Larsen & Toubro Buy Ultratech Cement Buy Teamlease...

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Research Analysts

Nitin Kunte, CMT

[email protected]

Vinayak Parmar

[email protected]

Dharmesh Shah

[email protected]

Pabitro Mukherjee

[email protected]

Ninad Tamhanekar, CMT

[email protected]

Momentum Picks

May 18, 2020For Instant stock ideas:

SUBSCRIBE to mobile notification on

ICICIdirect Mobile app…

Open Recommendations

Gladiator Stocks

Click here to know more…

Scrip Action

Larsen & Toubro Buy

Ultratech Cement Buy

Teamlease Services Buy

Duration: 6 Months

New recommendations

Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration

18-May-20 Nifty Nifty Buy 9070-9105 9133.0 / 9178.00 9043.00 Intraday

18-May-20 UltraTech Cement ULTCEM Buy 3580.00-3586.00 3614.80/3647.00 3549.80 Intraday

18-May-20 Asian Paints ASIPAI Buy 1542.00-1548.00 1559.40/1574.00 1529.20 Intraday

Open recommendations

Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration

14-May-20 Canara Bank CANBAN Buy 87.00-89.00 97.00 80.00 14 Days

14-May-20 Radico Khaitan RADKHA Buy 310.00-315.00 343.00 296.00 14 Days

13-May-20 Balmer Lawrie BALLAW Buy 97.00-100.00 115.00 92.00 14 Days

13-May-20 JK Lakshmi Cement JKLAKS Buy 195.00-200.00 220.00 185.00 14 Days

Intraday recommendations are for current month futures. Positional recommendations are in cash segment

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ICICI Securities Ltd. | Retail Equity Research 2

Nifty Technical Picture

Technical Outlook

Source: Bloomberg, Spider, ICICI Direct Research

Mom

entum

Pic

ks

NSE Nifty Daily Candlestick Chart

Positive: Pharma, Agri input,

Cement, Liquor

Neutral: IT , Metals

Sectors in focus (Week):

Open High Low Close

9182.40 9182.40 9050.00 9136.85

Consolidation amid stock specific action to continue in ongoing result season…

NSE Nifty Weekly Candlestick Chart

Week that was…

Equity benchmarks extended their breather for a second consecutive

week amid elevated global volatility. The Nifty ended the week at 9137,

down 115 points or 1.25%. Broader markets relatively outperformed the

benchmarks as the Nifty midcap and small cap rose 2% & 1%,

respectively. Sectorally, auto, PSU banks and metals outperformed while

energy and NBFC underperformed.

Technical Outlook

• The weekly price action formed a bear candle with a sizable upper

shadow, indicating profit booking emerged from the upper band of

consolidation placed at 9500

• Key point to highlight is that the index retraced less than past seven

session’s up move (8909-9890) over the last 10 sessions. Slower

pace of retracement signifies time consolidation. Thus, in the

upcoming week, we expect the index to see prolonged ongoing

consolidation in the broad range of 9500-8800 amid stock specific

action in the ongoing result season

• During the ongoing corrective move, on four occasions the index

made attempts to surpass the 9400-9500 zone, indicating immediate

resistance is at 9500 as it is: a) 50% retracement of past two weeks

decline (9890-9044), placed at 9466, b) negative gap recorded on

May 4 (9731 -9533) coinciding with current week’s 9585. Thus, a

decisive close above 9500 would lead to further acceleration of

upward momentum. Else, there would be extension of ongoing

consolidation (9500-8800)

• On the downside, we believe any corrective decline from here on

would get anchored around key support threshold of 8800 as it is

confluence of a) 61.8% retracement of entire April 2020 up move

(8055-9890) 8756, b) price parity of end of March decline (9039–

8055) projected from April high of 9890, is placed at 8900

• Since April index have not corrected for more than two consecutive

sessions. In the current scenario, as index have already corrected

over past two sessions, we expect Nifty futures to maintain the same

rhythm by holding Friday’s low 9051 (on a closing basis). Hence, in

coming session, dips towards 9070-9105 should be used to create

intraday long position for target of 9178

Structurally, during March-April, the index witnessed the longest

pullback (~32%) in magnitude since life-time high of 12430. During this

pullback, we observed that internal rallies have got elongated (as last

rally of 1830 points was larger in magnitude compared to end of March

rally of 1530 points) along with shallow intermediate corrections (as

current decline of 850 points is as of now shallow than earlier decline

980 points), indicating robust price structure. Thus, we believe ongoing

consolidation (9500-8800) would help weekly stochastic to cool off (at

68)

Key support

breakdown

Weekly Stochastic pointing downward, indicating extended breather

9890

We expect index to prolong the

ongoing consolidation in the

broad range of 9500-8800 amid

stock specific action in the

ongoing result season

7511

12430

Intraday Short term

Trend

Support 9050-8990 8800

Resistance 9170-9220 9500

20 day EMA 9228

200 day EMA 10747

Indices Close 1 Day Chg 1 Day % Chg

SENSEX Index 31097.73 -25.16 -0.08

NIFTY Index 9136.85 -5.90 -0.06

Nifty Futures 9137.10 -7.00 -0.10

BSE500 Index 11907.64 -18.59 -0.16

Midcap Index 11500.32 -35.79 -0.31

Small cap Index 10688.86 -17.62 -0.16

SGX Nifty 9091.00 -46.10 -0.50

* SGX Nifty at 7:30 am

Domestic Indices

Action

Price Range

Target

Stoploss

Nify Future Intraday Recommendation

9043.00

Buy

9133.0 / 9178.00

9070-9105

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Bank Nifty: 18834

May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 3

Nifty Bank daily change Technical Outlook Bank Nifty Index – Weekly Candlestick Chart


The weekly 14 periods RSI is seen consolidating

near its nine periods average indicating

continuation of range bound price activity

The Bank Nifty declined for a second consecutive week amid

elevated global volatility and closed down ~ 3% during previous

week. The decline was lead by the private banking stocks. The

index ended the week at 18834, down by 518 points or 2.7%.

Technical Outlook

• The weekly price action formed a bear candle with shadows in

either direction indicating higher volatility. Long upper shadow

highlights profit booking emerged from upper band of

consolidation near 25500, as index pared intraweek gains seen

on the announcement of stimulus package

• Going ahead, only a firm closing above previous session high

(19120) will signal a pause in the current corrective trend. Failure

to do will signal extension of decline toward the major support

area of 17500 in the coming sessions

• We believe the global markets would continue to dictate the

subsequent trend in the Indian equity market

• The index is currently undergoing a consolidation in the broad

range of 17500-20500 after the sharp rally (~28%) seen in April

2020 (17144–21967), which will make the market healthy.

Meanwhile, 20550 would continue to act as key resistance as it

is confluence of the previous week’s high and the lower band of

the bearish gap area of May 4, 2020 (21353-20530)

• The index has crucial support around 17500-17200 as it is the

confluence of (a) 80% retracement of the entire up move of the

last six weeks (16116-21967) placed at 17300 and (b) price parity

with the previous major decline (21462-17144) as projected

from the previous week’s high (21967) signals support around

17650. Hence, we believe such an extended correction should

not be considered as negative. Instead, it should be capitalised

on to accumulate quality banking stocks.

• In the coming session, the index is opening on a flat note on the

back of mixed global cues. We expect it to trade range bound

with a positive bias today. Hence, use intraday dip towards

18701-18762 for creating short position for target of 18890 with

a stop loss of 18648

Among oscillators, the weekly 14 periods RSI is seen consolidating

near its nine periods average indicating continuance of the current

range bound consolidation in the index in the coming week.

Indices Close Change Change%

Nifty Bank 18833.95 -234.55 -1.23

Open High Low Close

19098.80 19119.10 18683.65 18833.95

16116

Major support breakdown

21967

20530

17144

Index have strong support around 17200 as it

is the confluence of:

- 80% retracement of the entire up move of

the last one months

- price parity with the previous major

decline signalling support around 17650

Support

@ 17200

Intraday Short term

Trend

Support 18720- 18600 17200

Resistance 19020- 19180 20550

20 day EMA 19675

200 day EMA 26479

Nifty Bank Technical Picture

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Stock Picks


Asian Paints (ASIPAI) – Daily candlestick Chart

UltraTech Cement (ULTCEM) – Daily candlestick Chart


Duration: Intraday

Technical Observations


Price rebounding taking support at the 80% retracement of previous up move and low of

April signalling buying demand at lower levels

Daily Stochastic generated a buy signal

Price at the cusp of breakout from the last one month consolidation range

signalling positive bias

Daily 14 periods RSI in positive trend

CMP 3587.00

Action Buy

Initiation Range 3580.00-3586.00

Target 3614.80/3647.00

Stop Loss 3549.80

Rationale

Price at the cusp of breakout

from the last one month

consolidation range and RSI in

buy mode

CMP 1550.80

Action Buy

Initiation

Range

1542.00-1548.00

Target 1559.40/1574.00

Stop Loss 1529.20

Rationale

Price rebounding taking support at

the 80% retracement of previous

up move and low of April and

stochatic genrated a buy signal

80% retracement

of previous up

move (1431-1864)1431

1864

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Buy Radico Khaitan (RADKHA) in the range of 310.00-315.00


Source: Bloomberg, Spider Software, ICICI Direct Research


Stock Picks

Target: 343.00 Stop Loss: 296.00

Duration: 14 days

• The stock is at the cusp of

breakout from the last five weeks

triangular consolidation pattern

signalling reversal of the

corrective trend and offers fresh

entry opportunity

• The stock has already taken 18

sessions to retrace just 38.2% of

the previous 14 sessions up move

| 220-330. A slower retracement

signals a higher base formation

for the stock

• The stock has immediate support

at | 300-296 levels being the

61.8% retracement of the

previous up move (| 280-318) and

the lower band of the last five

weeks triangular consolidation

• Among oscillators, the daily 14

periods RSI is in up trend and is

seen sustaining above its nine

periods average thus supports the

positive bias in the stock

• We expect the stock to maintain

positive bias and head towards |

343 levels being the 123%

external retracement of the last

decline (| 330-280) placed at | 343

levels

Recommendation initiated on i-click to gain at 14:52 on May 14, 2020

The daily 14 periods RSI is in up trend and is seen sustaining above its nine periods average

The stock is at the cusp of breakout from the triangular consolidation pattern

signalling reversal of the corrective trend and offers fresh entry opportunity

439

280

Daily Bar Chart

A slower retracement

signal a higher base

formation for the stock

220

Target @

343

330

Target @

300

Price rise supported by strong volume

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Buy Canara Bank (CANBAN) in the range of 87.00-89.00




Stock Picks


Duration: 14 days

• The stock resolved out of

contracting triangle pattern (as

shown in chart), indicating

conclusion of consolidation, in

turn suggesting positive bias,

auguring well for acceleration of

upward momentum towards | 97

in coming sessions

• Structurally, over past 29 sessions

stock has retraced 80% of

preceding four sessions up move

(83– 96), at 78. Slower pace of

retracement along with elongated

time consolidation signifies

inherent strength.

• We believe the stock has strong

support at | 80 as it is

Wednesday’s positive gap, placed

in the range of (81 – 82)

• Therefore, we expect the stock to

accelerate upward momentum

and head towards | 97 levels

being the price equality of March

end rally (74-96) projected from

current week’s low |76, placed at

| 98


The daily Stochastic inching northward, highlighting positive bias

Breakout from contracting triangle signifies conclusion of consolidation, auguring well for next

leg of up move

76

Daily Bar Chart

105

94

Target @

97

Contracting Triangle

Breakout

Support

@ 80

74

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Buy Balmer Lawrie & Co Ltd (BALLAW) in the range of 97.00-100.00




Stock Picks


Duration: 14 days

• The stock has bounced from its 50

days SMA backed by rising

volumes, indicating inherent

strength auguring well for stock to

resolve higher and head towards

115 in coming sessions

• Structurally, over past seventeen

sessions stock retraced merely

50% of preceding fourteen

sessions up move (69 – 115), at

92. Slower pace of retracement

signifies robust price structure.

We believe, the higher base

formation has set the stage to

resolve higher

• The support area of | 92 is based

on the confluence of 50 days SMA

(| 92) and the 50% retracement of

the last up move (| 69 – 115), at

92

• We expect the stock to accelerate

upward momentum and head

towards | 115 levels being the

long term 200 days SMA placed at

|113


The daily 14 periods RSI is logged a bullish crossover, highlighting positive bias

Slower pace of retracement signifies robust price structure, as over past seventeen sessions

stock retraced merely 50% of preceding fourteen sessions up move (69 – 115), at 92

115

Daily Bar Chart

69

The crucial support at | 92:

- 50 Days SMA is placed at |

92

- 50% retracement of the last

up move (| 69-115)

92

Target @

115

50 Days

SMA

200 Days

SMA

Rising Volumes

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Buy JK Lakshmi Cement (JKLAKS) in the range of 195.00-200.00




Stock Picks


Duration: 14 days

• The stock has registered a

breakout above the falling

trendline signalling reversal of the

corrective trend and offers fresh

entry opportunity

• The stock has already taken four

weeks to retrace just 80% of the

previous two week up move |

180-235. A slower retracement

signals a higher base formation

for the stock

• The stock has immediate support

at | 188-185 levels being the 80%

retracement of the previous up

move (| 180-235) and the last four

weeks consolidation low placed

around | 186 levels

• Among oscillators, the daily

MACD in up trend and is

sustaining above its nine periods

average thus supports the positive

bias in the stock

• We expect the stock to maintain

positive bias and head towards |

220 levels being the 80%

retracement of the last four weeks

decline (| 236-186) placed at | 224

levels


The daily MACD in up trend and is sustaining above its nine periods average thus supports the positive bias

The stock has registered a breakout above the falling trendline signalling reversal of

the corrective trend and offers fresh entry opportunity

186

235

Daily Bar Chart

340

A slower retracement signal a higher

base formation for the stock

180

Target @

220

388396

263

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Market Activity Report


Global Equity Market PerformanceGlobal Currency, Commodities and Bond

Advance Decline

Source: Bloomberg, Investing, ICICI Direct Research

0

500

1000

1500

2000

7-May 8-May 11-May 12-May 13-May 14-May 15-May

Advances Declines

Close1 Day %

Change

Currency

USD INR 75.47 0.0

Dollar Index 100.36 -0.2

EURO USD 1.08 0.0

GBP USD 1.22 -0.1

JPY 107.27 0.0

Swiss Franc 0.97 0.1

Commodities ($)

Gold 1,700.37 0.2

Brent 31.27 0.4

Copper 5,202.00 -0.4

Silver 16.39 1.4

Yield (bps change)

India 106.06 -0.04

US 0.63 0.01

EURO -0.53 0.01

Japan 0.00 0.00

0.1

1.0

1.2

0.1

0.5

0.4

-0.1

0.3

-1.8

-2.5 -1.5 -0.5 0.5 1.5

France

UK

Germany

China

Japan

Hong Kong

India

US

Brazil

% Change

1 Day Change

1 Day Change

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Market Activity Report


Sectoral Indices Performance Fund Flow activity of the last 5 sessions

Source: Bloomberg, ICICI Direct Research

India - Sectoral Close1 Day %

Change

Sensex 31,097.7 -0.1

Nifty 9,136.9 -0.1

BSE Auto 13,024.5 -1.0

Bankex 21,576.1 -1.1

Capital Goods 11,670.5 -0.3

Consumer

Durables18,317.6 -0.1

FMCG 10,077.7 0.2

Healthcare 15,029.5 -0.5

IT 13,314.2 -0.6

Metal 6,322.1 1.6

Oil & Gas 11,199.8 0.5

Power 1,443.6 0.5

Realty 1,346.2 -1.4

BSE 500 11,907.6 -0.2

BSE Midcap

Index11,500.3 -0.3

BSE Small Cap 10,688.9 -0.2

-822

-364

233

802

1,226

-2,400

-1,400

-400

600

1,600

11-May 12-May 13-May 14-May 15-May

Rs C

rore

Date

DII

535

-1,662

-283

-2,153-2,388

-2,900

-2,400

-1,900

-1,400

-900

-400

100

600

1,100

1,600

11-May 12-May 13-May 14-May 15-May

Rs C

rore

Date

FII

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Trend Scanner

May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 11Source: Bloomberg, ICICI Direct Research

52 Weeks Low

Negative Trend Universe: NSE 500

Candlestick Pattern

Positive Trend Universe: NSE 500 52 Weeks High

Oversold Stocks

Scrip Name LTP Stochastic

Dr Reddys 3738 7

Mindtree 850 23

HDFC Life 488 22

Heat Map

Scrip Name LTP

Aarti Drugs 858.2

Alembic pharma 870

Ajanta Pharma 1483.9

Bharti Airtel 554.20 2.60 519.00 24.90

Torrent Pharma 2460.40 2.20 2402.00 59.3

Ramco cement 572.90 4.30 540.00 16.4

Scrip Name Close

Change

%

20-Day

SMA

Delivery

( %)

Bullish Candlestick Formations Bearish Candlestick Formations

Scrip Name Pattern name LTP Scrip Name Pattern name LTP

Asian Paints Piercing line 1555.0 Adani Ports Harami cross 308.2

BEL Engulfing 67.4 Ashok Leyland Engulfing 47.2

India cements Continuation 116.7 Bandhan Bank Engulfing 243.0

Ramco Cement Continuation 573.8 PVR Continuation 851.0

Sriram Trpt finance 640.50 -1.10 697.00 10.3

Inox Leisure 193.40 -3.80 210.00 53.1

Scrip Name Close

Change

%

20-day

SMA

Delivery

(%)

Scrip Name LTP

Chalet Hotels 126.3

Inox Leisure 193.1

Shoppers stop 160

Overbought Stocks

Adani Ports 309.7 95

Hero MotoCorp 2191 81

Infatel 202.5 86

Vedanta

93

BPCL

318 Bharti

Airtel

554 Asian

Paints

1,553

Tata Steel

273

4.3% 2.7% 2.6% 2.0% 1.8%

Hindalco

119

NTPC

91 Reliance

Ind.

1,459

HUL

2,032 Grasim

Ind

518

1.7% 1.7% 1.6% 1.3% 1.3%

Nestle

16,444

Coal India

130 Tata

Motors

84

ITC

165

Eicher

14,100

1.2% 0.7% 0.7% 0.5% 0.5%

IOC

76 Kotak

Bank

1,178

GAIL

86 Adani

Ports

309

Britannia

3,126

0.5% 0.4% 0.4% 0.3% 0.2%

Cipla

570

HDFC Ltd

1,634

Dr Reddy

3,735

ONGC

76

Titan

846

0.1% 0.1% 0.1% 0.0% 0.0%

Maruti

5,100

TCS

1,893 JSW

Steel

174 HDFC

Bank

888 Power

Grid

160

-0.3% -0.5% -0.5% -0.6% -0.6%

Shree

Cement

19,181

Ultratech

3,583

L&T

864

Infosys

652

SBI

166

-0.7% -0.7% -0.8% -0.9% -0.9%

TechM

511

Wipro

184

HCl Tech

511 Bajaj

Finance

2,086 Bajaj

Finserv

4,723

-1.0% -1.2% -1.2% -1.2% -1.4%

ICICI

Bank

323 Bajaj

Auto

2,664 Sun

Pharma

449 Hero

Moto

2,194 Indusind

Bank

419

-1.4% -1.4% -1.6% -2.1% -2.2%

Zee Ent.

164

UPL

379

Axis Bank

389 Bharti

Infratel

203

M&M

381

-3.2% -3.3% -3.3% -3.4% -4.8%

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Global Markets


Dow Jones (23685): Index oscillated within past four weeks range, ,indicating prolonged consolidation….

German Dax (10465): Index snapped past two weeks up move, indicating breather…




13596

Weekly RSI turned flat after recent up move, indicating breather

10279

Weekly RSI inching downward, indicating breather

21712

• The US markets ended on negative

note amid rising worries related to US-

China trade war and joblessness. DJIA

ended the week at 23685, down 2.65%

• The weekly price action formed a bear

candle carrying long lower shadow,

indicating elevated buying demand

emerging from lower band of past

four weeks consolidation (24765 –

22942), indicating prolonged

consolidation

• Going ahead, we believe, a decisive

close above April high 24765 would

open the doors for next leg of up

move towards 25200 being 61.8%

retracement of entire CY20 decline

• On the downside past four weeks low

of 23000 would continue to act as

immediate support on a closing basis

• The European markets ended largely

negative due to the impact of the

rising coronavirus cases on the US

economy and initial jobless claims.

The Dax ended the week at 10465,

down 4%

• The weekly price action formed a bear

candle with a significant lower

shadow, as index recouped some of

intraweek losses at the fag end of the

week, indicating supportive efforts

emerging from the 38.2% retracement

of current up move off May low 10160

• Going ahead, we expect extension of

ongoing consolidation 11200 – 10200.

A resolute breakout from upper band

of consolidation (11200) would pave

the way towards 11700 as it is 61.8%

retracement of entire decline (13795 -

8255), at 11668

Resistance

@ 24765

Resistance

@ 11700

Support

@ 23000

Support @

10200

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Global Markets


Hang Seng (23798): Index extended consolidation over fifth consecutive week... Technical Observations


Weekly RSI tilted downward, indicating pause in prevailing momentum

• The Hang Seng index pared

intraweek gains and ended the week

on a negative note at 23798, down

1.8%

• The weekly price action formed a

bear candle with small upper

shadow, indicating extended

consolidation

• Going ahead, to witness a

meaningful pullback index need to

resolve out of upper band of past

four weeks consolidation (24855),

leading acceleration of upward

momentum towards 26100 as it is

61.8% retracement of entire CY-20

corrective phase (29175 – 21139), at

26097 coincided with negative gap

seen during March in the range of

(26130 – 25578)

• On the down side, 23500 would act

as strong support as it is 38.2%

retracement of last four weeks

pullback (21139 – 24855), at 23420

coincided with last three week’s low

23483

21139

Resistance

@ 26100

Support

@ 23500

29175

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Commodity



Technical ObservationsBrent crude ($32.8): Pull back to extend towards $33

Gold ($1743) : Sustaining above $1750 would open upsides towards $1800

50

75.6

1445

Key support

@ 1600

• Gold prices closed higher amid

renewed worries of US-China trade

war as safe haven demand

emerged. Gold spot prices closed

the week at $1743, up over 2% for

the week

• The weekly price action formed

sizeable bull candle which resulted

in a highest close since late 2012.

• Going forward, a decisive break

above $1750 will accelerate further

rally towards multiple swing highs

between 2011-2012 at $1800, else

consolidation in the range of $1650-

1750 to continue

• Key immediate support is now

being upgraded to $1650 which is a

swing low over past four weeks

• Brent oil futures extended gains for

third week in a row led by better than

expected Chinese refinery data and

cut down in production by OPEC

countries. Brent futures settled 6%

higher at $ 32.8

• The weekly price action formed

relatively smaller candle carrying

higher high-low as price extended pull

back on expected lines to hit target of

$33

• Going forward, we expect prices to

consolidate in the broad range of

$30-35 as they approach overbought

conditions after doubling from lows in

just three weeks

• The support is elevated towards last

week’s low of $30 while March april-

swing high of $35 to act as a hurdle

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Currency


Technical ObservationsRupee (75.53): Consolidation to extend in the range of 73-77

68.26

74.50

68.30

72.40

Support

@ 73

• The rupee remained almost unchanged

for the week easing of selling in Indian

equities. The rupee ended at 75.83,

down 30 bps for the week

• The US dollar/rupee pair formed a Doji

indicating extended breather for third

week after 5% gains for dollar in March

2020.

• Going forward, we expect Rupee to

consolidate in the range of 73-77 in a

truncated week as Dollar appears

overbought and approached key hurdle

placed at 77.5 which is 150%

retracement of entire 2018-2019 decline

(74.5-68.3)

• Immediate support for pair is placed at

73 levels which is low of past five

weeks

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Intraday Supports and Resistance (Cash)


Scrip Name Trend Close S1 S2 S3 R1 R2 R3

NIFTY 50 Negative 9136.85 9064 8991 8931 9196 9255 9328

S&P BSE SENSEX INDEX Negative 31097.73 30814 30529 30288 31340 31581 31865

NIFTY BANK Negative 18833.95 18639 18444 18203 19074 19314 19510

NIFTY 50 FUTURES Negative 9125 9058 8990 8929 9187 9248 9316

NIFTY BANK FUTURES Negative 18770 18588 18405 18160 19017 19263 19446

ACC LTD Negative 1194.2 1177 1159 1145 1209 1223 1241

AMBUJA CEMENTS Positive 181.8 179 177 174 184 187 189

ADANI POWER LTD Neutral 32.35 33 32 31 34 34 35

ADANI ENTERPRISE Positive 141.05 140 138 137 144 146 148

ADANI PORTS AND Positive 309.25 306 302 299 313 316 319

ASHOK LEYLAND Negative 47.15 47 46 44 49 51 52

AMARA RAJA BATT Positive 572.85 556 539 528 584 595 612

APOLLO HOSPITALS Positive 1355.3 1305 1254 1218 1392 1428 1479

ASIAN PAINTS LTD Neutral 1552.95 1522 1491 1472 1572 1591 1622

APOLLO TYRES LTD Negative 91.7 91 89 88 93 95 96

AUROBINDO PHARMA Neutral 664.95 657 648 639 675 684 693

AXIS BANK LTD Negative 388.55 382 376 365 399 410 416

BAJAJ FINANCE LT Negative 2086.45 2049 2012 1969 2130 2174 2211

BATA INDIA LTD Negative 1335 1314 1294 1265 1363 1392 1412

BHARTI AIRTEL Neutral 554.1 543 533 526 561 568 578

BHARAT ELECTRON Neutral 67.75 63 59 57 70 73 76

BHARAT HEAVY ELE Neutral 27.3 28 27 27 29 29 30

BHARAT FORGE CO Negative 277.3 271 266 262 281 286 290

BALKRISHNA INDS Positive 944.3 929 915 889 969 995 1009

BIOCON LTD Negative 328.5 319 311 301 337 347 355

BAJAJ AUTO LTD Neutral 2663.6 2640 2615 2580 2700 2735 2760

BAJAJ FINSERV LT Negative 4723.25 4672 4620 4540 4805 4886 4938

BANK OF BARODA Negative 41.6 40 40 38 43 44 45

BANK OF INDIA Neutral 33.45 34 33 33 35 35 35

BOSCH LTD Negative 9583.15 9428 9274 9163 9693 9804 9958

BHARAT PETROL Positive 318.2 312 305 298 325 331 338

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BERGER PAINTS Positive 450.85 446 441 434 458 465 470

BRITANNIA INDS Positive 3125.65 3096 3065 3015 3177 3227 3258

CANARA BANK Negative 83.95 82 81 78 87 89 91

CONTAINER CORP Negative 378.35 370 363 356 385 393 399

CADILA HEALTHCAR Positive 332.2 327 322 314 340 348 353

CENTURY TEXTILE Negative 274.85 268 261 256 280 285 292

CESC LTD Negative 580.1 567 555 539 596 611 624

CHOLAMANDALAM IN Negative 149.35 147 144 142 152 154 157

CIPLA LTD Neutral 570.3 563 555 544 582 593 602

COLGATE PALMOLIV Negative 1351.8 1327 1302 1284 1371 1390 1415

COAL INDIA LTD Negative 129.6 127 126 124 130 132 133

DABUR INDIA LTD Neutral 443.9 436 428 414 459 472 481

DIVI LABS LTD Positive 2335.2 2305 2273 2219 2391 2445 2476

DLF LTD Positive 138.8 138 135 134 141 143 145

DR REDDY'S LABS Negative 3735.1 3709 3682 3647 3771 3806 3833

EICHER MOTORS Negative 14099.6 13767 13434 13218 14316 14532 14865

EQUITAS HOLDINGS Negative 49.85 49 47 46 52 53 54

ESCORTS LTD Positive 823.55 802 782 765 840 856 877

EXIDE INDUS LTD Positive 154.8 152 148 146 158 160 164

FED BANK LTD Neutral 43.75 43 42 41 44 46 46

GAIL INDIA LTD Negative 85.8 85 84 83 87 88 89

GODREJ CONSUMER Positive 543.5 532 519 498 565 586 599

GMR INFRASTRUCTU Positive 18.1 18 18 17 18 18 18

GLENMARK PHARMA Positive 339.65 332 325 315 350 361 368

GRASIM INDS LTD Neutral 517.85 512 506 502 522 526 532

HAVELLS INDIA Negative 486.85 480 475 464 497 507 513

HCL TECH LTD Negative 511.25 504 498 491 517 524 529

HOUSING DEV FIN Negative 1633.8 1610 1585 1562 1659 1683 1708

HDFC BANK LTD Negative 888.15 878 868 860 895 902 912

HERO MOTOCORP LT Neutral 2193.55 2159 2125 2080 2238 2283 2317

HINDALCO INDS Positive 119.25 117 116 114 121 123 124

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HINDUSTAN PETRO Neutral 189.1 187 184 181 194 198 201

HINDUSTAN UNILEV Positive 2032.1 2012 1993 1981 2044 2057 2076

VODAFONE IDEA LT Neutral 4.85 5 5 5 5 5 6

IDFC FIRST BANK Negative 20.85 21 21 20 21 21 22

INDRAPRASTHA GAS Negative 456.6 451 443 435 466 475 482

INDIABULLS HOUSI Negative 133.45 129 126 123 135 138 142

INDUSIND BANK Negative 418.7 413 408 399 427 436 441

INTERGLOBE AVIAT Neutral 984 952 919 896 1007 1029 1062

INFOSYS LTD Negative 652.3 645 637 627 663 673 681

INDIAN OIL CORP Neutral 75.5 76 75 74 77 77 78

ICICI PRUDENTIAL Negative 384.85 377 371 365 389 395 401

ITC LTD Negative 164.65 163 160 158 167 168 171

JINDAL STEEL & P Negative 94.55 91 89 87 96 99 101

JSW STEEL LTD Negative 174.3 173 170 166 179 182 185

JSW ENERGY LTD Negative 39.6 40 39 39 41 41 42

JUBILANT FOODWOR Negative 1666.3 1642 1617 1591 1693 1719 1745

JUST DIAL LTD Positive 350.25 342 333 318 366 381 390

CUMMINS INDIA Negative 338.35 331 324 313 349 360 367

KOTAK MAHINDRA Negative 1178.3 1158 1138 1122 1194 1210 1230

LIC HOUSING FIN Negative 253.9 249 243 236 262 269 275

LUPIN LTD Neutral 841.8 831 820 804 858 874 885

LARSEN & TOUBRO Positive 864.4 851 837 820 882 899 913

L&T FINANCE HOLD Negative 57.3 57 56 55 59 60 61

MAHANAGAR GAS LT Negative 892.85 883 872 857 909 924 934

MAX FINANCIAL SE Neutral 449.1 446 443 439 453 457 460

MANAPPURAM FINAN Positive 127.25 124 121 117 132 135 139

MAHINDRA & MAHIN Negative 381.3 368 355 337 399 417 430

M&M FIN SERVICES Negative 168.45 165 162 158 171 174 177

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MARICO LTD Positive 316.5 310 305 299 321 327 333

MRF LTD Negative 58135.55 57691 57245 56715 58667 59197 59643

MARUTI SUZUKI IN Neutral 5100.4 5001 4900 4839 5163 5224 5325

MOTHERSON SUMI Negative 82.2 79 77 75 83 85 87

MINDTREE LTD Negative 852.15 823 794 773 872 894 922

MUTHOOT FINANCE Neutral 819.85 806 793 780 832 845 858

NATIONAL ALUMIN Positive 28.95 29 28 28 30 30 31

NBCC INDIA LTD Positive 18.65 19 18 18 20 20 21

NESTLE INDIA LTD Neutral 16443.8 16248 16051 15900 16596 16747 16944

NIIT TECH LTD Neutral 1358.65 1337 1315 1296 1378 1397 1419

NCC LTD Neutral 23.9 23 23 22 24 25 25

NMDC LTD Positive 73.85 73 71 69 76 77 79

NTPC LTD Neutral 90.85 90 88 88 93 94 95

OIL INDIA LTD Positive 85.9 85 84 83 87 88 90

OIL & NATURAL GA Positive 76.15 76 74 73 78 80 81

PAGE INDUSTRIES Positive 17642.9 17450 17258 17115 17784 17926 18118

PIDILITE INDS Positive 1373.25 1357 1342 1328 1386 1400 1416

PIRAMAL ENTERPRI Negative 888.5 867 845 826 907 927 948

PETRONET LNG LTD Negative 227.95 224 221 216 232 237 240

PUNJAB NATL BANK Negative 28.8 28 28 27 29 30 30

POWER FINANCE Negative 84.15 83 82 81 86 88 89

PVR LTD Negative 853.25 828 804 773 883 914 938

POWER GRID CORP Negative 159.8 158 157 155 162 164 165

RBL BANK LTD Neutral 120.9 119 117 113 124 127 129

REC LTD Negative 97.9 96 94 91 101 104 106

RELIANCE INDS Negative 1459.4 1427 1395 1376 1479 1499 1531

STEEL AUTHORITY Neutral 29.35 28 26 25 31 32 34

STATE BANK IND Negative 166.4 164 162 160 167 170 171

SHRIRAM TRANSPRT Negative 641.35 626 609 592 660 677 693

SIEMENS LTD Positive 1082.6 1053 1022 1003 1102 1120 1151

SHREE CEMENT Negative 19180.5 18806 18433 18054 19559 19937 20311

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SRF LTD Positive 3596.05 3540 3484 3409 3670 3744 3800

SUN PHARMA INDU Negative 448.6 443 438 430 456 464 470

SUN TV NETWORK Negative 386.35 380 375 369 391 397 402

TATA STEEL LTD Positive 273.45 269 265 261 277 281 285

TATA CONSULTANCY Negative 1892.9 1867 1840 1814 1919 1944 1971

TECH MAHINDRA LT Negative 510.55 506 500 493 519 526 531

TATA CONSUMER PRODUCT Neutral 352.2 344 337 326 363 375 382

TORRENT POWER LT Negative 304.6 298 293 289 307 311 317

TATA POWER CO Negative 31.4 30 29 28 32 33 34

RAMCO CEMENT/THE Positive 575.25 558 541 530 587 598 615

TORRENT PHARMA Positive 2461.45 2428 2395 2374 2482 2503 2536

TITAN CO LTD Positive 845.6 838 831 820 856 867 874

TATA CHEMICALS Neutral 293.2 287 282 275 300 307 312

TATA MOTORS LTD Positive 84.35 83 81 80 85 87 88

TVS MOTOR CO LTD Negative 336.1 332 327 320 344 351 357

UNITED BREWERIES Neutral 914.45 901 886 861 940 964 979

UJJIVAN FINANCIA Negative 167.55 163 158 152 174 180 185

UNITED SPIRITS Neutral 540.85 531 523 509 554 567 576

UPL LTD Neutral 378.9 372 367 356 389 399 405

ULTRATECH CEMENT Neutral 3583.15 3545 3506 3464 3626 3668 3707

VEDANTA LTD Positive 92.95 88 85 81 96 99 103

VOLTAS LTD Negative 462.05 452 442 435 470 477 487

WIPRO LTD Negative 183.8 182 181 179 185 187 189

YES BANK LTD Neutral 28.7 27 26 25 29 30 30

ZEE ENTERTAINMEN Neutral 164.2 160 156 150 170 176 179

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Forthcoming Economic Event Calendar


Date Event Date Event

US China

20-May FOMC Meeting Minutes 18-May New Home Prices MoM

28-May GDP Annualized QoQ 22-May FX Net Settlement - Clients CNY

29-May PCE Deflator MoM 27-May Industrial Profits YoY

29-May Wholesale Inventories MoM 31-May Manufacturing/Non-Manufacturing PMI

29-May MNI Chicago PMI UK

India 20-May Retail Price Index

29-May Fiscal Deficit INR Crore 28-May Nationwide House PX MoM

31-May GDP Annual Estimate YoY 29-May GfK Consumer Confidence

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Momentum Picks: Strategy Follow up


Duration: Intraday

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

15-May-20 Nifty Nifty Buy 9062-9102 9129.0 / 9178.00 9034.00 96 Points Target 2 Achieved

15-May-20 Larsen & Toubro LARTOU Buy 870.00-872.00 878.90/887.00 862.80 0.90 Target 1 Achieved

15-May-20 LIC Housing Finance LICHF Sell 254.00-256.00 252.40/250.10 257.60 -1.00 Stoploss triggered

Duration: Cash Positional

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

12-May-20 Havells India HAVIND Buy 479.00 525.00 456.00 6.00 Booked 50% profit at 507.00

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Gladiator Stocks: Open Recommendations


Back to Top

Date Scrip Name Strategy Recommendations Price Target Stoploss Time Frame

13-May-20 Larsen & Toubro Buy 845-870 995.00 790.00 6 Months

13-May-20 Ultratech Cement Buy 3400-3500 3990.00 3190.00 6 Months

13-May-20 Teamlease Services Buy 1535-1570 1890.00 1390.00 6 Months

12-May-20 Zydus Wellness Buy 1240-1270 1460.00 1140.00 6 Months

6-May-20 SBI Life Insurance Buy 715.00-740.00 840.00 665.00 6 Months

5-May-20 Torrent Pharma Buy 2350.00-2435.00 2760.00 2190.00 6 Months

30-Apr-20 City Union Bank Buy 133.00-138.00 165.00 115.00 6 Months

24-Apr-20 Ipca Laboratories Buy 1580.00-1630.00 1885.00 1440.00 6 Months

All the recomedations are in Cash segment

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Price history of last three years

Source: Spider Software, ICICI Direct Research

JK Lakshmi Cement Balmer Lawrie

Radico Khaitan Canara Bank

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Product Guidelines......


• In case of intraday stock recommendations, execute the trade within +/- 0.25% of the recommended range provided in

the report. The stock recommendation has to be execute after the first 5 minutes of trade and only up to 11:00 am. In

case of Nifty future execute after the first 5 minutes of trade and up to 03:00 pm

• In case of positional recommendations, execute the recommendations in the range provided in the report

• Once the recommendation is executed, it is advisable to maintain strict stop loss as provided in the report. For positional

recommendation maintain stop loss on daily closing basis

• We adapt a trading strategy of booking 50% profit when the position is in profit by 4-5% and trail stop loss on remaining

position to the entry point (In case of positional stock recommendations)

• In case of intra day Nifty futures recommendation, once recommendation is activated, consider booking 50% profit near

1st

Target (tolerance of 3 points) and trail stop loss to cost for remaining positions

• If the recommended intra day stock hits the target price before getting activated, then it is considered not initiated

• The Intra day recommendations are valid only for the day and should be squared off by 15:10 hrs. The positional

recommendations are valid only for the prescribed period and are to be squared off at the end of mentioned period

unless communicated otherwise through separate mail or on i-click to gain page

• Only stocks in derivatives segment have been considered for intra day recommendations

• Medium to long-term prospects of a stock does not have any bearing on the intra day view

Trading portfolio allocation

• It is recommended to spread out the trading corpus in a proportionate manner between the various technical research

products

• Please avoid allocating the entire trading corpus to a single stock or a single product segment

• Within each product segment it is advisable to allocate equal amount to each recommendation

• For example: The ‘Momentum Pick’ product carries 2 to 4 intraday recommendations. It is advisable to allocate equal

amount to each recommendation

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May 18, 2020 ICICI Securities Ltd. | Retail Equity Research 26Source: ICICI Direct Research

Recommended product wise trading portfolio allocation

Duration

Momentum Picks-

Intraday

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

Momentum Picks-

Positional

25% 8-10% 8-10 Per Month 5-8% 14 Days

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

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

Cash 5%

-

100%

Number of Calls Return Objective

Product Product wise

allocation

Allocations

Max allocation

In 1 Stock

Opportunity Based

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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

Morning Star: Potential bottom reversal pattern made of three candle lines. The first sizeable black candle reflects a market in which the bears are in complete charge.

The next candle line--the small real body--shows a slight diminution of the bearish force. The white candle that makes up the last part of the morning star visually

displays the bulls are gaining the upper hand. Lowest low amongst three candles becomes technical support

Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or downtrend. The market falls, and a black

candle forms (ideally a small black candle). Next, a white real body wraps around the prior session’s black body. Low of the pattern becomes short term support for

prices

Piercing Line: Potential bottom reversal pattern. A black body forms in the downtrend. The market continues moving south on the next session’s open but that session

culminates in a white real body that closes (e.g. pierces) than half way or more into the prior black body. Lowest low between two candles is referred to as technical

support for prices

Hammer: A candlestick line which, during a downtrend, has a very long lower shadow and small real body (black or white) at the top end of the session’s range. There

should be no, or a very small, upper shadow. Pattern suggests buying support during declines and needs confirmation in terms of sustainability of prices above head of

the Hammer in following session

Evening Star: Potential Top reversal pattern made of three candle lines. Comparable with a traffic signal. First white candle reflects a market in bullish trend. The next

candle line--the small real body—warns waning momentum. The black candle that completes the evening star visually exhibits that prior up trend has stopped or

reversed

Bearish Engulfing Line: Potential top reversal signal. This two candlestick pattern emerges during a rally. A black candle real body wraps around a white real body

(classically a small white candle) Highest high between two candles becomes resistance level for prices for future reference

Dark Cloud cover: A dark cloud cover forms a top reversal pattern. The first session should be a strong, white real body. The second session’s price opens over the

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

session’s white body. Pattern suggests that market has a poor chance of rising immediately

Shooting Star: A single candlestick line during a rally in which there is a small real body (white or black) at the bottom end of the session's range and a very long

upper shadow. The candle line should also have little or no lower shadow. Pattern suggest the trouble for prices overhead

Continuation Patterns: Other than widely known Candlestick reversal patterns discussed above, there are numerous patterns mentioned in literature on Candlestick

which describe the continuation of existing sentiments i.e. bullish or bearish. We have refrained from mentioning names of these patterns to avoid confusion. However,

the remark Continuation Pattern refers to bullish or bearish candlestick patterns which suggest continuation of existing trend

Candlesticks Glossary


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Pankaj Pandey Head – Research [email protected]

ICICI Direct Research Desk,

ICICI Securities Limited,

1st Floor, Akruti Trade Centre,

Road No 7, MIDC,

Andheri (East)

Mumbai – 400 093

[email protected]


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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. Analysts are not registered as research analysts by FINRA and are not associated

persons of the ICICI Securities Inc. It is also 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.

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 Limited is a SEBI registered Research Analyst with 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

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.

Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etc as opposed to focusing on a company's fundamentals and, as such, may not match with the

recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports.

Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

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 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 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 are engaged in various financial service businesses, they might have financial interests or beneficial ownership in 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.


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Larsen & Toubro Buy Ultratech Cement Buy Teamlease...

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