Momentum Picks

MOMENTUM PICK
New recommendations Open Recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
Gladiator Stocks
23-Mar-22 Nifty NIFTY Buy 17365-17395 17431/17482 17327.00 Intraday
23-Mar-22 Mindtree MINLIM Buy 4050.00-4055.00 4085.00/4120.00 4017.70 Intraday
23-Mar-22 Titan TITIND Buy 2720.00-2724.00 2739.70/2756.00 2703.70 Intraday Scrip Action
22-Mar-22 Gokaldas Export GOKEXP Buy 402-410 440.00 386.00 14 Days Info Edge Buy
22-Mar-22 JK Paper JKPAP Buy 308-316 338.00 297.00 14 Days Birla soft Buy
Tech Mahindra Buy
Duration: 3 Months
Open recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration Click here to know more…
21-Mar-22 RCF RCF Buy 81-83.50 90.00 77.50 14 Days

ICICI Securities – Retail Equity Research

17-Mar-22 Prestige PREEST Buy 468-476 505.00 447.00 14 Days
Intraday recommendations are for current month futures. Positional recommendations are in cash segment

March 23, 2022 For Instant stock ideas:

SUBSCRIBE to mobile notification on
ICICIdirect Mobile app…

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
Nifty: 17315
Technical Outlook NSE Nifty Daily Candlestick Chart Domestic Indices
Day that was… Open High Low Close Indices Close 1 Day Chg % Chg
Nifty to gradually

PICK
Equity benchmarks staged a strong comeback and recovered SENSEX Index 57989.30 696.81 1.22
17120.40 17334.40 17006.30 17315.50 head towards

Picks
Monday’s losses tracking firm global cues. The Nifty ended the
session at 17315, up 198 or 1.2%. The market breadth remained flat 18604 NIFTY Index 17315.50 197.90 1.16
18000 in coming

MOMENTUM
with A/D ratio of 1:1. Sectorally, IT, financials, auto remained at
18350 weeks Nifty Future 17362.80 204.15 1.19

Momentum
forefront while FMCG, pharma took a breather.
Technical Outlook BSE500 Index 23402.10 195.90 0.84
• The Nifty started the session on a subdued note. However,
BSE Midcap Index 23701.38 39.59 0.17
buying demand from the psychological mark of 17000
coincided with 50 day’s EMA helping the index to recoup most BSE Small cap Index 27852.64 41.58 0.15
of Monday’s losses and settle near the day’s high. As a result,
SGX Nifty 17440.00 77.20 0.44
daily price action formed a strong bull candle with small lower
shadow, highlighting buying demand emerged at elevated * SGX Nifty at 7:30 am
support base. In the process, the index maintained the rhythm
Nifty Technical Picture
of not correcting for more than a single session seen over the
past two weeks, highlighting strong upward momentum Intraday Short term
• Going ahead, we expect the index to witness follow through
Trend
strength amid broad based participation and gradually head
towards 18000 in coming weeks as buying on decline strategy Support 17350-17290 16800

ICICI Securities – Retail Equity Research

should continue to work in favour of market participants.
Therefore, temporary breather should be capitalised on as Resistance 17420-17490 18000
incremental buying opportunity. Our target of 10800 is based Key 20 day EMA 16872
on following observations:
50 Days support
• a) 80% retracement of entire corrective phase since October 200 day EMA 16712
EMA 16800
2021 (18604-15671)
• b) Downward slanting trend line drawn adjoining October- Nifty Future Intraday Reco.
January highs (18604-18350)
• Structurally, the Nifty staged a strong rebound after forming a Action Buy
higher base above 52 weeks EMA. The formation of higher Price Range 17365-17395
peak and trough signifies rejuvenation of upward momentum
that makes us confident to revise support base at 16800 as it is Target 17431/17482
61.8% retracement of recent up move (16470-17353), placed at 15671 Stoploss 17327.00
16808 Daily RSI pointing upward, indicating positive bias
• The broader market indices have been forming a higher base
above 52 weeks EMA that has set the stage to witness catch up Sectors in focus (for Intraday) :
activity with its large cap peers in coming weeks. Thus, focus
should be on accumulating quality midcap stocks to ride next Positive: IT, BFSI, Metals, Fertilizers,
leg of up move Infra, Consumer Discretionary
In the coming session, index is likely to open on a positive note
tracking buoyant global cues. We expect, the index to trade with a
positive bias while forming a higher high-low and extend the Neutral: Consumer Staples
ongoing up move. Hence use pullback towards 17365-17395 for
creating long position for target of 17482
Source: Bloomberg, Spider, ICICI Direct Research
2
ICICI Securities Ltd. | Retail Equity Research
Nifty Bank: 36348
Technical Outlook Nifty Bank Index – Weekly Candlestick Chart Nifty Bank daily change
The Bank Nifty witnessed sharp rebound in the second half of Open High Low Close Indices Close Change Change%

MOMENTUM PICK
the session to close higher by 0.9% on Tuesday. The index Nifty Bank 36348.55 330.05 0.92
rebounded more than 1000 points from the day’s low (35384) to 35975.60 36468.80 35384.75 36348.55 41829
close near the high of the session. The pullback was broad Bias remain positive we expect the index to
based as 10 out of the 12 index constituents closed in the green. gradual head toward 38000 levels in the 39424
Nifty Bank Technical Picture
The Bank Nifty closed the session at 36348 levels up by 330 coming weeks
points or 0.9%. Intraday Short term

Technical Outlook Trend

Support 36250-36110 34000
• The daily price action formed a bull candle with a long lower 34018
32550
shadow signaling strong support at lower levels as buying Resistance 36600-36830 38000
demand emerged on expected lines from the immediate 32155
20 day EMA 35782
support area of 35000-35500 levels
30405 200 day EMA 36110
• Going ahead, we expect the index to maintain positive bias
and head towards the last week high of 36600 levels.
Sustainability above 36600 will lead to extension of the
current up move towards 38000 levels in the coming weeks
being the 80% retracement of the February-March decline 25232 Major support @ 34000 being
(39424-32155) confluence of the:

ICICI Securities – Retail Equity Research

• The overall bias in the index remain positive and any - 50% retracement of current up
temporary dips should not be seen as negative, instead move (32155-36612)
should be capitalized as buying opportunity in quality - bullish gap area of 10th March
banking stocks. is also placed at 34000 levels
• Structurally, buying demand emerged from the major
support area of 32500 in the last two weeks and has lead to 20405
a formation of higher high-low in the weekly chart. This
makes us confident to revise the support base higher
towards 34000 levels being the confluence of :
• (a) 50% retracement of the last two weeks up move (32155-
Weekly stochastic is in up trend thus supports the
36612) placed at 34300 levels 17105
16116 overall positive bias
• (b) The bullish gap area of 10th March 2022 is also placed
around 34000 levels
• Among the oscillators the weekly stochastic is in up trend
thus supports overall positive bias in the index
In the coming session, index is likely to open on a positive note
amid firm global cues. We expect the index to trade with
positive after a sharp pullback in the second half of yesterday
session. Hence after a positive opening use intraday dips 36420-
36490 for creating short position for target of 36740, maintain a
stop loss at 36290
Source: Bloomberg, Spider, ICICI Direct Research
March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 3
Stock Picks
Duration: Intraday

Mindtree (MINLIM)– Daily candlestick chart Technical Observations

Bullish Belt Hold line candlestick near 20 day EMA , signaling further upward CMP 4049.90

MOMENTUM PICK
momentum in coming sessions
Action Buy
Bullish Belt Hold line candlestick
near 20 day EMA , signaling
Rationale further upward momentum

Initiation
4050.00-4055.00
Range
20 days
EMA Target 4085.00/4120.00
Daily Stochastic in buy mode
Stop Loss 4017.70

ICICI Securities – Retail Equity Research

Titan (TITIND)– Daily candlestick chart Technical Obsevations

Price rebound after taking support at recent breakout area, signaling further CMP 2721.40
upsides in the coming sessions
Action Buy

Price rebound after taking support at

Rationale recent breakout area, signaling
further upsides

Initiation
50 days 2720.00-2724.00
EMA Range

Target 2739.70/2756.00

Daily MACD in rising trajectory

Stop Loss 2703.70

Source: Bloomberg, Spider, ICICI Direct Research

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 4
 Stock Picks
Duration: 14 days

Buy Gokaldas Exports (GOKEXP) in the range of 402.00-410.00 Target: 440.00 Stop Loss: 386.00 Technical Observations

Daily Bar Chart • The stock has been resilient

MOMENTUM PICK
during the recent market
Price remain in strong up trend and has generated a breakout above a falling Target @ 440 correction and has formed a
428 higher base in the last four
supply line joining recent highs signaling resumption of up move and offers
403 months above the 50 days EMA
fresh entry opportunity
(currently at | 260) signaling
robust price structure
348 • It has generated a breakout
above the falling supply line
325
joining the highs of 2nd February
(| 428) and 10th March (403)
Support @ 386 being 50% signaling resumption of up move
retracement of current up and offers fresh entry
move (| 348-415) opportunity
• We expect the stock to maintain
50 days
positive bias and head towards |
EMA
440 levels in the coming weeks
being the 123.6% external

ICICI Securities – Retail Equity Research

retracement of the recent
187
breather (|428-325)

Daily MACD has generated a buy signal moving above its nine periods average thus validates positive bias
• Among the oscillators the daily
MACD has recently generated a
buy signal moving above its nine
periods average thus validates
positive bias

Recommendation initiated on i-click to gain at 14:52 on March 22, 2022

Source: Bloomberg, Spider Software, ICICI Direct Research

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 5

 Stock Picks
Duration: 14 days

Buy JK Paper (JKPAP) in the range of 308.00-316.00 Target: 338.00 Stop Loss: 297.00 Technical Observations
Target
Daily Bar Chart • Paper stocks have seen a strong

MOMENTUM PICK
Price breaking out of rounding formation with volumes @ 338 rebound in the last three weeks
suggest further upward momentum in coming sessions and is seen forming higher high-
low in the weekly time frame.
284
Our preferred pick within the
paper stock is JK Paper, which
248 we expect to outperform going
ahead
• The stock has formed a rounding
203 formation around its 200 day
192 moving average and price
breakout with Volume recently
200 days signaling inherent strength and
SMA
positive momentum
• The stock has witnessed faster
retracement of 5 months decline
retraced in 3 months suggest
robust price structure and augurs

ICICI Securities – Retail Equity Research

well for extension of up move
• The stock is expected to head
towards | 338 levels in the
coming weeks being the 161.8%
external retracement of the
Daily MACD is in rising trajectory ,thus validates positive bias previous major decline of
August-December 2021 (|284-
192)
• Among the oscillators the daily
Recommendation initiated on i-click to gain at 15:03 on March 22, 2022 MACD is in rising trajectory thus
validates positive bias

Source: Bloomberg, Spider Software, ICICI Direct Research

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 6

 Stock Picks
Duration: 14 days

Buy RCF (RCF) in the range of 81.00-83.50 Target: 90.00 Stop Loss: 77.50 Technical Observations

Daily Bar Chart Price breaking above a bullish flag like formation thus offers • The fertilizers stocks has seen a

MOMENTUM PICK
fresh entry opportunity Target strong rebound in the last two
@ 90 weeks and is seen forming
89 88 higher high-low in the weekly
time frame. Our preferred pick
84.50
within the fertilizer stock is RCF,
which we expect to outperform
going ahead
• The stock has generated a
breakout above the bullish flag
78 like formation signaling
resumption of up move after last
100 days three sessions of sideways
EMA Support at
consolidation thus offers fresh
@ 78 being
entry opportunity
last week • The stock is expected to head
69 low and towards | 90 levels in the coming
100 days weeks being the 123.6% external

ICICI Securities – Retail Equity Research

67 EMA retracement of the previous
major decline of January-
Daily 14 periods RSI is in up trend and is seen rebounding taking support at its nine February 2022 (|88-67)
periods average thus validates positive bias
• Among the oscillators the daily
14 periods RSI is in up trend and
is seen rebounding taking
support at its nine periods
average thus validates positive
bias in the stock
Recommendation initiated on i-click to gain at 10:41 on March 21, 2022

Source: Bloomberg, Spider Software, ICICI Direct Research

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 7

 Stock Picks
Duration: 14 days

Buy Prestige Estates (PREEST) in the range of 468.00-476.00 Target: 505.00 Stop Loss: 447.00 Technical Observations

Daily Bar Chart • The Nifty realty index is seen

MOMENTUM PICK
Falling channel breakout signaling resumption of up move thus offers fresh rebounding after a base around
entry opportunity 554 the previous multiyear breakout
Target area and 52 week’s EMA, thus
@ 505 offering a fresh entry opportunity
in realty stocks with a favourable
risk reward set-up. Brigade
Enterprises is one of the
preferred pick in the midcap
realty space
• The stock has generated a
breakout above the falling
392 389 channel containing the entire
corrective decline of the last two
months signaling resumption of
200 days Support at @ 447 being the 38.2% the up move thus offers fresh
EMA retracement of the current up entry opportunity
move (|389-486)
• We expect the stock to head

ICICI Securities – Retail Equity Research

towards | 505 levels in the
coming weeks being the
confluence of the February 2022
Daily MACD has recently generated a buy signal moving above its nine periods high (| 502) and 61.8%
average thus supports the positive bias retracement of the entire
January-March 2022 decline (|
554-389)
• The stock has recently
rebounded taking support at the
200 days EMA (currently at | 416)
Recommendation initiated on i-click to gain at 13:18 on March 17, 2022 and the previous major breakout
area signaling overall positive
price structure

Source: Bloomberg, Spider Software, ICICI Direct Research

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 8

Market Activity Report

Global Currency, Global Equity Market Performance

Commodities Brazil

MOMENTUM PICK
1.0
Currency/Yield/ 1 Day %
Close US
Commodities Change 0.7
India 1.2
Currency
Hong Kong 0.3
USD INR 76.12 0.0
Japan 2.5
Dollar Index 98.51 0.0 China -0.1
Germany 1.0
EURO USD 1.10 0.0
UK 0.5
GBP USD 1.33 0.1 France 1.2

JPY 120.95 0.1 -0.6 0.4 1.4 2.4

% Change
Swiss Franc 0.93 0.1

ICICI Securities – Retail Equity Research

1 Day Change
Commodities ($)

Gold 1,920.20 -0.1

Advance Decline
Brent 115.66 1.1 2800
2400
Copper 10,268.00 -0.3
2000
Silver 24.88 -0.1 1600

Yield (bps change) 1200

800
6.83 0.050
India 10 400
US 2.41 0.033 0
11-Mar 14-Mar 15-Mar 16-Mar 17-Mar 21-Mar 22-Mar
EURO 0.50 -0.009
Japan 0.21 -0.006 Advances Declines

Source: Bloomberg, Investing, ICICI Direct Research

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 9
Market Activity Report

Sectoral Indices Performance Fund Flow activity of the last 5 sessions

MOMENTUM PICK
1 Day % FII
Sectoral Indices Close
Change

Sensex 57,989.3 1.2 2,800

2,800

Nifty 17,315.5 1.2

BSE Auto 24,098.7 1.1 800 384

Rs Crore
312

Bankex 41,668.7 1.1

-1,200
-1,250
Capital Goods 27,487.7 0.6

Consumer Durables 43,702.4 -0.5 -3,200 -2,962

15-Mar 16-Mar 17-Mar 21-Mar 22-Mar
FMCG 13,205.9 -0.7 Date

ICICI Securities – Retail Equity Research

Healthcare 24,161.1 -0.5
DII
IT 36,041.7 1.9

1,000
Metal 22,247.3 0.6 773

Oil & Gas 18,398.3 1.9

253
Rs Crore

Power 3,915.8 0.7 98

Realty 3,517.6 -1.1

BSE 500 23,402.1 0.8 -602

-678
BSE Midcap Index 23,701.4 0.2 -1,000
15-Mar 16-Mar 17-Mar 21-Mar 22-Mar
BSE Small Cap 27,852.6 0.2 Date

Source: Bloomberg, ICICI Direct Research

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 10
Trend Scanner
Heat Map Positive Trend Universe: NSE 500 52 Weeks High
1,538 368 Tata 440 Reliance 2,531 121 Change 20-Day Delivery Scrip Name LTP
TechM BPCL IOC

MOMENTUM PICK
Scrip Name Close
3.9% 3.1%
Motors
2.9%
Ind.
2.6% 2.2% % SMA ( %) JK Paper 316
TCS 3703.00 2.10 3590.00 66 Ratnamani 2521
JSW 697 250 3,701 Bajaj 16,495 Bajaj 3,656
ITC TCS
Steel Finserv Auto JK Paper 316.55 0.51 248.00 21 GNFC 795
2.2% 2.1% 2.0% 1.9% 1.9%
MHRIL 231.90 9.21 211.00 13 Credit ACC 805
Power 209 1,887 Kotak 1,808 175 Bajaj 6,986
Infosys ONGC
Grid Bank Finance Graphite 515.60 4.67 482.00 17
1.9% 1.9% 1.7% 1.7% 1.7% 52 Weeks Low
610 Indusind 928 Bharti 719 Hero 2,424 HDFC 529 Tata Motors 440.55 3.94 434.00 23
Wipro Scrip Name LTP
Bank Airtel Moto Life Reliance Industries 2528.75 2.49 2372.00 55
1.7% 1.6% 1.6% 1.3% 1.3% Castrol 104
ICICI 718 1,774 Grasim 1,583 7,767 Axis 731 Dhani 66
L&T Maruti
Bank Ind Bank
1.0% 1.0% 0.8% 0.8% 0.8% Midhani 165
1,176 Tata 753 781 Dr 4,030 494
HCl Tech UPL SBI Negative Trend Universe: NSE 500
Consum Reddy
0.7% 0.7% 0.7% 0.6% 0.6%
Overbought Stocks
593 183 739 1,494 2,403 Change 20-Day Delivery
Coal Adani HDFC HDFC Scrip Name Close Scrip Name LTP Stochastic
Hindalco % SMA ( %)

ICICI Securities – Retail Equity Research

India Ports Bank Ltd
0.6% 0.6% 0.5% 0.5% 0.5% Rites 264 92
Dhani 66.20 -4.13 75.00 76
6,212 786 2,713 Asian 3,051 1,098 Kajaria Ceramic 1048 84
Ultratech M&M Titan SBI Life Caplin point 706.00 -3.87 716.00 50
Paints
0.3% 0.3% 0.2% 0.2% 0.2% SBI card 845 80
GodreJCP 699.35 -3.17 738.00 55
2,380 Sun 914 133 Shree 23,373 Tata 1,302
Eicher NTPC Hindustan unilever 1992.90 -2.84 210.00 56
Pharma Cement Steel
0.1% 0.0% 0.0% -0.1% -0.1% Oversold Stocks
4,449 1,033 3,158 17,429 1,994 Scrip Name LTP Stochastic
Divis Lab Cipla Britannia Nestle HUL
-0.2% -1.7% -2.4% -2.5% -2.8% HEG 1308 17
Nesco 528 14
Candlestick Pattern
TCI Express 1745 14
Bullish Candlestick Formations Bearish Candlestick Formations
Scrip Name Pattern name LTP Scrip Name Pattern name LTP
Eclerx Engulfing 2373.0 Coromamdel Engulfing 830.0
Fortis Engulfing 261.0 MCX Engulfing 1417.0
Mindtree Belt hold line 4035.0 Pfizer Dark cloud cover 4443.0
Teamlease Belt hold line 3965.0 Welcorp Engulfing 145.0

Source: Bloomberg, ICICI Direct Research

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 11
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
NIFTY 50 Negative 17315.5 17104 16891 16776 17432 17547 17760
S&P BSE SENSEX INDEX Negative 57989.3 57261 56534 56139 58384 58780 59506

MOMENTUM PICK
NIFTY BANK Negative 36348.55 35665 34983 34581 36749 37151 37833
NIFTY 50 FUTURES Negative 17380.9 17160 16939 16828 17493 17605 17826
NIFTY BANK FUTURES Negative 36583.95 35842 35101 34727 36957 37331 38072
AARTI INDUS LTD Neutral 908.35 896 883 873 919 929 942
ABBOTT INDIA LTD Negative 16685.6 16462 16239 15827 17098 17509 17733
ABCAPITAL Negative 108.95 106 104 102 110 112 113
ADITYA BIRLA FAS Negative 288.7 284 278 275 293 296 302
ACC LTD Negative 2058.3 2031 2003 1982 2081 2103 2131
AMBUJA CEMENTS Negative 300.9 297 293 290 304 307 311
ADANI POWER LTD Negative 123.75 123 122 121 126 126 128
ADANI ENTERPRISE Negative 1831.55 1803 1773 1756 1850 1867 1897
ADANI PORTS AND Negative 739.15 726 714 705 747 756 768
ALKEM LABORATORI Positive 3550.55 3503 3456 3425 3581 3612 3659
ASHOK LEYLAND Negative 112.2 109 105 102 115 117 121

ICICI Securities – Retail Equity Research

AMARA RAJA BATT Negative 578.65 572 566 562 582 586 592
ALEMBIC PHARMACE Negative 735.7 723 711 696 750 765 777
APOLLO HOSPITALS Negative 4677.6 4490 4303 4134 4846 5015 5202
ASIAN PAINTS LTD Negative 3051.15 2997 2942 2910 3085 3118 3173
AU SMALL FINANCE Positive 1196.05 1174 1151 1139 1210 1223 1246
APOLLO TYRES LTD Negative 190.05 186 181 178 193 195 200
AUROBINDO PHARMA Positive 687.5 678 667 658 697 705 716
ASTRAL LTD Negative 2019.65 1988 1957 1935 2041 2063 2094
ATUL LTD Positive 9972.25 9826 9679 9586 10066 10159 10305
AXIS BANK LTD Negative 731.4 714 695 684 744 755 773
BALCHI Neutral 491.4 486 479 473 500 507 513
BAJAJ FINANCE LT Negative 6985.8 6832 6678 6589 7075 7164 7318
BATA INDIA LTD Negative 1936.05 1906 1875 1841 1972 2007 2038
BHARTI AIRTEL Negative 719.25 709 700 694 724 730 739
BHARAT ELECTRON Negative 209.8 205 202 200 211 214 217
BHARAT HEAVY ELE Negative 51 51 50 50 52 52 53
BHARAT FORGE CO Positive 689.5 674 658 648 700 710 726
Source: Bloomberg, ICICI Direct Research
March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 12
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
BALKRISHNA INDS Negative 2050.45 2008 1966 1936 2080 2110 2152
BIOCON LTD Neutral 334.7 330 326 323 337 340 344

MOMENTUM PICK
BIRLASOFT LTD Positive 465.9 449 434 424 475 485 500
BAJAJ AUTO LTD Negative 3656.45 3594 3531 3497 3692 3726 3789
BAJAJ FINSERV LT Neutral 16494.6 16100 15706 15461 16739 16984 17378
BANDHAN BANK LTD Neutral 303.3 288 271 262 314 323 340
BANK OF BARODA Negative 106.8 105 102 101 109 110 112
BANK OF INDIA Negative 47.8 48 47 47 49 49 50
BOSCH LTD Negative 14306.75 14042 13779 13600 14484 14663 14927
BHARAT PETROL Positive 368.4 360 352 347 373 378 386
BERGER PAINTS Negative 697.65 684 670 662 706 714 728
BRITANNIA INDS Negative 3158.4 3110 3062 2992 3228 3298 3346
CANARA BANK Negative 226 221 217 214 228 231 235
CAN FIN HOMES Neutral 601.55 593 585 575 610 620 628
CONTAINER CORP Negative 615.2 609 604 599 618 623 628
ZYDUS LIFESCIENC Negative 360.1 356 352 346 366 372 375

ICICI Securities – Retail Equity Research

CENTURY TEXTILE Neutral 834.05 810 787 771 849 865 888
CESC LTD Positive 75.3 74 73 72 76 77 78
CHAMBAL FERTILIS Positive 436.25 425 414 406 444 452 463
CHOLAMANDALAM IN Neutral 711.95 692 671 657 727 741 762
CIPLA LTD Negative 1032.6 1021 1010 996 1046 1060 1071
COFORGE LTD Negative 4457.7 4404 4350 4312 4496 4534 4588
COLGATE PALMOLIV Negative 1505.1 1483 1461 1444 1523 1541 1562
COAL INDIA LTD Neutral 183.35 180 178 175 186 188 191
COROMANDEL INTER Negative 830.8 818 804 782 853 874 888
CROM GREAVES CON Negative 387.3 380 373 366 393 401 407
CITY UNION BANK Negative 120 119 117 116 122 123 125
DABUR INDIA LTD Negative 534 527 520 509 545 556 562
DALMIA BHARAT LT Negative 1422.45 1402 1382 1367 1437 1452 1472
DELTA CORP LTD Neutral 304.55 297 290 282 313 320 328
DIXON TECHNOLOGI Negative 4374 4313 4251 4158 4468 4561 4624
DEEPAK NITRITE Negative 2255.45 2202 2148 2107 2298 2340 2394
DIVI LABS LTD Negative 4448.55 4408 4367 4325 4492 4535 4576
Source: Bloomberg, ICICI Direct Research
March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 13
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
DLF LTD Negative 358.65 349 339 334 365 371 380
DR REDDY'S LABS Negative 4030.35 3981 3932 3894 4068 4106 4155

MOMENTUM PICK
EICHER MOTORS Negative 2380.4 2337 2295 2261 2413 2447 2489
EQUITAS HOLDINGS Positive 111.15 107 102 96 117 124 128
ESCORTS LTD Positive 1840.65 1832 1824 1815 1849 1858 1866
EXIDE INDUS LTD Negative 154.85 153 151 150 155 157 158
FED BANK LTD Neutral 98.85 97 95 94 100 101 102
FIRSTSOURCE SOLU Neutral 125.6 122 117 114 130 133 138
GAIL INDIA LTD Negative 143.45 142 141 138 145 147 149
GODREJ CONSUMER Negative 699.3 687 674 657 717 734 747
GNFC Positive 799.45 770 740 721 819 838 869
GODREJ PROPERTIE Negative 1578.95 1547 1515 1485 1609 1639 1671
GRANULES INDIA Neutral 312.45 309 305 302 316 319 323
GMR INFRASTRUCTU Negative 38.05 38 37 36 39 39 41
GLENMARK PHARMA Negative 450.05 442 436 427 458 466 473
GRASIM INDS LTD Negative 1582.5 1541 1500 1475 1607 1632 1673

ICICI Securities – Retail Equity Research

GUJARAT GAS LTD Negative 491.9 483 476 464 503 514 522
GUJARAT STATE PE Neutral 268.3 263 258 253 273 278 284
HINDUSTAN AERONA Negative 1414.75 1393 1371 1344 1442 1469 1491
HIND COPPER Neutral 118.2 116 115 113 120 122 123
HAVELLS INDIA Negative 1124.95 1100 1074 1052 1148 1170 1196
HCL TECH LTD Negative 1176.4 1164 1154 1145 1184 1192 1203
HONAUT Neutral 39328.15 38917 38507 38013 39821 40315 40725
HOUSING DEV FIN Negative 2402.75 2366 2329 2302 2430 2457 2495
HDFC ASSET MANAG Negative 2160.35 2131 2103 2085 2177 2195 2223
HDFC LIFE INSURA Negative 529.3 520 511 506 534 539 548
HDFC BANK LTD Neutral 1494.15 1468 1442 1427 1509 1524 1550
HERO MOTOCORP LT Negative 2423.65 2367 2311 2277 2457 2491 2547
HINDALCO INDS Positive 593.45 587 579 572 603 611 618
HINDUSTAN PETRO Positive 280.15 274 269 263 285 291 297
HINDUSTAN UNILEV Negative 1993.5 1956 1920 1872 2041 2090 2126
VODAFONE IDEA LT Negative 10.05 10 10 10 10 10 10
IDFC Neutral 60.2 59 58 57 60 62 62
IDFC FIRST BANK Negative 40.6 40 39 38 42 43 43
Source: Bloomberg, ICICI Direct Research
March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 14
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
INDRAPRASTHA GAS Negative 370.9 367 363 358 376 381 385
INDIABULLS HOUSI Negative 154.45 153 150 148 157 160 162

MOMENTUM PICK
INDUSIND BANK Negative 927.7 910 893 882 938 949 967
INDIAN ENERGY EX Negative 221.95 219 217 215 224 225 228
INDIAN HOTELS CO Positive 208.75 206 202 198 214 218 222
INDIAMART INTERM Negative 4485 4386 4288 4226 4546 4608 4706
IPCA LABS LTD Negative 999.75 993 985 974 1011 1021 1029
INDUS TOWERS LTD Negative 211.85 209 207 205 213 215 218
INTERGLOBE AVIAT Negative 1836.25 1783 1728 1693 1872 1906 1961
INFOSYS LTD Neutral 1887.4 1854 1821 1803 1905 1923 1956
INFO EDGE Neutral 4760.45 4616 4472 4384 4848 4936 5079
INDIAN OIL CORP Positive 120.65 118 117 115 122 123 125
ICICI PRUDENTIAL Negative 481.75 474 465 459 489 495 504
INDIAN RAILWAY C Negative 765.8 754 742 732 776 786 798
ITC LTD Neutral 249.75 245 241 238 252 255 260
JINDAL STEEL & P Positive 493.1 484 476 470 499 506 514

ICICI Securities – Retail Equity Research

JSW STEEL LTD Neutral 696.5 682 669 660 705 713 727
JSW ENERGY LTD Neutral 301.15 298 296 292 304 308 310
JUBILANT FOODWOR Neutral 2621.35 2522 2423 2364 2680 2739 2838
JUST DIAL LTD Negative 749.4 742 734 722 761 772 780
CUMMINS INDIA Neutral 1051.85 1035 1019 1007 1063 1075 1091
KOTAK MAHINDRA Negative 1807.85 1770 1734 1712 1829 1850 1887
LAURUS LABS LTD Neutral 594.05 587 581 575 599 605 612
LIC HOUSING FIN Neutral 366.8 357 346 339 375 382 392
LUPIN LTD Negative 757.25 750 743 735 765 773 780
LARSEN & TOUBRO Negative 1774.05 1737 1701 1681 1793 1813 1849
L&T FINANCE HOLD Positive 75.1 73 70 68 77 78 81
L&T INFOTECH LTD Negative 6117.55 6002 5886 5812 6192 6266 6382
L&T TECHNOLOGY S Neutral 4878.55 4768 4658 4597 4940 5002 5112
DR LAL PATHLABS Negative 2652.6 2608 2564 2533 2683 2714 2758
MAHANAGAR GAS LT Negative 753.05 743 733 720 766 779 788
MAX FINANCIAL SE Neutral 784.05 770 757 745 795 807 820
MCX INDIA LTD Negative 1419.5 1403 1387 1365 1442 1465 1481
METROPOLIS HEALT Negative 2002.85 1949 1894 1862 2035 2066 2121
Source: Bloomberg, ICICI Direct Research
March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 15
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
MANAPPURAM FINAN Negative 116.65 114 113 111 118 119 121
MAHINDRA & MAHIN Negative 785.6 773 761 753 793 801 813

MOMENTUM PICK
M&M FIN SERVICES Neutral 160.4 157 154 152 163 164 168
MARICO LTD Negative 492.1 485 477 467 504 514 522
MRF LTD Negative 67096.6 66232 65366 64832 67632 68166 69032
MARUTI SUZUKI IN Negative 7766.65 7599 7432 7327 7871 7976 8144
MOTHERSON SUMI Negative 136.4 133 129 128 139 141 145
MINDTREE LTD Positive 4034.4 3979 3923 3890 4068 4101 4157
MUTHOOT FINANCE Positive 1369 1347 1326 1312 1382 1396 1417
NIPPON LIFE INDI Negative 334.8 331 327 323 340 344 348
NATIONAL ALUMIN Positive 122.2 120 119 116 124 127 129
NBCC INDIA LTD Negative 38.75 39 38 38 40 40 41
NESTLE INDIA LTD Negative 17429.25 17166 16902 16550 17782 18134 18399
NAVIN FLUORINE I Negative 4062.35 3987 3911 3837 4137 4211 4287
NCC LTD Negative 60.55 60 59 59 62 63 63
NMDC LTD Neutral 151.65 149 148 145 153 156 158

ICICI Securities – Retail Equity Research

NTPC LTD Positive 132.85 132 131 129 134 135 137
ORACLE FINANCIAL Positive 3597.3 3554 3510 3482 3625 3654 3697
OIL INDIA LTD Positive 230.35 225 220 210 239 248 253
OIL & NATURAL GA Positive 175.45 173 170 165 180 184 188
PAGE INDUSTRIES Negative 41790.1 41060 40329 39881 42239 42687 43418
PIDILITE INDS Negative 2450.35 2411 2373 2341 2481 2513 2551
PI INDUSTRIES Negative 2777.75 2736 2696 2668 2805 2834 2874
PIRAMAL ENTERPRI Negative 2202.15 2163 2124 2083 2244 2284 2324
PETRONET LNG LTD Negative 194.7 192 191 189 195 197 198
PUNJAB NATL BANK Negative 35.6 34 34 33 35 36 36
POLYCAB INDIA LT Negative 2425.9 2388 2349 2324 2452 2477 2516
POWER FINANCE Negative 116.45 115 113 113 118 119 121
PFIZER LTD Neutral 4435.65 4391 4346 4275 4506 4576 4621
PVR LTD Neutral 1749.1 1732 1715 1700 1764 1779 1796
POWER GRID CORP Negative 208.7 205 202 199 210 212 215
RAIN IND Neutral 194.35 184 174 167 201 208 218
RBL BANK LTD Negative 134.8 133 130 129 137 138 141
Source: Bloomberg, ICICI Direct Research
March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 16
Intraday Supports and Resistance (Cash)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
REC LTD Negative 125.6 124 123 122 126 127 129
RELIANCE INDS Positive 2531.15 2479 2426 2398 2560 2588 2642

MOMENTUM PICK
STEEL AUTHORITY Neutral 99.5 99 97 95 102 103 105
SBI CARDS & PAYM Negative 847.3 831 814 802 859 870 887
STATE BANK IND Negative 493.7 482 470 464 501 508 519
SBI LIFE INSURAN Negative 1097.65 1078 1058 1046 1110 1122 1142
SHRIRAM TRANSPRT Negative 1098.15 1075 1051 1036 1114 1129 1153
SIEMENS LTD Negative 2319.15 2268 2216 2170 2366 2412 2464
SHREE CEMENT Negative 23373.3 23047 22721 22409 23684 23996 24322
SRF LTD Negative 2630.45 2576 2521 2483 2670 2709 2763
STRIDES PHARMA S Neutral 350 344 337 331 356 363 369
SYNGENE INTERNAT Neutral 588.5 583 579 575 592 597 601
SUN PHARMA INDU Negative 914.1 904 894 885 924 933 943
SUPREME Negative 2023.75 2001 1978 1951 2051 2078 2101
SUN TV NETWORK Neutral 459.85 449 439 423 475 491 501
TATA STEEL LTD Negative 1302 1284 1265 1242 1326 1349 1368
TATA CONSULTANCY Neutral 3700.95 3647 3593 3561 3733 3765 3819
TECH MAHINDRA LT Neutral 1538.2 1494 1450 1425 1563 1588 1632
TATA COMM Negative 1142.7 1124 1107 1093 1156 1171 1188

ICICI Securities – Retail Equity Research

TATA CONSUMER PR Negative 752.9 736 720 709 763 774 789
TORRENT POWER LT Neutral 485.4 481 476 473 489 492 498
TATA POWER CO Negative 231.4 228 224 223 234 236 239
RAMCO CEMENT/THE Negative 739.05 724 708 694 753 766 783
TORRENT PHARMA Negative 2762.2 2721 2679 2652 2790 2817 2859
TITAN CO LTD Negative 2712.75 2667 2621 2595 2740 2765 2812
TATA CHEMICALS Neutral 954.7 934 913 900 968 981 1002
TATA MOTORS LTD Neutral 440.35 427 414 406 447 454 467
TRENT LTD Neutral 1286.35 1262 1238 1219 1304 1322 1346
TVS MOTOR CO LTD Negative 612.55 603 594 588 618 624 634
UNITED BREWERIES Negative 1435.3 1411 1388 1371 1451 1468 1492
UJJIVAN FINANCIA Negative 112.35 110 109 107 113 115 117
UNITED SPIRITS Negative 916.15 896 875 864 928 939 960
UPL LTD Positive 780.95 773 764 757 789 796 805
ULTRATECH CEMENT Negative 6211.6 6106 5999 5939 6273 6333 6440
VEDANTA LTD Positive 404.05 398 393 384 412 421 426
VOLTAS LTD Negative 1283.25 1252 1220 1202 1302 1320 1352
WHIRLPOOL OF IND Negative 1600.15 1568 1534 1495 1641 1680 1713
WIPRO LTD Negative 610.05 601 591 586 616 621 631
YES BANK LTD Negative 12.8 13 13 13 13 13 14
ZEE ENTERTAINMEN Negative 248.55 241 234 226 257 266 273
Source: Bloomberg, ICICI Direct Research
March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 17
Forthcoming Economic Event Calendar

Date Event Date Event

US China

MOMENTUM PICK
24-Mar Initial Jobless Claims/Continuing claims 24-Mar Swift Global Payments CNY
28-Mar Wholesale Inventories MoM 27-Mar Industrial Profits YoY
28-Mar Retail Inventories MoM 31-Mar Manufacturing PMI
30-Mar GDP Annualized QoQ 31-Mar Non-manufacturing PMI
31-Mar PCE Deflator MoM 31-Mar Composite PMI
India UK
31-Mar Fiscal Deficit INR Crore 25-Mar Retail Sales Ex Auto Fuel MoM
31-Mar Eight Infrastructure Industries 24-Mar Markit/CIPS UK Services PMI
31-Mar BoP Current Account Balance 24-Mar Markit/CIPS UK Composite PMI
25-Mar GfK Consumer Confidence
30-Mar GDP QoQ
31-Mar Government Spending QoQ

ICICI Securities – Retail Equity Research

Source: Bloomberg, ICICI Direct Research
March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 18
Momentum Picks: Strategy Follow up
Duration: Intraday
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment

MOMENTUM PICK
22-Mar-22 Nifty NIFTY Sell 17250-17280 17213/17161 17318.00 (53 points) Stoploss triggered
22-Mar-22 Container Corporation of India CONCOR Buy 612.00-614.00 618.80/625.00 606.70 1.00 Target 1 achieved
22-Mar-22 Godrej Consumer GODCON Sell 723.00-725.00 718.10/712.00 730.30 - No trade

Duration: Cash Positional

Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment

14-Mar-22 BEML BEML Buy 1518 1642.00 1445.00 4.00 Book 50% profit at 1582.00

ICICI Securities – Retail Equity Research

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 19
Gladiators Stocks: Open Recommendations

Date Scrip Name Strategy Recommendations Price Target Stoploss Time Frame
22-Mar-22 Info Edge Buy 4680-4725 5380.00 4315.00 3 Months

MOMENTUM PICK
22-Mar-22 Birla Soft Buy 448-465 524.00 414.00 3 Months
14-Mar-22 Tech Mahindra Buy 1480-1505 1690.00 1328.00 3 Months
11-Mar-22 Graphite India Buy 490-510 568.00 442.00 3 Months
9-Mar-22 BEL Buy 210-217 245.00 192.00 3 Months
1-Feb-22 Siemens Buy 2350-2385 2740.00 2135.00 3 Months
All the recomedations are in Cash segment

ICICI Securities – Retail Equity Research

Back to Top

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 20

 Price history of last three years
Gokaldas Export JK Paper

MOMENTUM PICK
Prestige Estate RCF

ICICI Securities – Retail Equity Research

Source: Spider Software, ICICI Direct Research
March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 21
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

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 22

Recommended product wise trading portfolio allocation

Allocations
Product Product wise Max allocation
allocation In 1 Stock Number of Calls Return Objective Duration

MOMENTUM PICK
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

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 23
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
to the placement of the pattern within larger trend

MOMENTUM PICK
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

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 24

 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

March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 25

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:
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 agent and with PFRDA as a Point of Presence. ICICI Securities Limited Research Analyst 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 housing finance, asset
management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com.
Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etcas opposed to focusing on a company's
fundamentals and, as such, may not match with the recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports. Our proprietary trading and
investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.
ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Retail Research. The views and opinions expressed in this
document may or may not match or may be contrary with the views, estimates, rating, target price of the Institutional Research.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely
for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of
ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory,
compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance
with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.
This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and
information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though
disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in

ICICI Securities – Retail Equity Research

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 rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not
necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially
from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.
ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past
twelve months.
ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of
managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.
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 mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their
relatives have any material conflict of interest at the time of publication of this report.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. ICICI Securities or its subsidiaries collectively or Research Analysts or
their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report.
Since associates of ICICI Securities and ICICI Securities as a entity are engaged in various financial service businesses, they might have financial interests or actual/ beneficial ownership of one percent or more or
other material conflict of interest 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, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described
herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such
restriction..
March 23, 2022 ICICI Securities Ltd. | Retail Equity Research 26