Momentum Picks

MOMENTUM PICK
New recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration Open Recommendations
19-Nov-19 Nifty NIFTY Sell 11922-11945 11906.0/11875.0 11,961.00 Intraday
Gladiator Stocks
19-Nov-19 Tata Steel TATSTE Buy 411.50-412.50 415.90/420.0 407.90 Intraday
19-Nov-19 Britannia Industries BRIIND Sell 3148.00-3153.0 3124.80/3101.0 3,181.10 Intraday
Ratnamani Metal Buy
18-Nov-19 Granules India GRANUL Buy 123.00-127.00 138 116.50 14 Days
Glaxo Pharma Buy
Ramco Cement Buy
Duration: 6 Months
Open recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration Click here to know more…
4-Nov-19 JK Lakshmi Cement JKLAKS Buy 300.00-309.00 338.00 292.00 14 Days
Intraday recommendations are for current month futures. Positional recommendations are in cash segment

ICICI Securities – Retail Equity Research

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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
NSE (Nifty): 11885
Technical Outlook NSE Nifty Weekly Candlestick Chart Domestic Indices
Day that was… Open High Low Close Indices Close 1 Day Chg 1 Day % Chg

PICK
Equity benchmarks ended a lacklustre session flat as the Nifty lost

Picks
0.1% to close at 11885. Broader markets relatively outperformed as 11915.15 11946.20 11867.60 11884.50 SENSEX Index 40284.19 -72.50 -0.18
Nifty midcap, small cap rose 0.8%, 0.3%, respectively. NIFTY Index 11884.50 -10.95 -0.09

MOMENTUM
Technical Outlook

Momentum
• The price action formed a small bear candle, indicating extended Nifty Futures 11920.90 -21.70 -0.18
breather amid stock specific action as the Nifty midcap and small
BSE500 Index 15341.05 4.41 0.03
cap indices relatively outperformed indicating broader market
participation amid range bound activity Midcap Index 16574.70 64.54 0.44
• Going ahead, we expect prolonged consolidation in the broad
Small cap Index 13362.61 36.21 0.27
range of 11700-12000 in upcoming weeks, that will help the
weekly stochastic oscillator to cool off the overbought situation SGX Nifty 11889.00 -31.90 -0.26
(currently at 81) formed due to past six week’s 940 points rally.
In turn, this will make markets healthy as we do not expect the * SGX Nifty at 7:30 am
index to breach the key support threshold of 11700-11600.
Hence, we believe the ongoing breather should not be construed Nifty Technical Picture
as structurally negative. Instead it should be capitalised on as an
Intraday Short term
incremental buying opportunity in quality cyclical stocks
• In the coming session, we expect Nifty futures to witness Trend

ICICI Securities – Retail Equity Research

continuance of stock specific action. Hence, intraday pullback
Support 11840-11800 11700
towards 11940-11960 should be used to create intraday short
position for target of 11900 Resistance 11910-11945 12000
Structurally, we expect the ongoing breather to get anchored 20 day EMA 11786
around 11700 in coming weeks as the index has not corrected for
more than two weeks since August 2019. In the current scenario, as 200 day EMA 11336
the index has already corrected over the week, we expect in coming
Nify Future Intraday Recommendation
week temporary breather to find its feet around 11700-11600 as it is:
 as per the change of polarity concept, past three month’s Action Sell
resistance of 11700 would now act as immediate support Price Range 11922-11945
 38.2% retracement of current up move (11090–12034), at 11674
Target 11906.0/11875.0
Nifty midcap index resolved out of eight session’s consolidation,
thereby confirming a higher base at 38.2% retracement of earlier six Stoploss 11961.00
session’s up move. Slower pace of retracement signifies healthy
consolidation. Going ahead, we expect Nifty midcap, small cap to Sectors in focus (Intraday):
relatively outperform benchmarks, as over the past two months we Positive Bias: Banks, Metal, Pharma,
have been seeing significant improvement in market breadth of Nifty
500 universe, as discussed below: Infra
 during entire corrective phase off June high 12103 to August low Neutral: Auto
of 10637, average number of stocks hitting new 52 week high
was six per day, which has significantly improved to 18 per day
in the past seven weeks, indicating rejuvenated buying demand
 percentage of stocks above 200 days SMA has improved (off ICICI Securities Ltd. | Retail Equity Research 2
September low 10670) from 28% to 46%
Source: Bloomberg, ICICI Direct Research
 Bank Nifty: 30992

Technical Outlook Bank Nifty Index – Daily Candlestick Chart Nifty Bank daily change
The Bank Nifty traded in a range and ended flat on Monday. Open High Low Close Indices Close Change Change%

MOMENTUM PICK
PSU banks outperformed as the PSU bank index ended up
31036.80 31203.55 30901.85 30992.10 Target @ Nifty Bank 30992.10 -16.30 -0.05
1.4%. The Bank Nifty ended the session flat at 30992.
31800
Technical Outlook
• The daily price action formed a high wave candle carrying a
higher high and higher low signalling consolidation with a Nifty Bank Technical Picture
positive bias amid stock specific action. 30801
• Going ahead, follow through strength above previous week’s Intraday Short term
high (31205) will lead to extension of the current rally Trend
towards 31800 in coming weeks. Failure to do so will lead to Support 30900-30790 30000
a temporary breather. The index has a major hurdle at 31800
as it confluence of the following observations: Resistance 31205-31340 31800
 price parity of mid-September rally (26643-30801), 20 day EMA 30126
projected from October low (27569) at 31730
 life-time high of 31783 recorded in May 2019 200 day EMA 28824
• In the past six weeks, the index has rallied more than 12%,
hauling weekly stochastic oscillator to overbought territory

ICICI Securities – Retail Equity Research

(93), indicating possibility of a temporary breather cannot be
ruled out. However, we believe such a breather would make
Nifty Bank vs. Nifty
the market healthy. The index has major support around
30000-30200. Hence, any temporary breather towards the 2.69
support area should be capitalised on as an incremental 27569 2.65 12100
2.61
buying opportunity 2.57 11700
• In the coming session, Bank Nifty futures are expected to 2.53 11300
2.49
open on a flat to negative note on back of mixed global cues. 2.45 10900
We expect the index to consolidate amid stock specific 26643
2.41
Daily stochastic is seen consolidating near reading of 50 2.37 10500
action. Therefore, pullback towards 31100-31140 should be
2.33 10100
used to create short position for target of 30952 2.29
Structurally, the index continues to form a higher high and 2.25 9700
higher low on the weekly chart signalling strength. The index 20-May 20-Jul 20-Sep
has major short-term support around 30000-30200 as it is
confluence of the following technical observations: Ratio Nifty
 50% retracement of the last two week’s up move
(28923-31205)
 the rising trend line support joining major lows of
the last two months at 30200
Source: Bloomberg, ICICI Direct Research
November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 3
Stock Picks
Duration: Intraday

Tata Steel (TATSTE) – Daily Candlestick Chart Technical Observations

CMP 411.65

MOMENTUM PICK
Price rebound after taking support at 38.2% retracement of recent up
move signaling further upward momentum in coming sessions
Action Buy

Price rebound after taking

Rationale support at 38.2% retracement of
recent upmove
13 Day EMA

Stochastic (5,3,S,3) generated bullish crossover suggest positive bias Initiation Range 411.50-412.50

Target 415.90/420.0

Stop Loss 407.90

ICICI Securities – Retail Equity Research

Britannia (BRIIND) – Daily Candlestick Chart Technical Observations
Price close above 20 day EMA suggest further downsides
CMP 3152.05
in coming sessions

Action Sell

20 Day Price close above 20 day EMA&

Rationale
EMA RSI in sell mode

14 period RSI generated bearish crossover suggest positive bias Initiation

3148.00-3153.0
Range

Target 3124.80/3101.0

Stop Loss 3181.10

Source: Bloomberg, ICICI Direct Research

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 4
Stock Picks
Duration: 14 days

Buy Granules India (GRANUL) in the range of 123.00-127.00 Target: 138.00 Stop Loss: 116.50 Technical Observations
Weekly Bar Chart • The share price has registered a

MOMENTUM PICK
resolute breakout above the bullish
Flag pattern signalling continuation
A bullish Flag breakout signals continuation of the up trend Target @ 138 of the up trend and offers fresh
and offers fresh entry opportunity entry opportunity to ride the next up
133
move in the stock
• The stock has recently witnessed a
123 faster retracement of the last falling
120 segment as five months decline (|
120 to 84) was completely retraced
in just two months signalling
strength and positive price structure
Major short • The stock has immediate support at
term support | 117 levels as it is the confluence
at | 117 levels of the 38.2% retracement of the
previous up move (| 95 to | 133),
low of the previous week and the
95 recent major trendline breakout area

ICICI Securities – Retail Equity Research

as can be seen in adjacent chart
84 • The weekly MACD in uptrend and is
seen diverging from its nine period
average signalling strength and
validates positive price structure
79 The daily MACD in up trend thus supports the positive bias
• We expect the stock to resolve
higher and head towards | 138
levels as it is the 123.6%
retracement of the recent decline (|
133 to 117) placed at | 138 levels

Recommendation initiated on i-click to gain at 14:37 on November 18, 2019

Source: Bloomberg, ICICI Direct Research

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 5
Stock Picks
Duration: 14 days

Buy JK Lakshmi Cement (JKLAKS) in the range of 300.00-309.00 Target: 338.00 Stop Loss: 292.00 Technical Observations
Daily Bar Chart • The share price of JK Lakshmi

MOMENTUM PICK
396 A falling trendline breakout with strong volume signals Cement has registered a breakout
strength and offers fresh entry opportunity above the downward sloping supply
line joining highs since June 2019
371 (| 396) signalling reversal of the
corrective trend and offers a fresh
entry opportunity
Target • The stock witnessed a sharp
@ 338 rebound on Monday after forming a
major consolidation base at the 80%
retracement of the previous major
up move (| 260-396)
• The break out from the falling trend
line was supported by strong
volume of more than 9x the 200
days average volume of 90,000
shares per day signalling larger
participation at breakout area

ICICI Securities – Retail Equity Research

Consolidation base at the 80%
retracement of the previous rally (| • The daily 14 periods RSI is in
260 260-396) uptrend and has recently rebounded
taking support at its nine periods
Strong volume at the breakout area signals larger participation in the direction of trend average. Thus, this validates positive
bias in the stock
• We expect it to continue its current
up move and head towards | 338 as
The daily 14 periods RSI in up trend thus supports the positive bias it is 61.8% retracement of the
previous decline (| 371 to 277)

Recommendation initiated on i-click to gain at 10:37 on November 4, 2019

Source: Bloomberg, ICICI Direct Research

November 19, 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 -1.5

MOMENTUM PICK
Change Change Change Change Hong Kong
-0.1
Currency Brazil -1.3
-0.3
Japan -1.05
USD INR -0.6
71.8 -0.1 -0.5 -1.0 -0.6 -0.3
China
-0.1
Dollar Index -0.3
97.9 0.1 -0.5 0.6 -0.5 UK 0.1
EURO USD India -0.1
1.1 0.0 0.5 -0.7 -0.1 -0.2
Germany -0.3 0.1
GBP USD
1.3 0.0 0.8 -0.1 6.8 France 0.6
-0.2
JPY US 1.2
108.6 0.1 0.4 0.0 -1.8 0.1

Swiss Franc -2.0 -1.0 0.0 1.0 2.0

1.0 0.0 0.4 -0.4 -0.8 % Change
5 Day Change 1 Day Change
Commodities ($)

ICICI Securities – Retail Equity Research

Advance Decline
Gold
1,470.5 -0.1 1.0 -0.9 -1.7
2000
Brent
62.3 -0.3 0.3 4.8 4.2
1500
Copper
5,815.0 -0.2 -0.8 0.5 1.7
Silver 1000
17.0 -0.2 1.5 -3.1 0.9
Yield (bps change) 500

India 10 6.5 0.0 0.0 0.0 -0.1 0

US 7-Nov 8-Nov 11-Nov 13-Nov 14-Nov 15-Nov 18-Nov
1.8 -0.9 -12.8 5.2 20.0
EURO -0.3 -0.1 -9.1 4.7 31.3 Advances Declines

Source: Bloomberg, ICICI Direct Research

November 19, 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

MOMENTUM PICK
Change Change Change Change FII

Sensex 1,200
40,284.2 -0.2 -0.1 2.5 7.7
900
Nifty 664
11,884.5 -0.1 -0.2 1.9 7.5 600 585

BSE Auto 300

18,175.6 -0.5 -1.0 1.6 16.1

Rs Crore
0
Bankex
35,158.4 0.0 0.9 6.9 10.2 -300 -271
Capital Goods -600 -562
17,710.5 -0.7 -3.4 -4.7 3.4
Consumer -900
Durables 25,345.6 0.3 1.6 -4.6 10.4 -1,200 -1,008

FMCG 11-Nov 13-Nov 14-Nov 15-Nov 18-Nov

11,789.0 -0.3 -2.5 -1.2 7.5 Date

ICICI Securities – Retail Equity Research

Healthcare
13,160.1 1.2 0.5 4.2 4.9
DII
IT
15,210.8 -0.3 -0.2 -1.6 -2.1
Metal 700 538
9,460.3 1.7 -3.0 3.4 6.2 309
Oil & Gas 200 83
Rs Crore
15,112.0 0.0 -0.4 -1.3 15.4
-300 -245
Power
1,915.6 0.4 -2.0 -3.4 0.2
-800
Realty -890
2,126.9 0.3 -1.3 5.2 3.7
-1,300
BSE 500 11-Nov 13-Nov 14-Nov 15-Nov 18-Nov
15,341.1 0.0 -0.2 1.9 7.6
Date
BSE Midcap
Index 14,837.5 0.4 0.7 2.9 9.8
BSE Small Cap
13,362.6 0.3 -0.8 1.8 5.6

Source: Bloomberg, ICICI Direct Research

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 8
Trend Scanner
Heat Map Positive Trend Universe: NSE 500 Overbought Stocks
Change 20-Day Delivery Scrip Name LTP Stochastic

MOMENTUM PICK
409.2 410.1 193.6 521.8 Tata 56.0 Scrip Name Close
Bharti Airtel Tata Steel Hindalco BPCL % SMA ( %) Amara Raja 750.00 95.1
4.1% 3.9% 3.1% 3.0% power 2.7%
Tata Steel 410.05 3.94 388.04 12.00 Voltas 714.50 92.1
India Bulls 208.7 Sun 424.6 294.2 GRASIM 769.5 Bank of 95.9
Zee Ent DLF 216.00 82
Hsg Fin 2.7% Pharma 2.3% 2.2% INDS LTD 1.9% Baroda 1.7% Ramco Cement 793.90 1.19 778.35 41.00
190.7 4,126.4 Indusind 1,374.4 325.1 Tata 170.1 Tata Global 305.30 2.54 293.01 32.00
Power Grid Ultratech SBI Oversold Stocks
1.6% 1.2% Bank 1.1% 1.0% Motors 0.9% Sanofi 6806.55 4.92 6465.58 82.82 Scrip Name LTP Stochastic
143.4 723.0 Eicher 21,477.4 132.6 746.6
Vedanta Ltd Axis Bank IOC Lupin Larsen& toubro 1365.00 7.8
0.9% 0.8% Motors 0.7% 0.6% 0.6%
BAJAJ ITC 250.70 8.06
2,236.3 9,104.3 1,492.1 124.8 Kotak 1,627.2
HDFC Ltd FINSERV ACC GAIL Negative Trend Universe: NSE 500 Vedanta 143.00 6.1
0.6% 0.5% 0.4% 0.4% Bank 0.3%
LT Change 20-day Delivery
2,737.0 705.2 117.5 250.8 TITAN CO 1,158.8 Scrip Name Close 52 Weeks High
Dr Reddy Infosys NTPC ITC % SMA (%)
0.2% 0.2% 0.1% 0.0% LTD 0.0% Scrip Name LTP
ONGC 133.90 -1.22 138.73 52.82
751.8 2,056.2 1,141.1 Bharti 226.8 Adani 365.7 Abbott India 13020
Tech Mah HUL HCL Tech
0.0% -0.1% -0.1% Infratel -0.2% Ports -0.2% Alkem 2110

ICICI Securities – Retail Equity Research

498.4 200.3 460.6 7,098.5 1,459.2
ICICI Bank Coal India Cipla Maruti RIL Bharti Airtel 420.5
-0.3% -0.4% -0.6% -0.7% -0.8%
Asian 52 Weeks Low
1,364.5 2,152.6 133.9 249.5 1,739.0
L&T TCS ONGC Wipro
-1.0% -1.0% -1.2% -1.2% Paints -1.2% Scrip Name LTP

1,262.1 2,502.9 573.7 3,156.9 65.9 Bajaj Electrical 312

HDFC Bank Hero Moto M&M Bajaj Auto Yes Bank
-1.2% -1.6% -1.6% -1.8% -4.1% Apcotex Industries 160.1
Jagran 48.6
Bullish Candlestick Pattern Bearish Candlestick Pattern
Scrip Name Pattern name LTP Scrip Name Pattern name LTP
Amber Engulfing 1000.8 Avanti Feed Engulfing 519.0
JCHAC Engulfing 2015 Grindwell Engulfing 595.0
MHRIL Engulfing 223 India Cement Continuation 80
PFC Continuation 118

Source: Bloomberg, ICICI Direct Research

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 9
 Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
NIFTY 50 Negative 11884.5 11852 11820 11773 11930 11978 12009

MOMENTUM PICK
S&P BSE SENSEX INDEX Negative 40284.19 40158 40030 39837 40478 40670 40798
NIFTY BANK Positive 30992.1 30862 30731 30561 31164 31335 31466
NIFTY 50 FUTURES Negative 11925 11890 11856 11822 11958 11992 12026
NIFTY BANK FUTURES Positive 31036.6 30898 30758 30616 31180 31322 31462
ACC LTD Positive 1491.2 1483 1473 1460 1506 1519 1529
AMBUJA CEMENTS Positive 200.75 200 198 196 204 206 208
ADANI POWER LTD Negative 59.85 58 58 56 61 62 63
ADANI ENTERPRISE Neutral 200.15 198 197 193 204 208 209
ADANI PORTS AND Negative 366.5 365 363 361 368 369 371
ASHOK LEYLAND Negative 82.25 79 77 76 83 85 87
AMARA RAJA BATT Negative 749.25 742 736 730 754 760 767
APOLLO HOSPITALS Neutral 1403.5 1391 1380 1361 1422 1440 1452
ASIAN PAINTS LTD Negative 1742 1729 1716 1698 1760 1778 1790
APOLLO TYRES LTD Positive 169.65 168 166 165 171 172 174

ICICI Securities – Retail Equity Research

AUROBINDO PHARMA Positive 426.5 417 407 401 433 439 450
AXIS BANK LTD Positive 724.1 717 708 703 730 734 743
BAJAJ FINANCE LT Negative 4151.3 4128 4105 4064 4193 4233 4257
BATA INDIA LTD Negative 1706.1 1691 1675 1651 1731 1755 1772
BHARTI AIRTEL Positive 411.2 395 380 367 424 436 452
BHARAT ELECTRON Negative 109.8 110 108 107 112 114 115
BHARAT HEAVY ELE Negative 54 53 53 52 54 55 56
BHARAT FORGE CO Positive 448.95 444 439 434 453 457 462
BALKRISHNA INDS Neutral 848.75 836 822 807 865 880 894
BAJAJ AUTO LTD Negative 3152.25 3125 3097 3047 3203 3253 3282
BAJAJ FINSERV LT Negative 9099.5 9034 8969 8923 9145 9191 9255
BANK OF BARODA Neutral 96 96 94 94 98 98 100
BANK OF INDIA Positive 71.5 70 68 68 73 74 76
BOSCH LTD Neutral 15049 14937 14824 14715 15159 15268 15381
BHARAT PETROL Positive 520.5 516 511 505 527 533 538

Source: Bloomberg, ICICI Direct Research

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 10
 Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
BRITANNIA INDS Negative 3142.1 3107 3071 3016 3198 3253 3289

MOMENTUM PICK
CANARA BANK Neutral 211 207 203 200 213 215 219
CONTAINER CORP Negative 567.65 562 558 550 574 582 586
CADILA HEALTHCAR Positive 241.5 237 231 227 248 253 258
CENTURY TEXTILE Positive 446.15 426 406 393 458 470 490
CESC LTD Negative 763 752 740 733 770 778 789
CHOLAMANDALAM IN Positive 329 324 321 317 332 337 340
CIPLA LTD Positive 458.95 454 449 440 468 477 483
COLGATE PALMOLIV Negative 1551 1528 1505 1474 1582 1613 1636
COAL INDIA LTD Negative 200.15 198 196 194 202 204 206
CASTROL INDIA Negative 144.25 142 141 140 145 147 148
DABUR INDIA LTD Negative 455.1 451 446 441 462 468 472
DEWAN HOUSING Negative 22.05 22 22 22 22 22 22
DISH TV INDIA Positive 14.4 13 13 12 14 15 15
DIVI LABS LTD Positive 1729 1713 1695 1670 1756 1781 1799

ICICI Securities – Retail Equity Research

DLF LTD Positive 216.5 212 208 204 219 222 226
DR REDDY'S LABS Positive 2735.65 2725 2715 2698 2752 2769 2779
EICHER MOTORS Neutral 21485 21296 21108 20966 21626 21768 21956
EQUITAS HOLDINGS Positive 88.65 87 84 83 92 94 96
ESCORTS LTD Negative 661 653 645 638 667 674 682
EXIDE INDUS LTD Negative 190 188 185 183 193 195 198
FED BANK LTD Positive 87.05 85 83 82 88 89 91
GAIL INDIA LTD Neutral 124.7 123 121 119 126 128 130
GODREJ CONSUMER Neutral 715.3 703 690 676 731 746 758
GMR INFRASTRUCTU Neutral 21.35 20 20 20 21 22 21
GLENMARK PHARMA Positive 366 328 290 269 388 408 447
GRASIM INDS LTD Positive 768 750 732 714 786 804 822
HAVELLS INDIA Negative 667.2 661 655 647 675 683 689
HCL TECH LTD Negative 1140.5 1136 1132 1125 1147 1154 1158
HOUSING DEV FIN Positive 2239 2219 2199 2188 2250 2261 2281

Source: Bloomberg, ICICI Direct Research

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 11
 Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
HEXAWARE TECHNOL Neutral 338 336 333 332 340 341 344

MOMENTUM PICK
HERO MOTOCORP LT Negative 2503.8 2484 2462 2428 2539 2574 2595
HINDALCO INDS Positive 194 189 184 182 197 200 204
HINDUSTAN PETRO Positive 289.5 286 282 276 295 300 304
HINDUSTAN UNILEV Negative 2059.3 2041 2021 2003 2078 2095 2115
VODAFONE IDEA LT Positive 4.55 3 3 3 4 5 5
IDFC FIRST BANK Positive 42.5 43 42 42 44 44 45
INDRAPRASTHA GAS Negative 417 412 407 400 423 430 435
INDIABULLS HOUSI Negative 207.45 200 193 185 216 223 231
INDUSIND BANK Neutral 1374.5 1362 1351 1342 1383 1391 1403
INTERGLOBE AVIAT Negative 1456.2 1445 1434 1413 1478 1498 1510
INFOSYS LTD Negative 709.9 702 695 691 713 717 723
INDIAN OIL CORP Neutral 132.5 131 130 129 133 134 135
ICICI PRUDENTIAL Neutral 519.1 515 511 504 526 533 538
ITC LTD Negative 250.6 250 248 246 253 255 257

ICICI Securities – Retail Equity Research

JINDAL STEEL & P Positive 145.65 143 140 138 148 150 153
JSW STEEL LTD Positive 250.15 247 243 241 253 255 260
JSW ENERGY LTD Negative 71 70 68 66 73 74 76
JUBILANT FOODWOR Negative 1587.5 1569 1552 1526 1613 1640 1656
JUST DIAL LTD Positive 531.15 513 495 482 543 555 573
CUMMINS INDIA Negative 557.5 552 547 539 566 573 579
KOTAK MAHINDRA Positive 1627.5 1617 1608 1599 1635 1644 1654
LIC HOUSING FIN Negative 422.4 415 407 403 427 431 439
LUPIN LTD Positive 745.55 739 732 722 756 766 773
LARSEN & TOUBRO Neutral 1363.35 1352 1340 1320 1385 1406 1417
L&T FINANCE HOLD Positive 97.6 97 95 94 100 101 102
MAHANAGAR GAS LT Neutral 1030 1013 995 985 1041 1051 1069
MAX FINANCIAL SE Neutral 484.55 473 462 451 495 506 517
MANAPPURAM FINAN Neutral 163.2 162 161 159 164 165 166

Source: Bloomberg, ICICI Direct Research

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 12
 Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
MAHINDRA & MAHIN Negative 573.4 569 565 559 580 587 591

MOMENTUM PICK
M&M FIN SERVICES Negative 326.85 319 313 308 331 337 343
MARICO LTD Negative 355.3 353 350 348 358 360 363
MRF LTD Positive 64453 63969 63485 63120 64818 65183 65667
MARUTI SUZUKI IN Negative 7105.05 7061 7017 6959 7163 7221 7265
MOTHERSON SUMI Negative 134.85 133 130 128 137 140 142
MINDTREE LTD Positive 703 692 681 673 710 717 728
MUTHOOT FINANCE Positive 713.4 699 683 664 733 753 768
NATIONAL ALUMIN Positive 42.35 41 41 40 42 43 43
NBCC INDIA LTD Positive 38.15 37 37 36 38 39 39
NESTLE INDIA Negative 14112.05 13998 13883 13707 14289 14465 14580
NIIT TECH LTD Positive 1519.5 1489 1458 1439 1539 1558 1589
NCC LTD Positive 56.9 55 54 53 57 58 59
NMDC LTD Positive 100.15 99 98 97 101 102 103
NTPC LTD Negative 117.75 116 116 115 117 118 118

ICICI Securities – Retail Equity Research

OIL INDIA LTD Neutral 159.15 159 157 156 161 163 164
OIL & NATURAL GA Negative 133.5 132 131 129 135 137 138
PAGE INDUSTRIES Negative 23450 23110 22770 22485 23735 24020 24360
PIDILITE INDS Negative 1306.85 1297 1288 1275 1319 1332 1341
PIRAMAL ENTERPRI Negative 1747 1726 1705 1674 1778 1809 1829
PETRONET LNG LTD Negative 273.1 270 269 265 276 279 281
PUNJAB NATL BANK Neutral 62.25 61 61 60 62 63 64
POWER FINANCE Positive 117.65 113 108 104 121 124 129
PVR LTD Negative 1737 1716 1694 1677 1755 1772 1794
POWER GRID CORP Neutral 190.75 187 185 183 191 193 196
RBL BANK LTD Negative 322.1 314 306 300 329 335 343
REC LTD Positive 141.1 135 129 126 145 149 154
RELIANCE INDS Negative 1460.05 1448 1436 1417 1479 1498 1509
STEEL AUTHORITY Positive 37.4 37 36 35 38 38 39
STATE BANK IND Positive 324.95 322 320 316 328 332 334
SHRIRAM TRANSPRT Negative 1125.3 1119 1114 1105 1133 1142 1147

Source: Bloomberg, ICICI Direct Research

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 13
 Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
SIEMENS LTD Negative 1554 1534 1514 1483 1586 1618 1638

MOMENTUM PICK
SHREE CEMENT Positive 19830.7 19574 19317 19057 20091 20351 20607
SRF LTD Positive 3206 3176 3148 3113 3239 3274 3302
SUN PHARMA INDU Positive 424.75 418 411 405 431 437 444
SUN TV NETWORK Neutral 496.5 488 478 472 504 510 519
TATA STEEL LTD Positive 411.9 401 390 385 418 424 435
TATA CONSULTANCY Negative 2151 2138 2124 2099 2177 2202 2216
TECH MAHINDRA LT Negative 753.1 748 742 737 759 764 769
TATA ELXSI LTD Negative 793.35 785 775 768 802 809 819
TATA GLOBAL BEVE Positive 305.55 299 293 289 310 314 320
TORRENT POWER LT Neutral 293.35 290 288 284 296 300 302
TATA POWER CO Positive 56.1 55 54 53 58 58 60
RAMCO CEMENT/THE Positive 795 784 774 765 804 813 823
TORRENT PHARMA Positive 1784 1769 1754 1736 1802 1820 1835
TITAN CO LTD Negative 1158.5 1154 1147 1142 1165 1171 1177

ICICI Securities – Retail Equity Research

TATA CHEMICALS Positive 649 645 640 637 652 654 659
TATA MOTORS LTD Neutral 170.2 170 168 167 173 174 176
TATA MOTORS-A Neutral 78.55 78 77 77 80 81 81
TVS MOTOR CO LTD Negative 449.55 444 439 433 455 461 466
UNITED BREWERIES Negative 1248.1 1237 1227 1218 1256 1265 1275
UJJIVAN FINANCIA Positive 287.5 282 277 273 290 293 298
UNION BANK INDIA Positive 54.8 53 53 52 54 55 56
UNITED SPIRITS Negative 611.8 606 601 592 621 631 636
UPL LTD Positive 550 535 519 511 559 567 582
ULTRATECH CEMENT Positive 4117.7 4077 4036 4001 4152 4186 4227
VEDANTA LTD Neutral 143.75 143 142 141 146 147 148
VOLTAS LTD Neutral 713.15 709 703 697 720 725 731
WIPRO LTD Negative 250 248 246 243 252 254 256
YES BANK LTD Negative 65.75 65 63 61 69 71 72
ZEE ENTERTAINMEN Positive 293.75 288 282 277 299 304 309

Source: Bloomberg, ICICI Direct Research

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 14
 Forthcoming Economic Event Calendar

Date Event Date Event

US China

MOMENTUM PICK
19-Nov Building Permits 19-Nov FX Net Settlement - Clients CNY
20-Nov MBA Mortgage Applications 20-Nov 1-Year Loan Prime Rate
21-Nov FOMC Meeting Minutes 20-Nov 5-Year Loan Prime Rate
21-Nov Initial Jobless Claims 21-Nov Swift Global Payments CNY
India UK
29-Nov GDP YoY 19-Nov CBI Trends Selling Prices
29-Nov GVA YoY 20-Nov Unit Labor Costs YoY
29-Nov Fiscal Deficit INR Crore 21-Nov Public Finances (PSNCR)

ICICI Securities – Retail Equity Research

Source: Bloomberg, ICICI Direct Research
November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 15
 Momentum Picks: Strategy Follow up
Duration: Intraday
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment

MOMENTUM PICK
18-Nov-19 Nifty NIFTY Sell 11952-11972 11936.0/11910.0 11,989.00 50 points Target achieved
18-Nov-19 State Bank of India STABAN Buy 320.00-322.20 324.20/327.10 317.90 - No trade
18-Nov-19 Indigo INTAVI Sell 1472.00-1476.00 1460.20/1446.30 1,488.40 0.90 stoploss triggered

Cash Positional
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
8-Nov-19 Tata Global TATGLO Buy 291 324 277.00 5.00 Booked 50% profit at 304.50

ICICI Securities – Retail Equity Research

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 16
 Gladiator Stocks: Open Recommendations

Date Scrip Name Strategy Recommendation Price Target Stoploss Time Frame

MOMENTUM PICK
4-Nov-19 Ratnamani Metals Buy 955-995 1,125.00 889.00 6 Months
31-Oct-19 Glaxosimthkline Pharma Buy 1640-1680 1,890.00 1535.00 6 Months
30-Oct-19 Ramco Cement Buy 780-795 880.00 730.00 6 Months
22-Oct-19 PVR Buy 1830-1850 2,140.00 1710.00 6 Months
24-Sep-19 KEC Buy 270-285 334.00 248.00 6 Months
All the recommendations are in Cash segment

ICICI Securities – Retail Equity Research

Back to Top

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 17

Price history of last three years
Granules India JK Lakshmi Cement

MOMENTUM PICK
ICICI Securities – Retail Equity Research
November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 18
 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

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 19

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%

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 20

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

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 21

 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

November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 22

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:

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companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.

Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etc as opposed to focusing on a company's fundamentals and, as such, may not match with the
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
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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
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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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Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

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November 19, 2019 ICICI Securities Ltd. | Retail Equity Research 23