Daily Calls

December 15, 2014

Market Outlook

Domestic Indices
Indices

Close

Change

Change%

27350.68

-251.33

-0.91

8224.10

-68.80

-0.83

8276.90

-65.20

-0.78

S&PBSE 500

10590.69

S&PBSE Midcap

10108.60

-100.82
-131.10

-0.94
-1.28

S&PBSE Smallcap

11068.48

-168.05

-1.50

Indices
Close
17280.83
Dow Jones
Nasdaq
4653.60
6300.63
FTSE
DAX
9594.73
Hang Seng
22903.06
Nikkei
17228.71
8224.00
SGX Nifty
* Asian Market at 7:30 am.IST

Change
-315.51
-54.57
-161.07
-267.80
-344.87
-143.05
-49.00

Change%
-1.79
-1.16
-2.49
-2.72
-1.48
-0.82
-0.59

S&P BSE Sensex

CNX Nifty
Nifty future

Sensex: We said, "Strength above the Grey channel opens up positive options ... failure could mean lacklustre action..." The
index faced resistance exactly at the upper Grey channel and lost further 229 points or 0.8% for the day. While all sectors ended
flat to negative, oil & gas and realty lost over 2% each. The A/D ratio also turned negative 1:3 as a result.
The action formed a Bear candle, re-confirming the Grey falling channel we showed. It also broke the 38.2% level, which
provided temporary support on Wednesday. The bias would remain negative until the index is able to strengthen and close
above its previous day. However, weakness below the previous candle is required to open up further downsides.
Exhibit 1: Sensex Daily Candlestick Chart

Global Indices

Market Breadth
35
106

Unchg

NSE
BSE

935

Decline

1991

245
919

Advance
0

500

1000

1500

2000

Recommendations for the day

1. Sell Nifty Dec Future in range of 8250-8260
2. Buy Lupin in the range of 1453.00-1455.00
3. Sell SSLT below 216.50
*All recommendations are of December Future

Source: ASA, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Exhibit 2: Nifty Future Daily Candlestick Chart

CNX Nifty (Cash Levels) Technical Picture
Nifty
Trend

Intraday
Down

Trend Reversal

Short Term
Range bound

8230

Support

8180-8150

8180

Resistance

8230-8260

8650

20 Days EMA

8395

200 days EMA

7591

Nifty Future Recommendations

CMP :

8276.90

Comment : Future premium increased from 49 points to 53.

NF testing 50% retracement level at 8200-10.
Reverse if holds 8200-10
Action :

Sell in the range of 8250-8260

Targets :

8220/8200/Lower

Stop-loss :

8275.00

Source: ASA, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 2

Trend Scanner
Global Currencies
Spot

Positive Trends

Close

Prev.close

% Chg

Rupee (|)

62.295

62.345

0.08

Scrip Name

Dollar Index

88.372

88.363

0.02

Amara Raja Batteries Ltd

Euro

1.246

1.246

-0.04

British Pound

1.571

1.572

Japanese Yen

118.730

Australian ($)
Swiss Franc

Candlestick Patterns
Close

% Change

10-day SMA

Delivery (%)

759.10

4.84

736.55

32.55

Britannia Industries Ltd

1795.95

2.02

1780.13

78.74

-0.01

Hindustan Unilever Ltd

797.75

0.21

810.33

61.86

118.750

0.02

Ultratech Cement Ltd

2511.50

1.09

2488.08

64.77

0.822

0.825

-0.28

0.964

0.964

-0.04

Closing Yield (%)

Previous Yield (%)

India 10 year

7.85

7.87

US 10 Year

2.09

2.08

EURO 10 Year

0.62

0.68

GBP 10 Year

1.80

1.91

JPY 10 Year

0.38

0.40

Commodities
Close

Prev. Close

%Chg

1216.77

1222.59

-0.51

Copper /ton

6542.25

6517.5

-1.29

61.23

61.85

-1.00

Brent Crude/barrel

Scrip Name
Reliance Infrastructure Ltd
Reliance Communications Ltd
SSLT

11-Dec-14

-808.3

431.9

10-Dec-14

5.4

-519.1

Close

% Change

10-day SMA

Delivery (%)

529.10

-3.35

575.55

24.97

89.50

-3.30

98.01

30.85

215.90

-2.73

227.95

46.58

-221.5

-345.4

8-Dec-14

4,984.6

1,030.7

Mcdowell

Close
744.0
2840.0

Scrip Name

Close

Mcleod Russel

232.5

Sintex

96.4

Bearish Continuation pattern

1161.0
760.0

Sesa Sterlite

215.3

Reliance Infra

525.0

Jubliant Food

1359.9

Cairn India

241.5

Ultratech Cement

2525.5

JP Associates

26.2

Note: For Candlestick pattern description refer towards the end of

the report.

Scrip Name

Overbought Stocks
Scrip Name
Jagran
JK Lakshmi Cement

ICICI Securities Ltd. | Retail Equity Research

Dlink

Oversold Stocks

Stocks rising for 5 days & stochastic overbought

DII
323.4

9-Dec-14

Emami

Stocks hitting 52 week high

Institutional Activity
FII
-865.0

Scrip Name

Amar Raja Batteries

Stocks falling for 5 days & stochastic oversold

ITC
KPIT

LTP
144.6
396
193.3

LTP

Stochastic

Scrip Name

LTP

Stochastic

145.8

82.82

Bharti Airtel

346.5

10.4

SKS Micro

378.8

18.8

Talwalkars

270.7

410.05

88.63

Emami
SKF India

Cash Segment (| Cr)

12-Dec-14

Bearish Engulfing

Aurobindo Pharma

US Dollar

Gold/ounce

Bearish Candlestick Formations

Bullish Engulfing

Bullish Continuation pattern

Negative Trends

Global Treasury Yields

Bullish Candlestick Formations

SRF

744
1287

5.4

866.65

11.7

Page 3

Stock recommendations for the day

Exhibit 3: Lupin (LUPIN)

Daily Bar Chart

Price closed above 21 days EMA and falling channel breakout in daily chart EMA
signalling reversal of trend after recent sideways corrective price action in the
daily chart
Lupin (LUPIN) December Future
CMP

1461.50

Comment : A falling channel breakout in the daily chart and

price closed above 21 days EMA and stochastic
giving buy signal in the daily chart
Action :

Buy in the range of 1453.00-1455.00

Targets :

1470/1478/Higher

Stop-loss :

1445.00

Stochastic giving buy signal in the daily chart

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 4

Exhibit 4: Sesa Sterlite (SESGOA)

Daily Candlestick Chart

Price facing resistance at 5 days EMA and sustaining below

the trendline breakdown area in the daily chart indicating
continuation of profit booking in the short term
Sesa Sterlite (SESGOA) December Future
CMP

216.80

Comment : Price taking resistance from 5 days EMA and

sustaining below the trendline breakdown area
and RSI giving sell signal forming lower low in
the daily chart
Action :

Sell below 216.50

Targets :

212.50/210.50/Lower

Stop-loss :

218.60

14 periods RSI in downtrend forming lower low in the daily chart

Source: Bloomberg , ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 5

Previous Days Performance

Scrip

Nifty
IDFC
Aurobindo Pharma
Jindal Stel & Power
Reliance Infra.
* Return Opportunity

Product

Future
Future
Future
Future
Future

Strategy

Sell
Buy
Sell
Sell
Sell

Nifty Points gained for the day: 0 points

Stock profits: Avg 2.3% per trade
Strike Rate for the day: 2/2

Recommended Price

In range of 8390-8395
In range of 158.75-159.50
In range oif 1124-1126
below 144.0
below 550.0

Targets

8360/8340/162/163.5/+
1140/1148/+
141/139.5/541/536/-

SL

8410.00
157.60
1116.00
145.50
555.00

Gain/Loss %*

2.10
2.50

Comment

No trade
No trade (Open naer target)
No trade
Target 1 achieved
Target 2 achieved

Gains over last 163 days: 452 points

(Cum. Profits over last 163 days:213.10%)
(Cum strike rate over 163 days: 216/369

NOTE: The follow-up and performance review table of the strategies indicates the profit opportunity that was available in the strategies. Individual profits may vary,
depending upon the entry and exit price and stop losses

ICICI Securities Ltd. | Retail Equity Research

Page 6

Support and Resistance Table (Cash Levels)

SCRIP

R1

R2

27350.68

27216.4

27143.45

27070.55

27402.5

27495.6

27588.65

-ve

NIFTY

8224.10

8186.30

8165.50

8144.65

8239.10

8265.50

8291.90

-ve

ACC

1429.95

1430.30

1425.45

1420.60

1440.05

1446.00

1452.00

+ve

444.25

444.50

442.50

440.55

448.50

452.45

456.45

+ve

SENSEX

ADANI ENTER.
ADANI POWER
ADITYA BIRLA
ALLAHABAD BANK
ANDHRA BANK
APOLLO HOSPITALS

CLOSE

S1

S2

S3

R3

TREND

43.65

43.15

42.85

42.50

43.85

44.20

44.50

-ve

1662.40

1643.15

1630.40

1617.65

1669.00

1681.90

1694.80

-ve

125.35

123.05

121.55

120.10

126.15

127.70

129.25

-ve

87.75

86.55

85.30

84.05

88.15

88.95

89.80

-ve

1145.00

1138.05

1131.20

1122.25

1151.85

1158.75

1167.65

APOLLO TYRES

222.20

215.75

214.35

213.00

222.50

225.85

229.25

ARVIND

266.00

261.75

258.45

255.20

267.65

270.60

273.55

-ve

49.05

48.10

47.70

47.35

49.40

50.05

50.70

-ve

ASHOK LEYLAND
ASIAN PAINTS
AUROBINDO PHARMA

Neutral
-ve

774.30

775.40

771.60

767.75

783.10

789.60

796.05

+ve

1156.70

1153.90

1144.55

1135.20

1172.60

1179.45

1186.35

+ve

BAJAJ AUTO

2521.35

2496.90

2483.90

2470.90

2528.05

2543.60

2559.20

-ve

BOB

1059.65

1043.50

1033.15

1022.85

1061.80

1070.95

1080.10

-ve
-ve

BOI

284.15

278.75

275.45

272.10

286.35

290.10

293.90

1278.40

1262.55

1250.10

1237.60

1286.30

1298.20

1310.05

BHARAT FORGE

920.85

916.45

910.00

898.35

929.25

935.65

947.35

Neutral

BPCL

667.60

667.60

665.25

662.90

672.35

677.80

683.30

+ve

BATA INDIA

-ve

BHARTI AIRTEL

347.95

348.00

346.45

344.90

351.10

355.45

359.75

+ve

BIOCON

453.70

452.30

450.80

448.05

455.30

456.80

459.50

Neutral

CAIRNS INDIA

242.10

238.45

236.75

235.00

243.40

245.85

248.30

-ve

CANARA BANK

417.00

409.25

403.65

398.05

418.55

423.20

427.85

-ve

CENTURY TEXT.

515.75

513.85

510.85

506.15

519.80

522.75

527.45

Neutral

CESC

656.15

652.65

648.30

640.15

661.45

665.85

673.95

Neutral

CHAMBAL FERT.
CIPLA
COAL INDIA

64.00

63.15

62.55

62.00

64.20

64.75

65.30

-ve

640.90

635.10

632.35

629.60

641.70

644.95

648.25

-ve
+ve

364.35

364.80

363.20

361.60

367.95

370.45

373.00

1803.30

1789.60

1781.05

1772.45

1809.00

1818.75

1828.45

-ve

CROMPTON GREAVES

172.35

168.85

167.15

165.45

173.50

175.80

178.15

-ve

DABUR INDIA

234.70

233.80

232.15

230.95

237.00

238.60

239.85

Neutral

64.50

63.15

62.45

61.75

64.90

65.75

66.60

COLGATE PALM.

DISH TV

ICICI Securities Ltd. | Retail Equity Research

-ve

Page 7

SCRIP
DIVI'S LAB.
DLF
DR.REDDY'S LAB.

CLOSE

S1

S2

S3

R1

R2

R3

TREND

1709.10

1711.20

1699.15

1687.10

1735.30

1747.90

1760.50

152.05

149.00

147.30

145.60

152.85

154.75

156.70

+ve
-ve

3377.75

3349.20

3319.80

3290.40

3383.40

3400.50

3417.65

-ve

EXIDE IND.

170.60

167.45

166.25

165.00

171.10

172.90

174.70

-ve

FEDERAL BANK

142.20

142.50

141.75

141.05

143.95

145.30

146.65

+ve

FUTURE RETAIL

90.00

88.55

87.15

85.60

91.45

92.90

94.45

424.30

412.65

408.65

404.60

425.55

432.00

438.45

5758.40

5738.70

5688.40

5638.10

5839.35

5927.60

6015.80

+ve

807.75

809.10

801.00

792.95

825.25

829.00

832.75

+ve

18.05

17.50

17.35

17.20

18.20

18.55

18.90

GODREJ CONSUMER

917.10

898.75

881.30

863.80

923.10

935.30

947.45

-ve

GODREJ IND.

276.15

270.65

268.90

267.15

277.95

281.60

285.25

-ve

3360.65

3350.10

3339.10

3321.95

3372.10

3383.10

3400.30

265.80

257.45

249.60

241.70

268.25

273.65

279.05

1512.50

1490.40

1481.20

1472.05

1520.30

1535.25

1550.25

-ve

931.50

928.25

925.60

922.90

931.85

933.65

935.45

-ve

GAIL
GLAXO SMITH.C.H.
GLENMARK PHARMA.
GMR INFRA.

GRASIM
HAVELL'S INDIA
HCL TECH
HDFC BANK

Neutral
-ve

-ve

Neutral
-ve

HDFC

1069.50

1053.40

1047.85

1042.30

1073.65

1083.80

1093.90

-ve

HERO MOTO

3124.90

3130.50

3118.25

3105.95

3155.00

3175.10

3195.15

+ve
+ve

HEXAWARE TECH.

210.10

210.15

209.10

208.05

212.30

214.50

216.75

HINDALCO

153.55

151.10

149.70

148.35

154.05

155.50

157.00

-ve

HIND. UNILEVER

797.75

798.20

795.65

793.05

803.35

806.55

809.70

+ve

HPCL

562.20

553.80

548.75

543.70

564.30

569.55

574.80

-ve

HINDUSTAN ZINC

163.65

161.15

160.05

159.00

163.60

164.85

166.10

-ve

HDIL

68.10

67.30

66.45

65.20

69.10

70.00

71.25

346.30

343.60

341.40

339.15

346.80

348.40

349.95

69.10

68.05

67.35

66.65

69.45

70.20

70.90

-ve

IDEA CELLULAR

142.60

140.25

139.20

138.15

143.40

144.95

146.50

-ve

NSE INFRA DEV FINANC

155.80

153.45

151.70

149.95

156.65

158.25

159.85

-ve

37.10

36.50

36.15

35.80

37.25

37.65

38.05

-ve

INDUSIND BANK

778.65

779.30

776.45

773.60

784.95

788.45

791.95

INDIA CEMENTS

78.40

75.90

75.00

74.10

79.40

81.10

82.85

-ve

INDRAPRASTHA GAS

430.05

426.85

422.20

417.55

431.10

433.25

435.35

-ve

IOC

341.00

337.85

336.35

334.80

342.15

344.30

346.40

-ve

IOB

60.35

59.40

58.55

57.65

60.70

61.30

61.95

-ve

ICICI BANK
IDBI

NSE IND.FIN.CORP.OF

ICICI Securities Ltd. | Retail Equity Research

Neutral
-ve

+ve

Page 8

SCRIP
IB REAL ESTATE

CLOSE

S1

S2

S3

R1

R2

R3

TREND

67.30

65.80

64.85

63.85

67.75

68.75

69.70

1938.65

1938.85

1928.30

1917.70

1960.00

1972.20

1984.40

IRB INFRA.

244.70

239.85

237.60

235.35

246.55

249.90

253.30

ITC

INFOSYS

-ve
+ve
-ve

395.70

392.35

390.25

388.15

396.00

397.85

399.65

-ve

JAIPRAKASH ASS.

26.15

25.50

25.20

24.90

26.30

26.70

27.10

-ve

J.P.POWER VENT.

12.25

12.05

11.95

11.90

12.30

12.40

12.55

-ve

JAIN IRRIGATION

76.15

74.90

74.15

73.40

76.60

77.45

78.30

-ve

JINDAL ST&POW

140.50

138.05

136.30

134.60

141.25

142.85

144.50

-ve

JSW ENERGY

91.80

89.85

88.95

88.05

92.40

93.65

94.95

NSE JSW STEEL

1106.60

1100.95

1093.10

1085.60

1116.70

1124.60

1132.05

Neutral

-ve

JUBILANT FOOD

+ve

1355.90

1350.80

1333.50

1316.15

1385.50

1402.10

1418.70

KARNATAKA BANK

147.00

145.30

143.95

142.55

147.45

148.50

149.55

KOTAK MAH.BANK

1247.30

1244.50

1241.50

1236.00

1250.60

1253.65

1259.15

Neutral

L&T

1510.95

1493.20

1479.35

1465.45

1516.85

1528.65

1540.45

-ve

436.90

429.40

425.80

422.25

439.70

444.85

450.00

NSE LUPIN

1449.85

1451.40

1446.15

1440.95

1461.85

1470.75

1479.65

M&M

1251.40

1239.95

1233.90

1227.90

1252.25

1258.35

1264.50

-ve

MARUTI SUZUKI

3379.30

3375.65

3362.60

3349.60

3401.70

3418.30

3434.90

+ve

MCLEOD RUSSEL

232.85

229.40

227.35

225.25

234.25

236.70

239.15

-ve

M&M FIN.SERV.

300.35

292.60

288.30

284.00

302.05

306.75

311.50

-ve

37747.40

37566.90

37372.90

37000.40

37954.95

38148.95

38521.40

Neutral

19.00

18.95

18.80

18.75

19.15

19.25

19.35

Neutral

NMDC

139.10

139.15

138.55

137.95

140.40

141.50

142.65

+ve

NSE NTPC

132.95

132.55

132.05

131.50

133.55

134.05

134.60

Neutral

LIC HOUSING

MRF
NSE NHPC

-ve

-ve
+ve

ONGC

337.10

331.50

328.15

324.80

339.35

343.30

347.20

-ve

OBC

305.50

300.45

297.05

293.70

307.40

310.85

314.35

-ve

PETRONET LNG

188.90

184.25

182.95

181.65

190.00

192.90

195.80

-ve

POWER FINANCE

276.90

272.00

268.55

265.10

278.90

282.35

285.85

-ve

POWER GRID

134.80

133.45

132.65

131.85

134.85

135.55

136.25

-ve
-ve

POWER TRADING
PNB
RANBAXY
RCOM
REL. CAPITAL

ICICI Securities Ltd. | Retail Equity Research

92.15

90.80

90.05

89.30

92.55

93.45

94.35

1096.15

1080.25

1070.25

1060.25

1100.40

1110.45

1120.50

-ve

642.55

637.35

634.40

631.45

644.10

647.50

650.85

-ve

89.50

87.45

86.45

85.45

90.10

91.40

92.75

-ve

525.60

519.90

514.95

510.00

526.90

530.40

533.90

-ve

Page 9

SCRIP

CLOSE

S1

S2

S3

R1

R2

R3

TREND

RELIANCE INFRA.

529.10

518.00

512.80

507.65

532.60

539.90

547.25

-ve

RELIANCE

882.35

870.80

863.50

856.20

886.60

894.55

902.45

-ve

63.00

62.45

62.10

61.80

63.20

63.55

63.95

-ve

315.10

313.35

310.55

307.50

318.90

321.70

324.75

78.80

78.10

77.60

77.15

79.05

79.50

80.00

-ve

215.90

212.75

211.05

209.35

216.80

218.80

220.80

-ve

RELIANCE POWER
REC
SAIL
SESA GOA
SHRIRAM TRANS.

Neutral

1123.30

1102.50

1086.65

1070.80

1128.35

1141.30

1154.20

-ve

SIEMENS

885.55

872.25

862.95

853.65

889.40

898.00

906.55

-ve

SBI

311.35

307.95

305.90

303.90

311.90

313.85

315.85

-ve

SUN PHARMA

843.35

843.30

838.95

834.55

852.05

856.05

860.00

+ve

SUN TV

344.70

329.30

325.75

322.15

349.50

359.60

369.70

-ve

SYNDICATE BANK

128.25

126.10

124.55

123.00

128.95

130.35

131.80

-ve

TATA CHEMICALS

413.25

405.55

402.45

399.30

416.25

421.60

426.95

-ve

TATA MOTOR DVR

336.85

337.40

334.75

332.10

342.70

346.35

349.95

+ve

TATA MOTORS

499.95

494.70

491.00

487.30

500.60

503.55

506.45

84.30

83.95

83.35

82.65

85.10

85.65

86.40

TATA POWER
TATA GLOBAL BEV.

-ve
Neutral

152.95

151.30

150.60

149.90

153.55

154.65

155.80

TCS

2450.70

2408.90

2399.90

2390.95

2457.55

2481.90

2506.25

-ve

TECH MAHINDRA

2588.55

2582.00

2571.75

2553.60

2602.40

2612.60

2630.80

Neutral

TATA STEEL

402.70

394.20

389.70

385.15

405.60

411.35

417.05

-ve

TITAN IND.

373.90

367.10

363.95

360.85

375.65

379.90

384.20

-ve

UCO BANK

80.55

79.40

78.70

78.00

80.95

81.70

82.45

2511.50

2510.25

2501.40

2492.50

2527.95

2547.70

2567.45

UBI

215.30

211.90

209.60

207.35

216.65

219.00

221.40

-ve

UNITED BREW.

798.45

798.90

793.75

788.60

809.15

821.95

834.75

+ve

UNITED PHOSPH.

308.95

299.05

296.55

294.00

310.20

315.80

321.35

-ve

16.75

16.25

16.10

15.95

16.90

17.25

17.55

-ve

VOLTAS

260.80

256.90

254.00

251.10

261.85

264.30

266.80

-ve

WIPRO

543.15

540.55

536.80

534.50

548.00

551.70

554.05

Neutral

NSE YES BANK

698.90

691.75

686.90

682.10

700.80

705.30

709.85

-ve

ZEE

361.35

357.15

354.80

352.50

362.90

365.75

368.65

-ve

ULTRATECH CEMENT

UNITECH

ICICI Securities Ltd. | Retail Equity Research

-ve

-ve
+ve

Page 10

NOTES:

Please execute the recommendation within the levels provided in the report
Once the recommendation is executed, it is advisable to keep strict stop loss as provided in the report
Avoid entering into the recommendation in the first 5 minutes of trade
If the recommendation opens near the target levels due to gap up/gap down opening, then the
recommendation is considered not initiated
The recommendations are valid only for the day and should be squared off by the end of the day
Only stocks in derivatives segment have been considered for daily trading
Medium to long-term prospects of a stock does not have any bearing on the daily 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 Daily Calls product carries 3 to 4 intraday recommendations. It is advisable to allocate
equal amount to each recommendation

ICICI Securities Ltd. | Retail Equity Research

Page 11

Recommended Trading Portfolio allocation

Products

Allocations
Product wise
Max allocation
allocation
in 1 stock

Return Objective
Number of Calls

Frontline Stocks

Mid-cap stocks

Duration

Daily Calls

8%

2-3%

3-4 Stocks

0.50-1%

2-3%

Intraday

Short term Delivery

6%

3-5%

7-10 p.m

4-5%

7-10%

Opportunity based

Weekly Calls

8%

3-5%

1-2 Stocks

5-7%

7-10%

1 Week

Weekly Technical

8%

3-5%

1-2 Stocks

5-7%

7-10%

1 Week

Monthly Call

15%

5%

2-3 Stocks

7-10%

10-15%

1 Month

Monthly Technical

15%

2-4%

5-8 Stocks

7-10%

10-15%

1 Month

Techno Funda

15%

5-10%

1-2 Stocks

10% and above

15% and above

6 Months

Technical Breakout

15%

5-10%

1-2 Stocks

10% and above

15% and above

3-6 Months

Cash in Hand

10%

100%

ICICI Securities Ltd. | Retail Equity Research

Page 12

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

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 sessions 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 sessions 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 sessions 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
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 sessions price opens over the prior sessions high (or above the prior sessions close). By the end of the second session,
it closes near the low of the session and should fall well into the prior sessions 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.

ICICI Securities Ltd. | Retail Equity Research

Page 13

Pankaj Pandey

Head Research

pankaj.pandey@icicisecurities.com

ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai 400 093
research@icicidirect.com

ICICI Securities Ltd. | Retail Equity Research

Page 14

Disclaimer
ANALYST CERTIFICATION
We /I, Dharmesh Shah, Dipesh Daga, Nitin Kunte, Pabitro Mukherjee Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report
accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this
report.

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ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of
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It is confirmed that Dharmesh Shah, Dipesh Daga, Nitin Kunte, Pabitro Mukherjee Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding
twelve months.
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 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
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mentioned in this report.

ICICI Securities Ltd. | Retail Equity Research

Page 15