1. finance
2. investing
3. stocks

Daily Calls
March 9, 2015
Market Outlook
Domestic Indices
Indices
Close
Change
Change%
29448.95
68.22
0.23
CNX Nifty
8937.75
15.10
0.17
Nifty future
8988.75
32.40
0.36
S&PBSE 500
11567.69
S&PBSE Midcap
11045.08
41.41
80.81
0.36
0.74
S&PBSE Smallcap
11456.85
75.20
0.66
Indices
Close
Dow Jones
17856.78
Nasdaq
4927.37
FTSE
6911.80
DAX
11550.97
Hang Seng
23996.06
Nikkei
18807.97
SGX Nifty
8916.50
* Asian Market as at 7:30am
Change
-278.94
-55.44
-49.34
46.96
-164.27
-164.22
-72.50
Change%
-1.54
-1.11
-0.71
0.41
-0.68
-0.87
-0.81
S&P BSE Sensex
Sensex: We said, "Close below the candle could confirm a top for the short-term..." The index traded volatile. Initially holding the
candle's low, it moved flat. However, later it broke the low, only to recover and end positive by 68 points or 0.2%. HDFC twins,
pharma and FMCG contributed to gains with a setoff pressure from metals. The A/D ratio settled flat.
The action formed a long legged Doji (LLD), comprising a volatile session. The bigger Lower Shadow indicated support at lower
levels, which enabled the index to avoid closing below Thursday's bearish Engulfing Line Bear (ELB) candle. However, failure in
follow-up support above LLD would be negative. Breaking of LLD's low confirms negative bias.
Exhibit 1: Sensex – Daily Candlestick Chart
Global Indices
Market Breadth
34
118
Unchg
NSE
BSE
584
Decline
599
Advance
0
1459
1397
500
1000
1500
Recommendations for the day
1. Sell Nifty Mar Future in range of 8950-8960
2. Buy HCL Tech in range of 2056.00-2060.00
3. Buy Hindustan Unilever in range of 941.50942.50
4. Sell Hindalco below 148.60
Recommendations are of March Future
Source: ASA, ICICIdirect.com Research
ICICI Securities Ltd. | Retail Equity Research
Exhibit 2: Nifty Future – Daily Candlestick Chart
CNX Nifty (Cash Levels) Technical Picture
Nifty
Trend
Intraday
Down
Trend Reversal
Short Term
Up
8940
8670
Support
8849-8810
8670
Resistance
8900-8940
9370
20 Days EMA
8820
200 days EMA
8031
Nifty Future Recommendations
CMP :
8988.75
Comment : Future premium increased from 34 points to
51. NF ends in Green, but watch follow-up to
Bull candle on –ve Global cues. Reverse if
holds around 8900 or 8875
Action :
Sell in the range of 8950-8960
Targets :
8920/8900/Lower
Stop-loss :
8975.00
Source: ASA, ICICIdirect.com Research
ICICI Securities Ltd. | Retail Equity Research
Page 2
Trend Scanner
Global Currencies
Spot
Positive Trends
Close
Prev.close
% Chg
Rupee (|)
62.171
62.263
0.15
Scrip Name
Dollar Index
97.711
97.615
0.10
Dabur India Ltd
1.084
1.084
-0.03
Euro
Candlestick Patterns
Close
% Change
10-day SMA
Delivery (%)
266.70
0.97
264.79
65.19
HCL Technologies Ltd
2065.00
1.42
2010.55
56.27
British Pound
1.505
1.504
0.10
Hindustan Unilever Ltd
939.70
2.58
910.66
57.88
Japanese Yen
120.760
120.830
0.05
Cox & Kings Ltd
318.45
-0.73
326.04
54.51
Australian ($)
0.770
0.772
-0.26
Swiss Franc
0.986
0.986
0.00
Negative Trends
Closing Yield (%)
Previous Yield (%)
7.71
7.71
Scrip Name
Close
% Change
10-day SMA
Delivery (%)
148.10
-3.27
153.64
61.39
402.90
-0.53
404.89
64.60
US 10 Year
2.24
2.24
Hindalco Industries Ltd
EURO 10 Year
0.39
0.35
GAIL India Ltd
GBP 10 Year
1.95
1.86
JPY 10 Year
0.41
0.40
Commodities
US Dollar
Close
Prev. Close
%Chg
Gold/ounce
1171.68
1167.29
0.34
Copper /ton
5765.5
5857
-0.30
Brent Crude/barrel
59.33
59.73
Bearish Candlestick Formations
Bullish Engulfing
Bearish Continuation pattern
Lupin
Hindustan Unilever
1838.2
939.7
Bullish Continuation pattern
Colgate
Cipla
Global Treasury Yields
India 10 year
Bullish Candlestick Formations
2070.3
Cairn India
239.2
Hindalco
148.1
NMDC
127.4
SSLT
210.2
739.5
Tata Elxsi
1439.8
HCL Technology
2065.0
Piercing Line
Aurobindo Pharma
1093.3
Note: For Candlestick pattern description refer towards the end of
the report.
Stocks hitting 52 week high
Overbought Stocks
Stocks rising for 5 days & stochastic overbought
Asian paint
-0.67
Scrip Name
Oversold Stocks
833.7
Stocks falling for 5 days & stochastic oversold
80.8
Concor
ITC
Indian Hotel
1485
21.2
347.05
7.45
107
17.621
LTP
Colgate palmolive
2072
Eclerx
1582
Lupin
Page Industries
Thomas Cook
1838
13159
212
Institutional Activity
Cash Segment (| Cr)
FII
DII
5-Mar-15
79.8
4-Mar-15
2,786.2
-193.5
16.9
3-Mar-15
772.9
-303.9
2-Mar-15
424.8
180.4
28-Feb-15
614.0
-740.7
ICICI Securities Ltd. | Retail Equity Research
Page 3
Stock recommendations for the day
Exhibit 3: HCL Technologies (HCLTEC)
HCL Technologies (HCLTEC) March Future
CMP
2070.40
Comment :
Price forming higher high and sustaining
above 13 day EMA and RSI has generated a
bullish crossover above its nine period's
average in the daily chart
Action :
Buy in the range of 2056-2060
Targets :
2090/2108/Higher
Stop-loss :
2041.00
Daily Candlestick Chart
Price in strong up trend forming higher high and higher low in daily
chart and sustaining above 13 days EMA signalling continuation of
uptrend and further upsides in coming sessions
RSI has given a bullish crossover above its nine period’s average
in the daily chart thus validates the positive trend in price
Source: Bloomberg, ICICIdirect.com Research
ICICI Securities Ltd. | Retail Equity Research
Page 4
Exhibit 4: Hindustan Unilever (HINLEV)
Daily Candlestick Chart
Bullish Engulfing line candlestick pattern and price taking support at the
34 days EMA signalling bullish bias in coming session
Hindustan Unilever (HINLEV) March Future
CMP
945.10
Comment : Bullish Engulfing line candlestick pattern and
price taking support at the 34 days EMA and
MACD has generated a buy signal in the
daily chart
Action :
Buy in the range of 941.50-942.50
Targets :
956/964/Higher
Stop-loss :
934.00
MACD has generated a buy signal in the daily chart thus supports the
positive trend in price
Source: Bloomberg, ICICIdirect.com Research
ICICI Securities Ltd. | Retail Equity Research
Page 5
Exhibit 5: Hindalco (HININD)
Daily Candlestick Chart
A short term trendline breakdown in the daily chart and price
closed below 34 days EMA in the daily chart indicating profit
booking in the coming session
Hindalco (HININD) March Future
CMP
149.00
Comment : A short term trendline breakdown and price
closed below 34 days EMA and forming
lower low and giving sell signal in the daily
chart
Action :
Sell below 148.60
Targets :
146/144.50/Lower
Stop-loss :
150.10
RSI forming lower low and giving sell signal in the daily chart
Source: Bloomberg, ICICIdirect.com Research
ICICI Securities Ltd. | Retail Equity Research
Page 6
Previous Day’s Performance
Scrip
Nifty
HCL Tech
PNB
Product
Future
Future
Future
Strategy
Sell
Buy
Sell
Nifty Points gained for the day:0 points
Recommended Price
In range of 9025-9030
above 2043.0
In range of 166-167
Targets
8995/8975/2068/2085/+
163.5/162/-
SL
9045.00
2029
168.10
Gain/Loss %*
2
1.50
Comment
No trade
Target 2 achieved
Target 1 achieved
Gains over last 221 days: 697 points
Stock profits: Avg 1.75% per trade
(Cum. Profits over last 221 days:311.10%)
Strike Rate for the day: 2/2
(Cum strike rate over 221 days: 293/487
NOTE: The follow-up and performance review table of the strategies indicates the profit opportunity that was available in the strategies. Individual profits may vary,
depending upon the entry and exit price and stop losses
ICICI Securities Ltd. | Retail Equity Research
Page 7
Support and Resistance Table (Cash Levels)
SCRIP
CLOSE
S1
S2
S3
R1
R2
R3
SENSEX
29448.95
29234.85
29050.9
28867
29412.75
29501.75
29590.7
TREND
-ve
NIFTY
8937.75
8872.20
8815.90
8759.60
8926.30
8953.35
8980.40
-ve
ACC
1698.65
1672.75
1657.85
1642.95
1699.75
1713.25
1726.75
-ve
ADANI ENTER.
699.45
690.65
683.50
676.30
699.10
703.35
707.60
-ve
ADANI PORT
333.05
328.35
325.05
321.75
332.45
334.50
336.55
-ve
ADITYA BIRLA
1686.75
1664.85
1647.75
1630.65
1692.85
1706.85
1720.85
-ve
ALLAHABAD BANK
106.40
105.15
102.70
100.25
106.45
107.10
107.75
-ve
AMBUJA CEMENT
273.35
269.60
266.90
264.20
273.05
274.80
276.55
-ve
AMTEK AUTO
154.35
152.35
150.25
148.10
154.70
155.85
157.00
-ve
84.30
83.35
81.65
79.95
84.25
84.70
85.10
-ve
ANDHRA BANK
APOLLO HOSP.ENT.
1408.50
1379.30
1365.90
1352.50
1412.40
1428.95
1445.50
-ve
APOLLO TYRES
175.10
174.45
173.70
171.75
175.90
176.65
178.55
Neutral
ARVIND
310.90
310.60
308.85
307.05
314.10
319.10
324.10
+ve
73.80
73.45
72.75
72.05
74.80
75.75
76.75
+ve
833.90
827.40
823.45
819.50
834.20
837.60
840.95
-ve
1093.25
1087.55
1076.40
1065.20
1109.90
1124.65
1139.40
+ve
ASHOK LEYLAND
ASIAN PAINTS
AUROBINDO PHARMA
AXIS BANK
616.80
606.20
594.50
582.80
615.45
620.05
624.70
-ve
2118.65
2111.45
2102.95
2095.75
2128.45
2136.95
2144.20
Neutral
BOB
184.05
183.30
181.75
180.20
186.45
191.35
196.25
+ve
BOI
229.25
225.05
219.55
214.05
229.35
231.50
233.60
-ve
1234.90
1224.80
1212.70
1200.60
1235.00
1240.10
1245.20
-ve
776.35
775.70
772.50
769.25
782.15
788.70
795.20
+ve
BAJAJ AUTO
BATA INDIA
BPCL
BHARTI AIRTEL
347.90
344.00
341.70
339.40
347.90
349.90
351.85
-ve
BHEL
270.35
266.35
263.80
261.25
270.20
272.10
274.00
-ve
CAIRNS INDIA
239.20
234.80
230.60
226.40
239.55
241.90
244.30
-ve
CANARA BANK
424.65
420.60
417.80
408.55
426.15
428.90
438.15
Neutral
CENTURY TEXT.
559.95
557.65
551.85
546.05
569.30
578.75
588.20
+ve
CESC
597.90
596.40
592.20
588.05
604.75
611.05
617.35
+ve
CIPLA
739.50
738.25
732.90
727.55
748.95
755.30
761.70
+ve
COAL INDIA
363.95
358.90
355.90
352.90
365.50
368.80
372.10
-ve
CROMPTON GREAVES
181.00
181.40
179.60
177.80
185.05
186.40
187.75
+ve
DISH TV
DIVI'S LAB.
ICICI Securities Ltd. | Retail Equity Research
82.55
81.25
80.05
78.80
82.60
83.30
83.95
-ve
1772.65
1773.10
1755.10
1737.10
1809.10
1826.40
1843.75
+ve
Page 8
SCRIP
DLF
CLOSE
S1
S2
S3
R1
R2
R3
TREND
154.15
151.85
150.20
148.55
154.00
155.10
156.15
-ve
3441.50
3434.00
3418.55
3403.10
3464.90
3489.25
3513.60
+ve
EXIDE IND.
180.85
180.35
179.15
177.95
182.75
184.85
186.90
+ve
FEDERAL BANK
146.70
145.75
145.00
142.60
147.20
147.95
150.35
Neutral
GAIL
402.90
397.65
395.25
392.85
402.90
405.50
408.15
-ve
3784.70
3724.90
3688.35
3651.80
3801.05
3839.15
3877.25
-ve
276.75
272.80
268.30
263.80
277.05
279.20
281.30
-ve
DR.REDDY'S LAB.
GRASIM
HAVELL'S INDIA
HCL TECH
2065.00
2061.80
2052.05
2042.35
2081.30
2089.20
2097.15
+ve
HDFC BANK
1085.10
1082.15
1075.25
1068.40
1095.90
1108.20
1120.55
+ve
HDFC
1394.80
1391.30
1382.35
1373.40
1409.15
1420.85
1432.55
+ve
HERO MOTO
2609.45
2583.80
2566.80
2549.80
2609.85
2622.90
2635.95
-ve
HEXAWARE TECH.
272.30
269.15
267.20
265.25
272.75
274.55
276.40
-ve
HINDALCO
148.10
145.35
143.40
141.50
148.90
150.65
152.45
-ve
HIND. UNILEVER
939.70
936.45
928.20
920.00
952.90
960.95
969.05
+ve
HPCL
643.05
642.95
639.05
635.20
650.70
660.25
669.80
+ve
IBULL HSG FIN
632.75
624.85
621.80
618.80
633.35
637.55
641.80
-ve
78.90
77.60
75.95
74.25
78.80
79.45
80.05
-ve
-ve
IDBI
IDEA CELLULAR
150.05
147.00
145.00
143.00
151.05
153.10
155.15
IDFC
178.65
176.65
173.85
171.10
178.60
179.55
180.55
-ve
37.90
37.80
37.55
37.30
38.25
39.00
39.70
+ve
INDUSIND BANK
913.20
898.30
883.40
868.55
910.65
916.80
923.00
-ve
INDIA CEMENTS
102.25
100.35
98.90
97.45
102.30
103.25
104.20
-ve
INDRAPRASTHA GAS
432.05
427.75
423.60
419.45
432.95
435.55
438.15
-ve
IOC
348.70
347.30
344.60
341.95
352.65
357.85
363.05
+ve
76.25
74.70
73.25
71.85
76.05
76.70
77.35
-ve
2247.60
2221.05
2205.55
2190.05
2253.75
2270.10
2286.45
-ve
IRB INFRA.
256.25
255.95
254.35
252.80
259.10
262.90
266.65
+ve
ITC
346.25
344.10
342.25
339.95
347.80
349.65
352.00
Neutral
JINDAL ST&POW
185.50
180.95
176.75
172.55
186.05
188.60
191.15
-ve
JSW ENERGY
113.35
111.10
109.50
107.90
113.00
113.95
114.95
-ve
NSE JSW STEEL
991.60
985.90
977.30
968.15
1003.15
1011.80
1020.95
Neutral
JUBILANT FOOD
1639.00
1632.45
1624.35
1609.80
1648.70
1656.85
1671.40
Neutral
KOTAK MAH.BANK
1412.25
1402.15
1387.80
1373.45
1412.15
1417.15
1422.15
-ve
L&T
1826.05
1798.55
1779.35
1760.15
1824.30
1837.15
1850.00
-ve
NSE IND.FIN.CORP.OF
IB REAL ESTATE
INFOSYS
ICICI Securities Ltd. | Retail Equity Research
Page 9
SCRIP
LIC HOUSING
CLOSE
S1
S2
S3
R1
R2
R3
TREND
494.70
494.55
492.45
490.35
498.75
504.15
509.60
LUPIN
1838.15
1828.70
1811.85
1795.00
1862.35
1878.50
1894.65
+ve
+ve
M&M
1228.65
1225.35
1217.95
1210.60
1240.15
1254.00
1267.85
+ve
MARUTI SUZUKI
3678.75
3643.00
3607.35
3571.75
3677.95
3695.40
3712.90
-ve
MINDTREE
1471.00
1470.25
1464.20
1458.15
1482.35
1494.70
1507.00
+ve
M&M FIN.SERV.
255.95
251.15
247.90
244.60
255.50
257.70
259.85
-ve
MOTHERSON SUMI
482.75
479.70
472.95
466.20
493.15
497.65
502.10
+ve
-ve
NSE NHPC
20.15
19.95
19.70
19.50
20.20
20.35
20.50
NMDC
127.35
125.20
123.35
121.45
128.25
129.80
131.30
-ve
NSE NTPC
158.15
157.75
156.85
156.00
159.50
160.50
161.50
+ve
ONGC
319.95
317.75
315.75
313.80
319.80
320.80
321.80
-ve
OBC
242.55
238.40
233.15
227.90
242.75
244.90
247.10
-ve
PETRONET LNG
178.85
176.55
174.90
173.25
178.70
179.75
180.80
-ve
POWER FINANCE
294.90
293.00
291.40
287.30
296.25
297.90
301.95
Neutral
85.80
85.25
84.70
83.40
86.35
86.90
88.25
Neutral
PNB
163.30
161.85
157.65
153.40
163.40
164.20
164.95
-ve
RANBAXY
805.50
802.80
795.10
787.35
818.25
837.95
857.65
+ve
Neutral
PTC INDIA
RCOM
66.85
66.40
65.85
64.85
67.50
68.05
69.00
REL. CAPITAL
478.10
475.40
470.55
465.70
485.15
491.55
497.95
+ve
RELIANCE INFRA.
490.05
488.65
485.40
482.10
495.25
505.45
515.65
+ve
RELIANCE
884.95
875.80
868.40
861.00
886.10
891.25
896.40
-ve
60.95
60.85
60.50
60.15
61.55
62.45
63.35
+ve
REC
350.80
345.50
338.80
332.10
350.45
352.95
355.45
-ve
SAIL
66.85
66.15
65.50
64.85
67.00
67.45
67.85
-ve
-ve
RELIANCE POWER
SESA GOA
210.15
207.45
203.95
200.45
210.80
212.50
214.20
SHRIRAM TRANS.
1188.15
1169.85
1148.20
1126.50
1189.55
1199.40
1209.20
-ve
SIEMENS
1376.10
1346.75
1333.95
1321.20
1380.65
1397.60
1414.60
-ve
+ve
SKS MICRO FIN.
458.95
457.50
454.25
451.05
463.95
469.15
474.40
SBI
293.80
290.30
284.55
278.80
293.55
295.15
296.80
-ve
1038.75
1034.40
1024.30
1014.20
1054.65
1079.15
1103.70
+ve
+ve
SUN PHARMA
SUN TV
433.80
431.25
426.30
421.40
441.10
444.25
447.40
SYNDICATE BANK
117.60
116.20
113.80
111.40
117.65
118.35
119.10
-ve
TATA COMM.
427.50
427.00
424.75
422.55
431.50
436.95
442.40
+ve
TATA CHEM.
466.45
459.15
454.45
449.75
465.90
469.25
472.65
-ve
ICICI Securities Ltd. | Retail Equity Research
Page 10
SCRIP
CLOSE
S1
S2
S3
R1
R2
R3
TREND
TATA MOTOR DVR
354.90
350.15
346.65
343.15
356.45
359.65
362.80
TATA MOTORS
570.70
566.35
560.85
555.35
571.40
573.90
576.45
-ve
TATA POWER
85.30
85.20
84.70
84.25
86.15
87.25
88.40
+ve
TATA GLOBAL BEV.
-ve
159.30
159.10
157.80
156.45
161.75
163.60
165.45
+ve
TCS
2696.45
2661.45
2637.30
2613.20
2706.25
2728.65
2751.10
-ve
TECH MAHINDRA
2878.15
2848.55
2830.20
2811.85
2879.40
2894.85
2910.25
-ve
343.25
339.95
337.05
334.15
343.90
345.90
347.90
-ve
TATA STEEL
TITAN IND.
405.75
398.80
395.00
391.20
406.50
410.35
414.15
-ve
TVS MOTOR
292.35
291.35
289.20
287.05
295.70
298.60
301.50
+ve
UCO BANK
71.40
70.50
69.15
67.75
71.35
71.75
72.15
-ve
3189.55
3117.95
3091.55
3065.20
3206.75
3251.15
3295.60
-ve
UBI
171.45
168.60
165.05
161.45
170.95
172.10
173.25
-ve
UNITED PHOSPH.
421.70
420.80
418.30
415.85
425.80
429.45
433.15
+ve
VOLTAS
265.55
261.55
257.15
252.70
265.70
267.80
269.90
-ve
WIPRO
667.80
666.05
662.40
658.75
673.40
677.75
682.10
+ve
+ve
ULTRATECH CEMENT
WOCKHARDT
1694.75
1689.65
1676.90
1664.15
1715.15
1729.20
1743.20
YES BANK
856.70
844.50
829.70
814.90
855.70
861.30
866.90
-ve
ZEE
342.00
336.30
333.90
331.50
341.35
343.90
346.40
-ve
ICICI Securities Ltd. | Retail Equity Research
Page 11
NOTES:
•
•
•
•
•
•
•
Please execute the recommendation within the levels provided in the report
Once the recommendation is executed, it is advisable to keep strict stop loss as provided in the report
Avoid entering into the recommendation in the first 5 minutes of trade
If the recommendation opens near the target levels due to gap up/gap down opening, then the
recommendation is considered not initiated
The recommendations are valid only for the day and should be squared off by the end of the day
Only stocks in derivatives segment have been considered for daily trading
Medium to long-term prospects of a stock does not have any bearing on the daily view
Trading Portfolio allocation
•
•
•
•
It is recommended to spread out the trading corpus in a proportionate manner between the various technical
research products.
Please avoid allocating the entire trading corpus to a single stock or a single product segment
Within each product segment it is advisable to allocate equal amount to each recommendation.
For example: The ‘Daily Calls’ product carries 3 to 4 intraday recommendations. It is advisable to allocate
equal amount to each recommendation
ICICI Securities Ltd. | Retail Equity Research
Page 12
Recommended Trading Portfolio allocation
Products
Allocations
Product wise
Max allocation
allocation
in 1 stock
Return Objective
Number of Calls
Frontline Stocks
Mid-cap stocks
Duration
Daily Calls
8%
2-3%
3-4 Stocks
0.50-1%
2-3%
Intraday
Short term Delivery
6%
3-5%
7-10 p.m
4-5%
7-10%
Opportunity based
Weekly Calls
8%
3-5%
1-2 Stocks
5-7%
7-10%
1 Week
Weekly Technical
8%
3-5%
1-2 Stocks
5-7%
7-10%
1 Week
Monthly Call
15%
5%
2-3 Stocks
7-10%
10-15%
1 Month
Monthly Technical
15%
2-4%
5-8 Stocks
7-10%
10-15%
1 Month
Techno Funda
15%
5-10%
1-2 Stocks
10% and above
15% and above
6 Months
Technical Breakout
15%
5-10%
1-2 Stocks
10% and above
15% and above
3-6 Months
Cash in Hand
10%
-
-
-
-
-
100%
ICICI Securities Ltd. | Retail Equity Research
Page 13
Candlesticks Glossary:
Candlestick patterns describe the market sentiment for the specified period. Some of the formations suggest reversal of
sentiment (trend) and, therefore, are important for a chart reader. By themselves, the patterns do not carry any price target but
only an indication of change in market behaviour. More importance needs to be given to the placement of the pattern within
larger trend
Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or
downtrend. The market falls, and a black candle forms (ideally a small black candle). Next, a white real body wraps around the
prior 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
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.
ICICI Securities Ltd. | Retail Equity Research
Page 14
ICICI Securities Ltd. | Retail Equity Research
Page 15
Disclaimer
ANALYST CERTIFICATION
We /I, Dharmesh Shah, Dipesh Daga, Nitin Kunte, Pabitro Mukherjee Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report
accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this
report.
Terms & conditions and other disclosures:
ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities is a whollyowned 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 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 or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the
report in the past twelve months.
ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its 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 have any material conflict of
interest at the time of publication of this report.
It is confirmed that Dharmesh Shah, Dipesh Daga, Nitin Kunte, Pabitro Mukherjee Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding
twelve months.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of
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 Ltd. | Retail Equity Research
Page 16