NIFTY Buy 10840-10862 10877.0/10905.00 10,824.00 Intraday Gladiator Stocks
26-Aug-19 SBI STABAN Buy 272.00-273.00 274.90/277.00 269.90 Intraday
26-Aug-19 Ashok Leyland ASHLEY Buy 60.50-61.20 61.60/62.30 60.10 Intraday
Lal PathLabs Buy
23-Aug-19 M&M Financial MAHFIN Buy 308.00-312.00 338.00 294.00 14 Days Supreme Industries Buy
Symphony Buy
Duration: 6 Months
Open recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
Click here to know more…
6-Aug-19 Dabur India DABIND Buy 432.00-438.00 463.00 415.00 14 Days
Intraday recommendations are for current month futures. Positional recommendations are in cash segment

ICICI Securities – Retail Equity Research

August 26, 2019 For Instant stock ideas:
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Research Analysts
Dharmesh Shah Nitin Kunte, CMT Ninad Tamhanekar, CMT
dharmesh.shah@icicisecurities.com nitin.kunte@icicisecurities.com ninad.tamhanekar@icicisecurities.com

Pabitro Mukherjee Vinayak Parmar

pabitro.mukherjee@icicisecurities.com vinayak.parmar@icicisecurities.com
Maturity of price, time wise correction augurs well for
meaningful pullback…
Technical Outlook NSE Nifty Daily Candlestick Chart Nifty Index: Corrections since 2008
Week that was… Open High Low Close Time Price Correction

PICK
Equity benchmarks extended their profit booking over a second From To From To (%)
10699.60 10862.55 10637.15 10829.35

Pick
consecutive week as the Nifty dropped 218 points or 2% to shut shop
for the week at 10829. Broader markets relatively underperformed as Jun'09 Jul'09 4693 3918 17

MOMENTUM
Nifty midcap small cap lost 3%, 4%, respectively. Jan'10 May'10 5310 4675 12

Momentum
Technical Outlook Nov'10 Dec'11 6338 4531 29
• The weekly price action formed a bear candle with a long lower
shadow, as supportive efforts emerged from key support of 10600
Feb'12 May'12 5629 4770 15
• In Friday’s session, despite a gap down opening, the index May'13 Aug'13 6229 5118 18
recovered 225 points from the day’s low (10637) with buying
Mar'15 Feb'16 9119 6825 25
emerging in heavyweights across sectors as it bounced from
oversold territory of daily stochastic oscillator (at 9) underpinned Sep'16 Dec'16 8968 7893 12
by positive divergence on RSI oscillator, indicating dwindling Jan'18 Mar'18 11171 9952 11
downward momentum
• We believe the index is approaching maturity of its price, time wise Sep'18 Oct'18 11760 10005 15
correction, making us confident on expecting the index to hold last Jun'19 Aug'19 12103 10637 12
week’s panic low (10637) on closing basis despite global volatility
and gradually head towards 11200 in coming weeks as its: Average excluding 2010 and 2015 14
 38.2% retracement of entire decline since all time high

ICICI Securities – Retail Equity Research

12103 to last week’s low of 10637, placed at 11200 Nifty Technical Picture
 200 days SMA is placed at 11196
 last three week’s high is placed at 11181 Intraday Short term
• In the coming session, we expect Nifty futures to trade with a Trend
positive bias as sustainability above Friday’s high(10880) would Index corrected 12%
lead to acceleration of upward momentum. Hence dip towards over past12 weeks Support 10830-10790 10600
10840-10860 should be used as buying opportunity for 10905
Resistance 10910-10940 11200
Structurally, we believe the index is approaching its price, time wise
20 day EMA 11048
maturity of correction. Since 2009, average correction (barring 2010
and 2015) has been 14%, whereas time wise correction has matured 200 day EMA 11266
within 13 weeks in a row. This if followed by a meaningful pullback. In
the current scenario the index has already corrected 12% over past 12 Nify Future Intraday Recommendation
weeks, in the process discounting host of negatives. We therefore Action Buy
expect index to maintain the same rhythm and hold the 10600 despite
global volatility, as it is lower band of last major consolidation seen Price Range 10840-10862
during January-February (10985 – 10585).
Target 10877.0/10905.00
The Nifty midcap index extended losses but managed to end above
Stoploss 10824.00
61.8% retracement of February 2016-January 2018 major up move
(11190- 21840), at 15250. Going ahead, we expect the index to Sectors in focus (Intraday):
undergoing base formation while sustaining above last week’s low
around 15000. Therefore, we advise investors to keep a stock centric Positive Bias: Financials, Auto, Tyre
approach. Neutral: Metal
Source: Bloomberg, ICICI Direct Research ICICI Securities Ltd. | Retail Equity Research 2
 Bank Nifty: 26958

Technical Outlook Bank Nifty Index – Daily Candlestick Chart Nifty Bank daily change
The Bank Nifty witnessed profit booking for a second Open High Low Close Indices Close Change Change%

MOMENTUM PICK
consecutive week and ended more than 4% lower amid
26835.35 27207.30 26560.60 26958.65 Nifty Bank 26958.65 -75.55 -0.28
slowdown concerns.. The Bank Nifty ended the week at 26958,
down by 1258 points or 4.5%. 31783
Technical Outlook
• The weekly price action formed a sizable bear candle with a Nifty Bank Technical Picture
lower shadow, as supportive efforts emerged from the
vicinity of key support placed around 26500 Intraday Short term
• The index, on Friday, after a gap down opening witnessed a Trend
sharp recovery of almost 400 points with buying seen in
Support 26950-26800 26500
index heavyweights from the oversold territory indicating
dwindling downward momentum Resistance 27270-27400 28500
• Going ahead, we expect the index to hold last week’s panic 20 day EMA 28222
low (26560) on a closing basis and gradually head towards
28500 in coming weeks as it is the confluence of: 200 day EMA 28735
 the 200 days SMA placed at 28500 levels
 the high of last three weeks placed around 28500 26560

ICICI Securities – Retail Equity Research

 the 38.2% retracement of the entire decline (31783
to 26560) placed at 28500 levels
• Structurally, we believe the index is approaching its time– Nifty Bank vs. Nifty
wise maturity of correction. Since 2008, major correction has 2.69
been of 13-14 weeks in a row followed by a sizable technical 24240 2.65 12100
2.61
pullback. In the current scenario, as the index has already 2.57 11700
23605
corrected for past 12 weeks, which makes us believe the 2.53 11300
Weekly stochastic rebounding from the oversold territory 2.49
index would maintain the same rhythm and form a major 2.45 10900
bottom in the coming week or two 2.41
• In the coming session, we expect the bank nifty future to 2.37 10500
2.33 10100
open on a positive note. After a positive opening throwback 2.29
towards 27020-27060 should be used to create intraday long 2.25 9700
position for up move towards 27220 levels 26-Feb 26-Apr 26-Jun
The major support for the index is placed around of 26500-
Ratio Nifty
26600 levels as it is the confluence of the following:
 61.8% retracement of entire CY19 rally (23605-31783) at
26720
 base formation area of February 2019 is around 26500

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 3
Stock Picks
Duration: Intraday

State Bank of India (STABAN) – Daily Candlestick Chart Technical Observations

MOMENTUM PICK
Thrusting line like candlestick on daily charts CMP 271.90
suggest further upsides in coming sessions
Action Buy

Thrusting line like candlestick on

Rationale
daily charts

14 period RSI in rising trajectory suggest positive bias

Initiation Range 272.00-273.00

Target 274.90/277.00

Stop Loss 269.90

ICICI Securities – Retail Equity Research

Ashok Leyland (ASHLEY) – Daily Candlestick Chart Technical Observations
Bullish piercing line candlestick suggest further
CMP 60.35
upward momentum in coning session

Action Buy

Bullish piercing line candlestick &

Rationale
bullish crsoover in RSI

14 period RSI generated bullish crossover suggest positive bias Initiation

60.50-61.20
Range

Target 61.60/62.30

Stop Loss 60.10

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 4
Stock Picks
Duration: 14 days

Buy M&M Financial Services (MAHFIN) in the range of 308.00-312.00 Target: 338.00 Stop Loss: 294.00 Technical Observations

Weekly Bar Chart The stock is consolidating at the 80% retracement of • In the last four weeks, the stock has

MOMENTUM PICK
534
the previous rally | 244 to | 534 been forming consolidation base
near the major support area of |
295-300 being the 80% retracement
of the entire rally of CY 2017-2018 (|
442 244 to 534). We expect the current
consolidation is approaching
38.2% maturity so offers fresh entry
retracement opportunity to ride the up move in
@ 340 the short term
• During the last four weeks of
342 consolidation, the stock has been
forming higher high and higher low
and the recent consolidation is
supported by strong volume
80% retracement of previous signalling larger participation at the
rally | 244 to 534 support area
• Structurally, the stock has already

ICICI Securities – Retail Equity Research

244 taken 16 months to retrace just 80%
of the previous major 16 months
rally of | 244 to | 534. A slower
retracement of the previous major
rally signals overall positive price
structure
• The weekly stochastic is rebounding
from the oversold territory. Also, it
is in an uptrend, thus supports the
positive bias in the stock
Weekly stochastic rebounding from oversold territory
• We expect the stock to resume up
move after recent consolidation and
head towards | 340 levels being the
38.2% retracement of last leg of
Recommendation initiated on i-click to gain at 15:18 on August 23, 2019 decline from | 442 to 285

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 5
Stock Picks
Duration: 14 days

Buy Dabur India (DABIND) in the range of 432.00-438.00 Target: 463.00 Stop Loss: 415.00 Technical Observations

Weekly Bar Chart The stock has generated a bullish Flag breakout signalling a resumption of up move • The stock has registered a resolute

MOMENTUM PICK
thus providing fresh entry opportunity breakout above the falling trendline
490 80% joining the high of August 2018 (|
retracement @ 490) and February 2019 (| 464)
464 464 signalling a reversal of the
corrective trend and offers fresh
entry opportunity to ride the next up
move in the stock
• Structurally, the stock is in a strong
up trend. During May 2019, it
rebounded taking support near its
November 2019 low (| 363), thus
forming a potential double bottom
at the 61.8% retracement of the
entire up move of CY17-18 (| 265-
362 490)
Potential double bottom at the 61.8% • The share price has immediate
retracement of the 2017-2018 rally support at | 415 as it is the 38.2%

ICICI Securities – Retail Equity Research

retracement of the previous up
move | 377 to | 439
52 Weeks EMA
• The weekly MACD is in an uptrend
and is seen sustaining above its
Weekly MACD is in uptrend and is seen sustaining above its signal line, thus validating positive
265 signal line highlighting positive bias bias and continuance of up move
• We expect the stock to continue its
current up move and head towards
| 464 as it is the confluence of the
80% retracement of the entire
previous decline (| 490 to | 358) and
the high of February 2019 placed at
| 464 levels

Recommendation initiated on i-click to gain at 14:14 on August 06, 2019

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 6
 Market Activity Report
Global Currency, Commodities and Bold Yield performance Global Equity Market Performance
1 Day % 5 Day % 1 Month % 3 Months %
Close

MOMENTUM PICK
Change Change Change Change Hong Kong -3.8
-3.4
Currency Brazil -2.1
-2.3
India -1.7
USD INR 0.6
71.7 0.2 -0.7 -3.8 -2.3
Japan -1.6
-2.3
Dollar Index -1.0
97.7 0.1 -0.7 -0.3 0.1 US -2.4
EURO USD UK -0.31
1.1 0.0 0.6 0.1 -0.5 -0.5
Germany -1.2 0.4
GBP USD
1.2 0.0 1.2 -0.9 -3.2 France 0.5
-1.1
JPY China 0.5
105.2 0.1 1.3 3.3 4.1 0.5
Swiss Franc -4.9 -2.9 -0.9 1.1 3.1
1.0 -0.1 0.7 1.8 2.9 % Change
Commodities ($) 5 Day Change 1 Day Change

ICICI Securities – Retail Equity Research

Advance Decline
Gold
1,545.1 1.2 3.3 8.9 20.2
2000
Brent
58.7 -1.2 -1.8 -7.6 -14.6
1500
Copper
5,613.0 -0.8 -1.9 -5.6 -4.9
Silver 1000
17.7 1.6 4.9 8.0 21.3
Yield (bps change) 500

India 10 6.6 0.0 0.0 0.1 -0.7 0

US 14-Aug 16-Aug 19-Aug 20-Aug 21-Aug 22-Aug 23-Aug
1.5 -5.0 -12.1 -58.5 -83.5
EURO -0.7 -3.1 1.0 -29.9 -56.0 Advances Declines

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 7
 Market Activity Report
Sectoral Indices Performance Fund Flow activity of the last 5 sessions
1 Day % 5 Day % 1 Month % 3 Months %
India - Sectoral Close FII

MOMENTUM PICK
Change Change Change Change

Sensex
36,701.2 0.6 -1.7 -3.1 -6.9 510 373
Nifty
10,829.4 0.8 -2.0 -4.0 -8.6 10
BSE Auto

Rs Crore
15,728.0 1.5 -0.1 -2.8 -17.5 -490 -306

Bankex -771
30,444.2 -0.3 -4.5 -8.1 -13.5 -990 -903
Capital Goods
16,446.9 -0.2 -2.9 -7.5 -16.4 -1,490
Consumer
-1,737
Durables 22,821.0 1.0 1.0 -0.5 -5.9 -1,990
19-Aug 20-Aug 21-Aug 22-Aug 23-Aug
FMCG
10,706.4 -0.8 -2.5 -3.7 -7.4 Date

ICICI Securities – Retail Equity Research

Healthcare
12,460.8 0.9 -0.1 -3.8 -7.0
DII
IT
15,969.2 0.9 3.1 3.4 5.6
Metal
8,486.0 3.5 -5.0 -15.8 -21.4 1,900 1,719
1,548
Oil & Gas
12,817.1 3.3 -2.7 -5.2 -16.5 1,400
Rs Crore
Power
1,861.1 1.0 -2.4 -6.7 -5.1 900
Realty 386
1,886.7 0.8 -7.7 -10.8 -12.9 400 296 354
BSE 500
13,932.9 0.8 -2.1 -4.3 -9.5 -100
BSE Midcap 19-Aug 20-Aug 21-Aug 22-Aug 23-Aug
Index 13,202.1 0.9 -2.1 -4.7 -11.7
Date
BSE Small Cap
12,186.1 0.6 -3.2 -6.7 -17.1

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 8
 Trend Scanner
Heat Map Positive Trend Universe: NSE 500 Overbought Stocks
351.2 Vedanta 137.4 59.3 329.4 122.3 Change 20-Day Delivery Scrip Name LTP Stochastic

MOMENTUM PICK
Zee Ent Yes Bank BPCL ONGC Scrip Name Close
6.7% Ltd 6.5% 5.2% 5.2% 4.5% % SMA ( %) Divis Laboratories 1572.00 89.5
GRASIM INDS 719.5 122.8 533.3 188.0 India Bulls 467.9 Supreme Industries 1131.95 2.91 1080.88 83.66 Infosys 802.20 83.1
IOC M&M Coal India
LTD 4.5% 4.2% 4.2% 4.0% Hsg Fin 3.8% Knsai nerolac 473.65 0.14 451.36 65.39 PVR 1491.00 83.4
345.3 118.5 427.8 Bank of 93.5 Tata 111.1 TCS 2247.70 1.43 2194.35 52.37
Tata Steel NTPC Sun Pharma Oversold Stocks
3.5% 3.3% 3.2% Baroda 3.1% Motors 3.1%
BAJAJ M&M Financial services 311.95 2.13 305.76 39.41
Scrip Name LTP Stochastic
124.4 1,275.9 180.3 Tata 54.5 6,884.6
GAIL RIL Hindalco FINSERV Ambuja Cement 197.30 5.1
3.1% 2.3% 2.1% power 2.1% 1.7%
LT
TITAN CO Bharti ITC 236.00 5.4
2,043.8 2,247.7 349.4 1,073.5 356.4
HDFC Ltd TCS Adani Ports Negative Trend Universe: NSE 500
1.5% 1.4% 1.2% LTD 1.1% Airtel 1.0% SBIN 271.00 14.9
271.1 802.2 1,087.0 6,254.4 Asian 1,580.4 Change 20-day Delivery
SBI Infosys HCL Tech Maruti Scrip Name Close 52 Weeks High
Paints % SMA (%)
0.9% 0.8% 0.8% 0.7% 0.6%
Scrip Name LTP
3,861.8 2,640.2 663.9 465.9 1,468.8 PTC India 57.35 -1.21 57.55 58.49
Ultratech Hero Moto Axis Bank Cipla ACC Den 98
0.6% 0.5% 0.4% 0.4% 0.3% Kajaria Ceramic 466.30 -1.19 475.60 54.54
Glaxo consumer 8149

ICICI Securities – Retail Equity Research

2,749.2 738.7 Bharti 247.0 683.9 2,541.3
Bajaj Auto Lupin Tech Mah Dr Reddy
0.2% 0.2% Infratel 0.2% 0.2% -0.2%
251.4 HDFC 2,162.7 1,470.2 1,286.5 Power 201.5 52 Weeks Low
Wipro Kotak Bank L&T
-0.3% Bank -0.5% -0.5% -0.6% Grid -0.6% Scrip Name LTP
1,860.0 Eicher 15,383.5 395.4 236.1 Indusind 1,310.5 Ashok Leyland 56.9
HUL ICICI Bank ITC
-0.6% Motors -0.9% -0.9% -1.6% Bank -1.9% Bharat Forge 379.6
Cipla 449.2
Bullish Candlestick Pattern Bearish Candlestick Pattern
Scrip Name Pattern name LTP Scrip Name Pattern name LTP
Canara Bank Piercing line 217.0 IndusInd bank Continuation 1310.0
HDFC Piercing line 2044.0 L&TFH Continuation 89.9
Bata India Continuation 482.0 GodreJCP Continuation 600.0
Voltas Continuation 612.0

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 9
Global Markets
Dow Jones (25629): Index extended consolidation over third consecutive week… Technical Observations
• The US markets closed lower

MOMENTUM PICK
27399
26952 over the week amid fears over
26617 26696 trade tensions between US and
China. DJIA lost 1% and ended at
25629
• The weekly price action formed a
small bear candle with upper
24680
shadow, indicating stiff resistance
near last weeks high (26427)
23345
Weekly Stochastic trading sideways, • Going ahead, index need to
21712 indicating prolonged consolidation sustain above 25300 as holding
above the same would lead index
to consolidate in the last three
weeks trading range (26415 –
25340), else extended correction
towards 78.6% retracement of
June-July rally (24680 – 27399),
placed at 25266

ICICI Securities – Retail Equity Research

German Dax (11611): Breather at 50% retracement of last major up move (10279 – 12656), at 11474… Technical Observations
13597 • The European markets remained
13204
weak on account of recession fears
12656 and Chinese threat of tariff
retaliation to the US. The Dax ended
the week at 11563, down 1.1%
• The weekly price action formed a
11869 small bear candle with sizable upper
shadow, indicating hurdle at past
Weekly Stochastic recorded bullish
here week high (11865)
crossover, suggesting impeding
10279 pullback • We believe the pullback options
remain open as long as index
sustains above 11500 (on a weekly
closing basis) supportive efforts at
200 weeks EMA, placed at 11500
coinciding with 50% retracement of
last major up move (10279 – 12656),
at 11474
Source: Bloomberg, ICICI Direct Research
August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 10
Global Markets
Hang Seng (26179): Index snapped four weeks losing streak after bouncing from long term regression trend line… Technical Observations
33484 • The Hang Seng index snapped four

MOMENTUM PICK
weeks decline and ended the week
31521 on a positive note by gaining 1.73%
at 26179
30280
• The weekly price action formed a
29007
small bull candle carrying higher
high-low as index witnessed follow
through strength to last weeks
26672 hammer like candle as buying
demand emerged from long term
24897 downward sloping regression trend
Weekly Stochastic recorded bullish crossover, indicating impending breather
line (as shown in chart), placed at
25275 coinciding with 78.6%
retracement of last major up move
(24540 – 30280), at 25770
• Going ahead, we expect index to
witness pullback towards 27450 in
coming weeks as it is 61.8%

ICICI Securities – Retail Equity Research

retracement of last decline (29008 –
24900) placed at 27440

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 11
 Commodity
Gold ($1535) : Positive bias continues above $ 1480 Technical Observations
• Gold prices gained for a fourth
consecutive weeks on demand for

MOMENTUM PICK
safe haven as US and China escalated
trade war tensions. Gold prices settled
around $ 1536/ounce, up by around
1% for the week
1375 1365 1350 • The weekly price action formed a
small bull candle as entire week’s
trade remained enclosed within prior
week’s high-low range ($1546-1480)
indicating breather with positive bias.
1270 Going ahead bias would remain
positive as long as prices sustain
above last week’s low of $1480 for
1160 target of $1550-1560 which is the
1123 price parity of the previous major up
move ($1285-1450) as projected from
July 2019 trough of $1396
• Only breach below $1480 would
indicate consolidation

ICICI Securities – Retail Equity Research

Brent crude ($ 59): Consolidation in the $58-62 likely Technical Observations
86.74 • Brent prices consolidated during
previous week amid growth concerns
75.6 and geo-political tensions. Brent
contract on ICE exchange closed almost
flat at $ 59 levels
• The price action remained enclosed
within $ 62-58 for second week in a row.
We continue to maintain bearish stance
on Brent going forward as slower pace
Support at 80% of rallies and a faster declines indicate
50 retracement @ 55 weak price structure
44.35 • We expect Brent prices to hold panic
low of $ 55 which is key support being
confluence of 80% retracement of the
previous up move ($50 - 75.60) and key
trend line connecting 2016 and 2018
swing lows
• Going forward, prices are likely to
consolidate in the range of $ 58-62 in
coming weeks
Source: Bloomberg, ICICI Direct Research
August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 12
Currency
Rupee (71.55): Likely to extend the decline towards 72.50 levels … Technical Observations
• The rupee extended its decline for a

MOMENTUM PICK
74.50 sixth week led by weak EM currencies
and continued selling by foreign
investors. The rupee ended 0.8% down
72.44 at 71.55
70.54 • The US dollar/rupee pair continued to
February 2016 form higher high-low after breaking past
@ 68.86 double bottom break out (70.5)
indicating extended decline for Rupee.
68.30 We expect current decline to extend
68.26 towards 72.50 in the coming weeks as it
is the measuring implication of the range
breakout which coincides with early
2019 swing low
January 2018 @ 63.24 • Going forward, we expect 70.50 to act as
key hurdle for rupee against US dollar

ICICI Securities – Retail Equity Research

Source: Bloomberg, ICICI Direct Research
August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 13
 Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
NIFTY 50 Negative 10829.35 10689 10551 10464 10915 11001 11140

MOMENTUM PICK
S&P BSE SENSEX INDEX Negative 36701.16 36267 35832 35562 36972 37242 37677
NIFTY BANK Negative 26958.65 26611 26262 25964 27257 27556 27904
NIFTY 50 FUTURES Negative 10855 10708 10561 10475 10941 11027 11174
NIFTY BANK FUTURES Negative 27040 26688 26335 26054 27322 27603 27957
ACC LTD Negative 1468.75 1450 1432 1417 1482 1496 1515
AMBUJA CEMENTS Negative 197.3 196 194 193 200 202 204
ADANI POWER LTD Negative 58.6 57 54 53 61 62 65
ADANI ENTERPRISE Neutral 131.3 126 120 117 135 138 144
ADANI PORTS AND Neutral 349.35 342 334 327 356 363 371
ASHOK LEYLAND Negative 60.25 57 55 54 61 63 65
AMARA RAJA BATT Positive 616.6 599 581 571 627 637 655
APOLLO HOSPITALS Negative 1440.85 1423 1404 1383 1463 1484 1503
ASIAN PAINTS LTD Negative 1580.4 1563 1545 1535 1590 1601 1618
APOLLO TYRES LTD Positive 165.6 162 158 155 168 172 175

ICICI Securities – Retail Equity Research

AUROBINDO PHARMA Positive 598.25 586 575 566 607 617 628
ARVIND LTD Negative 47.85 46 43 42 49 51 53
AXIS BANK LTD Neutral 663.9 648 634 622 675 686 701
BAJAJ FINANCE LT Negative 3174.35 3048 2922 2846 3250 3326 3452
BIRLASOFT LTD Neutral 61.45 58 56 54 62 64 67
BATA INDIA LTD Neutral 1481.6 1450 1418 1400 1500 1518 1551
BHARTI AIRTEL Neutral 356.4 351 347 343 360 363 368
BHARAT ELECTRON Positive 99.9 95 90 87 103 106 111
BHARAT HEAVY ELE Neutral 48.3 47 46 44 49 50 52
BALKRISHNA INDS Positive 742.4 728 715 702 754 767 780
BIOCON LTD Negative 224.15 217 211 207 227 231 237
BAJAJ AUTO LTD Negative 2749.15 2721 2692 2670 2772 2794 2823
BAJAJ FINSERV LT Negative 6884.6 6657 6428 6275 7039 7192 7421
BANK OF BARODA Neutral 93.5 91 88 87 96 98 101

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 14
 Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
BANK OF INDIA Negative 64.4 63 60 60 67 68 70

MOMENTUM PICK
BOSCH LTD Positive 13757.6 13459 13161 12958 13961 14163 14462
BHARAT PETROL Neutral 329.35 315 301 293 338 345 360
BERGER PAINTS Positive 363.6 361 356 354 367 370 374
BRITANNIA INDS Positive 2466.65 2412 2357 2312 2512 2557 2612
CANARA BANK Negative 216.7 209 202 197 221 226 232
CONTAINER CORP Neutral 487.75 472 457 438 506 525 541
CADILA HEALTHCAR Positive 220.4 212 204 199 225 230 237
CENTURY TEXTILE Neutral 826.7 807 786 771 843 858 879
CESC LTD Negative 756.65 751 744 738 764 770 777
CHOLAMANDALAM IN Neutral 260.65 246 233 223 269 279 293
CIPLA LTD Negative 465.9 455 443 437 473 479 491
COLGATE PALMOLIV Positive 1191.35 1180 1169 1157 1203 1215 1226
COAL INDIA LTD Positive 188 183 177 173 192 195 201
CASTROL INDIA Positive 119.65 115 110 107 123 126 130

ICICI Securities – Retail Equity Research

DABUR INDIA LTD Negative 424.4 422 419 416 429 433 436
DEWAN HOUSING Negative 40.7 38 35 33 43 45 48
DISH TV INDIA Neutral 23.3 22 20 20 25 26 27
DIVI LABS LTD Positive 1571.6 1549 1526 1512 1585 1600 1622
DLF LTD Negative 152.1 142 130 124 159 166 177
DR REDDY'S LABS Positive 2541.25 2523 2505 2487 2560 2579 2597
EICHER MOTORS Negative 15383.45 15241 15098 14932 15551 15718 15860
ENGINEERS INDIA Positive 99.8 96 92 89 103 106 111
EQUITAS HOLDINGS Negative 102.15 100 96 94 106 108 111
ESCORTS LTD Neutral 453.65 432 411 398 466 479 501
EXIDE INDUS LTD Negative 177 172 165 162 182 185 192
FED BANK LTD Neutral 80.7 79 77 76 83 85 86
GAIL INDIA LTD Neutral 124.4 120 116 113 127 130 133

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 15
 Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
GODREJ CONSUMER Negative 600.4 594 587 580 609 615 623

MOMENTUM PICK
GMR INFRASTRUCTU Positive 14.95 15 14 14 16 16 16
GLENMARK PHARMA Neutral 368.15 358 347 341 375 381 391
GRASIM INDS LTD Neutral 719.45 686 653 626 746 773 806
HAVELLS INDIA Negative 647.2 631 615 600 661 675 691
HCL TECH LTD Positive 1087 1077 1067 1057 1096 1107 1116
HOUSING DEV FIN Negative 2043.75 1992 1940 1907 2077 2110 2162
HDFC BANK LTD Negative 2162.7 2143 2123 2106 2180 2197 2218
HEXAWARE TECHNOL Positive 386.3 381 373 369 392 397 404
HERO MOTOCORP LT Neutral 2640.2 2612 2584 2555 2669 2698 2727
HINDALCO INDS Neutral 180.25 174 168 164 184 188 194
HINDUSTAN PETRO Neutral 238.3 228 216 209 246 254 265
HINDUSTAN UNILEV Neutral 1860 1849 1836 1822 1875 1890 1902
HINDUSTAN ZINC Neutral 202.45 196 190 186 207 211 217
IDBI BANK LTD Negative 24.7 25 23 23 26 27 28

ICICI Securities – Retail Equity Research

VODAFONE IDEA LT Neutral 5.75 6 5 5 7 7 8
IDFC FIRST BANK Neutral 43.5 42 41 40 44 45 47
INDRAPRASTHA GAS Positive 324.6 320 314 309 330 334 340
INDIABULLS HOUSI Neutral 467.85 442 417 399 486 505 530
INDUSIND BANK Negative 1310.5 1278 1247 1215 1342 1375 1405
INTERGLOBE AVIAT Neutral 1645.5 1599 1554 1525 1672 1700 1746
INFOSYS LTD Positive 802.2 796 789 782 810 817 824
INDIAN OIL CORP Neutral 122.8 118 113 110 126 129 134
ICICI PRUDENTIAL Neutral 386.6 376 366 359 393 400 410
ITC LTD Negative 236.1 235 232 230 239 242 244
JINDAL STEEL & P Neutral 101.95 97 92 89 105 108 113
JSW STEEL LTD Positive 220.65 214 209 205 224 229 234
JSW ENERGY LTD Neutral 67.8 66 64 62 70 72 74
JUBILANT FOODWOR Neutral 1154.5 1098 1041 1003 1192 1229 1286
JUST DIAL LTD Neutral 682.6 660 638 625 695 708 730

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 16
 Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
KAJARIA CERAMICS Negative 466.3 461 457 453 470 475 479

MOMENTUM PICK
CUMMINS INDIA Positive 576.05 563 548 536 589 601 616
KOTAK MAHINDRA Negative 1470.2 1449 1427 1408 1490 1509 1531
LIC HOUSING FIN Negative 424.85 405 384 371 438 450 471
LUPIN LTD Negative 738.65 719 699 686 752 765 786
LARSEN & TOUBRO Negative 1286.5 1275 1263 1251 1298 1309 1321
L&T FINANCE HOLD Negative 89.9 89 86 84 93 96 98
MAHANAGAR GAS LT Negative 846.25 830 813 803 857 867 885
MAX FINANCIAL SE Neutral 447.15 439 430 424 454 460 469
MCX INDIA LTD Neutral 849.6 827 803 788 865 881 904
MANAPPURAM FINAN Negative 120.1 115 111 108 122 125 129
MAHINDRA & MAHIN Neutral 533.25 516 499 489 543 553 570
M&M FIN SERVICES Negative 311.95 304 295 288 319 327 335
MARICO LTD Negative 380.05 374 369 360 388 397 403
MRF LTD Neutral 57859.5 56788 55715 54909 58667 59473 60546

ICICI Securities – Retail Equity Research

MARUTI SUZUKI IN Negative 6254.35 6102 5951 5863 6342 6431 6582
MOTHERSON SUMI Neutral 97.8 93 88 86 101 104 109
MINDTREE LTD Positive 709.05 696 681 672 719 727 742
MUTHOOT FINANCE Negative 611.95 598 582 572 623 634 649
NATIONAL ALUMIN Neutral 39.75 38 36 35 41 42 44
NBCC INDIA LTD Neutral 31.95 29 27 25 34 35 38
NESTLE INDIA LTD Negative 12438.65 12276 12114 11979 12574 12710 12872
NIIT TECH LTD Positive 1376.45 1356 1336 1321 1392 1408 1428
NCC LTD Neutral 53.9 51 46 44 58 60 65
NMDC LTD Negative 80.05 76 72 70 83 86 90
NTPC LTD Positive 118.5 115 112 110 120 122 125
ORACLE FINANCIAL Positive 3016.45 2918 2818 2754 3083 3148 3247
OIL INDIA LTD Neutral 144.5 141 137 134 148 151 155
OIL & NATURAL GA Neutral 122.25 117 112 109 124 128 132
PAGE INDUSTRIES Neutral 18107.3 17438 16769 16388 18488 18869 19538

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 17
 Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
PIDILITE INDS Positive 1359.7 1352 1344 1333 1371 1382 1390

MOMENTUM PICK
PIRAMAL ENTERPRI Neutral 1779.95 1724 1667 1634 1814 1847 1904
PETRONET LNG LTD Neutral 238.8 236 234 231 241 244 246
PUNJAB NATL BANK Negative 63.6 62 60 59 65 66 68
POWER FINANCE Neutral 101.85 98 95 92 104 107 111
PVR LTD Neutral 1491.35 1450 1407 1377 1523 1553 1595
POWER GRID CORP Negative 201.5 199 198 196 203 206 207
RBL BANK LTD Negative 354.2 341 328 318 364 374 386
RELIANCE CAPITAL Negative 34.75 32 28 25 38 40 44
REC LTD Neutral 141.95 136 132 128 144 148 152
RELIANCE INFRAST Negative 37.75 35 31 29 41 43 47
RELIANCE INDS Neutral 1275.85 1240 1205 1183 1298 1320 1355
RAYMOND LTD Negative 560 541 521 509 573 585 604
STEEL AUTHORITY Negative 31.35 30 29 28 32 33 35
STATE BANK IND Negative 271.1 265 257 252 277 283 290

ICICI Securities – Retail Equity Research

SHRIRAM TRANSPRT Neutral 1010.35 973 935 914 1032 1053 1092
SIEMENS LTD Negative 1147.6 1128 1108 1094 1162 1176 1195
SHREE CEMENT Negative 18409.35 18288 18166 18060 18516 18622 18743
SRF LTD Negative 2809.85 2764 2719 2685 2843 2877 2922
STRIDES PHARMA S Negative 376.3 369 361 355 383 389 397
SUN PHARMA INDU Positive 427.8 414 401 393 435 443 456
SUN TV NETWORK Positive 434.1 416 398 389 444 454 472
TATA STEEL LTD Neutral 345.25 335 323 316 354 361 372
TATA CONSULTANCY Positive 2247.7 2222 2195 2176 2268 2287 2314
TECH MAHINDRA LT Positive 683.85 678 671 663 693 701 708
TATA ELXSI LTD Positive 649.25 619 590 573 665 682 711
TATA GLOBAL BEVE Positive 265.95 259 253 248 269 273 280
TORRENT POWER LT Neutral 283.9 281 279 275 286 289 291
TATA POWER CO Positive 54.5 52 50 49 56 58 59
RAMCO CEMENT/THE Positive 721.1 704 688 677 732 742 759

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 18
 Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
TORRENT PHARMA Neutral 1659.6 1631 1601 1575 1688 1715 1744

MOMENTUM PICK
TITAN CO LTD Neutral 1073.5 1047 1022 1004 1090 1108 1133
TATA CHEMICALS Neutral 553.25 545 537 531 559 565 573
TATA MOTORS LTD Neutral 111.05 108 106 104 112 114 116
TATA MOTORS-A Neutral 52.3 51 50 49 54 54 56
TVS MOTOR CO LTD Neutral 365.55 357 347 342 371 377 386
UNITED BREWERIES Neutral 1305.25 1273 1241 1220 1326 1347 1379
UJJIVAN FINANCIA Neutral 265 258 250 245 271 276 284
UNION BANK INDIA Negative 59.4 58 57 56 60 61 63
UNITED SPIRITS Neutral 582.5 567 553 544 590 599 613
UPL LTD Neutral 547.25 524 501 487 560 573 596
ULTRATECH CEMENT Negative 3861.8 3803 3743 3694 3911 3959 4019
VEDANTA LTD Neutral 137.4 130 123 119 140 145 151
VOLTAS LTD Positive 612.65 595 576 566 624 634 652
WIPRO LTD Positive 251.4 249 245 241 256 261 264

ICICI Securities – Retail Equity Research

YES BANK LTD Neutral 59.25 55 52 48 61 65 68
ZEE ENTERTAINMEN Positive 351.15 334 316 306 361 372 389

Source: Bloomberg, ICICI Direct Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 19
 Forthcoming Economic Event Calendar
Date Event Date Event
US China

MOMENTUM PICK
26-Aug Chicago Fed Nat Activity Index 27-Aug Industrial Profits YoY
28-Aug MBA Mortgage Applications 29-Aug Swift Global Payments CNY
29-Aug GDP Annualized QoQ UK
India 27-Aug UK Finance Loans for Housing
30-Aug GDP YoY 28-Aug BRC Shop Price Index YoY

ICICI Securities – Retail Equity Research

Source: Bloomberg, ICICI Direct Research
August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 20
 Momentum Picks: Strategy Follow up
Duration: Intraday
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment

MOMENTUM PICK
23-Aug-19 Nifty NIFTY Sell 10765-10788 10750.0/10724.0 10,802.00 (26)points stoploss triggered
23-Aug-19 TCS TCS Buy 2200.00-2207.00 2223.80/2242.80 2,183.40 - No trade
23-Aug-19 Bajaj Finance BAJFI Sell 3115.00-3125.00 3090.30/3062.20 3,149.80 - No trade

Future Positional
Profit/Loss
Date Scrip Idirect Code Strategy Recommended Price Targets SL Comment
per Lot
20-Aug-19 IndusInd Bank Fut INDBA Sell 1402.00 1330.00 1442.00 22800.00 Booked profit at 1345.00

ICICI Securities – Retail Equity Research

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 21
 Gladiator Stocks: Open Recommendations
Date Scrip Name Strategy Recommendation Price Target Stoploss Time Frame
16-Aug-19 Supreme Industries Buy 1080-1105 1,225.00 1035.00 6 Months

MOMENTUM PICK
16-Aug-19 Dr. Lal Pathlabs Buy 1150-1165 1,320.00 1075.00 6 Months
11-Jun-19 Symphony Buy 1275-1315 1,530.00 1175.00 6 Months
All the recommendations are in Cash segment

ICICI Securities – Retail Equity Research

Back to Top

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 22

Price history of last three years
M&M Financial Dabur India

MOMENTUM PICK
ICICI Securities – Retail Equity Research
August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 23
 Notes......

• 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

MOMENTUM PICK
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

ICICI Securities – Retail Equity Research

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

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 24

Recommended product wise allocation
Allocations
Product Product wise Max allocation

MOMENTUM PICK
allocation In 1 Stock Number of Calls Return Objective Duration

Momentum Picks- 10% 30-50% 2-3 Stocks 1-2% Intraday

Intraday

Momentum Picks- 25% 8-10% 6-8 Per Month 5-8% 1 Month

Positional

Stocks on the move 25% 12-15% 6-8 Per Month 10-12% 3 Months

Gladiator Stocks 35% 15-20% Opportunity based 20-30% 6 Months

Cash

ICICI Securities – Retail Equity Research

5%

100%

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 25

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

MOMENTUM PICK
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

ICICI Securities – Retail Equity Research

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

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 26

 MOMENTUM PICK
Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com

ICICI Securities – Retail Equity Research

ICICI Direct Research Desk,

ICICI Securities Limited,

1st Floor, Akruti Trade Centre,

Road No 7, MIDC,

Andheri (East)

Mumbai – 400 093

research@icicidirect.com

August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 27

Disclaimer
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.

MOMENTUM PICK
Terms & conditions and other disclosures:

ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities Limited is a SEBI registered Research Analyst with SEBI
Registration Number – INH000000990. ICICI Securities Limited SEBI Registration is INZ000183631 for stock broker. ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of
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ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of
companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.

Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etc as opposed to focusing on a company's fundamentals and, as such, may not match with the
recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports.

Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Retail Research. The views and opinions expressed in this document may or may not match or may be contrary
with the views, estimates, rating, target price of the Institutional Research.

The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in
any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis,
ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been
suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.

This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational
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ICICI Securities – Retail Equity Research

same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your
specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient.
This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange
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Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.

ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months.

ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings,
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ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its analysts did not receive any compensation or other benefits from the companies
mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this report.

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report.

Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report.

ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.

We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,
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August 26, 2019 ICICI Securities Ltd. | Retail Equity Research 28