Momentum Picks

MOMENTUM PICK
New recommendations
Open Recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
23-Jul-18 Nifty NIFTY Buy 11008-11015 11037.0/11062.0 10,985.00 Intraday Gladiator Stocks
23-Jul-18 Havells India HAVIND Buy 561.00-562.00 566.90/571.90 556.20 Intraday
23-Jul-18 RBL Bank RBLBAN Buy 575.00-576.00 580.80/585.90 570.30 Intraday Scrip Action
Sterlite Technology Buy
Wipro Buy
Open recommendations Axis Bank Buy
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration Duration: 6 Months
12-Jul-18 Sun Pharma SUNPHA Buy 560.00-570.00 622.00 532.00 30 Days Click here to know more…
Intraday recommendations are for current month futures. Positional recommendations are in cash segment

Stocks on the Move

ICICI Securities – Retail Equity Research

Scrip Action
Graphite Buy
Duration: 3 Months

Click here to know more…

July 23, 2018
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Research Analysts
Dharmesh Shah Nitin Kunte, CMT Ninad Tamhanekar, CMT
dharmesh.shah@icicisecurities.com nitin.kunte@icicisecurities.com ninad.tamhanekar@icicisecurities.com

Pabitro Mukherjee Vinayak Parmar

pabitro.mukherjee@icicisecurities.com vinayak.parmar@icicisecurities.com
Stock specific action likely to continue amid Q1 result
season; Nifty set to challenge all-time high of 11172

Technical Outlook NSE Nifty –Weekly Candlestick Chart Domestic Indices

Equity benchmarks ended the week with nominal losses amid range Open High Low Close Indices Close Change Change%

PICK
bound activity post the previous week’s strong gains, as the Nifty

MOMENTUMPICK
ended at 11010, down 8 points or 0.1%. Broader markets took 10963.50 11030.25 10946.20 11010.20 S&P BSE Sensex 36496.37 145.14 0.40
breather as the Nifty midcap, small cap lost 1% and 2%, respectively. Nifty 50 11010.20 53.10 0.48
11172

MOMENTUM
The weekly price action resembles a Doji like candle, suggesting
indecisiveness near upper band of ongoing consolidation (at 11078). 11078 Nifty 50 future 11024.85 51.30 0.47
This signalled prolonging breather to cool off the prices. We believe S&PBSE 500 14735.33 77.70 0.53
the market is undergoing a healthy consolidation (11080-10880) while
maintaining the higher high-low formation, which would pave the way S&PBSE Midcap 16574.70 110.52 0.73
to challenge the all-time high of 11172 in coming weeks. Thus, we
expect the ongoing consolidation should be used as an incremental S&PBSE Smallcap 15721.43 64.21 0.41
buying opportunity amid stock specific action, as GST beneficiaries to
remain in focus along with Q1FY19 earning season amid expiry driven SGX Nifty 11023.00 -1.85 -0.02
volatility in the upcoming week. We believe 10880 would remain a key * SGX Nifty at 7:30 am
support zone, as it is:
 38.2% retracement of current up move 10558-11078, at 10880
 the positive gap area 10877-10853 (recorded on July 10) 9950 Nifty Technical Picture
Structurally, since March 2018, subsequent declines of the Nifty
midcap, small cap have been contracting, indicating diminishing Intraday Short term
corrective bias. Meanwhile, the CNX 500 bottomed out in March as it Trend

ICICI Securities – Retail Equity Research

completed the equality of entire decline of early 2018 (Jan-Mar 2018,
almost 12%) with demonetisation phase (September-December 2016, Support 10980-10945 10700
12%). Since then, CNX 500 has been making a higher base formation
while recently Nifty midcap, small cap indices found breather from Resistance 11050-11080 11170
support trend line of falling wedge pattern (drawn adjoining
subsequent highs of January-May and projected from subsequent 20 day EMA 10884
lows of Feb-June), signifying limited downside underpinned by 200 day EMA 10437
bounce back in stochastic oscillator from oversold territory. This
makes us believe that, going ahead both indices would enter into a
base formation. Hence, investors should utilise this opportunity to The weekly stochastic is pointing upward, indicating positive bias
accumulate quality stocks in a staggered manner as we expect quality
Nify Future Intraday Recommendation
midcap stocks to outshine amid ongoing Q1FY19 result season. Action Buy
The current rally during July 2018 from 10558 to11078 (520 points) is Price Range 11008-11015
bigger in magnitude than early-June pullback of 475 points (10418–
10893). Time wise, earlier pullback of 475 points took 15 sessions Target 11037.0/11062.0
while the current rally of 520 points has been seen in just 10 sessions.
This overall structural improvement makes us believe the index has Stoploss 10985.00
strong support around 10700, as it is:
 61.8% retracement of 10558–10957, at 10710
 rising trend line drawn adjoining 9952-10558, at 10650
Sectorally, we expect IT, hotel and consumption stocks to outperform
along with stock specific action in pharma. While Infra, media and
metal would continue to underperform. At the same time, realty index
is trading near oversold zone, indicating impending pullback.
Source: Bloomberg, ICICI Direct Research
July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 2
 Bank Nifty: 26873

Technical Outlook Bank Nifty Index – Weekly Candlestick Chart Nifty Bank
The Bank Nifty traded in a range with high volatility and ended Open High Low Close Indices Close Change Change%

MOMENTUM PICK
marginally lower during previous week after the recent strong Nifty Bank 26873.20 83.55 0.31
26764.40 26946.55 26718.60 26873.20
up move. The Bank Nifty ended at 26873, down by 62 points or 26806
0.2% for the week.
27652
The Bank Nifty started the week on a soft note and got dragged 27164
lower on Monday to form an intraweek low (26643). The index
rebounded in the midweek and moved higher to form an Nifty Bank Technical Picture
intraweek high of 27187. The index however witnessed profit Intraday Short term
booking in the second half of the week to give up its weekly 26060
gains and close marginally lower at 26873 levels. Nifty PSU Trend
bank index snapped its four week decline and closed higher by Support 26800-26715 26400
1.4% whereas the Nifty private bank index closed marginally
lower by 0.6% during previous week. Resistance 26950-27080 27650

The weekly price action formed a high wave candle with small 20 day EMA 26700
real body and shadows in either direction indicating 23605 200 day EMA 25391
consolidation after the last two weeks strong up move. The
index in the last six sessions has retraced just 50% of its
previous seven sessions up move (26132-27164). A slower

ICICI Securities – Retail Equity Research

52 weeks
retracement of the previous up move signals positive price EMA
structure and healthy consolidation. We expect the Bank Nifty to
form a higher base in the current consolidation, which is likely Nifty Bank vs. Nifty
to act as a launch pad for the next leg of the up move.
2.51
The index is currently consolidating near the higher band of the 10900
last nine week’s consolidation range of 27100-26000. We expect 2.47
it to witness a breakout above the upper band of the range and The weekly stochastic has generated a bullish crossover above its
head towards its all-time high of 27650 in coming months. three periods average thus supports the positive bias in the index 10500
2.43
The short-term support is currently placed near 26400 as it is
2.39 10100
confluence of the following technical observation:
 the lower band of the rising channel containing the entire up 2.35 9700
move since March 2018 is currently placed at 26400 levels 22-Jan 22-Mar 22-May
 the rising 50 days EMA that has acted as strong support
recently is also placed around 26370 levels Bank Nifty / Nifty Nifty
 61.8% retracement of the last up move from 26060 and
27164 is also placed at 26460 levels
Among oscillators, the weekly stochastic has rebounded from
the neutral reading of 52 and has generated a bullish crossover
above its three periods average thus supports the positive bias
in the index in the coming weeks.
Source: Bloomberg, ICICI Direct Research
July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 3
Stock Picks
Duration: Intraday

Havells India (HAVIND) – Daily Candlestick Chart Technical Observations

CMP 562.80

MOMENTUM PICK
Price rebound taking support at 38.2% retracement suggest
further upward momentum in coming sessions
Action Buy

Price taking support at 38.2%

38.2% Rationale
retracement of recent upmove
Retracement

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

Initiation Range 561.00-562.00

Target 566.90/571.90

Stop Loss 556.20

ICICI Securities – Retail Equity Research

RBL Bank (RBLBAN) – Daily Candlestick Chart Technical Observations

Price resumes uptrend after taking support at recent breakout area CMP 575.30
suggest further upsides in coming sessions

Action Buy

Price resumes uptrend after

Rationale taking suport at recent breakout
area
14 period RSI in rising trajectory suggest positive bias
Initiation
575.00-576.00
Range

Target 580.80/585.90

Stop Loss 570.30

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 4
Stock Picks
Duration: 30 days

Buy Sun Pharma (SUNPHA) in the range of 560.00-570.00 Target: 622.00 Stop Loss: 532.00 Technical Observations
• The share price of Sun Pharma has

MOMENTUM PICK
Price sustaining above the trendline breakout area and the 52 weeks EMA seen a sharp rebound in first half of
signalling higher base formation in the stock June 2018 after forming a bullish
855
double bottom around | 435. In the
last four weeks it is seen
729
52 Weeks EMA 61.8% retracement consolidating in a narrow range thus
of entire CY 2017 forming base for the next up move
decline @ 622
609
592 • The stock during mid June 2018 has
registered a resolute breakout above
the falling trend line Joining the high
of August 2016 (| 855) and February
2018 (| 609) placed at | 540 levels.
Bullish double bottom @ | 435 levels The index in the last four weeks is
consolidating in a range above the
Weekly MACD in up trend and has recently moved into positive territory
trend line breakout area and the 52
weeks EMA as can be seen in
adjacent chart signalling higher base
formation in the stock

ICICI Securities – Retail Equity Research

• Weekly MACD in up trend and has
recently moved into positive
Recommendation initiated on i-click to gain at 12:22 on July 12, 2018 territory thus supports the bullish
bias in the stock
• We expect the stock to head
towards | 622 levels in the coming
month as it is the 61.8%
retracement of the entire CY 2017
decline (| 729 to | 433)

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 5
 Market Activity Report
Global Currency, Commodities and Bold Yield performance Global Equity Market Performance
1 Day % 5 Day % 1 Month % 3 Months %
Value -0.8

MOMENTUM PICK
Change Change Change Change Hong Kong
0.3
Currency Japan -0.8
-1.2
France -0.6
USD INR 68.85 0.29 -0.47 -1.13 -3.99 -0.3
India -0.1
0.4
EURO USD 1.17 0.15 0.26 0.32 -3.83 0.2
US 0.0
Germany 0.2
GBP USD 1.31 0.14 -0.69 -1.03 -5.71 -1.0
UK -0.1 0.2
JPY 111.00 0.37 1.16 -1.11 -2.06
China 0.5
2.0
Swiss Franc 0.99 0.15 0.61 -0.35 -1.27 Brazil 2.6
1.4
-1.5 -0.5 0.5 1.5 2.5
Dollar Index 94.30 -0.19 -0.22 -0.23 3.69
% Change
5 Day Change 1 Day Change
Commodities

ICICI Securities – Retail Equity Research

Gold 1,232.4 0.24 -0.69 -2.62 -6.97
Advance Decline
3000
Brent 73.0 -0.10 1.61 -3.38 -2.29
2500
Copper 6,122.5 1.37 -1.52 -9.48 -11.92 2000

Silver 15.5 0.00 -1.74 -5.00 -6.67 1500

1000
Yield (%) bps Change
500
India 10 Year Bond 7.8 0.72 -0.26 -3.26 5.40
0
US 2.9 -0.55 2.94 -0.73 -8.76 12-Jul 13-Jul 16-Jul 17-Jul 18-Jul 19-Jul 20-Jul

Advances Declines
EURO 0.4 4.00 3.06 3.35 -26.57

Japan 0.1 3.15 2.65 3.25 0.25

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 6
 Market Activity Report
Sectoral Indices Performance Fund Flow activity of the last 5 sessions
1 Day % 5 Day % 1 Month % 3 Months %
Index Value FII

MOMENTUM PICK
Change Change Change Change

Sensex 36496.37 0.40 -0.12 2.26 5.94 310

300
96
Nifty 11010.20 0.48 -0.08 1.74 4.02

Rs Crore
-200
BSE Auto 24012.56 -0.40 -2.26 -2.68 -5.91 -316
-700 -626
Bankex 29701.15 0.32 -0.29 -0.65 6.37 -674

-1,200
Capital Goods 17494.60 0.94 -1.71 -1.73 -8.87
16-Jul 17-Jul 18-Jul 19-Jul 20-Jul
Consumer Date
19972.61 0.67 1.05 -1.20 -12.10
Durables

FMCG 11340.69 0.19 -1.26 1.89 2.90

ICICI Securities – Retail Equity Research

Healthcare 13661.34 1.06 -2.82 -4.46 -2.43 DII

IT 14572.16 1.51 1.30 6.96 8.54 840

800
Metal 11730.53 -0.55 -5.94 -9.73 -19.65 470

Rs Crore
Oil & Gas 14391.82 -0.65 1.68 0.04 -0.09 300
111
Power 1891.95 0.34 -0.99 -5.69 -15.21
-70 -51
-200
Realty 1975.54 0.82 -4.15 -8.35 -17.53
16-Jul 17-Jul 18-Jul 19-Jul 20-Jul
Date
BSE 500 14735.33 0.53 -0.62 -0.05 -0.78

BSE Midcap
15196.46 0.73 -1.52 -4.06 -9.98
Index
BSE Small Cap 15721.43 0.41 -2.93 -4.95 -13.97

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 7
 Trend Scanner
Heat Map Positive Trend Universe: NSE 500 Overbought Stocks
BAJAJ 6,664.0 Sun 560.1 659.5 625.8 1,348.1 Change 20-Day Delivery Scrip Name LTP Stochastic

MOMENTUM PICK
Tech Mah Cipla Infosys Scrip Name Close
FINSERV 5.8% Pharma 2.8% 2.7% 2.6% 2.4% % SMA ( %) Adani Enterpries 163 92.6
1,128.7 265.8 999.2 1,293.0 533.7 JB Chemical 265.50 0.19 256.78 77.20 Titan 860.4 83.4
RIL ICICI Bank HCL Tech ACC Axis Bank
2.2% 1.8% 1.7% 1.5% 1.3% Suven Life Sciences 223.80 3.66 216.41 48.65 IGL 278.65 90.22
2,051.9 1,270.4 503.2 263.5 800.7 ITC LTD 274.00 0.26 269.35 48.55
Dr Reddy L&T Tata Steel Coal India Lupin
1.1% 1.0% 0.9% 0.9% 0.8% Oversold Stocks
TCS 1996.60 0.77 1913.23 59.21
1,996.6 Indusind 1,902.6 155.7 359.8 1,655.9 Scrip Name LTP Stochastic
TCS NTPC GAIL HUL
0.8% Bank 0.8% 0.7% 0.6% 0.5% Amara Raja 763 9.4
261.5 3,871.7 GRASIM 939.1 Tata 253.4 274.0 Tata Steel 503 9.42
SBI Ultratech ITC Negative Trend Universe: NSE 500
0.5% 0.4% INDS LTD 0.4% Motors 0.4% 0.3% Raymond 800 15.4
Eicher 27,048.1 Bharti 286.0 Bank of 120.3 HDFC 2,189.1 Adani 370.1 Change 20-day Delivery
Scrip Name Close
Motors Infratel Baroda Bank Ports % SMA (%)
0.2% 0.2% 0.2% 0.1% 0.1%
Bharti 345.4 9,399.0 909.8 Asian 1,396.5 Tata 67.9 Navin Fluro 609.30 -1.73 636.74 76.65 52 Weeks High
Maruti M&M
Airtel 0.1% 0.1% -0.4% Paints -0.5% power -0.5% Supreme petro 267.25 -1.27 277.15 58.79 Scrip Name LTP

ICICI Securities – Retail Equity Research

1,973.9 Power 175.8 283.0 195.7 Kotak 1,333.3 Bajaj Finance 2745.0
HDFC Ltd Wipro Hindalco
-0.7% Grid -0.9% -1.0% -1.0% Bank -1.0% Bajaj Finserv 6782.0
TITAN CO 860.4 India Bulls 1,197.0 514.4 386.5 Hero 3,377.0 HEG 4145.0
Zee Ent Yes Bank
LTD -1.1% Hsg Fin -1.2% -1.4% -1.5% Moto -2.1% Reliance Industries 1130.0
158.0 388.9 Vedanta 202.4 161.1 2,839.6
ONGC BPCL IOC Bajaj Auto
-2.3% -2.4% Ltd -2.8% -2.9% -8.8% 52 Weeks Low
Scrip Name LTP
Bullish Candlestick Pattern Bearish Candlestick Pattern
ABB 1129
Scrip Name Pattern name LTP Scrip Name Pattern name LTP
Ajanta pharma Engulfing 1019.2 Sre Infra Continuation 54.2 BEML 750.35

Nilkamal Engulfing 1668.4 Raymond Continuation 800.3 Hindalco 193.6

Sun pharma Continuation 560.1 Hind Zinc Continuation 265.3 Siemens 931

Reliance Industries Continuation 1128.7 Apollo hospial Continuation 929.0

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 8
Global Markets
Dow Jones (25058): The index witnessed range bound activity near falling trend line……. Technical Observations
• US markets were range bound

MOMENTUM PICK
during the week as optimism over
corporate earnings were offset by
trade war concerns, as a result Dow
Jones ended the week at 25058
• The weekly price action resembles a
Doji candle, signalling indecision
near falling trend line
• Going ahead, follow through
strength and close above last weeks
high (25215) would lead to
acceleration of momentum towards
25400 - 25500
• While on the downside 24500 would
act as a key support, as it is
placement of 200 days SMA

ICICI Securities – Retail Equity Research

German Dax (12561): The index maintained a higher peak and trough amid range bound activity Technical Observations
• European markets ended higher
during the week as encouraging
comments on US economy from US
Fed chairman had a positive rub-off
on the markets. The Dax ended the
week at 12561
• The weekly price action formed a
small bull candle with long upper
shadow, indicating profit booking
from higher levels
• Going ahead, index need to sustain
above last weeks low (12470), to
keep positive momentum intact
towards 13200
• The weekly stochastic oscillator is
inching upward after witnessing
bullish crossover, suggesting
positive bias

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 9
Global Markets
Hang Seng (28225): Once again the index respected the key support of multi months low of 28100…. Technical Observations
• The Hang Seng index saw subdued

MOMENTUM PICK
activity and ended the week at 28225
• The weekly price action resembles a
hammer like candle, carrying small
real body with long lower shadow,
indicating supportive efforts near key
value area of 28100
• Going ahead, a follow through
strength and close above last week’s
high (28700) would open pullback
options towards 30115 being 61.8%
retracement of recent decline (31521-
27831)
• On the flipside, the key value area of
28150 – 28000 would remain strong
support as it is multi month low

ICICI Securities – Retail Equity Research

Source: Bloomberg, ICICI Direct Research
July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 10
Commodity
Gold ($1231.7): extended correction… Technical Observations
• Gold prices extended decline for second

MOMENTUM PICK
1392 1375 1366 week (-1.1%) amid US dollar decline
1357
after President Trump’s comments on
interest rates. Precious metal settled at
$1231 despite late Friday bounce
• Weekly price action formed a bear
candle which led prices to settle below
1238 December 2017 lows of $1238. It
continued to form a lower low
1205 maintaining its negative bias. Going
forward, for the bias to turn positive,
prices need to sustain and close above
1124 prior week’s high ($1245). Failure to do
so will lead continuance of the corrective
trend in coming weeks
• A decisive breach of $1238 signals
extended correction towards July 2017
lows of $1205

ICICI Securities – Retail Equity Research

Brent crude ($73): At key support zone… Technical Observations
80.50 • Brent prices declined for third
successive week despite depleting US
inventories amid outlook of ample
global supply from Saudi. Brent prices
70.50 settled at 73, down 4.3% for the week
• Three week’s decline has led prices to
crucial support ~$70 as it is a) Equality
with preceding declining leg b) Breakout
level of early 2018 at $70.5. Prices are
61.00 expected to find support around $70
and attempt a pull back in coming
weeks
• Brent prices are expected to find stiff
hurdle around $80 and extend
44.35 consolidation in coming weeks in the
$70-$80 range
• Only a decisive break below $ 70 would
deteriorate price structure

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 11
Currency
Rupee (68.85): Breather likely around 70 Technical Observations
• The rupee ended lower for the week

MOMENTUM PICK
despite Friday’s gains amid stronger US
dollar overseas and continued slide in
EM currencies
• The rupee has been trading in a range
against US dollar for past three weeks
65.89 while maintaining negative bias as price
structure continues to favour US dollar.
However, in the short-term, a breather
against US dollar strength may not be
ruled out given the extreme oversold
conditions developed on the chart.
63.24 However, such a pullback is likely to be
short lived
• Structurally, the rupee is expected to
find immediate hurdle around 67.70.
Only a decisive breach below 67.70
would pave the way for further gains
towards 66 levels
• We expect US$INR pair to find hurdle

ICICI Securities – Retail Equity Research

around 70 in the short term, which is
123.6% retracement of entire 2016-18
decline (68.86-63.24)

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 12
 Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
NIFTY 50 Positive 11010.2 10962 10912 10878 11046 11080 11130

MOMENTUM PICK
S&P BSE SENSEX INDEX Positive 36496.37 36365 36234 36133 36596 36698 36828
NIFTY BANK Negative 26873.2 26745 26618 26518 26973 27074 27201
NIFTY 50 FUTURES Positive 11030.6 10977 10923 10890 11064 11097 11150
NIFTY BANK FUTURES Negative 26930.05 26798 26666 26569 27027 27124 27256
ACC LTD Neutral 1293 1275 1257 1246 1304 1315 1334
AMBUJA CEMENTS Neutral 194.3 193 190 189 196 198 200
ADANI POWER LTD Positive 24.65 23 21 20 26 27 30
ADANI ENTERPRISE Positive 162.95 153 144 138 168 174 183
ADANI PORTS AND Positive 370.05 365 361 355 375 381 385
AJANTA PHARMA Neutral 1019.25 971 922 894 1047 1076 1124
ASHOK LEYLAND Neutral 107.45 106 104 102 110 112 114
ALLAHABAD BANK Neutral 40.9 41 40 40 42 42 43
AMARA RAJA BATT Negative 762.75 755 746 739 771 778 787
ANDHRA BANK Neutral 30.8 31 30 30 32 32 33

ICICI Securities – Retail Equity Research

APOLLO HOSPITALS Negative 929.55 916 904 882 951 973 985
ASIAN PAINTS LTD Negative 1396.45 1383 1371 1360 1407 1417 1430
APOLLO TYRES LTD Positive 280.3 272 266 257 288 296 303
AUROBINDO PHARMA Positive 583.8 571 557 548 593 603 616
ARVIND LTD Neutral 400.05 396 390 386 406 410 415
AXIS BANK LTD Neutral 533.7 528 521 516 539 543 550
BAJAJ FINANCE LT Positive 2721.35 2557 2393 2299 2815 2909 3073
BATA INDIA LTD Positive 842.4 832 823 816 849 855 865
BEML LTD Negative 756 747 737 724 770 783 792
BHARAT FINANCIAL Positive 1173.35 1150 1127 1111 1190 1207 1230
BHARTI AIRTEL Positive 345.4 340 337 333 348 351 355
BHARAT ELECTRON Positive 103.65 100 96 93 106 108 113
BHARAT HEAVY ELE Positive 67.5 66 65 64 68 69 70
BHARAT FORGE CO Negative 587.15 579 569 562 595 602 612
BHARTI INFRATEL Neutral 286 284 283 281 287 289 290

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 13
 Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
BALKRISHNA INDS Positive 1199.75 1157 1114 1083 1231 1262 1305

MOMENTUM PICK
BIOCON LTD Neutral 576.15 567 557 546 587 597 607
BAJAJ AUTO LTD Neutral 2839.6 2720 2600 2383 3058 3274 3395
BAJAJ FINSERV LT Positive 6663.95 6316 5967 5734 6898 7131 7480
BANK OF BARODA Neutral 120.25 118 116 114 122 124 126
BANK OF INDIA Neutral 83.25 82 81 80 84 85 87
BOSCH LTD Negative 17592.9 17462 17333 17165 17760 17927 18057
BHARAT PETROL Negative 388.85 383 378 372 394 400 405
BALRAMPUR CHINI Positive 63.45 62 61 60 64 65 67
BERGER PAINTS Neutral 309.95 304 297 292 316 321 328
BRITANNIA INDS Positive 6358.15 6301 6244 6178 6425 6492 6549
CAPITAL FIRST LT Negative 484.85 480 474 470 491 496 501
CAN FIN HOMES Negative 325.8 324 321 317 330 333 336
CANARA BANK Positive 236.8 232 226 223 240 244 249
CONTAINER CORP Positive 653.25 646 639 633 659 665 672

ICICI Securities – Retail Equity Research

CADILA HEALTHCAR Negative 347.95 337 326 319 355 362 373
CEAT LTD Positive 1356.1 1281 1205 1154 1409 1459 1536
CENTURY TEXTILE Neutral 875.3 862 848 833 892 908 922
CESC LTD Negative 886.2 876 865 857 895 903 915
CG POWER AND IND Neutral 59.3 58 55 54 62 63 65
CHOLAMANDALAM IN Neutral 1520.4 1484 1447 1422 1546 1571 1607
CIPLA LTD Negative 625.8 608 591 580 636 647 664
COLGATE PALMOLIV Positive 1125.05 1116 1108 1098 1135 1146 1153
COAL INDIA LTD Neutral 263.5 259 256 253 265 268 272
CASTROL INDIA Negative 158.8 157 154 152 161 162 165
DABUR INDIA LTD Negative 373 371 367 364 378 381 385
DALMIA BHARAT LT Positive 2360.1 2330 2300 2274 2386 2412 2441
DCB BANK LTD Positive 160.5 159 157 155 164 167 169
DEWAN HOUSING Neutral 615.55 612 607 602 622 627 632
DISH TV INDIA Negative 68.4 67 66 66 69 70 71

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 14
 Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
DIVI LABS LTD Positive 1090.6 1076 1062 1050 1101 1112 1126

MOMENTUM PICK
DLF LTD Neutral 170.4 168 166 163 172 174 176
DR REDDY'S LABS Negative 2051.9 2023 1995 1970 2076 2101 2129
EICHER MOTORS Negative 27048.1 26822 26597 26433 27211 27375 27600
ENGINEERS INDIA Neutral 120.1 118 117 115 122 123 125
EQUITAS HOLDINGS Neutral 135.05 132 129 127 137 139 142
ESCORTS LTD Negative 848.15 830 813 798 863 877 895
EXIDE INDUS LTD Positive 265.85 261 257 254 268 271 275
FED BANK LTD Neutral 85.75 85 84 83 87 88 89
FORTIS HEALTHCAR Negative 135.55 134 132 129 139 142 144
GAIL INDIA LTD Neutral 359.8 357 355 352 362 365 368
GODREJ CONSUMER Negative 1287.05 1267 1248 1221 1313 1340 1358
GODREJ INDUSTRIE Neutral 591.85 588 583 577 599 605 610
GMR INFRASTRUCTU Neutral 17.85 18 18 17 18 18 19
GLENMARK PHARMA Positive 567.55 556 545 538 574 581 592

ICICI Securities – Retail Equity Research

GODFREY PHILLIPS Neutral 699.2 680 662 651 710 720 739
GRANULES INDIA Positive 91.5 88 84 82 94 96 100
GRASIM INDS LTD Neutral 939.1 929 920 912 946 954 963
GUJARAT STATE F Negative 101.6 100 99 98 102 103 103
HAVELLS INDIA Negative 560.4 553 545 535 571 581 590
HINDUSTAN CONST Negative 9.9 10 9 9 11 11 11
HCL TECH LTD Positive 999.2 986 971 962 1009 1019 1033
HOUSING DEV FIN Negative 1973.85 1960 1946 1935 1985 1996 2010
HDFC BANK LTD Positive 2189.05 2173 2156 2141 2205 2220 2237
HOUSING DEVELOPM Negative 17.95 18 17 16 19 19 20
HEXAWARE TECHNOL Neutral 502.4 485 467 457 513 523 542
HERO MOTOCORP LT Negative 3376.95 3303 3229 3136 3470 3563 3637
HINDALCO INDS Negative 195.65 192 188 183 200 206 209
HINDUSTAN PETRO Neutral 275.4 273 270 266 280 284 287
HINDUSTAN UNILEV Neutral 1655.85 1633 1609 1590 1675 1695 1718

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 15
 Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
HINDUSTAN ZINC Negative 265.25 262 260 257 267 270 273

MOMENTUM PICK
INDIABULLS REAL Positive 148.3 143 136 133 153 156 162
INDIA CEMENTS Positive 102.75 101 98 96 105 106 110
ICICI BANK LTD Positive 265.8 262 259 256 268 271 274
INDO COUNT INDS Neutral 81.55 80 80 78 83 84 85
IDBI BANK LTD Positive 58 57 56 55 60 60 62
IDEA CELLULAR Positive 51.15 50 49 48 53 53 55
IDFC LTD Neutral 44.2 43 43 42 44 45 45
IDFC BANK LTD Negative 36.85 37 36 36 38 38 38
IFCI LTD Positive 15.65 14 14 13 15 16 16
INDRAPRASTHA GAS Positive 278.65 275 272 269 281 284 288
INDIABULLS HOUSI Neutral 1196.95 1186 1174 1158 1214 1230 1242
INDUSIND BANK Neutral 1902.55 1882 1862 1846 1919 1934 1955
INDIAN BANK Negative 310.25 301 292 278 324 338 346
INTERGLOBE AVIAT Negative 1063.65 1048 1031 1017 1079 1093 1110

ICICI Securities – Retail Equity Research

INFIBEAM INCORPO Positive 167.85 159 150 143 175 182 191
INFOSYS LTD Positive 1348.1 1325 1300 1279 1371 1392 1417
INDIAN OIL CORP Negative 161.05 160 158 156 164 166 167
ICICI PRUDENTIAL Positive 355.85 350 343 339 361 365 371
IRB INFRASTRUCTU Neutral 188.4 185 182 178 191 195 198
ITC LTD Positive 274 271 269 267 275 277 280
JET AIRWAYS IND Neutral 303.1 298 293 287 309 315 320
JAIN IRRIGATION Neutral 74.65 72 71 68 76 79 80
JAIPRAKASH ASSOC Neutral 15.1 15 14 14 15 16 16
JINDAL STEEL & P Neutral 183.4 180 177 174 186 189 192
JSW STEEL LTD Neutral 304.15 301 296 293 308 312 316
JSW ENERGY LTD Neutral 61.85 62 61 60 64 65 66
JUBILANT FOODWOR Positive 1481.4 1429 1378 1343 1515 1550 1601
JUST DIAL LTD Neutral 580.6 570 561 549 591 603 613
KARNATAKA BANK Neutral 108.65 108 106 105 110 112 113

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 16
 Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
KAJARIA CERAMICS Neutral 419.2 409 398 382 436 452 462

MOMENTUM PICK
CUMMINS INDIA Neutral 632.3 626 618 608 644 654 662
KOTAK MAHINDRA Negative 1333.3 1321 1308 1286 1357 1380 1393
KPIT TECHNOLOGIE Negative 292.7 290 286 281 298 303 307
KAVERI SEED Positive 580.4 566 551 539 593 605 621
LIC HOUSING FIN Negative 518.05 511 503 498 524 529 538
LUPIN LTD Neutral 800.65 796 789 786 806 809 815
LARSEN & TOUBRO Neutral 1270.35 1255 1239 1222 1288 1305 1322
L&T FINANCE HOLD Positive 155.6 151 148 146 157 160 163
MAHANAGAR GAS LT Neutral 821.6 814 806 801 827 832 840
MAX FINANCIAL SE Positive 456.75 442 427 417 466 477 491
MCX INDIA LTD Negative 798.45 787 775 763 811 823 834
MANAPPURAM FINAN Neutral 100.65 99 98 97 101 102 103
MAHINDRA & MAHIN Negative 909.75 905 899 894 916 921 927
M&M FIN SERVICES Neutral 469 465 461 455 476 481 486

ICICI Securities – Retail Equity Research

MARICO LTD Positive 351.35 347 342 340 355 358 362
MRF LTD Positive 76812.44 74715 72616 71131 78298 79783 81882
CHENNAI PETROLEU Positive 276.25 272 267 264 281 284 289
MANGALORE REFINE Positive 81.95 78 74 71 84 86 90
MARUTI SUZUKI IN Neutral 9398.95 9334 9270 9205 9463 9528 9592
MOTHERSON SUMI Positive 298.45 286 274 267 305 312 324
MINDTREE LTD Neutral 976.85 963 950 930 997 1018 1030
MUTHOOT FINANCE Negative 391.9 382 371 365 399 405 416
NATIONAL ALUMIN Neutral 58.85 58 57 56 60 61 62
NBCC INDIA LTD Neutral 63.45 62 62 61 64 65 65
NESTLE INDIA LTD Negative 10350 10226 10103 10006 10446 10543 10666
NHPC LTD Negative 23.25 23 22 22 23 24 24
NIIT TECH LTD Neutral 1112.75 1094 1074 1055 1133 1152 1172
NCC LTD Negative 79.75 78 77 75 81 83 84
NMDC LTD Positive 96.25 95 93 92 98 99 101

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 17
 Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
NTPC LTD Positive 155.65 154 153 152 156 157 158

MOMENTUM PICK
ORIENTAL BANK OF Positive 71.45 68 64 62 73 76 79
ORACLE FINANCIAL Negative 3909 3794 3678 3606 3982 4054 4170
OIL INDIA LTD Negative 207.05 204 201 196 211 215 218
OIL & NATURAL GA Negative 157.95 156 154 151 161 164 167
PAGE INDUSTRIES Neutral 28460.9 27902 27345 26970 28835 29209 29767
PC JEWELLER LTD Neutral 81.9 69 57 49 89 97 108
PIDILITE INDS Negative 1030.95 1024 1017 1006 1043 1055 1062
PIRAMAL ENTERPRI Negative 2502 2484 2467 2444 2524 2547 2564
PETRONET LNG LTD Neutral 207.45 207 205 204 209 211 212
PUNJAB NATL BANK Neutral 75.55 74 74 72 75 77 77
POWER FINANCE Neutral 71.2 70 68 67 72 74 75
PTC INDIA LTD Negative 69.15 68 67 66 70 71 72
PVR LTD Positive 1151.05 1125 1098 1071 1179 1206 1233
POWER GRID CORP Negative 175.8 174 172 170 178 180 182

ICICI Securities – Retail Equity Research

RBL BANK LTD Positive 577.8 561 545 533 589 601 617
RELIANCE CAPITAL Positive 350.75 343 335 329 357 363 371
RELIANCE COMMUNI Neutral 12.95 13 13 12 13 14 14
REC LIMITED Neutral 91.6 90 89 88 92 93 94
RELIANCE INFRAST Positive 386.75 377 366 361 394 400 411
REPCO HOME FINAN Positive 574 566 559 546 586 599 607
RELIANCE INDS Positive 1128.65 1114 1099 1087 1140 1153 1167
RELIANCE POWER Positive 30.85 29 29 28 30 31 32
RAYMOND LTD Neutral 800.3 789 778 761 817 834 845
STEEL AUTHORITY Negative 71.3 70 69 68 72 73 74
STATE BANK IND Neutral 261.5 259 257 255 263 265 268
SHRIRAM TRANSPRT Negative 1172.65 1153 1133 1117 1189 1205 1225
SOUTH INDIAN BK Positive 22.5 21 21 20 22 23 24
SIEMENS LTD Neutral 964.75 940 915 900 981 997 1022
SYNDICATE BANK Neutral 38.8 39 38 38 40 40 41

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 18
 Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
SHREE CEMENT Neutral 16536.6 16234 15932 15744 16724 16912 17214

MOMENTUM PICK
SREI INFRASTRUCT Negative 54.15 51 49 45 58 62 64
SRF LTD Negative 1563.3 1535 1505 1479 1590 1615 1645
STRIDES SHASUN L Neutral 346.1 341 336 331 350 354 359
SUZLON ENERGY Positive 7.1 7 7 7 7 7 7
SUN PHARMA INDU Positive 560.1 549 538 531 567 574 585
SUN TV NETWORK Neutral 761.4 752 742 731 772 783 793
TATA STEEL LTD Neutral 503.2 496 490 486 507 512 518
TATA COMMUNICATI Positive 552.85 547 540 536 559 564 571
TATA CONSULTANCY Neutral 1996.6 1988 1978 1972 2004 2010 2020
TECH MAHINDRA LT Positive 659.45 648 637 630 667 673 685
TATA ELXSI LTD Neutral 1394.5 1380 1366 1356 1404 1414 1428
TATA GLOBAL BEVE Neutral 238.6 233 227 223 243 247 252
TORRENT POWER LT Neutral 221.95 219 217 215 224 225 228
TATA POWER CO Negative 67.85 68 67 67 69 69 70

ICICI Securities – Retail Equity Research

RAMCO CEMENT/THE Negative 630.9 618 606 591 644 658 670
TORRENT PHARMA Neutral 1420.95 1413 1404 1393 1433 1444 1453
TITAN CO LTD Positive 860.4 853 846 834 873 884 892
TATA CHEMICALS Neutral 660.15 656 652 644 667 675 679
TATA MOTORS LTD Negative 253.4 252 250 249 255 256 258
TV18 BROADCAST L Neutral 44.9 45 44 44 46 46 47
TVS MOTOR CO LTD Negative 564.9 561 556 552 569 574 578
UNITED BREWERIES Neutral 1070.9 1050 1028 991 1109 1146 1168
UJJIVAN FINANCIA Neutral 380.3 372 363 357 386 391 400
UNION BANK INDIA Neutral 76.75 75 74 73 77 78 79
UNITED SPIRITS Positive 566.95 555 543 533 577 587 598
UPL LTD Neutral 549.6 543 536 530 556 562 569
ULTRATECH CEMENT Positive 3871.7 3839 3807 3784 3894 3917 3949
VEDANTA LTD Negative 202.4 199 197 194 205 209 211
V-GUARD IND LTD Positive 193.75 190 185 182 197 199 204

Source: Bloomberg, ICICI Direct Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 19
Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
VOLTAS LTD Positive 552.95 536 519 508 564 575 592

MOMENTUM PICK
WOCKHARDT LTD Neutral 562.95 558 551 543 573 581 587
WIPRO LTD Neutral 283 279 275 269 290 295 300
YES BANK LTD Neutral 386.5 384 381 376 391 395 398
ZEE ENTERTAINMEN Negative 514.35 510 505 499 521 527 533

ICICI Securities – Retail Equity Research

Source: Bloomberg, ICICI Direct Research
July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 20
 Forthcoming Economic Event Calendar
Date Event Date Event
US China

MOMENTUM PICK
23-Jul Chicago Fed Nat Activity Index 26-Jul Swift Global Payments CNY
23-Jul Existing Home Sales 27-Jul Industrial Profits YoY
24-Jul Markit US Manufacturing PMI 31-Jul Non-manufacturing PMI
24-Jul Markit US Services PMI UK
India 23-Jul CBI Retailing Reported Sales
25-Jul Eight Infrastructure Industries 23-Jul CBI Total Dist. Reported Sales
31-Jul Fiscal Deficit 25-Jul UK Finance Loans for Housing

ICICI Securities – Retail Equity Research

Source: Bloomberg, ICICI Direct Research
July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 21
 Momentum Picks: Strategy Follow up
Duration: Intraday
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment

MOMENTUM PICK
20-Jul-18 Nifty NIFTY Buy 10920-10930 10950.0/10975.0 10898 - No trade
20-Jul-18 ITC ITC Buy 272.00-273.00 274.90/277.40 270.1 0.90 Target 1achieved
20-Jul-18 Shriram Transport Finance SHRTRA Sell 1184.00-1188.00 1174.40/1164.10 1197.1 1.50 Target 2 Achieved

Duration: 30 Days
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
4-Jul-18 Ipca Laboratories IPCLAB Buy 705.00 785.00 665.00 5.00 Booked 50% profit at 741.00
6-Jul-18 Hero MotoCorp HERHON Buy 3570.00 3900.00 3430.00 -4.00 Stoploss triggered

ICICI Securities – Retail Equity Research

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 22
 Gladiator Stocks: Open Recommendations
Date Scrip Name Strategy Recommendation Price Target Stoploss Time Frame
20-Jul-18 Wipro Buy 279-286 325.00 259.00 6 month

MOMENTUM PICK
20-Jul-18 Sterlite Technologies Buy 320-328 384.00 294.00 6 month
12-Jul-18 Axis Bank Buy 535-545 627.00 495.00 6 month
11-Jul-18 Nestle India Buy 9930-10100 11,450.00 9250.00 6 month
10-Jul-18 Oberoi Realty Buy 478-486 566.00 435.00 6 month
6-Jul-18 Suven Life science Buy 216-222 260.00 198.00 6 month
6-Jul-18 ITC Buy 265-272 295.00 253.00 6 month
3-Jul-18 GlaxoSmithKline Pharmaceuticals Buy 2780-2830 3,490.00 2430.00 6 month
All the recommendations are in Cash segment

ICICI Securities – Retail Equity Research

Back to Top

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 23

 Stocks on the Move: Open Recommendations
Date Scrip Name Strategy Recommendation Price Target Stoploss Time Frame
8-May-18 Graphite India Buy 720.00-735.00 1,130.00 726.00 3 Month

MOMENTUM PICK
All the recommendations are in Cash segment

ICICI Securities – Retail Equity Research

Back to Top

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 24

Price history of last three years
Sun Pharma

MOMENTUM PICK
ICICI Securities – Retail Equity Research
July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 25
 Notes......

• 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. Applicable to
all products

• 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 stoploss 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

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 26

Recommended product wise allocation
Allocations
Product Product wise Max allocation

MOMENTUM PICK
allocation In 1 Stock Number of Calls Return Objective Duration

Momentum Picks- 10% 30-50% 2-3 Stocks 1-2% Intraday

Intraday

Momentum Picks- 25% 8-10% 6-8 Per Month 5-8% 1 Month

Positional

Stocks on the move 25% 12-15% 6-8 Per Month 10-12% 3 Months

Gladiator Stocks 35% 15-20% Opportunity based 20-30% 6 Months

Cash

ICICI Securities – Retail Equity Research

5%

100%

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 27

Candlesticks Glossary
Candlestick patterns describe the market sentiment for the specified period. Some of the formations suggest reversal of sentiment (trend) and, therefore, are important
for a chart reader. By themselves, the patterns do not carry any price target but only an indication of change in market behaviour. More importance needs to be given

MOMENTUM PICK
to the placement of the pattern within larger trend

Morning Star: Potential bottom reversal pattern made of three candle lines. The first sizeable black candle reflects a market in which the bears are in complete charge.
The next candle line--the small real body--shows a slight diminution of the bearish force. The white candle that makes up the last part of the morning star visually
displays the bulls are gaining the upper hand. Lowest low amongst three candles becomes technical support

Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or downtrend. The market falls, and a black
candle forms (ideally a small black candle). Next, a white real body wraps around the prior session’s black body. Low of the pattern becomes short term support for
prices

Piercing Line: Potential bottom reversal pattern. A black body forms in the downtrend. The market continues moving south on the next session’s open but that session
culminates in a white real body that closes (e.g. pierces) than half way or more into the prior black body. Lowest low between two candles is referred to as technical
support for prices

Hammer: A candlestick line which, during a downtrend, has a very long lower shadow and small real body (black or white) at the top end of the session’s range. There
should be no, or a very small, upper shadow. Pattern suggests buying support during declines and needs confirmation in terms of sustainability of prices above head of
the Hammer in following session

ICICI Securities – Retail Equity Research

Evening Star: Potential Top reversal pattern made of three candle lines. Comparable with a traffic signal. First white candle reflects a market in bullish trend. The next
candle line--the small real body—warns waning momentum. The black candle that completes the evening star visually exhibits that prior up trend has stopped or
reversed

Bearish Engulfing Line: Potential top reversal signal. This two candlestick pattern emerges during a rally. A black candle real body wraps around a white real body
(classically a small white candle) Highest high between two candles becomes resistance level for prices for future reference

Dark Cloud cover: A dark cloud cover forms a top reversal pattern. The first session should be a strong, white real body. The second session’s price opens over the
prior session’s high (or above the prior session’s close). By the end of the second session, it closes near the low of the session and should fall well into the prior
session’s white body. Pattern suggests that market has a poor chance of rising immediately

Shooting Star: A single candlestick line during a rally in which there is a small real body (white or black) at the bottom end of the session's range and a very long
upper shadow. The candle line should also have little or no lower shadow. Pattern suggest the trouble for prices overhead

Continuation Patterns: Other than widely known Candlestick reversal patterns discussed above, there are numerous patterns mentioned in literature on Candlestick
which describe the continuation of existing sentiments i.e. bullish or bearish. We have refrained from mentioning names of these patterns to avoid confusion. However,
the remark Continuation Pattern refers to bullish or bearish candlestick patterns which suggest continuation of existing trend

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 28

 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

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 29

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

Terms & conditions and other disclosures:

MOMENTUM PICK
ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities Limited is a SEBI registered Research Analyst with SEBI
Registration Number – INH000000990.ICICI Securities is a wholly-owned 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

ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of
companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
The information and opinions in this section 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 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.

The research recommendations are 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. These research recommendations 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. ICICI Securities will not treat recipients as customers by
virtue of their receiving these recommendations. Nothing in this section 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 herein 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 these recommendations. 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 herein during the period preceding twelve months from the date of these recommendations 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 – Retail Equity Research

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 herein 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 reports.

It is confirmed that Dharmesh Shah, Nitin Kunte, Ninad Tamhanekar, Pabitro Mukherjee and Vinayak Parmar, Research Analysts giving these recommendations have not received any compensation from the companies mentioned herein 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 or their relatives do not own 1% or more of the equity securities of the company/companies mentioned herein as of the last day of the month preceding the publication of these research
recommendations.

Since Associates (ICICI group companies) of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned herein.

It is confirmed that Research Analysts do not serve as an officer, director or employee or advisory board member of the companies mentioned herein.

ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented herein.

Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned herein.

We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.

This report or recommendations are 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

July 23, 2018 ICICI Securities Ltd. | Retail Equity Research 30