Momentum Picks

MOMENTUM PICK
New recommendations
Open Recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
Gladiator Stocks
15-Oct-20 Nifty Nifty Buy 11940-11962 11998.0/12047.0 11899.00 Intraday
15-Oct-20 Kotak Mahindra Bank KOTMAH Buy 1354.00-1358.00 1367.40/1378.00 1345.40 Intraday
Scrip Action
15-Oct-20 Tata Steel TATSTE Buy 376.00-378.00 380.60/383.50 374.10 Intraday
HDFC Bank Buy
Can Fin Home Buy
Tech Mahindra Buy
Open recommendations Duration: 6 Months
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
Click here to know more…
08-Oct-20 CYIENT CYILIM Buy 393.00-399.00 442.00 373.00 14 Days

ICICI Securities – Retail Equity Research

08-Oct-20 Bajaj Electricals BAJELE Buy 500.00-516.00 565.00 475.00 14 Days
30-Sep-20 Heidelberg Cement HEICEM Buy 178-185 205.00 168.00 14 Days
Intraday recommendations are for current month futures. Positional recommendations are in cash segment

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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): 11971

Technical Outlook NSE Nifty Daily Candlestick Chart Domestic Indices

Day that was… Indices Close 1 Day Chg % Chg
Open High Low Close

PICK
Equity benchmarks extended gains over 10th consecutive session as
SENSEX Index 40794.74 169.23 0.42

Picks
Nifty gained 37 points or 0.3% to settle Wednesday’s trading session 11917.40 11997.20 11822.15 11971.05
on a positive note at 11971. However, the market breadth remained NIFTY Index 11971.05 36.55 0.31

MOMENTUM
negative with A/D ratio of 1:1.2. Sectorally, financials outshone while Resistance
IT, pharma, auto underperformed. Nifty Futures 11982.25 36.15 0.30

Momentum
@ 12100
Technical Outlook We expect ongoing
momentum to slowdown and BSE500 Index 15508.65 40.18 0.26
• The daily price action formed a bull candle with long lower
shadow, indicating elevated buying demand as supportive efforts index to undergo a temporary Midcap Index 14726.26 73.87 0.50
emerged from 23.6% retracement of past ten sessions sharp up breather around 12100
move (11185-12022), 11824. As a result, index completely
Small cap Index 14859.53 -28.69 -0.19
recouped intraday losses and closed on a positive note. Key SGX Nifty 11992.00 9.75 0.08
• Going ahead, we expect the index to prolong the ongoing Support
consolidation (12100-11700) with a stock specific action amid @ 11500 * SGX Nifty at 7:30 am
progression of Q2FY21 result season. In the process, we expect
Nifty Technical Picture
Bank Nifty to support the benchmark index as it regained upward
momentum and closed above 200 days SMA Intraday Short term
• Key point to highlight since 2009 is that, post sharp up move
Trend
(more than 25%) in the broader market, the intermediate average
correction has been to the tune of 12% to 15%. Meanwhile, time Support 11930-11880 11700

ICICI Securities – Retail Equity Research

wise Nifty midcap and small cap indices undergo secondary
phase for 5-6 weeks. In current scenario, both indices have Resistance 12020-12070 12100
approached maturity of its price wise correction after 10% 20 day EMA 11594
correction. Whereas, time wise they have corrected for past four
weeks and thereby approaching time wise maturity. We believe 200 day EMA 10931
broader market has undergone healthy consolidation and we
expect catch up activity should be seen in broader market since Nifty Future Intraday Reco.
the Nifty has already surpassed August highs. Thus ongoing
consolidation should not be construed as negative as the broader Action Buy
structure remains positive. Instead dips should be capitalised on Price Range 11940-11962
as incremental buying opportunities in quality stocks
• Structurally, the Nifty has seen faster pace of retracement, as it Target 11998.0/12047.0
entirely retraced preceding four week’s corrective phase in just Stoploss 11899.00
Daily stochastic oscillator pointing downward, indicating breather
two weeks, indicating rejuvenation of upward momentum that
makes us confident of believing the Nifty would resolve higher
and retest its lifetime high of 12400 by December 2020. In the
Sectors in focus (Intraday):
process, we maintain key support base at 11500 as it is
confluence of: a) as per change of polarity concept earlier
Positive: Pharma, IT, Consumption,
resistance of 11500 would now act as immediate support b) last
week’s low is placed at 11450 Cement
In the coming session, volatility would remain high owing to weekly
derivative expiry. However, we expect index to hold intraday support Neutral: Power , Oil& Gas
of 11900 and trade with a positive bias. Hence, intraday dip towards
11940-11962 should be used to create long position for 12047 ICICI Securities Ltd. | Retail Equity Research 2
Source: Bloomberg, Spider, ICICI Direct Research
 Bank Nifty: 23874

Technical Outlook Bank Nifty Index – Daily Candlestick Chart Nifty Bank daily change
The Bank Nifty snapped a two session decline and closed sharply Open High Low Close Indices Close Change Change%

MOMENTUM PICK
higher by more than 1.5% on Wednesday. The up move was lead
23353.15 23962.70 23149.45 23874.65 Nifty Bank 23874.65 382.45 1.63
by the private banking stocks. The Bank Nifty ended the session
at 23874, up by 382 points or 1.6%
25232
Technical Outlook
• The daily price action formed a bullish engulfing candle
signalling strength and strong buying demand around 23000 Nifty Bank Technical Picture
levels. A follow trough strength above last Monday’s high
(24190) will open fresh upside towards the August high of Intraday Short term
25250 in the coming weeks. Failure to do so will lead to a Trend
healthy base formation in the range of 24200-23000 Support 23680-23500 22200
• Key point to highlight during the ongoing pullback off Support
September low (20405) is that the Bank Nifty has retraced Resistance 24050-24200 25250
@
almost 80% of preceding 19 session’s decline (25232-20405) 22200 20 day EMA 22715
in just 13 sessions, at 24250. The ongoing faster retracement
200 day EMA 23532
signifies robust price structure
• We believe the last three sessions consolidation after a sharp

ICICI Securities – Retail Equity Research

up move (more than 3500 points rally) was seen over the past 20405
11 sessions will help the daily stochastic oscillator to cool off
the overbought condition and make markets healthy. Thus, A follow through strength above last Monday’s
any temporary breather from here on should not be construed 19507 high (24190) will open fresh upside towards the
as negative as the broader structure remains positive. Instead August high of 25250 in the coming weeks
dips should be capitalised on as incremental buying
opportunities in quality banking stocks
• The recent sharp up move and higher high-low in weekly chart
signals elevated buying demand that makes us confident to
revise the short term support base higher towards 22000-
22200 levels being the confluence of the following:
• a) The 50% retracement of the current up move 20405 to 17105
23450 is placed around 22000 levels Daily Stochastic cooling off from the overbought territory
• b) The previous week low is also placed around 22200 levels
• In the coming session, the index is opening on a flat note on
the back of soft global cues. Volatility is expected yo remain
high on account of volatile global cues. We expect the index
to continue with its previous session up move. Hence, use
dips towards 23750-23810 for creating long position for the
target of 24030 with a stoploss of 23640
Source: Bloomberg, Spider, ICICI Direct Research
October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 3
Stock Picks
Duration: Intraday

Kotak Mahindra Bank (KOTMAH)– Daily candlestick Chart Technical Observations

MOMENTUM PICK
Price sustaining above 50 day EMA & short term trend line breakout signaling further CMP 1358.00
upward momentum in coming sessions
Action Buy

Price sustaining above 50 day

Rationale EMA & short term trend line
50 Days breakout
EMA
Initiation Range 1354.00-1358.00

Stochastic (5,3,S,3) generated bullish crossover suggest positive bias Target 1367.40/1378.00

Stop Loss 1345.40

ICICI Securities – Retail Equity Research

Tata Steel (TATSTE) – Daily candlestick Chart Technical Observations

Price rebound after taking support at 50% Retracement of recent up move suggesting CMP 377.10
further upsides in coming sessions
Action Buy

Price rebound after taking support

Rationale at 50% Retracement of recent up
move
50%
Initiation
Retracement 376.00-378.00
Range

14 period RSI in buy mode suggest bullish bias Target 380.60/383.50

Stop Loss 374.10

Source: Bloomberg, Spider, ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 4
Stock Picks
Duration: 14 days

Buy Cyient Limited (CYILIM) in the range of 393.00-399.00 Target: 442,00 Stop Loss: 373.00 Technical Observations

Daily Bar Chart • IT sector is outperforming and

MOMENTUM PICK
513 A potential double bottom signals strength and offers fresh entry opportunity with mid cap IT companies are
a favourable risk reward set up catching up with their large caps
Target exhibiting broad based sector
431 442 @ 442 participation
• The share price of Cyient has
formed a potential double bottom
at the 50 days EMA and 38.2%
367 Support retracement of the previous up
Potential double bottom at @ 373 move (248-431) signalling
the 50 days EMA strength and offers fresh entry
A slower opportunity with a favourable risk
retracement reward set up
248 • The stock has already taken seven
weeks to retrace just 38.2% of the
previous six weeks up move (|
248 to 431). A shallow
184 retracement signals strength and

ICICI Securities – Retail Equity Research

a robust price structure

Strong surge in volume

• The stock has immediate support
at | 373 levels being the
confluence of the rising 50 days
EMA and the lower band of the
The daily stochastic in up trend last nine session consolidation
placed around | 373 levels
• Based on the above observations,
we expect the stock to resume up
move after recent consolidation
and test September high of | 442
Recommendation initiated on i-click to gain at 09:29 on October 08, 2020 levels in the coming sessions

Source: Bloomberg, Spider Software, ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 5

Stock Picks
Duration: 14 days

Buy Bajaj Electricals (BAJELE) in the range of 500.00-516.00 Target: 565.00 Stop Loss: 475.00 Technical Observations

Daily Bar Chart • The stock has generated a

MOMENTUM PICK
breakout above the falling
Price rebounding from the lower band of the rising channel and 50 days EMA and has generated a breakout above
trendline joining the recent high of
Target
the falling trendline signalling resumption of up move thus offers fresh entry opportunity Aug’20 (| 545) and Sep’20 (| 520)
545 @ 565
signalling resumption of up move
520 after recent breather thus offers
fresh entry opportunity
460 466
Support • The entire up move since April
442 @ 475 low (| 260) is well channelled
signalling sustained demand at
elevated levels
380
• It has recently rebounded forming
higher base at the rising 50 days
SMA (Currently at | 475) and the
lower band of the rising channel
containing the entire up move
since April 2020 low (| 260)
highlighting a robust price

ICICI Securities – Retail Equity Research

260
structure and strong support base
around | 475 levels
The daily 14 periods RSI is seen sustaining above its nine periods average thus
validates positive bias in the stock • Among the oscillators, the daily
14 periods RSI is seen sustaining
above its nine periods average
thus validates positive bias in the
stock.
• We expect the stock to continue
with its current up move and test
levels of | 565 in the coming
sessions as it is the 123.6%
Recommendation initiated on i-click to gain at 15:24 on October 08, 2020 external retracement of the recent
breather (| 545-442) placed
around | 565 levels

Source: Bloomberg, Spider Software, ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 6

Stock Picks
Duration: 14 days

Buy Heidelberg Cement (HEICEM) in the range of 178.00-185.00 Target: 205,00 Stop Loss: 168.00 Technical Observations

Daily Bar Chart • The stock has generated a

MOMENTUM PICK
A falling trendline breakout joining recent highs as the stock rebound from the breakout above the falling
200 days SMA thus offers fresh entry opportunity trendline joining the highs of
205 Target @ 205
August (| 205) and September (|
193) signalling reversal of the last
194 193 six weeks breather and
resumption of up move thus
offers fresh entry opportunity
• The stock during the recent
breather has formed a higher base
174
172 at the rising 200 days SMA
Support (currently placed at 176 levels) as
Higher base at the @ 168 can be seen in the adjacent chart
200 days SMA highlighting a robust price
structure
• The stock has crucial support base
at | 174-170 levels being the
confluence of the lower band of

ICICI Securities – Retail Equity Research

140 the recent consolidation and 50%
retracement of the previous major
The daily 14 periods RSI has generated a bullish crossover above its nine periods up move of May-August (| 140-
average thus supports the positive bias in the stock 205) placed at | 172 levels
• Among the oscillators, the daily
14 periods RSI has generated a
bullish crossover above its nine
periods average thus supports the
positive bias in the stock
• Based on the above observations,
we expect the stock to continue
Recommendation initiated on i-click to gain at 14:10 on September 30, 2020 with its current up move and
retest its August high of | 205 in
the coming sessions

Source: Bloomberg, Spider Software, ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 7

Market Activity Report
Global Currency, Commodities and Bond Global Equity Market Performance
Currency/Yield/ 1 Day % 1 Day Change

MOMENTUM PICK
Close Brazil 0.8
Commodities Change
US -0.6
Currency
India 0.4
USD INR 73.28 0.1
Hong Kong -0.7
Dollar Index 93.43 0.0 Japan -0.4
China 0.2
EURO USD 1.17 0.0
Germany 0.1
GBP USD 1.30 0.0 UK -0.6

JPY France -0.1

105.24 0.1
-1.3 -0.8 -0.3 0.2 0.7 1.2
Swiss Franc 0.91 -0.1
% Change
1 Day Change
Commodities ($)

ICICI Securities – Retail Equity Research

Advance Decline
Gold 1,900.60 -0.4
2000
Brent 43.31 -0.2
1600
Copper 6,716.00 0.4
1200
Silver 24.23 -0.7
800
Yield (bps change)
400
5.90 0.00
India 10 0
US 0.71 -0.43 6-Oct 7-Oct 8-Oct 9-Oct 12-Oct 13-Oct 14-Oct

EURO -0.57 -0.52 Advances Declines

Japan 0.02 -19.35

Source: Bloomberg, Investing, ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 8
Market Activity Report
Sectoral Indices Performance Fund Flow activity of the last 5 sessions
1 Day %
Sectoral Indices Close

MOMENTUM PICK
Change FII

Sensex 40,794.7 0.4 1,300

Nifty 11,971.1 0.3 978

832 822
BSE Auto 18,166.6 -0.2

Rs Crore
615
600
Bankex 27,064.4 1.6

Capital Goods 13,796.5 1.0

Consumer
24,187.6 0.0
Durables -100 -39
8-Oct 9-Oct 12-Oct 13-Oct 14-Oct
FMCG 11,087.0 0.1
Date

ICICI Securities – Retail Equity Research

Healthcare 19,996.8 -0.7
DII
IT 22,312.6 -1.5 400
127
100 20
Metal 7,975.5 0.0
-200
Oil & Gas 11,890.6 -1.1 Rs Crore
-500
-800
Power 1,607.3 -1.6
-1,100 -1,029
Realty 1,692.4 1.0 -1,400 -1,276
-1,700
BSE 500 15,508.7 0.3 -1,674
-2,000
BSE Midcap Index 14,726.3 0.5 8-Oct 9-Oct 12-Oct 13-Oct 14-Oct
Date
BSE Small Cap 14,859.5 -0.2

Source: Bloomberg, ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 9
 Trend Scanner
Heat Map Positive Trend Universe: NSE 500 52 Weeks High
Bajaj 6,100 811 Bajaj 3,372 ICICI 407 Indusind 623 Change 20-Day Delivery Scrip Name LTP

MOMENTUM PICK
Finserv
SBI Life
Finance Bank Bank Scrip Name Close
4.0% 3.1% 3.0% 2.7% 2.4% % SMA ( %) HCL Tech 887
SBI
200
Axis Bank
471
L&T
915
T ata Steel
376 Grasim 764 Kotak Mahindra Bank 1353.35 0.62 1299.00 39 JK Cement 1730
Ind
2.2% 2.2% 2.1% 2.0% 1.9%
Info Edge 3740.55 4.50 3504.00 20 Mphasis 1425
1,980 2,254 4,443 3,790 HDFC 1,212
HDFC Ltd Eicher Ultratech Britannia
Bank Tata Chemical 318.05 3.45 298.00 19
1.9% 1.5% 1.4% 1.2% 1.1%
Ultratech 4442.85 1.37 4076.00 16
HDFC 572 2,158 511 3,311 3,054 52 Weeks Low
HUL UPL Hero Moto Bajaj Auto
Life
1.0% 0.9% 0.9% 0.7% 0.6% Quick Heal 177.95 5.92 160.00 14 Scrip Name LTP
Kotak 1,353
Hindalco
174 Asian 2,071 Reliance 2,288
JSW Steel
291 Ingersoll rand 560
Bank Paints Ind.
0.6% 0.5% 0.3% 0.3% 0.2% Coal India 110
15,673 2,810 Sun 502 Shree 21,040 Adani 349
Nestle T CS
0.0% -0.2%
Pharma
-0.2%
Cement
-0.2%
Ports
-0.3%
Negative Trend Universe: NSE 500
3,130 7,002 1,223 Bharti 413 83 Change 20-day Delivery Overbought Stocks
Divis Lab Maruti T itan GAIL Scrip Name Close
Airtel % SMA ( %)
-0.3% -0.4% -0.4% -0.5% -0.6% Scrip Name LTP Stochastic
Coal India 110.55 -2.90 118.00 38 Adani transmission 295 93

ICICI Securities – Retail Equity Research

624 782 5,123 890 168
M&M Cipla Dr Reddy HCl T ech IT C
-0.6% -0.7% -0.9% -1.1% -1.4%
1,137 333 75 Power 157 849
Infosys BPCL IOC T echM
Grid
-1.8% -1.8% -1.9% -2.1% -2.2%
T ata 131
Coal India
111
ONGC
67
NT PC
79
Wipro
350 Oversold Stocks
Motors
-2.5% -2.9% -3.0% -4.3% -6.8% Scrip Name LTP Stochastic
Akzo India 2010 7
Candlestick Pattern Balkrishna Industries 1380 11
Bullish Candlestick Formations Bearish Candlestick Formations Godrej Industries 379 12
Scrip Name Pattern name LTP Scrip Name Pattern name LTP
Axis Bank Engulfing 471.0 LTI Shooting star 3330.0
Bajaj Finance Engulfing 3372.0 Natco pharma Belt Hold line 901.0
Blue Star Piercing line 624.0 Lupin Engulfing 1036.0
Gujarat Gas Engulfing 296.0 Chola Holding Belt Hold line 394.0

Source: Bloomberg, ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 10
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
NIFTY 50 Neutral 11971.05 11863 11755 11688 12038 12105 12213

MOMENTUM PICK
S&P BSE SENSEX INDEX Neutral 40794.74 40424 40051 39823 41024 41253 41625
NIFTY BANK Neutral 23874.65 23361 22849 22548 24175 24475 24988
NIFTY 50 FUTURES Neutral 11973 11859 11745 11673 12045 12117 12231
NIFTY BANK FUTURES Neutral 23944.5 23431 22916 22620 24242 24538 25053
ACC LTD Negative 1549.5 1518 1489 1470 1567 1585 1615
AMBUJA CEMENTS Neutral 246.6 242 237 234 250 253 258
ADANI POWER LTD Neutral 36.4 35 35 35 36 37 37
ADANI ENTERPRISE Neutral 313.4 310 307 305 316 319 322
ADANI PORTS AND Negative 348.95 345 342 338 351 355 358
ASHOK LEYLAND Negative 73.2 72 71 70 74 75 76
AMARA RAJA BATT Positive 729.55 723 715 705 741 751 759
APOLLO HOSPITALS Negative 2227.7 2200 2173 2136 2264 2301 2328
ASIAN PAINTS LTD Neutral 2071.35 2057 2041 2026 2087 2102 2118
APOLLO TYRES LTD Negative 128.65 126 124 121 131 134 136

ICICI Securities – Retail Equity Research

AUROBINDO PHARMA Negative 810.4 798 784 775 821 830 844
AXIS BANK LTD Neutral 471.3 459 446 439 480 488 501
BAJAJ FINANCE LT Neutral 3372.05 3276 3179 3126 3425 3479 3575
BATA INDIA LTD Negative 1364.75 1345 1326 1310 1380 1396 1415
BHARTI AIRTEL Negative 413.25 411 407 402 419 423 427
BHARAT ELECTRON Neutral 91.55 90 89 88 93 95 95
BHARAT HEAVY ELE Negative 27.95 28 28 27 28 29 29
BHARAT FORGE CO Negative 443.5 437 430 420 455 464 472
BALKRISHNA INDS Negative 1379.6 1359 1337 1312 1405 1429 1451
BIOCON LTD Negative 446.7 443 439 434 451 457 460
BAJAJ AUTO LTD Positive 3054.15 3025 2995 2970 3080 3105 3135
BAJAJ FINSERV LT Positive 6100.05 5921 5743 5631 6211 6323 6501
BANK OF BARODA Neutral 42.05 42 40 40 44 44 46
BANK OF INDIA Negative 40.3 39 39 38 40 41 42
BOSCH LTD Negative 12075.45 11924 11771 11537 12310 12545 12697
BHARAT PETROL Negative 332.9 327 323 317 338 343 348

Source: Bloomberg, ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 11
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
BERGER PAINTS Negative 605.85 602 598 593 611 616 620

MOMENTUM PICK
BRITANNIA INDS Positive 3789.8 3752 3715 3690 3814 3839 3876
CANARA BANK Negative 88.55 88 87 87 90 91 92
CONTAINER CORP Negative 364.85 359 354 350 368 372 377
CADILA HEALTHCAR Negative 430.55 424 418 413 436 440 447
CENTURY TEXTILE Negative 315.95 308 301 295 320 325 332
CESC LTD Negative 582.6 580 576 571 588 592 596
CHOLAMANDALAM IN Neutral 249.55 242 235 230 255 259 267
CIPLA LTD Negative 781.5 767 753 740 795 809 823
COFORGE LTD Negative 2606.7 2545 2484 2373 2717 2828 2889
COLGATE PALMOLIV Neutral 1446.85 1434 1420 1408 1461 1474 1487
COAL INDIA LTD Negative 110.55 108 107 104 112 115 117
DABUR INDIA LTD Negative 516.95 510 502 497 522 526 534
DEWAN HOUSING Negative 12.3 11 11 11 12 13 13
DIVI LABS LTD Negative 3130.45 3102 3073 3043 3161 3191 3220

ICICI Securities – Retail Equity Research

DLF LTD Neutral 159.1 154 150 148 161 164 167
DR REDDY'S LABS Negative 5123 5070 5016 4941 5199 5274 5328
EICHER MOTORS Positive 2253.9 2207 2160 2130 2284 2314 2361
EQUITAS HOLDINGS Negative 51.7 51 50 49 53 54 56
ESCORTS LTD Negative 1232.35 1218 1204 1186 1250 1268 1282
EXIDE INDUS LTD Neutral 160.8 158 157 156 161 163 164
FED BANK LTD Neutral 52.9 53 51 51 55 55 56
GAIL INDIA LTD Negative 82.65 81 80 79 83 84 85
GODREJ CONSUMER Negative 699.8 692 683 669 715 729 738
GMR INFRASTRUCTU Negative 23.7 24 23 23 25 25 25
GLENMARK PHARMA Negative 486.4 473 460 448 498 510 524
GRASIM INDS LTD Neutral 763.6 742 720 707 777 790 811
HAVELLS INDIA Negative 697.45 692 687 681 704 711 716
HCL TECH LTD Positive 890.45 877 865 849 906 923 935
HOUSING DEV FIN Neutral 1979.85 1937 1893 1867 2007 2033 2077
HDFC BANK LTD Negative 1211.5 1186 1161 1147 1225 1239 1263
Source: Bloomberg, ICICI Direct Research
October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 12
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
HERO MOTOCORP LT Positive 3310.8 3277 3242 3214 3340 3368 3403

MOMENTUM PICK
HINDALCO INDS Positive 174.2 171 169 167 175 177 179
HINDUSTAN PETRO Negative 168.6 166 163 160 171 173 176
HINDUSTAN UNILEV Positive 2158.15 2137 2117 2103 2171 2185 2205
VODAFONE IDEA LT Negative 8.4 7 8 7 8 8 8
IDFC FIRST BANK Negative 31.25 31 30 30 32 32 33
INDRAPRASTHA GAS Positive 373.1 366 360 356 376 380 385
INDIABULLS HOUSI Neutral 155.3 147 140 135 160 164 172
INDUSIND BANK Neutral 622.65 606 587 577 635 645 663
INTERGLOBE AVIAT Negative 1342.6 1318 1292 1262 1374 1404 1430
INFOSYS LTD Negative 1137 1123 1110 1089 1157 1178 1191
INDIAN OIL CORP Negative 74.65 74 73 72 76 77 78
ICICI PRUDENTIAL Neutral 425.15 412 397 389 434 441 456
ITC LTD Negative 167.8 167 165 163 171 173 175
JINDAL STEEL & P Negative 190.15 188 186 184 192 194 195

ICICI Securities – Retail Equity Research

JSW STEEL LTD Positive 290.65 286 283 280 293 296 299
JSW ENERGY LTD Neutral 60.2 57 55 53 61 63 66
JUBILANT FOODWOR Positive 2315.05 2279 2243 2220 2337 2361 2396
JUST DIAL LTD Negative 408.9 405 400 397 414 418 423
CUMMINS INDIA Neutral 437.8 434 430 425 444 450 454
KOTAK MAHINDRA Positive 1353.35 1332 1311 1298 1366 1379 1400
LIC HOUSING FIN Negative 286.45 282 277 274 290 293 298
LUPIN LTD Negative 1036.2 1019 1001 980 1057 1079 1096
LARSEN & TOUBRO Neutral 915.2 895 876 865 925 936 955
L&T FINANCE HOLD Neutral 62.8 61 59 58 64 65 67
MAHANAGAR GAS LT Negative 792.7 783 772 765 800 808 818
MAX FINANCIAL SE Neutral 595.9 586 576 570 602 608 619
MANAPPURAM FINAN Neutral 166.5 163 159 157 169 171 175

Source: Bloomberg, ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 13
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
MAHINDRA & MAHIN Negative 623.85 618 612 607 630 635 641

MOMENTUM PICK
M&M FIN SERVICES Negative 129.55 126 122 120 132 134 139
MARICO LTD Negative 361.6 359 355 350 367 373 376
MRF LTD Negative 59132.6 58373 57612 57224 59522 59910 60671
MARUTI SUZUKI IN Negative 7002.35 6929 6854 6781 7077 7150 7224
MOTHERSON SUMI Negative 110.55 110 108 107 113 114 116
MINDTREE LTD Neutral 1551.9 1526 1501 1461 1591 1631 1656
MUTHOOT FINANCE Neutral 1156.05 1129 1100 1084 1174 1190 1219
NATIONAL ALUMIN Negative 29.8 30 29 29 31 31 32
NBCC INDIA LTD Negative 22.5 23 22 22 24 24 24
NESTLE INDIA LTD Negative 15673.05 15542 15411 15272 15812 15951 16082
NCC LTD Negative 31.7 31 30 30 33 34 35
NMDC LTD Neutral 79.95 78 76 75 82 84 86
NTPC LTD Negative 79.1 77 75 72 82 85 87
OIL INDIA LTD Negative 84.35 83 82 80 86 88 89

ICICI Securities – Retail Equity Research

OIL & NATURAL GA Negative 67 65 65 63 67 69 70
PAGE INDUSTRIES Negative 20677.35 20190 19701 19365 21014 21350 21839
PIDILITE INDS Neutral 1486.7 1478 1467 1459 1497 1505 1515
PIRAMAL ENTERPRI Negative 1299.65 1266 1233 1213 1320 1341 1373
PETRONET LNG LTD Negative 210.2 206 203 198 215 219 223
PUNJAB NATL BANK Negative 28.15 28 27 27 29 29 29
POWER FINANCE Neutral 86.2 84 82 81 87 88 90
PVR LTD Neutral 1245.6 1222 1199 1174 1271 1297 1320
POWER GRID CORP Negative 157.05 155 154 151 160 163 164
RBL BANK LTD Negative 172.9 168 163 160 176 179 184
REC LTD Neutral 95.45 92 90 88 96 98 100
RELIANCE INDS Positive 2287.5 2270 2252 2235 2306 2323 2341
STEEL AUTHORITY Negative 32.95 33 32 32 33 34 34
STATE BANK IND Neutral 200.05 195 190 187 203 206 211
SHRIRAM TRANSPRT Neutral 665.2 646 627 614 678 691 710

Source: Bloomberg, ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 14
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
SHREE CEMENT Negative 21040 20688 20335 20019 21357 21673 22025

MOMENTUM PICK
SRF LTD Negative 4371.75 4305 4238 4186 4424 4476 4544
SUN PHARMA INDU Negative 502.2 495 487 480 509 515 523
SUN TV NETWORK Negative 439.75 432 426 419 445 452 459
TATA STEEL LTD Positive 375.55 371 366 363 378 382 386
TATA CONSULTANCY Negative 2809.6 2784 2759 2730 2838 2867 2893
TECH MAHINDRA LT Negative 848.85 838 828 810 866 884 895
TATA CONSUMER PR Neutral 489.8 473 454 445 500 510 528
TORRENT POWER LT Negative 297.85 295 291 289 301 303 307
TATA POWER CO Negative 52.95 52 51 50 54 55 56
RAMCO CEMENT/THE Negative 769.5 755 741 731 779 789 804
TORRENT PHARMA Negative 2758.45 2726 2696 2645 2808 2859 2889
TITAN CO LTD Negative 1223.45 1211 1200 1181 1241 1260 1272
TATA CHEMICALS Positive 318.05 311 305 300 321 325 331
TATA MOTORS LTD Negative 130.7 127 125 122 133 137 139

ICICI Securities – Retail Equity Research

TVS MOTOR CO LTD Negative 461.55 455 449 444 466 471 477
UNITED BREWERIES Positive 971.1 960 949 940 980 989 1000
UJJIVAN FINANCIA Negative 208 205 201 198 212 215 220
UNITED SPIRITS Negative 524.05 518 514 509 528 532 537
UPL LTD Negative 510.9 499 488 481 517 524 534
ULTRATECH CEMENT Negative 4442.85 4353 4262 4209 4497 4550 4641
VEDANTA LTD Negative 98.45 94 89 86 101 105 109
VOLTAS LTD Negative 673.8 661 649 642 680 687 698
WIPRO LTD Negative 350.45 345 338 328 362 372 378
YES BANK LTD Neutral 12.9 13 13 13 13 13 13
ZEE ENTERTAINMEN Negative 186.2 180 174 170 189 194 199

Source: Bloomberg, ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 15
 Forthcoming Economic Event Calendar

Date Event Date Event

MOMENTUM PICK
US China
16-Oct Industrial Production MoM 15-Oct Industrial Production YTD YoY
21-Oct MBA Mortgage Applications 15-Oct Retail Sales YTD YoY
28-Oct Retail Inventories MoM 17-Oct Swift Global Payments CNY
29-Oct GDP Annualised QoQ 21-Oct FX Net Settlement - Clients CNY
30-Oct PCE Core deflator MoM 29-Oct Industrial Profits YoY
30-Oct Manufacturing PMI
30-Oct Non-manufacturing PMI
India UK
15-Oct Expot/Import 17-Oct Bank of England Bank Rate
29-Oct Fiscal Deficit INR Crore 18-Oct Retail Sales Ex Auto Fuel MoM
30-Oct Eight Infrastructure Industries 23-Oct CBI Retailing Reported Sales
28-Oct Nationwide House PX MoM

ICICI Securities – Retail Equity Research

Source: Bloomberg, ICICI Direct Research
October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 16
 Momentum Picks: Strategy Follow up

Duration: Intraday

MOMENTUM PICK
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
14-Oct-20 Nifty Nifty Sell 11955.0-11978.0 11916.0/11868.0 12017.00 - No trade
14-Oct-20 Britannia Industries BRIIND Buy 3746.00-3752.00 3779.80/3809.00 3718.30 1.60 target 2 almost achieved
14-Oct-20 Power Finance Corporation POWFIN Sell 84.20-84.80 83.60/82.60 85.50 1.20 target 1 achieved

Duration: Cash Positional

Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
06-Oct-20 Bandhan Bank BANBAN Buy 304 334.00 283.00 7.00 Book 50% profit at 325.00
06-Oct-20 Nocil NOCIL Buy 148 169.00 138.00 -4.00 Exit at 141.35

ICICI Securities – Retail Equity Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 17
Gladiator Stocks: Open Recommendations
Date Scrip Name Strategy Recommendations Price Target Stoploss Time Frame
9-Oct-20 Canfin home Buy 450-460 528.00 417.00 6 Months

MOMENTUM PICK
9-Oct-20 HDFC Bank Buy 1200-1230 1378.00 1135.00 6 Months
5-Oct-20 Tech Mahindra Buy 830-850 950.00 780.00 6 Months
29-Sep-20 Blue Dart Buy 3100-3220 3710.00 2850.00 6 Months
18-Sep-20 Caplin point Buy 585-602 710.00 527.00 6 Months
18-Sep-20 Godrej Properties Buy 900-922 1065.00 840.00 6 Months
3-Sep-20 Sun pharma Buy 510-525 605.00 467.00 6 Months
18-Aug-20 Britannia Industries Buy 3870-3920 4510.00 3560.00 6 Months
1-Jun-20 Pidilite Ind Buy 1450-1490 1670.00 1320.00 6 Months
All the recomedations are in Cash segment

ICICI Securities – Retail Equity Research

Back to Top

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 18

Price history of last three years
Bajaj Electricals CYIENT

MOMENTUM PICK
ICICI Securities – Retail Equity Research
Heidelberg Cement

Source: Spider Software, ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 19
 Product Guidelines......

• 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

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 20

 Recommended product wise trading portfolio allocation

Allocations
Product Product wise Max allocation
Number of Calls Return Objective Duration

MOMENTUM PICK
allocation In 1 Stock

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

Intraday
Momentum Picks- 25% 8-10% 8-10 Per Month 5-8% 14 Days
Positional

Gladiator Stocks 35% 10-13% Opportunity Based 15-20% 6 Months

Yearly Technical 25% 12-15% 7-9 Per Year 20-30% 1 Year

Cash 5%

ICICI Securities – Retail Equity Research

100%

Source: ICICI Direct Research

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 21
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

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 22

 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

October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 23

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
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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
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.

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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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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
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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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October 15, 2020 ICICI Securities Ltd. | Retail Equity Research 24