Momentum Picks

MOMENTUM PICK
New recommendations Open Recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
28-Jan-21 Nifty Nifty Buy 13825-13852 13888/13939.0 13783.00 Intraday Gladiator Stocks
28-Jan-21 SBI Life Insurance SBILIF Buy 876.00-880.00 885.80/894.00 869.80 Intraday
28-Jan-21 PFC POWFIN Sell 111.50-112.00 110.65/109.50 112.90 Intraday Scrip Action
Bajaj Finserv Buy
Marico Buy
TTK Prestige Buy
Open recommendations
Duration: 6 Months
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
20-Jan-21 First Source Solutions FIRSOU Buy 92.00-95.00 109.00 88.00 14 Days Click here to know more…
21-Jan-21 Chambal Fertilizers CHAFER Buy 235.00-240.00 262.00 225.00 14 Days

ICICI Securities – Retail Equity Research

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): 13968

Technical Outlook NSE Nifty Daily Candlestick Chart Domestic Indices

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

PICK
Equity benchmarks extended corrective phase over fourth consecutive Target @ 14900
14237.95 14237.95 13929.30 13967.50

Picks
session and settled below the psychological mark of 14000. The Nifty SENSEX Index 47409.93 -937.66 -1.94
ended Wednesday’s session at 13968, down 271 points or 1.9%. Market We believe, ongoing breather with a

MOMENTUM
NIFTY Index 13967.50 -271.40 -1.91
breadth remained weak with A/D ratio of 1:2. Barring FMCG, all other positive bias would make market healthy

Momentum
indices ended in red weighed by financials, metal, auto and pharma ahead of key major event of Union Budget Nifty Futures 13982.55 -272.05 -1.91
Technical Outlook and gradually pave the way towards 14900
• The daily price action formed a sizable bear candle carrying lower BSE500 Index 18358.67 -309.32 -1.66
in coming month
high-low formation, indicating prolonged correction as selling Midcap Index 18292.16 -255.18 -1.38
pressure accelerated on the breach of 14100 mark. Support
• Key point to highlight since March 2020 is that, intermediate decline Small cap Index 18115.31 -95.49 -0.52
@ 13800
has not lasted for more than a week with average correction is in the SGX Nifty 13902.00 -80.55 -0.58
tune of 8-10%. In current scenario, as the index has already corrected
over past four consecutive sessions which has lead the daily * SGX Nifty at 7:30 am
stochastic oscillator at an oversold territory with a reading of 10. The
index is also approaching major support area of 13800, which we 50 days Nifty Technical Picture
expect it to hold. Hence, we believe, ongoing breather has helped the EMA Intraday Short term
index to work off the overbought condition and is seen as a healthy
correction ahead of key major event of Union Budget, and Trend
consequently pave the way for next leg of rally towards 14900 in

ICICI Securities – Retail Equity Research

Support 13870-143800 13800
coming months. Meanwhile, 14500 would act as immediate
resistance. The stock specific activity would prevail as we proceed Resistance 13990-14040 14900
the Q3FY21 earning season. Our target of 14900 is based on:
• a) 138.2% extension of May-September rally (8806-11794), projected 20 day EMA 14259
from September low of 10790, placed at 14919 200 day EMA 12150
• b) long term resistance trend line, drawn adjoining November 2010
March 2015 highs of 6334-9119, placed around 15000 Nifty Future Intraday Reco.
• We expect broader market to endure its relative outperformance post
Union budget. Currently Nifty midcap and small cap indices are Action Buy
undergoing slower pace of retracement as over past two weeks both Price Range 13825-13852
indices have merely retraced 38% of preceding three weeks rally,
indicating healthy consolidation. The Nifty midcap index has been Target 13888/13939.0
consolidating after clocking new life-time highs, whereas small cap Stoploss 13783.00
index is still ~30% away from all time high. Thus, we expect small Daily Stochastic pointing downward, indicating extended
caps to witness catch up activity breather
• Structurally, we expect ongoing corrective phase to find its feet Sectors in focus (intraday):
around 13800 as it is confluence of 61.8% retracement of current up
move (13131-14754) at 13751 coincided with January low of 13954 Positive: IT, Pharma, Consumption,
• In the coming session, volatility would remain high owing to monthly Auto, Agri Inputs, Insurance
derivative expiry. Index after the recent breather is approaching the
major support area around 13800 and the daily stochastic oscillators
are also at oversold territory. Hence use intraday dips towards 13825-
13852 for long position for the target of 13939
January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 2
Source: Bloomberg, Spider, ICICI Direct Research
 Bank Nifty: 30284

Technical Outlook Bank Nifty Index – Daily Candlestick Chart Nifty Bank daily change
The Bank Nifty witnessed sharp decline and closed lower by Open High Low Close Indices Close Change Change%

MOMENTUM PICK
almost 3% on Wednesday on back of weak global cues. All the
12 index constituents closed in the red. The decline was lead by 31236.25 31287.05 30165.65 30284.55 Nifty Bank 30284.55 -913.85 -2.93
the private banking stocks as the nifty private bank index closed 32842
lower by more than 3%. Nifty bank index ended the session at We believe, the current breather ahead of key
30284, down by 913 points or 2.9% event of Union Budget would make market Nifty Bank Technical Picture
Technical Outlook healthy. We expect the index to hold above Intraday Short term
the crucial support area of 29500-29000
• The daily price action formed a sizable bear candle with a Trend
lower high-low signals continuation of the corrective bias. Support 30000-29840 29000
The index contrary to our expectations has breached the
Resistance 30350-30480 32000
immediate support area of 30800 indicating extension of the
decline. 28976 20 day EMA 31699
Support @
• We believe, ongoing breather after recent rally would make 29000- 200 day EMA 26571
market healthy ahead of key event of Union Budget and 29500
provides fresh entry opportunity
• Going ahead, we expect the index to hold the crucial support
zone of 29500-29000. Hence, investors should not construct

ICICI Securities – Retail Equity Research

the current profit booking as negative, rather utilize the same
as an incremental buying opportunity to accumulate quality
banking stocks
• The index has crucial support at 29500-29000 levels being
the confluence of the following technical observations:
a) 38.2% retracement of the previous major up move 24120 to
32842 placed at 29400 levels
23613 The daily stochastic has approached
b) the previous major tough of December 2020 is also placed extreme oversold territory with reading of
around 29000 levels 06, hence supportive effort is expected at
• In the coming session, the index is likely to open on a lower levels in the coming sessions
negative note on the back of weak global cues. However
after the recent sharp decline the stochastic oscillator has
approached extreme oversold territory hence a pullback is
expected. Hence, use intraday dips towards 29980-30040 in
Bank Nifty January future for long position for target of
31240, maintain a stoploss of 29870
Among the oscillators, the daily stochastic after the recent
decline has approached extreme oversold territory with a
reading of 06, hence supportive effort at lower levels is likely in
the coming sessions
Source: Bloomberg, Spider, ICICI Direct Research
January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 3
Stock Picks
Duration: Intraday

SBI Life Insurance (SBILIF)– Daily candlestick chart Technical Observations

MOMENTUM PICK
Price rebound after taking support at 200 day EMA suggest further CMP 881.25
upward momentum in coming sessions
Action Buy

Price rebound after taking

Rationale support at 200 day EMA &
stochastic in buy mode

200 Days
EMA Initiation Range 876.00-880.00

Stochastic(5,3,S,3) generated bullish crossover suggest positive bias

Target 885.80/894.00

Stop Loss 869.80

ICICI Securities – Retail Equity Research

PFC (POWFIN)– Daily candlestick chart Technical Observations

Price reacting lower after forming double top & close below 50 day EMA suggest further CMP 111.75
downward momentum in coming sessions 14 period RSI in rising trajectory suggest positive bias
Action Sell

Price reacting lower after forming

Rationale double top & close below 50 day
50 Days
EMA
EMA
Initiation
111.50-112.00
Range
14 period RSI in downward trajectory suggest bearish bias
Target 110.65/109.50

Stop Loss 112.90

Source: Bloomberg, Spider, ICICI Direct Research

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 4
Stock Picks
Duration: 14 days

Buy Chambal Fertilizers (CHAFER) in the range of 235.00-240.00 Target: 262.00 Stop Loss: 225.00 Technical Observations
• The stock is in steady uptrend

MOMENTUM PICK
Daily Bar Chart Stock is at the cusp of breakout above the last six weeks range (| 242- forming higher peak and higher
220) signals strength and provides fresh entry opportunity Target @ 262 trough in all time frame.
248 • The share price is currently at the
cusp of breakout above the last
six weeks range (| 242-220) as
Support can be seen in the adjacent chart
220
212 @ 225 thus provides fresh entry
opportunity to ride the next up
move
173
• The price rise on Thursday's
session is supported by strong
20 days
156
volume of almost double of the
EMA
200 days average volume of 11
lakhs shares per day highlighting
larger participation in the direction
134
of trend

ICICI Securities – Retail Equity Research

• The stock has immediate support
Price rise supported by strong volume at | 225 levels as it is the
confluence of the rising 20 days
EMA (currently at | 228) and
61.8% retracement of the
previous up move | 212 to 248)
The daily 14 periods RSI has generated a buy signal
• The daily 14 periods RSI has
generated a buy signals moving
above its nine periods average
thus validates positive bias
• We expect stock to continue with
Recommendation initiated on i-click to gain at 11:58 on January 21, 2021 its current momentum and head
towards | 264 levels as it the
161.8% external retracement of
the recent breather (| 248 to 220)

Source: Bloomberg, Spider Software, ICICI Direct Research

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 5

Stock Picks
Duration: 14 days

Buy First Source Solutions (FIRSOU) in the range of 92.00-95.00 Target: 109.00 Stop Loss: 88.00 Technical Observations
• The stock has generated a

MOMENTUM PICK
Daily Bar Chart 115
breakout above the falling channel
A breakout above the falling channel signals continuation of the up move, Target @ 109
thus offers fresh entry opportunity
containing last three weeks
breather signalling resumption of
the primary uptrend, thus offers
fresh entry opportunity
• The share price during current
88 Support week has rebounded taking
78 @ 88 support at the confluence of the
rising 50 days EMA ( currently at |
50 days 88) and the 50% retracement of
EMA the previous up move (| 67- 115)
signalling strength and strong
67 support at lower levels around |
88 levels
• The stock has already taken 17
sessions to retrace just 50% of the
previous four sessions up move (|

ICICI Securities – Retail Equity Research

58 67 to 115). A slower retracement
signals a robust price structure
The daily stochastic has generated a buy signals thus validates positive bias • The daily stochastic has generated
a buy signals moving above its
three periods average thus
validates the positive bias
• Based on the above technical
observations, we expect the stock
to continue with its positive
momentum and resolve higher
towards | 109 levels as it is the
Recommendation initiated on i-click to gain at 10:59 on January 20, 2021 80% retracement of the last three
weeks breather ( | 115 to 88)
placed around | 109 levels

Source: Bloomberg, Spider Software, ICICI Direct Research

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 6

Market Activity Report

Global Currency, Commodities and Bond Global Equity Market Performance

MOMENTUM PICK
Currency/Yield/ 1 Day % Brazil -0.5
Close
Commodities Change
US -2.1
Currency
India -1.9
USD INR 73.12 0.1 Hong Kong -1.0

Dollar Index Japan -1.1

90.68 0.1
China -0.8
EURO USD 1.21 -0.1
Germany -1.8

GBP USD 1.36 -0.1 UK -1.3

France -1.2
JPY 104.31 0.2
-2.6 -2.1 -1.6 -1.1 -0.6 -0.1 0.4
Swiss Franc 0.89 0.1 % Change

ICICI Securities – Retail Equity Research

1 Day Change
Commodities ($)

Gold 1,836.10 -0.5 Advance Decline

Brent 55.39 0.1 2500

2100
Copper 7,825.00 -2.3
1700
Silver 25.18 -0.8 1300

Yield (bps change) 900

500
5.95 0.00
India 10
100
US 1.02 0.87
-300 18-Jan 19-Jan 20-Jan 21-Jan 22-Jan 25-Jan 27-Jan
EURO -0.54 0.18
Advances Declines
Japan 0.04 4.29

Source: Bloomberg, Investing, ICICI Direct Research

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 7
Market Activity Report

Sectoral Indices Performance Fund Flow activity of the last 5 sessions

MOMENTUM PICK
1 Day %
Sectoral Indices Close FII
Change

Sensex 47,409.9 -1.9 2,289

2,300

Nifty 13,967.5 -1.9 1,615

1,600

BSE Auto 23,016.7 -2.1 900

Rs Crore
200
Bankex 34,334.8 -2.9
-500
Capital Goods 19,884.4 -0.4 -636
-765
-1,200
Consumer
30,292.0 -1.7
Durables -1,900 -1,688
FMCG 12,605.5 0.3 20-Jan 21-Jan 22-Jan 25-Jan 27-Jan
Date

ICICI Securities – Retail Equity Research

Healthcare 21,170.7 -1.7

IT 25,952.2 -0.4 DII

Metal 11,273.7 -2.5

-100 -3
Oil & Gas 13,907.5 -2.1

Power 2,044.2 -0.9 -388

Rs Crore

-600

Realty 2,461.2 -2.3

-865
-1,100 -1,039
BSE 500 18,358.7 -1.7
-1,290
BSE Midcap Index 18,292.2 -1.4
-1,600
20-Jan 21-Jan 22-Jan 25-Jan 27-Jan
BSE Small Cap 18,115.3 -0.5
Date

Source: Bloomberg, ICICI Direct Research

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 8
 Trend Scanner

Heat Map Positive Trend Universe: NSE 500 52 Weeks High

Change 20-Day Delivery

MOMENTUM PICK
997 882 446 211 Power 192 Scrip Name LTP
TechM SBI Life Wipro ITC Scrip Name Close
Grid % SMA ( %) Alkem 3061.00
2.6% 2.2% 2.1% 1.4% 1.1%
956 17,538 843 5,405 683
Wipro 446.45 2.10 427.00 22 CYIENT 635.10
HDFC
HCl Tech Nestle Cipla Ultratech
Life Cipla 842.50 0.68 829.00 20 TVS motors 530.90
0.8% 0.7% 0.7% 0.7% 0.4%
3,611 1,360 2,391 Bajaj 4,146 Grasim 1,062 Cummins India 624.45 2.29 610.00 32
Britannia L&T HUL
Auto Ind United spirits 644.90 1.55 617.00 31
-0.1% -0.1% -0.3% -0.5% -0.8%
9,126 519 3,261 4,845 7,871
Overbought Stocks
Bajaj Adani Bajaj
TCS Maruti
Finserv
-0.8%
Ports
-0.9% -0.9%
Finance
-1.3% -1.4% Scrip Name LTP Stochastic
Bajaj Auto 4146 91
JSW 376 Kotak 1,765 Bharti 571 381 90
BPCL ONGC
Steel Bank Airtel Kajaria Ceramic 849.5 88
-1.6% -1.7% -1.7% -1.7% -1.8% Negative Trend Universe: NSE 500
1,301 Shree 22,820 276 91 Coal 129 JK Tyre 132 87
Infosys SBI NTPC Change 20-day Delivery
Cement India Scrip Name Close
-1.8% -1.9% -1.9% -2.0% -2.0% % SMA ( %)
128 91 574 Reliance 1,895 Divis 3,483 Indusind Bank 820.15 -3.42 918.00 35
GAIL IOC UPL Oversold Stocks

ICICI Securities – Retail Equity Research

Ind. Lab
-2.1% -2.2% -2.4% -2.4% -2.4% Piramal Enterprise 1421.15 -3.16 1514.00 23
Scrip Name LTP Stochastic
2,790 Sun 570 ICICI 522 Asian 2,437 770
Eicher M&M Hind Zinc 264 10
Pharma Bank Paints
-2.8% -2.8% -2.9% -3.1% -3.1%
L&TFH 88 6
HDFC 2,467 Hero 3,359 Dr 4,909 Indusind 820 HDFC 1,410
Ltd Moto Reddy Bank Bank NTPC 91.3 9
-3.3% -3.3% -3.4% -3.4% -3.6%
231 1,441 Tata 626 Axis 632 Tata 268
Hindalco Titan
Steel Bank Motors
-3.7% -3.9% -4.0% -4.0% -4.2%

Candlestick Pattern
Bullish Candlestick Formations Bearish Candlestick Formations
Scrip Name Pattern name LTP Scrip Name Pattern name LTP
Birla Soft Engulfing 258.00 Laurus labs Engulfing 366.0
CSB Bank Hammer 220.2 Granules Shooting star 354.7
Timken Engulfing 1242.0 Brigade Belt hold line 236.0
HEG Piercing line 949.4

Source: Bloomberg, ICICI Direct Research

January 28, 2021 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 13967.5 13852 13736 13543 14161 14354 14469

MOMENTUM PICK
S&P BSE SENSEX INDEX Negative 47409.93 46991 46571 45873 48108 48807 49226
NIFTY BANK Negative 30284.55 29871 29458 28750 30992 31700 32114
NIFTY 50 FUTURES Negative 13981.1 13874 13766 13599 14149 14316 14424
NIFTY BANK FUTURES Negative 30350.8 29936 29520 28863 31009 31666 32082
ACC LTD Negative 1637.85 1616 1594 1564 1668 1698 1720
AMBUJA CEMENTS Negative 252.5 250 246 240 259 264 268
ADANI POWER LTD Negative 49.6 49 48 47 51 52 52
ADANI ENTERPRISE Negative 512.8 506 500 492 521 529 535
ADANI PORTS AND Negative 518.85 508 499 485 532 546 555
ASHOK LEYLAND Negative 115.15 112 108 106 118 120 124
AMARA RAJA BATT Neutral 956.25 946 935 917 975 993 1005
APOLLO HOSPITALS Neutral 2600.4 2542 2484 2380 2705 2808 2867
ASIAN PAINTS LTD Negative 2436.6 2403 2370 2309 2497 2558 2592
APOLLO TYRES LTD Negative 201.85 197 193 186 208 215 219

ICICI Securities – Retail Equity Research

AUROBINDO PHARMA Neutral 959.6 938 917 886 990 1021 1042
AXIS BANK LTD Negative 632.1 618 605 582 655 677 691
BAJAJ FINANCE LT Negative 4845 4788 4732 4654 4923 5002 5058
BATA INDIA LTD Negative 1513.15 1494 1475 1444 1544 1575 1594
BHARTI AIRTEL Negative 570.8 562 553 543 582 591 601
BHARAT ELECTRON Neutral 132.7 132 129 128 135 137 139
BHARAT HEAVY ELE Negative 35.7 36 35 35 37 37 37
BHARAT FORGE CO Negative 601.8 587 570 560 613 624 640
BALKRISHNA INDS Neutral 1664.5 1643 1622 1600 1686 1708 1729
BIOCON LTD Negative 377.55 369 360 351 387 396 406
BAJAJ AUTO LTD Positive 4146.35 4091 4035 3963 4220 4293 4348
BAJAJ FINSERV LT Negative 9126.1 9017 8908 8774 9260 9394 9503
BANK OF BARODA Neutral 74.05 73 71 69 76 78 80
BANK OF INDIA Negative 49.05 47 47 45 49 51 51
BOSCH LTD Neutral 15542.55 15338 15134 14853 15823 16104 16308
BHARAT PETROL Negative 380.6 378 374 367 388 395 399

Source: Bloomberg, ICICI Direct Research

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 10
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
BERGER PAINTS Negative 732.2 722 713 696 749 765 775

MOMENTUM PICK
BRITANNIA INDS Positive 3610.75 3586 3562 3530 3642 3674 3698
CANARA BANK Neutral 131.2 127 124 119 136 142 145
CONTAINER CORP Positive 432.95 421 410 398 443 454 465
CADILA HEALTHCAR Neutral 462.05 457 451 444 471 479 484
CENTURY TEXTILE Neutral 402.9 391 378 369 412 420 433
CESC LTD Negative 615.65 605 595 577 633 651 661
CHOLAMANDALAM IN Negative 410.5 403 395 381 425 439 447
CIPLA LTD Neutral 842.5 826 810 794 857 872 888
COFORGE LTD Negative 2448.05 2385 2321 2271 2499 2549 2612
COLGATE PALMOLIV Positive 1544.95 1523 1500 1484 1562 1578 1601
COAL INDIA LTD Negative 129.15 127 126 124 131 134 135
DABUR INDIA LTD Neutral 527.5 523 518 511 534 542 546
DEWAN HOUSING Negative 24.75 25 25 25 25 25 25
DIVI LABS LTD Neutral 3483.05 3436 3388 3306 3566 3648 3696

ICICI Securities – Retail Equity Research

DLF LTD Negative 258.75 254 250 242 267 275 279
DR REDDY'S LABS Negative 4909.3 4812 4712 4592 5031 5152 5251
EICHER MOTORS Negative 2789.9 2730 2668 2567 2893 2994 3055
EQUITAS HOLDINGS Negative 71.7 70 68 67 73 74 76
ESCORTS LTD Negative 1247.1 1208 1170 1138 1278 1310 1348
EXIDE INDUS LTD Neutral 196.85 193 190 185 201 206 208
FED BANK LTD Negative 69.8 68 68 66 71 73 73
GAIL INDIA LTD Negative 127.7 126 124 122 131 134 136
GODREJ CONSUMER Negative 773.95 763 753 741 785 797 807
GMR INFRASTRUCTU Negative 25.5 26 25 25 27 27 28
GLENMARK PHARMA Neutral 485.9 480 475 467 493 501 506
GRASIM INDS LTD Neutral 1061.55 1038 1013 974 1101 1139 1164
HAVELLS INDIA Neutral 1116.05 1103 1091 1078 1128 1141 1153
HCL TECH LTD Neutral 955.5 945 933 924 966 975 986
HOUSING DEV FIN Negative 2467 2436 2403 2348 2524 2579 2612
HDFC BANK LTD Negative 1409.6 1386 1363 1320 1452 1495 1518

Source: Bloomberg, ICICI Direct Research

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 11
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
HERO MOTOCORP LT Negative 3358.55 3298 3237 3144 3452 3545 3606

MOMENTUM PICK
HINDALCO INDS Negative 231.4 228 224 218 238 244 249
HINDUSTAN PETRO Negative 216.65 213 210 206 220 224 226
HINDUSTAN UNILEV Negative 2391.3 2343 2294 2253 2433 2474 2523
VODAFONE IDEA LT Negative 11.6 12 11 11 13 13 13
IDFC FIRST BANK Negative 47.8 47 46 45 49 50 51
INDRAPRASTHA GAS Positive 533.65 525 515 504 546 557 567
INDIABULLS HOUSI Negative 197.7 193 189 184 203 209 213
INDUSIND BANK Negative 820.15 797 774 742 852 884 907
INTERGLOBE AVIAT Negative 1590.15 1567 1544 1514 1619 1650 1672
INFOSYS LTD Negative 1301 1282 1263 1240 1325 1347 1367
INDIAN OIL CORP Negative 91.4 90 88 87 94 96 97
ICICI PRUDENTIAL Neutral 499.05 495 491 485 504 511 514
ITC LTD Positive 210.65 207 204 202 213 216 218
JINDAL STEEL & P Negative 272.05 266 259 251 280 287 294

ICICI Securities – Retail Equity Research

JSW STEEL LTD Neutral 376.25 372 367 362 382 387 393
JSW ENERGY LTD Neutral 74.2 73 71 70 76 77 80
JUBILANT FOODWOR Negative 2638.15 2601 2564 2501 2701 2764 2802
JUST DIAL LTD Neutral 629.9 620 610 600 640 650 660
CUMMINS INDIA Positive 624.45 611 599 591 632 641 653
KOTAK MAHINDRA Negative 1764.7 1733 1701 1655 1810 1855 1887
LIC HOUSING FIN Negative 395 387 378 364 410 424 433
LUPIN LTD Neutral 1072.3 1058 1044 1027 1089 1106 1119
LARSEN & TOUBRO Negative 1359.85 1329 1298 1267 1392 1424 1455
L&T FINANCE HOLD Negative 87.6 85 84 82 89 92 93
MAHANAGAR GAS LT Positive 1043.6 1026 1008 981 1071 1098 1116
MAX FINANCIAL SE Negative 682.1 670 657 640 699 715 728
MANAPPURAM FINAN Negative 154.45 150 147 141 159 165 169

Source: Bloomberg, ICICI Direct Research

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 12
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
MAHINDRA & MAHIN Neutral 769.95 749 729 695 803 837 856

MOMENTUM PICK
M&M FIN SERVICES Negative 171.85 169 166 162 177 182 185
MARICO LTD Negative 412.45 404 396 389 420 426 435
MRF LTD Negative 88577.75 87333 86088 84666 90000 91422 92667
MARUTI SUZUKI IN Negative 7870.9 7764 7658 7495 8034 8197 8303
MOTHERSON SUMI Negative 151.1 148 144 142 155 158 161
MINDTREE LTD Negative 1702.75 1677 1652 1611 1742 1782 1807
MUTHOOT FINANCE Negative 1131.9 1117 1102 1074 1160 1188 1203
NATIONAL ALUMIN Neutral 47.9 46 44 43 49 50 52
NBCC INDIA LTD Negative 30.25 29 29 29 30 31 31
NESTLE INDIA LTD Neutral 17538.1 17386 17235 17129 17644 17749 17901
NCC LTD Neutral 59.2 58 57 56 60 61 62
NMDC LTD Negative 106.8 105 103 100 110 113 115
NTPC LTD Negative 91.3 91 90 89 93 94 96
OIL INDIA LTD Positive 111.85 109 108 106 113 114 116

ICICI Securities – Retail Equity Research

OIL & NATURAL GA Negative 89.7 88 87 85 91 93 94
PAGE INDUSTRIES Negative 28883.05 28531 28180 27646 29416 29950 30300
PIDILITE INDS Negative 1711.9 1679 1646 1598 1761 1810 1843
PIRAMAL ENTERPRI Negative 1421.15 1390 1358 1305 1476 1530 1562
PETRONET LNG LTD Positive 237.8 234 231 225 242 247 250
PUNJAB NATL BANK Negative 33.35 34 33 33 35 35 36
POWER FINANCE Negative 111.55 110 109 107 113 115 116
PVR LTD Neutral 1478.35 1462 1447 1431 1494 1509 1525
POWER GRID CORP Negative 192.35 190 187 185 195 197 200
RBL BANK LTD Negative 218.65 215 211 205 225 231 234
REC LTD Negative 136.55 135 132 130 140 142 145
RELIANCE INDS Negative 1895 1881 1866 1844 1918 1940 1955
STEEL AUTHORITY Neutral 57.3 56 55 53 59 61 63
STATE BANK IND Negative 275.65 271 266 259 283 290 295
SHRIRAM TRANSPRT Negative 1151.05 1128 1106 1080 1176 1202 1224
SIEMENS LTD Negative 1622.2 1597 1570 1533 1660 1698 1724

Source: Bloomberg, ICICI Direct Research

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 13
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
SHREE CEMENT Negative 22820.2 22576 22334 21922 23231 23642 23885

MOMENTUM PICK
SRF LTD Neutral 5361.7 5304 5247 5169 5439 5517 5574
SUN PHARMA INDU Negative 569.8 560 551 538 582 595 604
SUN TV NETWORK Negative 487.65 480 471 462 497 507 515
TATA STEEL LTD Negative 626 617 607 590 644 661 672
TATA CONSULTANCY Negative 3261.05 3224 3186 3144 3303 3344 3382
TECH MAHINDRA LT Positive 997.1 979 961 948 1010 1023 1042
TATA CONSUMER PR Negative 572.65 563 554 541 585 598 607
TORRENT POWER LT Negative 305.1 302 297 291 312 319 323
TATA POWER CO Negative 75.95 74 73 70 78 81 83
RAMCO CEMENT/THE Negative 774.95 767 759 746 788 801 809
TORRENT PHARMA Negative 2648.15 2615 2581 2560 2670 2691 2724
TITAN CO LTD Negative 1440.7 1413 1386 1340 1486 1532 1559
TATA CHEMICALS Negative 492.85 483 473 457 509 525 535
TATA MOTORS LTD Negative 267.5 263 260 254 272 278 282

ICICI Securities – Retail Equity Research

TVS MOTOR CO LTD Positive 531.5 520 509 492 549 567 578
UNITED BREWERIES Positive 1301.3 1262 1222 1198 1325 1350 1389
UJJIVAN FINANCIA Negative 253.85 247 242 233 262 272 277
UNITED SPIRITS Positive 644.9 632 621 612 652 661 673
UPL LTD Positive 574.25 561 549 529 593 613 625
ULTRATECH CEMENT Neutral 5404.85 5316 5228 5127 5506 5608 5695
VEDANTA LTD Negative 162.95 162 160 158 166 168 170
VOLTAS LTD Negative 913.5 900 885 863 936 959 973
WIPRO LTD Positive 446.45 437 429 420 455 464 472
YES BANK LTD Negative 15.75 16 16 15 16 17 17
ZEE ENTERTAINMEN Positive 221.1 217 215 211 224 228 230

Source: Bloomberg, ICICI Direct Research

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 14
 Forthcoming Economic Event Calendar
Date Event Date Event
US China

MOMENTUM PICK
1-Feb Markit US Manufacturing PMI 2-Feb Caixin China PMI Mfg
1-Feb ISM Manufacturing 4-Feb Caixin China PMI Services/Composite
3-Feb Markit US Composite PMI 10-Feb New Yuan Loans CNY
5-Feb Change in Nonfarm Payrolls 16-Feb Industrial Production YTD YoY
10-Feb CPI MoM 16-Feb Retail Sales YTD YoY
17-Feb Industrial Production MoM 19-Feb Swift Global Payments CNY
18-Feb Fomc meeting minutes 20-Feb FX Net Settlement - Clients CNY
25-Feb GDP Annualized QoQ 27-Feb Industrial Profits YoY
26-Feb Retail Inventories MoM 28-Feb Manufacturing PMI
26-Feb PCE Deflator MoM 28-Feb Non-manufacturing PMI
India UK
1-Feb Budget/Markit India PMI Mfg 2-Feb Markit UK PMI Manufacturing SA

ICICI Securities – Retail Equity Research

3-Feb Markit India PMI Services/Composite 4-Feb Markit/CIPS UK Services PMI
5-Feb RBI Repurchase Rate/Reve repo/CRR 4-Feb Markit/CIPS UK Composite PMI
12-Feb Industrial Production YoY 5-Feb Bank of England Bank Rate
12-Feb CPI YoY 12-Feb Industrial Production MoM
15-Feb Wholesale Prices YoY 20-Feb Retail Sales Ex Auto Fuel MoM
26-Feb Fiscal Deficit INR Crore 23-Feb CBI Retailing Reported Sales
26-Feb GDP YoY 28-Feb Nationwide House PX MoM
26-Feb Eight Infrastructure Industries 28-Feb Money Supply M4 MoM

Source: Bloomberg, ICICI Direct Research

January 28, 2021 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
27-Jan-21 Nifty Nifty Sell 14230-14255 14191/14142.0 14295.00 - No trade
27-Jan-21 Cipla CIPLA Buy 836.00-839.00 845.30/853.50 829.30 0.90 Target 1 achieved
27-Jan-21 Coal India COAIND Sell 131.50-132.50 130.60/129.20 133.50 1.00 Target 1 achieved

ICICI Securities – Retail Equity Research

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 16
Gladiator Stocks: Open Recommendations
Date Scrip Name Strategy Recommendations Price Target Stoploss Time Frame
25-Jan-21 Bajaj Finserv Buy 9100-9300 10400.00 8590.00 6 Months

MOMENTUM PICK
5-Jan-21 Marico Buy 400-415 480.00 367.00 6 Months
28-Dec-20 TTK Prestige Buy 5900-6020 6970.00 5490.00 6 Months
10-Dec-20 Abbott India Buy 15300-15000 17920.00 13910.00 6 Months
9-Dec-20 Godfrey Phillips Buy 950-985 1140.00 840.00 6 Months
11-Nov-20 VST Tillers Buy 1840-1900 2190.00 1720.00 6 Months
All the recomedations are in Cash segment

ICICI Securities – Retail Equity Research

Back to Top

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 17

Price history of last three years

Chambal Fertilizers First Source Solution

MOMENTUM PICK
ICICI Securities – Retail Equity Research
Source: Spider Software, ICICI Direct Research
January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 18
 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

January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 19

 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

January 28, 2021 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

January 28, 2021 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

January 28, 2021 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, here by 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 compensations, is, or will be directly or indirectly related to the specific recommendation(s) or
view(s) in this report. We 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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ICICI Securities – Retail Equity Research

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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
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January 28, 2021 ICICI Securities Ltd. | Retail Equity Research 23