Momentum Picks

Momentum
Picks
MOMENTUM PICK
New recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
Gladiator Stocks
06-Sep-23 Nifty (Current Month Future) NIFTY Buy 19575-19608 19641/19693 19539 Intraday
06-Sep-23 TCS TCS Buy 3419-3423 3457.00 3403.00 Intraday Scrip Action
06-Sep-23 Aurobindo pharma AURPHA Buy 848-850 859.80 843.80 Intraday NMDC Buy
05-Sep-23 NHPC NHPC Buy 51.50-53.00 57.50 50.50 14 Days
Engineers India Buy
05-Sep-23 Bombay Dyeing BOMDYE Buy 143-147 158.00 138.00 14 Days
Latent View Buy
05-Sep-23 Nocil NOCIL Buy 232-235.50 244.00 229.00 3 Days
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Open recommendations more…
ICICI Securities – Retail Equity Research

Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
04-Sep-23 Tejas Network TEJNET Buy 872-886 955.00 845.00 14 Days
04-Sep-23 SAIL SAIL Buy 99-103 117.00 93.00 30 Days
04-Sep-23 Union Bank of India UNIBAN Buy 85-88 95.00 83.50 14 Days
31-Aug-23 KNR construction KNRCON Buy 270-277 298.00 264.00 14 Days
31-Aug-23 Intellect Design INTDES Buy 715-729 788.00 689.00 14 Days
Intraday & Positional recommendations for stocks are in Cash segment
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Research Analysts
Dharmesh Shah Nitin Kunte Ninad Tamhanekar, CMT Vinayak Parmar
dharmesh.shah@icicisecurities.com nitin.kunte@icicisecurities.com ninad.tamhanekar@icicisecurities.com vinayak.parmar@icicisecurities.com
Nifty : 19575
Technical Outlook Nifty Weekly Candlestick Chart Domestic Indices
Day that was… Open High Low Close Indices Close 1 Day Chg % Chg
PICK
Equity benchmark continued to inch northward over third session in a
SENSEX Index 65780.25 152.12 0.23
Picks
row. The Nifty settled the session at 19575, up 46 points or 0.2%. 19564.65 19587.05 19525.75 19574.90
Market breadth remained in favor of advances with A/D ratio of 1.3:1 NIFTY Index 19574.90 46.10 0.24
MOMENTUM
as the broader market relatively outperformed the benchmark.
Resistance @
Momentum
Sectorally, pharma, IT, FMCG outshone while financial witnessed a Nifty Futures 19653.55 41.50 0.21
muted session
19600
BSE500 Index 27353.85 116.71 0.43
Slower pace of retracement
Technical Outlook highlights robust price structure Midcap Index 16574.70 345.71 1.09
• The index witnessed a rangebound session wherein Nifty Key support Small cap Index37964.55 230.41 0.61
oscillated 60 points range. As a result, daily price action formed a 18887
@ 19200
bull candle with lower shadow over second consecutive session, GIFT Nifty 19658.00 4.45 0.02
indicating elevated buying demand. Meanwhile, Nifty midcap and
* SGX Nifty at 7:30 am
small cap indices clocked fresh life highs, highlighting inherent
strength Nifty Technical Picture
• The formation of higher high-low signifies positive momentum,
that makes us confident to believe that Nifty would challenge the Intraday Short term
upper band of consolidation placed at 19600 and open the door
Trend
for next leg of up move. Past six week’s healthy retracement

helped index to cool off the overbought conditions in large caps Support 19525-19470 19200
while broader market relatively outperformed. Therefore, we
expect large caps to regain upward momentum in coming Resistance 19630-19680 19600
sessions. Thus, buying on dips would continue to act as prudent
100 days
EMA 20 day 19430
strategy. Our positive bias is based on following observations: 16828
• a) past five weeks slower pace of retracement helped index to 200 day
18487
cool off overbought conditions as weekly stochastic bounced from EMA
extreme oversold conditions
• b) The global indices have seen revival in upward momentum post Nifty Future Intraday Reco.
four weeks decline, indicating resumption of up trend
• c) Dollar Index taken a breather after approaching the upper band Action Buy
of declining channel placed at 105. The follow through weakness Price Range 19575-19608
below last week’s low will confirm reversal in trend
• The Nifty midcap and small cap indices have been showing Target 19641/19693
immense strength by enduring series of recording new All Time
Highs. We expect broader market to continue with its relative Stoploss 19539
outperformance amid overbought conditions owing to past five Sectors in focus (Intraday) :
months spectacular rally of >38% Weekly stochastic recorded bullish crossover amid
• The index showed relative strength by displaying supportive oversold territory Positive: BFSI, PSU, Consumer
efforts from intermediate support of 19200 on multiple occasions.
Thereby, we revise support base upward at 19200 being Discretionary, Pharma, IT
confluence of:
• a) 61.8% retracement of current up move (18645-19991), at 19160
• b) Past two weeks identical low is placed at 19224
• c) 50 days EMA is placed at 19314
ICICI Securities Ltd. | Retail Equity Research 2

Source: Bloomberg, Spider, ICICI Direct Research
Nifty Bank: 44532
Technical Outlook Nifty Bank Index – Weekly Candlestick Chart BankNifty
Day that was: Indices Close Change Change%
MOMENTUM PICK
Open High Low Close
The Nifty Bank commenced the session on a flattish note led NSEBank Index 44532.2 -46.15 -0.10
by PSU banking stocks. The index lost 46 points to settle at 44625.05 44668.70 44401.70 44532.15
46369
44532
Technical Outlook BankNifty Technical Picture
Intraday Short term
• The price action for the day resulted in a small candle as 44151
index traded choppy and remained enclosed within Trend
Monday’s price range indicating extended consolidation as Support 44400-44220 43800
index remains in a broad range of 45000-43800 for past 43345
Resistance 44660-44800 45000
three weeks while holding key support of 43500 despite 41840 41671 20 day
global volatility 44449
• Going forward, we expect index to hold key support of EMA
200 day
43500 and challenge upper band of consolidation at 45000 42765
mark. Sustained close above 45000 would indicate end of EMA
corrective phase and extended gains in coming weeks. Our
view is backed by following key observations Bank Nifty Future Intraday Reco.

• Index is holding key support around 43500 over 3 Action Buy
past three weeks as it is 38.2% retracement of 38613
weeks Price Range 44570-44630
entire rally since March 2023 lows (38613-46369) 3
weeks Target 44880
coinciding with June swing low at 43345 and 100- 37386
day ema Stoploss 44458
• Past six weeks corrective phase has been shallow 100 day
and led prices to oversold conditions. Shallow ema
retracement indicate continuation of structural
uptrend
• PSU Banking index has spend entire august in a
consolidation. While large cap banks may consolidate,
smaller PSU banks are seen outperforming going ahead
32190 3 weeks
Weekly stochastics reversing from oversold zone
Source: Bloomberg, Spider, ICICI Direct Research

September 6, 2023 ICICI Securities Ltd. | Retail Equity Research 3
TCS (TCS)
Duration: Intraday
Action Buy Rec. Price 3419-3423 Target 3457.00 Stop loss 3403.00
MOMENTUM PICK
Daily Chart
Falling trendline breakout and price sustaining above 20 day EMA suggest further
upsides in coming sessions
50 days
EMA

Daily RSI in rising trajectory suggest positive bias
Source: Spider Software, ICICI Direct Research

September 6, 2023 ICICI Securities Ltd. | Retail Equity Research
4
Aurobindo Pharma(AURPHA)
Duration: Intraday
Action Buy Rec. Price 848-850 Target 859.80 Stop loss 843.80
MOMENTUM PICK
Daily Chart
Bullish Belt hold line like candlestick and price rebounding after taking
support at 20 day EMA suggesting further upward momentum
20 days
EMA

Daily Stochastic generated bullish crossover recently suggest positive bias

NHPC (NHPC)
Recommended on I-click to gain on 5th September 2023 at 9:33 Duration: 14 Days
Rec. Price 51.50-53.00 Target 57.50 Stop loss 50.50 Upside 7%
Daily Chart
MOMENTUM PICK
Target @
57.50
Breakout from Pennant pattern and rebound from 20-day EMA indicate
continuation of uptrend
52.70
49.90
48.50
Support @ 50.50
20 days being Mondays

EMA low
Strong Volumes during breakout suggest participation in direction of trend
Source: Spider Software,, ICICI Direct Research

6
Bombay Dyeing (BOMDYE)
Rec. Price 143-147 Target 158.00 Stop loss 138.00 Upside 7%
Daily Chart
MOMENTUM PICK
Target @ 158
Bullish Flag breakout suggest further upsides in coming sessions
143
131
Support @ 138

being Tuesday
low
20 days
EMA
Strong Volumes at breakout level suggest positive momentum

7
Nocil(NOCIL)
Recommended on I-click to gain on 5TH September 2023 at 14:31 Duration: 3 Days
Daily Chart
MOMENTUM PICK
Breakout from 8-month basing pattern suggest further northward journey
Target
@ 244
235

Support @ 229
being 61.8%
Retracement of
current up move
205 204
Strong Volumes during breakout suggest participation in direction of trend

8
Tejas Networks (TEJNET)
Daily Chart
MOMENTUM PICK
Target
@ 955
Breakout from pennant formation indicate continuation of uptrend
889
112

20 days EMA held
during uptrend
Strong volumes suggest larger participation in direction of trend

9
Steel Authority of India (SAIL)
Rec. Price 99-103 Target 117 Stop loss 93 Upside 13%
Weekly Chart
MOMENTUM PICK
Breakout from 2 years falling trend line confirms conclusion of corrective bias
Target
@ 117
Ascending triangle
breakout

Weekly MACD inching upward while sustaining above zero line, indicating acceleration of upward momentum

10
Union Bank of India (UNIBAN)
Recommended on I-click to gain on 4TH September 2023 at 15:04 Duration: 14 Days
Rec. Price 85-88 Target 95.00 Stop loss 83.50 Upside 7%
Daily Chart
MOMENTUM PICK
Price rebound from 50 day EMA and lower band of consolidation suggest
further northward journey in coming sessions 96.80
Target
@ 95
84.80
Support @ 83.50
being 50%
retracement of
entire upmove

50 days
EMA
Volumes expanding during up move
Daily Stochastic generated bullish crossover suggest positive bias

11
Intellect Design Arena (INTDES)
Recommended on I-click to gain on 31ST August 2023 at 10:24 Duration: 14 Days
Daily Chart
MOMENTUM PICK
Target
Stock price gave a breakout above early 2022 @ 788
highs after a brief consolidation indicating
extended up move
719 714
678

572
Strong volumes supporting up move and breakout

12
KNR Construction (KNRCON)
Recommended on I-click to gain on 31st August 2023 at 10:39 Duration: 14 Days
Daily Chart
MOMENTUM PICK
Target @298
Breakout from 15 months base signifies resumption of up trend
282 280

Faster retracement: Seven months
decline retraced in just 2 months
Daily MACD inching upward while sustaining above its zero line, indicating acceleration of upward momentum

13
Market Activity Report
Global Equity Market Performance Fund Flow activity of the last 5 sessions(Provisional data)
MOMENTUM PICK
UK -0.2
FII
France -0.3
US -0.5 488
100
Germany -0.3
India 0.2 -495
Rs Crore
Hong Kong -0.7
Japan 0.6 -1,900 -1,725
China -0.4
Brazil -0.4 -2,973
-3,368
-1.5 -0.5 0.5 -3,900
30-Aug 31-Aug 1-Sep 4-Sep 5-Sep

% Change
1 Day Change Date
Advance Decline DII

2600 4,383
4,200
2200 3,700
1800 3,200
2,700 2,563
1400 2,295
Rs Crore
2,200
1000 1,700
1,323
1,200 1,078
600
700
200 200
-300
-200 28-Aug 29-Aug 30-Aug 31-Aug 1-Sep 4-Sep 5-Sep -800
30-Aug 31-Aug 1-Sep 4-Sep 5-Sep
Advances Declines
Date
Source: Bloomberg, Investing, BSE,NSE,ICICI Direct Research

Intraday Supports and Resistance (Cash)
Scr ip Nam e Trend C lo s e S1 S2 S3 R1 R2 R3
NIFTY 50 Positive 19574.9 19539 19502 19478 19600 19624 19662
MOMENTUM PICK
S&P BSE SENSEX INDEX Positive 65780.26 65644 65508 65414 65875 65968 66105
NIFTY BA NK Positive 44532.15 44399 44267 44132 44666 44801 44933
NIFTY 50 FUTURES Positive 19650.3 19606 19561 19532 19680 19709 19754
NIFTY BA NK FUTURES Positive 44751 44616 44480 44353 44879 45006 45142
A A RTI INDUS LTD Positive 506.7 500 494 486 514 522 529
A BB INDIA LTD Positive 4440.8 4354 4267 4219 4489 4537 4624
A BBO TT INDIA LTD Neutral 22810 22479 22148 21938 23020 23230 23560
A BCA PITA L Positive 191.4 190 187 186 193 195 197
A DITY A BIRLA FA S Positive 230.9 222 214 210 235 240 248
A CC LTD Positive 2084.6 2052 2019 1993 2111 2137 2170
A MBUJA CEMENTS Positive 440.2 438 434 431 445 448 451
A DA NI ENTERPRISE Positive 2494.05 2471 2449 2433 2508 2523 2545
A DA NI PO RTS A ND Neutral 804.95 797 791 784 811 817 824
A LKEM LA BO RA TO RI Neutral 3646.1 3619 3593 3566 3672 3699 3725

A SHO K LEY LA ND Negative 183.4 183 182 181 185 186 188
A MA RA RA JA BA TT Positive 649.95 632 615 606 659 669 686
A LEMBIC PHA RMA CE Positive 778.3 768 759 749 788 797 807
A PO LLO HO SPITA LS Positive 4984.5 4880 4776 4720 5040 5096 5200
A SIA N PA INTS LTD Neutral 3223.3 3213 3202 3184 3242 3260 3271
A U SMA LL FINA NCE Neutral 714.95 713 710 706 720 724 727
A PO LLO TY RES LTD Neutral 383.6 379 375 369 389 395 399
A URO BINDO PHA RMA Positive 851.6 827 804 789 866 882 905
A STRA L LTD Neutral 1914.45 1897 1880 1867 1927 1940 1958
A TUL LTD Neutral 7399.9 7330 7261 7216 7444 7489 7558
A XIS BA NK LTD Negative 981.45 978 974 970 986 990 994
BA LCHI Positive 404.4 398 393 386 410 417 422
BA JA J FINA NCE LT Neutral 7345.1 7298 7250 7219 7376 7406 7454
BA TA INDIA LTD Neutral 1681.9 1663 1645 1634 1692 1703 1721
BHA RTI A IRTEL Negative 865.9 860 855 851 870 873 879
BHA RA T ELECTRO N Neutral 139.7 138 137 135 141 143 144
BHA RA T HEA V Y ELE Positive 138.4 136 134 130 143 146 149
Source: Bloomberg, ICICI Direct Research
BHA RA T FO RG E CO Neutral 1097.4 1083 1067 1058 1107 1115 1131
MOMENTUM PICK
BA LKRISHNA INDS Positive 2407.85 2380 2353 2331 2429 2451 2478
BIO CO N LTD Positive 267.1 263 258 255 271 274 278
BIRLA SO FT LTD Neutral 524.8 519 511 504 533 541 548
BA JA J A UTO LTD Positive 4701.6 4647 4591 4547 4747 4791 4846
BA JA J FINSERV LT Negative 1510.45 1504 1498 1490 1518 1526 1532
BA NDHA N BA NK LTD Negative 234.65 233 231 229 237 239 241
BA NK O F BA RO DA Positive 195.8 194 192 190 198 200 201
BA NK O F INDIA Positive 93.4 92 88 87 96 98 101
BO SCH LTD Positive 19150.8 19015 18879 18759 19271 19391 19526
BHA RA T PETRO L Positive 350.2 345 342 338 353 356 360
BERG ER PA INTS Neutral 709.45 704 697 693 716 721 727
BRITA NNIA INDS Positive 4514.95 4487 4459 4433 4541 4567 4595
CA NA RA BA NK Positive 338.45 335 331 327 342 345 350
CA N FIN HO MES Positive 782.9 769 754 740 798 812 827

CO NTA INER CO RP Negative 686.25 679 670 664 693 698 707
Z Y DUS LIFESCIENC Positive 634.05 626 618 612 639 644 653
CHA MBA L FERTILIS Positive 282.45 280 277 275 285 287 289
CHO LA MA NDA LA M IN Negative 1096.75 1084 1070 1056 1112 1126 1140
CIPLA LTD Positive 1238.95 1228 1216 1197 1259 1278 1290
CO FO RG E LTD Positive 5611.5 5517 5422 5363 5671 5730 5824
CO LG A TE PA LMO LIV Positive 1988.95 1956 1924 1905 2007 2026 2058
CO A L INDIA LTD Positive 255.35 250 245 242 259 261 267
CO RO MA NDEL INTER Positive 1133.3 1118 1102 1092 1144 1154 1170
CRO M G REA V ES CO N Positive 304 301 299 295 307 311 313
CITY UNIO N BA NK Positive 129.15 129 127 126 131 131 133
DA BUR INDIA LTD Positive 559.85 557 555 552 562 565 567
DA LMIA BHA RA T LT Positive 2266.5 2248 2230 2214 2282 2298 2317
DELTA CO RP LTD Positive 186.1 183 180 177 190 194 196
DIXO N TECHNO LO G I Positive 5127.55 5061 4996 4914 5209 5290 5356
DEEPA K NITRITE Positive 2280.9 2244 2207 2171 2317 2353 2390

DIV I LA BS LTD Positive 3642.3 3619 3596 3571 3666 3690 3713
MOMENTUM PICK
DLF LTD Positive 521.3 514 508 503 526 532 537
DR REDDY 'S LA BS Negative 5578.9 5546 5514 5467 5625 5672 5705
EICHER MO TO RS Negative 3403.45 3386 3368 3339 3434 3463 3481
ESCO RTS KUBO TA L Neutral 3062.2 3020 2978 2930 3110 3158 3200
EXIDE INDUS LTD Neutral 272.05 269 267 263 274 277 280
FED BA NK LTD Positive 144.7 142 141 140 145 147 148
FIRSTSO URCE SO LU Negative 168.15 164 161 157 171 175 178
G A IL INDIA LTD Neutral 123.4 121 118 115 127 130 133
G O DREJ CO NSUMER Positive 1009.1 1001 993 988 1014 1019 1027
G NFC Positive 641 637 632 627 647 652 656
G O DREJ PRO PERTIE Neutral 1659.7 1650 1640 1627 1672 1684 1694
G RA NULES INDIA Positive 311.55 306 302 298 314 318 322
G MR A IRPO RTS INF Negative 63.9 63 62 61 65 66 67
G LENMA RK PHA RMA Positive 791.75 770 748 734 807 821 843

G RA SIM INDS LTD Positive 1853.8 1842 1830 1815 1870 1885 1897
G UJA RA T G A S LTD Positive 456.55 454 450 445 463 468 472
HINDUSTA N A ERO NA Negative 3952.85 3935 3918 3893 3977 4002 4019
HIND CO PPER Neutral 168.55 166 164 160 171 174 176
HA V ELLS INDIA Negative 1359.4 1349 1338 1323 1374 1388 1399
HCL TECH LTD Positive 1235.55 1226 1218 1210 1243 1251 1259
HO NA UT Negative 39332 39039 38747 38468 39609 39887 40179
HDFC A SSET MA NA G Neutral 2471.6 2446 2421 2402 2490 2509 2534
HDFC LIFE INSURA Positive 640.95 636 630 624 648 654 660
HDFC BA NK LTD Negative 1574.9 1568 1560 1550 1585 1596 1603
HERO MO TO CO RP LT Positive 2935.35 2918 2900 2872 2964 2992 3010
HINDA LCO INDS Neutral 486.1 480 473 469 492 497 503
HINDUSTA N PETRO Positive 254.65 251 249 245 258 261 264
HINDUSTA N UNILEV Positive 2507.05 2499 2490 2477 2520 2532 2541
V O DA FO NE IDEA LT Negative 9.9 10 10 9 10 11 11
IDFC Positive 128.05 126 124 121 131 134 136

IDFC FIRST BA NK Positive 99.2 97 96 94 100 102 103
MOMENTUM PICK
INDRA PRA STHA G A S Negative 459.15 455 450 444 466 472 477
INDIA BULLS HO USI Negative 187.65 183 179 172 194 201 205
INDUSIND BA NK Positive 1423.75 1416 1410 1403 1430 1436 1443
INDIA N ENERG Y EX Positive 138.1 136 134 131 141 144 147
INDIA N HO TELS CO Neutral 422.45 420 417 414 426 429 432
INDIA MA RT INTERM Positive 3215.85 3155 3095 3040 3270 3325 3385
IPCA LA BS LTD Positive 892.6 880 867 857 903 913 926
INDUS TO WERS LTD Neutral 177.4 177 175 172 181 183 185
INTERG LO BE A V IA T Positive 2450.05 2430 2410 2380 2480 2510 2529
INFO SY S LTD Positive 1478.9 1464 1448 1440 1488 1496 1511
INFO EDG E Positive 4477.4 4432 4388 4359 4505 4534 4578
INTELLECT DESIG N Positive 730.3 723 716 704 742 754 761
INDIA N O IL CO RP Positive 91.35 90 90 89 92 92 93
ICICI PRUDENTIA L Negative 536.85 528 520 505 551 566 574

INDIA N RA ILWA Y C Positive 701.9 695 688 679 710 718 725
ITC LTD Positive 443.1 440 436 434 446 448 452
JK CEMENTS LTD Positive 3421.4 3346 3270 3215 3477 3532 3607
JINDA L STEEL & P Neutral 712.55 699 686 678 721 730 743
JSW STEEL LTD Negative 815.95 804 794 787 822 829 839
JUBILA NT FO O DWO R Positive 533.3 510 486 471 549 564 588
CUMMINS INDIA Neutral 1720.15 1710 1699 1683 1736 1753 1763
KO TA K MA HINDRA Neutral 1771.05 1761 1752 1741 1781 1792 1801
LA URUS LA BS LTD Positive 406.6 397 388 381 414 421 430
LIC HO USING FIN Positive 451.05 445 440 433 457 464 469
LUPIN LTD Positive 1119.25 1101 1082 1068 1134 1148 1167
LA RSEN & TO UBRO Neutral 2732.95 2723 2712 2704 2742 2750 2761
L&T FINA NCE HO LD Positive 129.8 129 128 127 131 132 134
LTIMINDTREE LTD Positive 5426.15 5358 5289 5237 5479 5531 5599
L&T TECHNO LO G Y S Positive 4602.5 4537 4473 4429 4645 4689 4753
DR LA L PA THLA BS Neutral 2205.8 2181 2155 2139 2223 2239 2265
MA HA NA G A R G A S LT Positive 1032.55 1026 1021 1013 1039 1047 1052
MA X FINA NCIA L SE Neutral 920.35 914 906 896 932 942 949
MCX INDIA L TD Negativ e 1796 1759 1724 1682 1836 1878 1914
MOMENTUM PICK
METRO PO L IS HEA L T Pos itiv e 1396.9 1378 1358 1344 1412 1426 1446
MA NA PPURA M FINA N Negativ e 150.75 148 146 143 153 156 158
MA HINDRA & MA HIN Neutral 1571.15 1564 1555 1545 1583 1593 1602
M&M FIN SERV ICES Neutral 292.65 289 285 278 299 306 310
MA RICO L TD Pos itiv e 577.65 574 570 566 582 586 590
MRF L TD Neutral 108800 108192 107584 107280 109104 109408 110016
MA RUTI SUZ UK I IN Negativ e 10262.1 10201 10140 10034 10368 10474 10535
SA MV A RDHA NA MO TH Pos itiv e 99.95 99 97 95 102 105 106
MUTHO O T FINA NCE Pos itiv e 1283 1276 1268 1257 1294 1305 1313
NA TIO NA L A L UMIN Neutral 102.45 102 100 98 105 106 108
NESTL E INDIA L TD Pos itiv e 21980 21823 21667 21579 22067 22155 22312
NA V IN FL UO RINE I Pos itiv e 4605.35 4563 4522 4484 4642 4680 4721
NCC L TD Pos itiv e 170.05 165 161 157 174 179 183
NMDC L TD Pos itiv e 143.3 138 134 131 146 149 153
NTPC L TD Pos itiv e 234.6 231 229 226 236 239 242

O BERO I REA L TY Pos itiv e 1146.4 1131 1115 1103 1159 1171 1187
O RA CL E FINA NCIA L Pos itiv e 4204.25 4137 4071 4022 4252 4301 4367
O IL & NA TURA L G A Pos itiv e 183.1 182 180 178 186 188 189
PA G E INDUSTRIES Negativ e 39504.8 39306 39108 38841 39771 40038 40236
PIDIL ITE INDS Neutral 2491.3 2477 2462 2447 2507 2522 2536
PI INDUSTRIES Pos itiv e 3609.4 3583 3557 3514 3652 3695 3721
PIRA MA L ENTERPRI Pos itiv e 1098.9 1084 1068 1052 1116 1132 1148
PUNJA B NA TL BA NK Pos itiv e 67.35 67 66 65 69 70 71
PO L Y CA B INDIA L T Pos itiv e 5303.75 5239 5175 5139 5339 5375 5438
PO WER FINA NCE Pos itiv e 262.1 261 259 256 265 268 270
PFIZ ER L TD Pos itiv e 3880 3833 3785 3749 3917 3953 4001
PV R INO X L TD Pos itiv e 1796.9 1782 1767 1755 1810 1823 1838
PO WER G RID CO RP Pos itiv e 254.3 253 251 249 257 259 261
RA IN IND Pos itiv e 174.35 172 170 167 176 178 180
RBL BA NK L TD Neutral 235.9 233 230 227 238 242 244
REC L TD Neutral 240.3 238 235 231 244 247 250
REL IA NCE INDS Pos itiv e 2423.6 2412 2402 2391 2434 2445 2455
STEEL A UTHO RITY Neutral 101.75 101 99 97 104 105 108
SBI CA RDS & PA Y M Negativ e 833.8 828 822 813 843 852 858
STA TE BA NK IND Positive 573 570 567 563 577 581 584
MOMENTUM PICK
SBI LIFE INSURA N Positive 1309.45 1297 1285 1264 1330 1351 1364
SHRIRA M FINA NCE Negative 1913.5 1886 1858 1836 1936 1958 1986
SIEMENS LTD Positive 3900.35 3879 3859 3835 3923 3947 3967
SHREE CEMENT Positive 25663.1 25430 25196 24991 25868 26072 26306
SY NG ENE INTERNA T Positive 807.7 795 784 776 815 823 834
SUN PHA RMA INDU Positive 1131.9 1114 1096 1085 1143 1154 1172
SUN TV NETWO RK Neutral 615.25 610 604 598 622 628 633
TA TA STEEL LTD Neutral 131.7 130 127 126 133 135 137
TA TA CO NSULTA NCY Positive 3429.35 3407 3385 3365 3449 3469 3491
TECH MA HINDRA LT Positive 1254.55 1247 1239 1229 1265 1275 1283
TA TA CO MM Positive 1866 1856 1845 1827 1885 1903 1915
TA TA CO NSUMER PR Positive 846.3 842 838 832 851 856 860
TO RRENT PO WER LT Positive 701.6 693 684 672 713 724 733
TA TA PO WER CO Positive 258.45 256 252 249 262 266 269

RA MCO CEMENT/THE Positive 920.95 915 908 900 929 936 943
TO RRENT PHA RMA Positive 1873.5 1846 1819 1804 1888 1903 1931
TITA N CO LTD Positive 3136.15 3115 3094 3072 3157 3179 3200
TA TA CHEMICA LS Positive 1103.75 1093 1083 1074 1112 1121 1131
TA TA MO TO RS LTD Positive 611.15 607 602 596 618 624 629
TRENT LTD Positive 2063.7 2034 2005 1982 2086 2109 2138
TV S MO TO R CO LTD Neutral 1457.9 1452 1446 1440 1464 1470 1476
UNITED BREWERIES Positive 1579 1565 1552 1545 1585 1592 1605
UNITED SPIRITS Positive 1031.65 1025 1018 1013 1037 1042 1050
UPL LTD Positive 608.05 604 600 595 612 616 621
ULTRA TECH CEMENT Positive 8454.85 8402 8349 8250 8554 8653 8706
V EDA NTA LTD Neutral 241.4 238 236 233 243 246 248
V O LTA S LTD Negative 866.7 859 852 846 872 878 885
WHIRLPO O L O F IND Positive 1663.9 1653 1643 1632 1675 1686 1696
WIPRO LTD Positive 431.85 429 426 421 436 440 443
Z EE ENTERTA INMEN Positive 274.9 266 256 247 285 294 304

Momentum Picks: Strategy Follow up
Duration: Intraday
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
MOMENTUM PICK
05-Sep-23 Nifty (Current Month Future) NIFTY Buy 19534-19566 19599/19652 19498 - No trade
05-Sep-23 Tech Mahindra TECMAH Buy 1249-1252 1266.00 1244.40 0.60 Book profit at 1258.25
05-Sep-23 Canara Bank CANBAN Buy 334-335 340.00 332 - No trade
Duration: Cash Positional

Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
30-Aug-23 Cochin Shipyard COCSHI Buy 883 955.00 845.00 8.00 Target achieved
18-Aug-23 Shilpa Medicare SHIME Buy 360 394.00 341.00 5.30 Book 50% profit at 379.00
29-Aug-23 Chennai Petro CHEPET Buy 410 445.00 392.00 4.40 Book 50% at 428.00
04-Sep-23 D-link DLILIM Buy 351 364.00 342.00 4.00 Target achieved

01-Sep-23 Gujarat Industrial Power GUJIP Buy 125 135.00 118.50 5.30 Book 50% profit at 132.00

Gladiators Stocks: Open Recommendations
Date S crip Nam e S trategy Recom m endations P rice Target S toplos s Tim e Fram e
MOMENTUM PICK
4-Sep-23 NMDC Buy 131-136 155 125 3 Months
4-Sep-23 Engineers India Buy 159-164 188 147 3 Months
1-Sep-23 Latent view Buy 428-438 510 395 3 Months
31-Aug-23 LTI Mindtree Buy 5180-5245 5860 4890 3 Months
29-Aug-23 KPR Mill Buy 712-729 835 675 3 Months
22-Aug-23 Welspun India Buy 116-119.50 138 107 3 Months
8-Aug-23 Karnataka Bank Buy 214-224 254 204 3 Months
31-Jul-23 HEG Buy 1730-1760 2020 1615 3 Months
28-Jul-23 Alembic Pharma Buy 752-775 872 718 3 Months
A ll the recommedations are in Cash segment

Back to Top

Price history of last three years
Intellect Tejas network
MOMENTUM PICK
NHPC SAIL

Price history of last three years
Union Bank KNR Construction
MOMENTUM PICK
Bombay Dyeing Nocil

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 case of
MOMENTUM PICK
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 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

Recommended product wise trading portfolio 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 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%
100%
Source: ICICI Direct Research

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
MOMENTUM PICK
importance needs to be given 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
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

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

ICICI Direct Research Desk,
ICICI Securities Limited,
Third Floor, Brillanto House,
Road No 13, MIDC,
Andheri (East)
Mumbai – 400 093
research@icicidirect.com

Disclaimer
We/I,DharmeshShah,NitinKunte,NinadTamhanekar,VinayakParmarResearchAnalysts,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
ICICISecurities Inc. It is also confirmed that above mentioned Analysts of this report have not receive dany compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer,direct or or employee of the
MOMENTUM PICK
companies mentioned in the report.
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 is Sebi registered stock broker, merchant banker, investment adviser, portfolio manager and Research Analyst. ICICI Securities is registered with Insurance Regulatory Development Authority of India Limited (IRDAI) as a composite corporate
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House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025. CIN: L67120MH1995PLC086241, Tel: (91 22) 6807 7100. ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in
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Investments in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. None of the research recommendations promise or guarantee any assured, minimum or risk-free
return to the investors.
Name of the Compliance officer (Research Analyst): Mr. Atul Agrawal
Contact number: 022-40701000 E-mail Address: complianceofficer@icicisecurities.com
For any queries or grievances: Mr. Prabodh Avadhoot Email address: headservicequality@icicidirect.com Contact Number: 18601231122
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.
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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
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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 or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the report in the past twelve months.
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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ICICI Securities – Retail Equity Research

ICICI Securities – Retail Equity Research

ICICI Securities Ltd. | Retail Equity Research 2

ICICI Securities – Retail Equity Research

Weekly stochastics reversing from oversold zone

Source: Bloomberg, Spider, ICICI Direct Research

ICICI Securities – Retail Equity Research

Source: Spider Software, ICICI Direct Research

ICICI Securities – Retail Equity Research

Source: Spider Software, ICICI Direct Research

ICICI Securities – Retail Equity Research

Strong Volumes during breakout suggest participation in direction of trend

Source: Spider Software,, ICICI Direct Research

ICICI Securities – Retail Equity Research

Strong Volumes at breakout level suggest positive momentum

Source: Spider Software,, ICICI Direct Research

ICICI Securities – Retail Equity Research

Strong Volumes during breakout suggest participation in direction of trend

Source: Spider Software,, ICICI Direct Research

ICICI Securities – Retail Equity Research

Strong volumes suggest larger participation in direction of trend

Source: Spider Software,, ICICI Direct Research

ICICI Securities – Retail Equity Research

Source: Spider Software,, ICICI Direct Research

ICICI Securities – Retail Equity Research

Volumes expanding during up move

Daily Stochastic generated bullish crossover suggest positive bias

Source: Spider Software,, ICICI Direct Research

ICICI Securities – Retail Equity Research

Strong volumes supporting up move and breakout

Source: Spider Software,, ICICI Direct Research

ICICI Securities – Retail Equity Research

Source: Spider Software, ICICI Direct Research

ICICI Securities – Retail Equity Research

Advance Decline DII

Source: Bloomberg, Investing, BSE,NSE,ICICI Direct Research

ICICI Securities – Retail Equity Research

ICICI Securities – Retail Equity Research

Source: Bloomberg, ICICI Direct Research

ICICI Securities – Retail Equity Research

Source: Bloomberg, ICICI Direct Research

ICICI Securities – Retail Equity Research

ICICI Securities – Retail Equity Research

ICICI Securities – Retail Equity Research

Source: Bloomberg, ICICI Direct Research

Duration: Cash Positional

ICICI Securities – Retail Equity Research

September 6, 2023 ICICI Securities Ltd. | Retail Equity Research 21

ICICI Securities – Retail Equity Research

September 6, 2023 ICICI Securities Ltd. | Retail Equity Research 22

Source: Spider Software, ICICI Direct Research

ICICI Securities – Retail Equity Research

ICICI Securities – Retail Equity Research

Trading portfolio allocation

September 6, 2023 ICICI Securities Ltd. | Retail Equity Research 25

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

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

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

ICICI Securities – Retail Equity Research

Source: ICICI Direct Research

ICICI Securities – Retail Equity Research

September 6, 2023 ICICI Securities Ltd. | Retail Equity Research 27