April 10, 2017

Weekly Technical

Research Analysts
Dharmesh Shah dharmesh.shah@icicisecurities.com
Nitin Kunte, CMT nitin.kunte@icicisecurities.com
Dipesh Dagha dipesh.dagha@icicisecurities.com
Pabitro Mukherjee pabitro.mukherjee@icicisecurities.com
Vinayak Parmar vinayak.parmar@icicisecurities.com
 Consolidation on the cards amid stock specific action…
Equity benchmarks settled with modest gains, closing off the life-time high recorded earlier in the week following risk-off sentiment amid rising geopolitical tensions
in the Middle East. The Sensex settled at 29706, up 86 points or 0.29% while the Nifty shut shop at 9198, up 24 points or 0.27%. The broader markets outperformed
the benchmarks as the BSE midcap and small cap indices rose 0.97% and 1.71%, respectively.
The weekly price action resembles a Shooting Star candle with small real body and long upper shadow highlighting profit booking at higher levels after the index
approached its key overhead hurdle placed near 9250. Follow through weakness and close below last week’s bullish gap area (9173) will signal a pause in the
uptrend and open the floor for a round of consolidation between 9000 and 9300, going forward. As we are entering the quarterly earnings season, we expect stock
specific activity to remain in focus while the index undergoes a round of consolidation. In the present scenario, we expect the 9250-9300 zone to act as a strong
hurdle for the index. The current pullback off recent low of 9020 lacks the requisite momentum and confirms our view of sideways consolidation in the near term.
• The index has displayed signs of waning upward momentum firstly after the last NSE Nifty Weekly Candlestick Chart
falling segment extended in magnitude (9218 to 9019 =199 points) compared to
previous intermediate corrections that measured around 135 points since
December 2016 lows. Time wise, the current pullback off previous week’s low of 2016 Yearly
9020 took eight sessions to retrace the preceding four session’s decline (9218 to high 8968
9019). The fall getting bigger and slower pace of retracement confirm that the Support base
momentum prevalent in the up move since start of this year has slowed down @ 9000
and paves the way for a round of consolidation between the broad range of 9000
and 9300 in near term
• The Nifty has shown hesitation precisely near our earmarked target placed
around 9250 region as it is a key hurdle based on the confluence of 123.6%
reciprocal retracement of the entire decline from September to December 2016
decline placed at 9225, which also coincides with 138.2% price extension of the
last rising segment (8712 to 8992) measured from the recent higher bottom of
8860 placed around 9250 levels 7927 Double Bottom near
(Brexit Low) 7900 value area
• We have revised the immediate support threshold for the index upwards to the
9000 region as it is the confluence of following:
 The double bottom formed at last two weeks identical lows is placed at 9019 Resistance: 9275, 9380
 Bullish gap area formed post state election results between 9060 and 8934 Support: 9100, 9000
 Price wise equality with the last falling segment (199 points) measured from
the recent swing high of 9273 projects support in the vicinity of 9075 region
• Among oscillators, the short-term stochastic is seen easing off from overbought Stochastic is cooling off from overbought zone and displays
zone (83). The RSI as well as stochastic oscillators are displaying a negative negative divergence signalling waning upward momentum
divergence which is a sign of waning upward momentum and suggests
continuance of consolidation in the upcoming truncated week
• Stock Pick: Buy Raymond in the range of | 638-649, Target | 715, Stop loss | 609
• Sectors: We expect energy, capital goods, MNC and PSU indices to relatively
outperform the benchmark in coming weeks. We believe any dips in the auto
and FMCG space should be used as a buying opportunity. In the
underperforming pharma and IT space we believe one should wait for the result
season to pan out before taking fresh positions Source: Bloomberg, ICICIdirect.com Research

2
 Nifty Bank (21442): Index set to enter consolidation mode…
• The Nifty Bank index underperformed the benchmarks and ended marginally CNX Bank Nifty Weekly Bar Chart
lower for the week after paring the initial gains post RBI’s monetary policy
announcement in which the apex bank left key policy rate unchanged while 21729
hiking the reverse repo rate by 25 basis points. For the week, the Nifty Bank
index shed 46 points or 0.21% to shut shop at 21442
20649
• The weekly price action resembles a Shooting star like candle with small bear
body and long upper shadow highlighting profit bookings emerging at higher
levels after the current up move mid February low (20055 to 21729 =1674) 1674 pts
almost achieved price wise equality with last two rising segments measuring
an average 1700 points. Follow through weakness and close below the
candle’s low (21411) will confirm a pause in momentum and pave the way for 1762 pts
a round of consolidation, going forward. With major events out of the way, we
believe the Nifty Bank index is set to move sideways between the broad range
of 21750 and 20800 amid stock specific action 1680 pts
• The Nifty Bank index almost achieved our earmarked target of 21750 as it 17617
made a new life-time high of 21729 before surrendering gains post RBI policy.
The current up move off recent low of 20822 has lacked requisite momentum
as the index took nine sessions to retrace the preceding four session decline
(21678 to 20822). Slower pace of the pullback confirms a pause in the uptrend
and opens the floor for a round of consolidation, going forward. We expect the Resistance: 21750, 21900
index to consolidate between the broad range of 21750 and 20800 in the Support: 21250, 21100
short-term amid stock specific action. Only a decisive close above 21750 will
open up room for extension of the current up move towards 22500 over the
coming months as it is the 161.8% reciprocal retracement of the 2016
correction which will be the next likely target for current up move
• We have revised the short-term support base for the index upwards to 20800 Negative divergence on stochastic signals waning upward momentum
region. We believe any dips from here on will attract strong demand at the
earmarked value area as it is the confluence of following:
 The recent higher bottom is placed around 20822
 Upper band of February-March consolidation placed around 20850 region
 38.2% retracement of up move post Union budget is around 20875

• Among oscillators, the short-term stochastic is exhibiting negative divergence

as it formed lower high against higher high on price front suggesting waning
upward momentum and supports our view of consolidation, going forward

Source: Bloomberg, ICICIdirect.com Research

3
Weekly Pick: Raymond (RAYMON): At the cusp of breakout from bullish rounding pattern...

CMP: | 644.70 Buying range: | 638.00-649.00 Target: | 715.00 Stop loss: | 609.00

• The share price of Raymond is at the cusp of Weekly Bar Chart

registering a breakout above the neckline of rounding
138.2% external retracement
pattern placed around | 654. A rounding formation
of previous decline @ 725
within an uptrend is considered a bullish continuation The stock is at the cusp of a bullish rounding pattern
pattern, which marks a healthy corrective phase as breakout thus offering fresh entry opportunity
prices work off the overbought conditions developed
after a strong rally before resumption of the primary Neckline @ 654
uptrend
• The base of the rounding pattern is anchored upon
the long term trendline support joining the previous 573
highs of December 2014 (| 573) and June 2016 }(|
494) as can be seen in the adjacent chart highlighting 494
the Change of polarity principle, which signals the
previous major trendline resistance once breached
458
reverse its role and act as support
• The stock tested the neckline of the rounding pattern
in the first week of March 2017 and then
consolidating just below the neckline level over the 347
200 Weeks EMA
past five weeks. We believe the bullish consolidation
at the breakout area provides fresh entry opportunity
for short-term traders to ride the next up move
• The recent rally in price was accompanied by rising Volume rise with rise in price signals larger
volume of almost four times the 50 weeks average participation in the direction of the trend
volume of 12 lakh share per week indicating larger
participation in the direction of the trend
• Among oscillators, the weekly MACD (E-12/26/9) is in Weekly MACD in uptrend forming higher high and is sustaining
uptrend forming higher high thus supports the in positive territory thus validates bullish bias in price
positive bias in the price
• Based on the above technical observation, we expect
the stock price to head towards | 725 in the short-
term, as it is the 138.2% external retracement of the
last major decline (| 654-458)

Source: Bloomberg, ICICIdirect.com Research *Call has been initiated on I Click to Gain on April 07, 2017 at 10:52 hrs
Trend Scanner
Deal Team – At Your Service
Positive Trends Candlestick Pattern
Scrip Name Close 50 days EMA 100 days EMA Delivery % 5 days Averge Bullish Candlestick Formations Bearish Candlestick Formations
Federal Bank 91.5 84.0 79.0 45.60 Scrip Name Pattern name LTP Scrip Name Pattern name LTP
Reliance Industries 1,320.9 1,193.0 1,135.0 56.10 PNB Engulfing 149.9 Raymond Engulfing 633.7
Natco Pharma 849.2 755.0 706.0 55.90 Reliance Inds. Engulfing 1320.9 Apollo Hospital Continuation 1165.2
Titan Company 462.8 427.0 404.0 48.80 Natco Pharma Continuation 849.2 Hero Motocorp Engulfing 3222.0
Mahindra CIE 212.5 201.0 197.0 62.60 JBF Industries Engulfing 278.1 Idea Continuation 85.9
Titan Company Piercing Line 462.8
Mahindra CIE Piercing Line 212.5
Negative Trends Adani Ports Continuation 339.6
Scrip Name Close 50 days EMA 100 days EMA Delivery % 5 days Averge Bank of India Continuation 139.3
UBL 770.8 788.0 803.0 39.20

Legend
Positive and Negative Trends:
The stocks listed in the positive and negative trends section above have been identified after running multiple technical queries based on combination of
various technical parameters applied on a group of NSE cash stocks. The query modules are designed to recognise stocks, which are either at attractive
technical entry levels based on overall price structure or resolving out of medium term consolidation. Consequently the query modules are also aimed at
identifying the stocks which are under performers or in established down trends and therefore may not be good bets from short to medium term perspective.
Candlestick patterns:
Candlestick formations on weekly time interval charts typically point towards the prevailing sentiment comprising the entire trading week and could prove as
an important tool for short term traders. 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. A more detailed description of Candlestick patterns and the way to
understand them is listed at the end of the report

Source: Bloomberg, ICICIdirect.com Research

5
Market Activity
Global Markets Domestic Sectoral Indices Performance
3,286.6 24,267.3 INDICES Current 1Wk 1M 3M
China Hong Kong Sensex 29706.61 0.3 3.1 11.3
2.0% 0.6%
Nifty 9198.30 0.3 3.3 12.1
7,349.4 5,135.3
UK France Auto 22235.34 1.0 2.2 8.4
0.4% 0.2%
Banking 24422.72 0.0 4.8 18.6
20,656.1 64,593.1 Capital goods 17255.98 4.9 6.2 20.4
US Brazil
0.0% -0.6%
Cons durables 15522.64 1.7 6.7 34.1
12,225.1 18,664.6 FMCG 9184.81 -0.9 5.7 16.3
Germany Japan
-0.7% -1.3% Healthcare 15215.55 -0.6 -0.7 4.9
IT 10147.65 -2.1 0.2 3.3
Metal 11852.53 0.4 -1.9 15.5
Global Currencies, Commodities & Bond Yields
Oil & gas 13959.96 2.9 -2.9 9.6
64.28 101.27 Power 2297.36 1.0 3.0 15.3
Rupee (|) Dollar Index
1.7% 2.0% Realty 1684.4 5.3 6.8 27.4
1.06 1.24 BSE 500 12712.39 0.6 3.5 14.2
Euro British Pound
-2.4% -1.1% BSE midcap 14233.16 1.0 3.2 18.9
BSE small cap 14681.42 1.7 4.7 19.0
111.49 1.01
Japanese Yen Swiss Franc
1.0% 2.2%

1,252.65 5,798.75
Nifty Gainers / Losers for the week (%)
Gold/ounce Copper (tonne)
-0.3% 0.4% 9.4 7.0 6.7 6.5
4.1
-3.2 -3.5 -4.0 -4.2
55.25 18.0 -0.6
Brent Crude/barrel Silver (ounce)
9.0% 0.6% -10.6

6.68 2.39 -20.6

India 10 year US 10 Year

SUNPHARMA
RELIANCE

MARUTI
INFRATEL

IBULHSGFIN
INFY
LT

TECHM
-15 bps 2.4 bps
0.23 0.05
EURO 10 Year JPY 10 Year
-17.5 bps -0.1 bps

Source: Bloomberg, ICICIdirect.com Research

6
Market Activity
Deal Team – At Your Service
Institutional flow trends of last 12 months

FII DII Sensex

20,000 30000.00

12612

9902
8106
-273

4980
10,000

10443
25000.00

2368
3713

1521

9900

-8176

1133
698
248

-1177
6547

4777
9071

-4306

-23
-86
0

2543
8416 20000.00

-10,000 15000.00

4555
-18244
-20,000 May'16 10000.00

Aug'16

Nov'16

Mar'17
Apr'16

Feb'17

Apr'17
Jan'17
July'16
June'16

Sep'16

Oct'16

Dec'16
Months

Weekly market breadth trends

Advance % Decline % Sensex

80% 28832 29649 29421 29621 29621 30500

28334 28469 28893 28946
29000
60% 27500
Percentage

26000
40% 24500
23000
21500
20%
53%
47%

54%

51%

50%
50%

53%

48%
52%

46%
46%

49%

47%

56%
44%

54%

60%
40%
20000
18500
0% 17000
10-Feb-17 17-Feb-17 24-Feb-17 3-Mar-17 10-Mar-17 17-Mar-17 24-Mar-17 31-Mar-17 7-Apr-17
Week Ended

Source: Bloomberg, ICICIdirect.com Research

7
 Deal trade
Dow Jones (20655): Reflation Teamlosing
– Atmomentum...
Your Service
• US equity benchmarks settled almost unchanged in Dow Jones Industrials - Weekly Bar Chart
the backdrop of rising geo-political tensions and
weakest job report in a year. Inability of the Trump
administration to deliver key financial regulations Index continue to consolidate after the recent sharp rally
also weighed on sentiments. DJIA settled at 20655,
down 7 points for the week
• The weekly price action formed a long legged Doji
with larger shadows on either sides indicating intra
week volatility while negligible body describes
indecision. It however carries higher high and
higher low indicating positive bias. Going forward, 18668
the index is likely to consolidate in a range of 20200- 18351
18167
21500
• The DJIA is seen in profit booking mode after 17883
gaining over 15% since the US Presidential election
in November 2016 in anticipation of fiscal stimulus 17063
and tax reforms. In the process, prices had reached
overbought conditions and approached higher band
of the trend channel shown on adjacent chart.
Failure of any concrete policy advance from Trump
administration led to profit booking at higher band
15503
of the channel. Value of the higher band of the
channel is placed in the 21000-21500 region for
coming weeks.
• The index is likely to correct further towards 20200
being the 50% retracement of the recent rally in
coming weeks
• The 14 week RSI is seen trending higher supporting
overall positive bias
• For the coming week, the DJIA has support at
20410, 20270 while resistance is at 20875, 20990

Source: Bloomberg, ICICIdirect.com Research

8
 Deal Teamnear
German Dax (12225): Consolidation – At Your high...
life-time Service
• The German equity benchmark ended marginally German Dax - Weekly Bar Chart
lower after a choppy trading week amid geo
political tensions gained to highest level in two
years resuming its well established uptrend. The Consolidation near the all time high likely in the short term
Dax ended at 12225, down 87 points or 0.7% for
the week 12390
• The weekly price action formed a small bearish bar
indicating profit booking in the vicinity of life highs.
It, however, carries a higher high-higher low
11618
maintaining positive bias. The bias for the coming
week would remain positive above last week’s low
of 11916. The index is likely to challenge its life-time
high of 2015 placed at 12390
11430
• From a short-term perspective, the index remains in
a steady up trend after resolving higher out of four
week’s trading range (12150-11900) indicating
resumption of up trend
• Going forward, we expect the index to challenge its 9325
life-time high of 12390 as the index remains in a 9214
structural up trend and recent consolidation has
helped prices to work out of a overbought territory. 8700
Sustainability above 12390 would open the doors 8354
for a medium term target of 13200 as it is the
confluence of 123.6% of 2015-16 decline (12390-
8700) and equality of current up move with October
2014- April 2015 rally (8354-12390)
• For the coming week, Dax has support at 12150,
11910 while resistance is placed at 12390, 12470

Source: Bloomberg, ICICIdirect.com Research

9
Rupee spot (64.28): BiasDeal Team
to remain – At below
positive Your Service
65.20...
• The rupee extended its winning streak for a seventh Weekly Bar Chart - US$INR
week in a row helped by strong inflow from foreign August 2013 November 2016
investors. Weakness in the US dollar overseas also @ 68.8450 20 weeks 68.79 @68.86
helped sentiments. The rupee gained 57 bps or 1% | 4.1
to settle at 64.28
• The price action formed a sizeable bearish bar 66.89
indicating continuation of down trend for US$INR
Gap @ 65.25- 64.53 32 weeks
pair. Bias for coming week would remain negative
| 5.59
for US dollar as long as it trades below 65.20 while
the rupee is likely to head towards 63.50 levels
• US$INR continued to head down after breaking 64.70
63.88
down from double top bearish pattern indicating
29 weeks
structural weakness for the US dollar over medium
|5.55 50% retracement
term. Rupee remains on firm footing, thanks to
continued investment from foreign investors and @ 63.59
turned out to be a best performing currency in 52-week
March amid EM basket EMA

• The rupee is likely to appreciate towards 63.60 levels 61.30

as it is the 50% retracement of entire dollar rally
between May 2014 to November 2016 (58.33-68.86)
• The 14 week RSI has however approached its key
displacement last seen in May 2014 which is likely to
decelerate the momentum and lead into range May 2014
bound consolidation for rupee @ 58.33

• For the coming week, the US$INR support is at

63.90, 63.60 whereas resistances are at 64.60,
64..90

Source: Bloomberg, ICICIdirect.com Research

10
 Deal
Gold ($1257.30): Volatility Teamelevated
to remain – At Your Service
at upper band of consolidation…
• Gold prices rose to a five month high on Friday led by Gold Weekly Candlestick Chart
safe haven demand amid rising geopolitical tensions 1374
in the middle east. However, bullion prices pared
most gains to settle modestly higher for the week at
$1257.30 1338
• The weekly price action formed second consecutive
Inverted Hammer like candle with small real body and
long upper shadow highlighting persistent profit
booking near earmarked resistance placed around
$1270 region. It, however, maintained a higher high
higher low on a weekly scale. Follow through
weakness and close below last two weeks low ($1241)
will signal further downside toward recent low of
$1200 region in the short term. Failure to do so will
lead to continuance of choppy consolidation
• The bullion prices once again incurred profit booking
at higher levels after approaching the key overhead
hurdle placed around $1270 region as it is the
overhead falling trend line in place since June 2016
and the 61.8% retracement of the November-
1123
December 2016 falling segment placed around $1255
region. Only a decisive close above $1275 hurdle will
open further bullish implications for bullion towards
$1340 region. Failure to do so will lead to continuance
of choppy consolidation between broad range of
$1275 and $1200 levels, going forward
RSI remains ambivalent of directional bias
• The key support for gold prices is placed around
$1200 region being the short term rising trend line
and recent low placed around $1194
• Among oscillators, the 14 week RSI remains
ambivalent of directional bias as it continues to
oscillate between neutral band of 45 to 60 readings
signalling continuance of range bound consolidation

Source: Bloomberg, ICICIdirect.com Research

11
 Deal Team
Brent crude ($55.19): Pullback efforts –toAt Your Service
continue…
• Brent crude oil prices extended gains for second week Brent Crude Weekly Candlestick Chart
in a row as US air strikes on Syria raised concerns
about a wider conflict in the Middle East that could
disrupt supplies. For the week Brent crude rose 2.92%
to $55.19
• The price action formed a bull candle, which
maintained a higher high higher low compared to
previous week signalling continuance of the pullback 69
after supportive efforts emerging at the long term
rising trend line joining major lows of January and
November 2016 and currently placed near $49.50
region. Following the current pullback, we expect
Brent crude prices to head to challenge the upper 57-58
band of recent congestion area placed near $57-$58
54.50
region over the coming weeks. Immediate bias will 54
remain positive so long as prices maintain higher high
higher low on weekly scale
• Brent crude prices have witnessed a decent recovery
precisely from the crucial support placed around $49- 43.50
50 region as it is the confluence of long term rising 42
41.50
trend line in place since January 2016 and the 52
week EMA both placed around $50.
• On the higher side, the upper band of previous four
months consolidation placed near $57-58 will act as a
major barrier for crude prices in the present scenario.
27
• Among oscillators, the 14 week RSI is rebounding
from lower band of its major consolidation range of
45 to 65 levels and supports further pullback efforts in
the coming weeks

RSI rebounding from lower band of its major consolidation

Source: Bloomberg, ICICIdirect.com Research

12
Previous Week’s Performance
Deal Team – At Your Service
Date Scrip Product Strategy RP Target SL Gain/Loss % Comment
17-Feb-17 Pidilite Industries Cash Buy 680.00 765.00 638.00 6.0 Booked 50%profit at 719.00
31-Mar-17 Deepak Nitrite Cash Buy 127.00 145.00 117.50 9.0 Booked profit at 138.80

F&O Stocks Pivot points for the Week (April 10 - 13, 2017)
COMPANY CMP S1 S2 S3 R1 R2 R3 Trend
SENSEX 29706.61 29580.90 29437.85 29294.85 29750.40 29835.15 29919.90 -ve
BANK NIFTY FUTURE 21442.15 21325.55 21160.10 20994.70 21484.90 21564.55 21644.20 -ve
NIFTY FUTURE 9211.45 9176.30 9132.35 9088.40 9223.50 9247.10 9270.75 -ve
BANK NIFTY 21431.15 21319.00 21139.90 20960.80 21470.15 21545.75 21621.30 -ve
NIFTY 9198.30 9166.30 9120.95 9075.60 9209.20 9230.65 9252.10 -ve
ACC 1468.10 1449.20 1432.60 1416.05 1470.10 1480.55 1491.00 -ve
ADANI PORT 347.15 337.50 331.05 324.55 347.75 352.90 358.00 -ve
AMBUJA CEMENT 242.45 241.90 239.00 236.15 247.65 250.25 252.90 +ve
ASIAN PAINTS 1082.95 1075.65 1068.15 1058.25 1090.60 1098.10 1108.00 Neutral
AUROBINDO PHARMA 658.05 646.75 640.90 635.00 662.45 670.30 678.15 -ve
AXIS BANK 504.20 497.75 491.15 483.65 510.90 517.45 524.95 Neutral
BAJAJ AUTO 2830.45 2820.40 2797.60 2774.80 2866.00 2880.50 2894.95 +ve
BOB 168.65 165.10 162.95 160.80 169.90 172.30 174.65 -ve
BPCL 675.35 668.70 656.60 644.55 692.85 697.70 702.60 +ve
BHARTI AIRTEL 344.70 340.70 337.15 332.85 347.80 351.35 355.65 Neutral
BHEL 174.80 173.90 169.50 165.10 182.65 184.75 186.90 +ve
BHARTI INFRATEL 347.60 343.00 335.50 328.00 357.95 366.30 374.70 +ve
BOSCH 22826.80 22684.55 22534.55 22316.05 22984.55 23134.55 23353.05 Neutral
CIPLA 590.00 582.15 579.40 576.70 591.50 596.20 600.90 -ve

Source: NSE India, ICICIdirect.com Research

13
F&O stocks pivot points for the week (April 10 - 13, 2017)
COMPANY CMP S1 S2 S3 R1 R2 R3 Trend
COAL INDIA 283.90 277.05 274.85 272.65 285.40 289.60 293.75 -ve
DR.REDDY'S LAB. 2661.35 2638.05 2602.30 2591.55 2709.50 2745.20 2755.95 Neutral
EICHER MOTORS 25806.85 25591.75 25426.05 24977.30 25923.15 26088.85 26537.55 Neutral
GAIL 386.65 385.95 382.20 378.45 393.45 397.30 401.15 +ve
GRASIM 1057.10 1042.15 1034.90 1027.65 1058.60 1066.80 1075.05 -ve
HCL TECH 849.30 837.70 826.95 816.15 853.65 861.60 869.55 -ve
HDFC 1484.75 1454.95 1435.95 1416.95 1490.40 1508.15 1525.90 -ve
HERO MOTO 3215.30 3194.35 3171.85 3117.85 3239.40 3261.90 3315.90 Neutral
HINDALCO 193.50 190.15 188.10 186.00 194.10 196.05 198.00 -ve
HIND. UNILEVER 924.50 923.30 915.05 906.80 939.85 947.00 954.20 +ve
IDEA CELLULAR 87.60 87.40 86.15 84.90 89.90 91.30 92.70 +ve
INDUSIND BANK 1412.20 1402.90 1394.20 1381.95 1420.35 1429.10 1441.35 Neutral
INFOSYS 981.55 962.90 954.40 945.95 989.60 1002.95 1016.35 -ve
ITC 272.65 267.85 265.75 263.65 274.20 277.35 280.55 -ve
KOTAK MAH.BANK 873.10 862.90 856.05 849.20 876.65 883.55 890.40 -ve
L&T 1685.50 1673.10 1637.25 1601.40 1744.75 1759.10 1773.45 +ve
LUPIN 1410.05 1391.75 1380.05 1368.40 1417.25 1429.95 1442.70 -ve
M&M 1275.55 1261.20 1252.20 1243.20 1279.30 1288.40 1297.45 -ve
MARUTI SUZUKI 6259.35 6237.75 6155.50 6073.25 6402.25 6435.70 6469.20 +ve
NTPC 168.25 167.70 166.40 165.10 170.35 171.40 172.40 +ve
ONGC 186.40 185.55 184.60 182.35 187.40 188.30 190.55 Neutral
POWER GRID 195.00 192.25 190.70 189.15 195.40 197.00 198.55 -ve
RELIANCE 1406.60 1402.05 1374.10 1346.15 1458.00 1488.10 1518.20 +ve
SBI 289.45 285.15 280.20 275.25 290.70 293.50 296.25 -ve
SUN PHARMA 665.95 653.20 648.40 643.55 670.45 679.10 687.70 -ve
TATA MOTOR DVR 284.35 282.25 280.30 277.30 286.15 288.05 291.10 Neutral
TATA MOTORS 468.30 463.10 459.70 456.25 470.05 473.55 477.00 -ve
TATA POWER 87.50 85.55 84.15 82.75 87.80 88.95 90.05 -ve
TCS 2429.05 2413.20 2402.45 2387.70 2434.60 2445.30 2460.05 Neutral
TECH MAHINDRA 443.20 436.65 430.00 423.35 445.50 449.95 454.35 -ve
TATA STEEL 493.20 487.75 481.90 477.20 499.55 505.45 510.10 Neutral
ULTRATECH CEMENT 4081.00 4045.85 4010.40 3973.75 4116.75 4152.15 4188.85 Neutral
WIPRO 511.90 507.45 503.85 499.70 514.65 518.25 522.35 Neutral
YES BANK 1556.55 1545.95 1535.75 1526.35 1566.40 1576.65 1586.00 Neutral
ZEE 547.60 545.40 538.45 531.50 559.30 566.55 573.85 +ve

Source: NSE India, ICICIdirect.com Research

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Forthcoming Economic Events Calendar
Deal Team – At Your Service
Date Event
India
9-Apr Local Car Sales
10-Apr Exports and Imports
12-Apr CPI YoY and Industrial Production YoY
Japan
10-Apr BoP Current Account Balance, Trade Balance
11-Apr Machine Tool Orders, Machine Orders, PPI
11-Apr Japan Bond Buying Data
13-Apr Money Stock M2 and M3 YoY
US
8-Apr Consumer Credit
11-Apr NFIB Small Business Optimism
12-Apr MBA Mortgage Applications, Import Price Index
12-Apr Monthly Budget Statement
13-Apr PPI Final Demand, PPI Food and Energy, Initial Jobless Claims, Continuing Claims
Euro Zone
11-Apr Industrial Production SA
11-Apr Industrial Production WDA
11-Apr ZEW Survey Expectations
UK
11-Apr CPI MoM and YoY, Retail Price Index, PPI Output
12-Apr Claimant Count Rate, Jobless Claims Change
12-Apr ILO Unemployment Rate

Source: Bloomberg, ICICIdirect.com Research

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Notes
Deal Team – At Your Service
• Please execute the recommendation within the prescribed range provided in the report

• Once the recommendation is executed, it is advisable to keep strict stop loss as provided in the report on closing basis

• We adapt a trading strategy of booking 50% profit when the position is in profit by 3-5% and trail stop loss on remaining position to the
entry point

• In recommendations where it is advised to buy on declines, if the target price is hit before activation of the call in prescribed range then the
recommendation is considered not initiated

• The recommendations are valid only for the week and are to be squared off by the end of the week. In case we intend to carry forward the
position, it will be communicated through separate mail

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

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Recommended product wise trading portfolio allocation
Allocations Return Objective
Product Product wise Max allocation in Number of Calls Duration
Frontline Stocks Mid Cap Stocks
allocation 1 Stock

Daily Calls 8% 2-3% 3-4 Stocks 0.5-1% 2-3% Intraday

Stocks on the Move 6% 3-5% 7-10 Per Months 7-10% 10-15% 3 Months

Weekly Calls 8% 3-5% 1-2 Stocks 5-7% 7-10% 1 Week

Weekly Technicals 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

Gladiator Stocks 15% 5-10% 1-2 Stocks 15% and above 20% and above 6 Months

Cash 10% -
100%

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Candlesticks Glossary:
Deal Team – At Your Service
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

18
Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com

ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai – 400 093
research@icicidirect.com
Disclaimer
ANALYST CERTIFICATION
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this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or
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The research recommendations are based on information obtained from public sources and sources believed to be reliable, but no independent
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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
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predictions and may be subject to change without notice.

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Disclaimer
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 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, Dipesh Dagha, Nitin Kunte, 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.
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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
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document may come are required to inform themselves of and to observe such restriction.

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