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Momentum Picks

MOMENTUM PICK
New recommendations
Open Recommendations
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration
2-Aug-18 Nifty NIFTY Sell 11395-11410 11377.0/11352.0 11,428.00 Intraday Gladiator Stocks
2-Aug-18 ITC ITC Buy 302.70-303.70 306.40/309.80 300.30 Intraday
2-Aug-18 Century Textile CENTEX Sell 914.00-916.00 906.20/897.40 924.10 Intraday Scrip Action
L&T Finance Holdings Buy
Ultratech Buy
Open recommendations
Wipro Buy
Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration Duration: 6 Months
30-Jul-18 EIH Ltd EIHLIM Buy 160.00-164.00 181.00 151.00 30 Days Click here to know more…
26-Jul-18 Birla Corp BIRCOR Buy 760-775.00 865.00 718.00 30 Days
12-Jul-18 Sun Pharma SUNPHA Buy 560.00-570.00 622.00 532.00 30 Days
Intraday recommendations are for current month futures. Positional recommendations are in cash segment Stocks on the Move

ICICI Securities – Retail Equity Research


Scrip Action
Graphite Buy
Duration: 3 Months

Click here to know more…


August 2, 2018
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Research Analysts
Dharmesh Shah Nitin Kunte, CMT Ninad Tamhanekar, CMT
dharmesh.shah@icicisecurities.com nitin.kunte@icicisecurities.com ninad.tamhanekar@icicisecurities.com

Pabitro Mukherjee Vinayak Parmar


pabitro.mukherjee@icicisecurities.com vinayak.parmar@icicisecurities.com
NSE (Nifty): 11346

Technical Outlook NSE Nifty –Daily Candlestick Chart Domestic Indices


Equity benchmarks snapped their eight session’s winning streak as the Open High Low Close Indices Close Change Change%

PICK
RBI hiked rates by 25 bps. The Nifty settled marginally lower at 11346,

MOMENTUMPICK
down 10 points or 0.1%. However, Nifty midcap and small caps 11359.80 11390.55 11313.55 11346.20 S&P BSE Sensex 37521.62 -84.96 -0.23
slightly outperformed gaining 0.15% and 0.05%, respectively. 11390
Sectorally, pharma stocks remained in the limelight whereas auto, Nifty 50 11346.20 -10.30 -0.09

MOMENTUM
financials (ex-PSU banks) and metals underperformed.
Nifty 50 future 11374.30 2.70 0.02
The price action formed a high wave candle with a small real body
and shadows on either side, indicating hesitation at the higher band of S&PBSE 500 15312.72 -2.09 -0.01
channel as the Nifty approached our earmarked target of 11400. The S&PBSE Midcap 16574.70 29.68 0.19
past month’s up move has been captured in a well-defined rising
channel (as shown in adjacent chart). Historically, the Nifty has taken a 11078 S&PBSE Smallcap 16628.06 43.90 0.26
breather after witnessing 10 consecutive higher high-low sessions.
Currently, the Nifty has rallied 455 points over the past nine sessions SGX Nifty 11372.50 -1.80 -0.02
while maintaining a higher high low formation, pulling stochastic
* SGX Nifty at 7:30 am
oscillator in the overbought territory (at 92). Going ahead, we cannot 10929
rule out a couple of days’ temporary breather. However, we believe 10935
such a cool-off would make markets healthy and offer fresh buying Nifty Technical Picture
opportunity at the lower band of channel (11200). Hence, any dips
towards 11200 should be used as incremental buying opportunity. In Intraday Short term
coming session, holding above previous session’s low (11313) would
keep positive options open. Else, the index would enter a temporary Trend

ICICI Securities – Retail Equity Research


breather amid stock specific action. Level of 11400 remains a key level Support 11315-11280 11200
to watch on the upside as it is:
 up move from May low (10417) would achieve equality with April Resistance 11375-11400 11400
rally (9950-10930=980 points) at 11397 20 day EMA 11086
10558
 123.6% retracement of 2018 decline (11171- 9950), at 11459
The daily stochastic trading at overbought territory 200 day EMA 10498
Structurally, the index stays on strong footing amid a robust price (92), indicating impending breather
structure as it has been seeing follow through strength on breach of 10418
six month’s consolidation. This overall structural improvement makes Nify Future Intraday Recommendation
us confident of shifting support base to 11200 being:
 the positive gap area 11210-11167 (on July 27) Action Sell
 lower band of rising channel is placed around 10200 Price Range 11395-11410
 according to change of polarity concept January high of 11172
would now act as support Target 11377.0/11352.0
 index has not corrected over 153 during channelised up move
Stoploss 11428.00
Nifty midcap, small cap rallied 9% each over last nine sessions. Due to
this, both indices approached higher band of falling wedge pattern,
leading stochastic oscillator to trade in overbought zone. Thus, going
ahead, we expect stock specific action to be in focus while cooling off
overbought situation as we expect quality midcap stocks to outshine
amid the ongoing Q1FY19 result season. The temporary breather
would assist both indices to form a higher base formation, which
would set the stage to record breakout from falling wedge pattern.
Source: Bloomberg, ICICI Direct Research
August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 2
Bank Nifty: 27597

Technical Outlook Bank Nifty Index – Daily Candlestick Chart Nifty Bank
The Bank Nifty witnessed profit booking on Wednesday after Open High Low Close Indices Close Change Change%

MOMENTUM PICK
the recent sharp up move as the Reserve Bank of India’s (RBI) Nifty Bank 27596.60 -167.55 -0.60
27684.80 27820.15 27477.90 27596.60
Monetary Policy Committee (MPC) hiked repo rates by 25 basis
points to 6.5 percent. The Bank Nifty ended the session at
27597, down by 168 points or 0.6%.
The Bank Nifty started the session on a flat note and traded in a
range with corrective bias for most part of the session on 27164 Nifty Bank Technical Picture
Wednesday. Profit booking intensified in the late trade post the Intraday Short term
announcement of the monetary policy. The index formed an
intraday low of 27477 in the late trade and closed the session at Trend
27597 levels. The Nifty PSU bank index closed higher by 0.5% Support 27477-27400 27100
whereas the Nifty private bank index closed lower by 0.7% on
Wednesday’s trade Resistance 27730-27820 28350

The price action formed a high wave candle with a lower high 20 day EMA 27125
and lower low signalling profit booking after the recent strong 26060 200 day EMA 25542
up move. The index on expected lines in the last two sessions
witnessed profit booking after sharp up move of more than
1100 points in just six sessions has led to daily stochastic 50 days

ICICI Securities – Retail Equity Research


oscillators in overbought territory with reading of 96. Index is EMA
likely to consolidation in the coming sessions to work off the
overbought condition developed in the daily stochastic. Nifty Bank vs. Nifty
Volatility is likely to be high in coming session on account of the
2.51
weekly expiry of the Bank Nifty contracts The daily stochastic has generated a bearish crossover 11300
indicating continuation of profit booking to work off the
The immediate support in the index is placed at 27400 as it is overbought condition in the index 2.47
the 38.2% retracement of the current up move (26671-27873). 10900
Only a decisive close below which will extend the current profit 2.43
booking towards the major support level of 27100. However, as 10500
the structure remain positive so any corrective dips towards the 2.39
support area should be used as an incremental buying 10100
opportunity for up move towards 28350 in coming weeks as it is
2.35 9700
the measuring implication of the recent range breakout (27165-
25980=1185 points) added to the breakout area of 27165 1-Feb 1-Apr 1-Jun 1-Aug
projecting upside towards 28350 (27165+1185=28350).
Bank Nifty / Nifty Nifty
We revise the short-term support higher towards 27100 as it is
confluence of the following technical observation:
 the 61.8% retracement of the current up move at 27130
 the trendline support joining the previous two lows of July
2018 is also placed around 27100
Source: Bloomberg, ICICI Direct Research
August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 3
Stock Picks
Duration: Intraday

ITC (ITC) – Daily Candlestick Chart Technical Observations

Price sustaining above recent gap up area suggest further upward

MOMENTUM PICK
CMP 303.50
momentum in coming sessions
Action Buy

Price sustaining above recent


Rationale gap up area & RSI in rising
trajectory
14 period RSI in rising trajectory suggest positive bias
Initiation Range 302.70-303.70

Target 306.40/309.80

Stop Loss 300.30

ICICI Securities – Retail Equity Research


Century Textile (CENTEX) – Daily Candlestick Chart Technical Observations

CMP 914.10
Price reacting lower facing resistance near previous highs
suggests corrective trend in coming sessions
Action Sell

Price reacting lower facing


Rationale
resistance near previous highs

Stochastic in downward trajectory suggest negative bias


Initiation
914.00-916.00
Range

Target 906.20/897.40

Stop Loss 924.10

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 4
Stock Picks
Duration: 30 days

Buy EIH Ltd (EIHLIM) in the range of 160.00-164.00 Target: 181.00 Stop Loss: 151.00 Technical Observations

Downward sloping trend line breakout while sustaining above 52 weeks EMA • The share price has been

MOMENTUM PICK
232 undergoing a secondary phase of
signalling resumption of primary up trend.
213 consolidation (| 152-232) after
50% retracement recording all-time high of | 232.
of last leg decline Since then, the stock has been
around 181 forming a base formation around
150, as it is confluence of:
 78.6% of last up move (| 138-232),
placed at | 153
152
 Multi-year breakout of upward
131 52 Weeks EMA sloping trend line retested (drawn
adjoining highs of December 2014
and January 2016 of | 131 and
Weekly RSI recorded bullish crossover, indicating positive bias | 137, respectively), around | 150
• Recently, the stock recorded a
breakout from downward sloping
trend line (drawn adjoining | 213-
185) while sustaining well above 52

ICICI Securities – Retail Equity Research


weeks EMA, indicating termination
of corrective phase, thereby
Recommendation initiated on i-click to gain at 12:17on July 30, 2018 providing a fresh entry opportunity
• We expect the stock to resume its
primary up trend and head towards
| 181 levels in coming weeks as it is
the 50% retracement of last leg of
decline (| 213 to | 152)

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 5
Stock Picks
Duration: 30 days

Buy Birla Corporation (BIRCOR) in the range of 760.00-775.00 Target: 865.00 Stop Loss: 718.00 Technical Observations
• The stock during the current week

MOMENTUM PICK
has registered a resolute breakout
The measuring implication of above the last two month’s
The stock registered a breakout above the last two months consolidation
the range breakout signals consolidation range of | 768-671.
range and the falling trendline resistance joining previous high thus provides
upside towards | 865 The stock, in the process, also
fresh entry opportunity
registered a breakout above the
809 falling trend line joining high of April
(| 809) and June (| 768), thus
768 130 offering a fresh entry opportunity to
ride the next up move in the stock
• The share price of Birla Corporation
has undergone a healthy base
671 formation around | 670-700 region
in the last four months after sharp
Daily RSI in in strong uptrend and has recently given a buy signal decline in first three months of CY18
signalling reversal of the corrective
trend
• Time wise, the stock has witnessed

ICICI Securities – Retail Equity Research


a faster retracement of the last
falling segment as the stock has
completely retraced its previous 14
Recommendation initiated on i-click to gain at 14:12 on July 26, 2018 session decline from | 768 to | 671
in just seven sessions signalling
positive price structure
• We expect the stock to head
towards | 865 levels in the coming
weeks as it is measuring implication
of the range breakout (| 768-671=97
points) added to the breakout area
of | 768 project upside towards 865
(768+97=865)

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 6
Stock Picks
Duration: 30 days

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

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

ICICI Securities – Retail Equity Research


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

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 7
Market Activity Report
Global Currency, Commodities and Bold Yield performance Global Equity Market Performance
1 Day % 5 Day % 1 Month % 3 Months %
Value -2.2

MOMENTUM PICK
Change Change Change Change Hong Kong
-0.6
Currency China -2.0
-1.8
Brazil -1.1
USD INR 68.43 0.17 0.52 0.53 -2.59 0.1
US -0.3
-0.3
EURO USD 1.17 0.03 0.18 0.21 -2.40 -0.1
UK -1.2
Japan 0.6
GBP USD 1.31 -0.03 0.11 -0.15 -3.34 -0.1
Germany -0.5 1.3
JPY 111.68 0.04 -0.40 -0.70 -1.65 1.3
France
-0.2
Swiss Franc 0.99 0.02 0.23 0.17 0.70 India 1.8
-0.2
-2.9 -1.9 -0.9 0.1 1.1 2.1
Dollar Index 94.66 -0.01 -0.14 -0.23 2.32
% Change
5 Day Change 1 Day Change
Commodities

ICICI Securities – Retail Equity Research


Gold 1,219.3 0.28 -0.28 -1.83 -6.56
Advance Decline
2200
Brent 72.8 0.54 -2.36 -5.85 -0.79
1700
Copper 6,147.0 -2.11 -1.84 -7.22 -8.35
1200
Silver 15.4 0.32 0.33 -2.64 -5.76
700
Yield (%) bps Change

India 10 Year Bond 7.7 -7.06 -8.41 -20.87 -3.57 200

-300 24-Jul 25-Jul 26-Jul 27-Jul 30-Jul 31-Jul 1-Aug


US 3.0 -0.93 2.07 12.60 3.08

Advances Declines
EURO 0.5 3.37 8.15 17.36 -10.31

Japan 0.1 -0.20 3.30 10.10 8.10

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 8
Market Activity Report
Sectoral Indices Performance Fund Flow activity of the last 5 sessions
1 Day % 5 Day % 1 Month % 3 Months %
Index Value FII

MOMENTUM PICK
Change Change Change Change

Sensex 37521.62 -0.23 1.80 6.40 6.67 2,454


2,500
2,000
Nifty 11346.20 -0.09 1.92 6.46 5.86
1,500

Rs Crore
BSE Auto 24307.50 -0.77 0.61 2.24 -4.87 1,000 738
572
500
Bankex 30834.87 -0.55 2.79 5.67 7.76 0
-234 -96
-500
Capital Goods 18279.54 -0.09 0.82 5.34 -6.33
26-Jul 27-Jul 30-Jul 31-Jul 1-Aug
Consumer Date
21002.02 0.48 3.44 3.39 -4.90
Durables

FMCG 12105.10 0.77 4.09 8.66 7.24

ICICI Securities – Retail Equity Research


Healthcare 14363.28 1.11 3.26 2.88 2.48 DII

IT 14584.78 0.40 -0.23 3.86 8.76 500 406


49
0
Metal 12580.66 -0.62 1.76 -1.94 -8.78 -500 -291 -562

Rs Crore
-1,000
Oil & Gas 15172.42 0.99 4.16 11.98 5.73 -1,500
-2,000
Power 1972.40 -0.14 2.88 3.07 -10.91
-2,500
-3,000 -2,716
Realty 2099.27 0.21 2.81 2.58 -12.08
26-Jul 27-Jul 30-Jul 31-Jul 1-Aug
Date
BSE 500 15312.72 -0.01 2.11 5.97 2.33

BSE Midcap
16043.12 0.19 2.55 4.61 -4.58
Index
BSE Small Cap 16628.06 0.26 2.29 4.44 -8.58

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 9
Trend Scanner
Heat Map Positive Trend Universe: NSE 500 Overbought Stocks
270.7 844.2 Bharti 293.3 2,175.7 168.0 Change 20-Day Delivery Scrip Name LTP Stochastic

MOMENTUM PICK
Coal India Lupin Dr Reddy IOC Scrip Name Close
3.7% 2.4% Infratel 2.3% 2.3% 2.2% % SMA ( %) Ambuja Cement 234 94.56
1,976.5 396.0 978.7 Power 184.7 301.6 City Union Bank 174.20 1.34 171.35 64.59 Tech Mahindra 681.1 92.86
TCS BPCL HCL Tech ITC
1.9% 1.6% 1.4% Grid 1.3% 1.3% Godrej Consumer product 1319.60 0.21 1307.36 61.22 Havells India 632.3 87.9
Sun 574.7 167.2 TITAN CO 917.4 295.1 1,192.4 ITC LTD 301.60 1.31 281.17 63.12
ONGC SBI RIL
Pharma 1.1% 0.9% LTD 0.5% 0.5% 0.5% Oversold Stocks
Ultratech 4193.05 -0.02 4001.93 53.62
GRASIM 1,030.4 Kotak 1,312.7 Tata 265.1 277.4 155.4 Scrip Name LTP Stochastic
Wipro NTPC
INDS LTD 0.5% Bank 0.4% Motors 0.4% 0.3% 0.3% Dish Tv 65.7 13.69
Indusind 2,001.4 BAJAJ 6,990.2 1,734.3 1,531.4 375.4 Chola Finance 1461.75 14.74
HUL ACC GAIL Negative Trend Universe: NSE 500
Bank 0.3% FINSERV 0.2% 0.2% 0.1% 0.1% TVS Motors 512.5 14.16
681.1 4,193.1 526.5 Adani 399.0 1,298.0 Change 20-day Delivery
Tech Mah Ultratech Zee Ent L&T Scrip Name Close
Ports % SMA (%)
0.1% 0.0% -0.1% -0.2% -0.3%
639.2 3,280.4 365.9 929.8 2,680.9 TVS Motors 512.45 -0.80 556.52 33.85 52 Weeks High
Cipla Hero Moto Yes Bank M&M Bajaj Auto
-0.3% -0.4% -0.6% -0.7% -0.7% Eicher Motors 27298.70 -1.80 27693.17 59.62 Scrip Name LTP

ICICI Securities – Retail Equity Research


1,354.1 545.2 HDFC 2,158.7 Asian 1,437.2 India Bulls 1,284.4 Astra Zeneca 1615.0
Infosys Axis Bank
-0.8% -1.0% Bank -1.0% Paints -1.0% Hsg Fin -1.0% Bajaj Finserv 7173.2
1,970.2 555.8 Bharti 384.5 299.3 Eicher 27,298.7 Exide 283.4
HDFC Ltd Tata Steel ICICI Bank
-1.2% -1.3% Airtel -1.6% -1.6% Motors -1.8%
Graphite India 1034.3
Vedanta 218.2 9,341.6 Tata 73.1 Bank of 150.2 208.0
Maruti Hindalco
Ltd -1.8% -1.9% power -2.0% Baroda -2.1% -2.5% 52 Weeks Low
Scrip Name LTP
Bullish Candlestick Pattern Bearish Candlestick Pattern
Mcleod russel 131.05
Scrip Name Pattern name LTP Scrip Name Pattern name LTP
ITC Continuation 301.6 Exide Industries Engulfing 270.7 Tata Motors 137.05

Bata India Continuation 941.2 Jindal Stel & power Engulfing 201.7 RPG Life 276

L&T Finance holdings Continuation 176.2 Torrent power Engulfing 236.2 Salzer Electronic 152

TCS Continuation 1976.5 Reliance Infra Continuation 383.0

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 10
Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
NIFTY 50 Positive 11346.2 11309 11273 11232 11386 11427 11463

MOMENTUM PICK
S&P BSE SENSEX INDEX Positive 37521.62 37398 37276 37119 37677 37834 37956
NIFTY BANK Negative 27596.6 27444 27290 27102 27786 27974 28128
NIFTY 50 FUTURES Positive 11351.5 11327 11303 11266 11389 11427 11451
NIFTY BANK FUTURES Neutral 27570 27467 27364 27176 27758 27946 28048
ACC LTD Positive 1531.35 1516 1502 1479 1554 1578 1592
AMBUJA CEMENTS Positive 234 231 226 224 237 240 244
ADANI POWER LTD Positive 31.15 29 29 27 31 33 34
ADANI ENTERPRISE Neutral 193.25 190 188 184 196 200 202
ADANI PORTS AND Positive 399 395 391 387 403 407 411
AJANTA PHARMA Neutral 1136.5 1124 1113 1100 1148 1161 1173
ASHOK LEYLAND Positive 118.9 115 110 107 122 124 129
ALLAHABAD BANK Neutral 45.6 44 44 43 45 46 47
AMARA RAJA BATT Positive 822.95 813 803 788 837 851 861
ANDHRA BANK Neutral 35.3 34 34 33 35 36 36

ICICI Securities – Retail Equity Research


APOLLO HOSPITALS Positive 952.9 943 934 924 962 972 981
ASIAN PAINTS LTD Positive 1437.2 1426 1414 1397 1455 1472 1484
APOLLO TYRES LTD Positive 291.6 287 281 275 298 305 310
AUROBINDO PHARMA Neutral 599.7 594 588 584 604 608 614
ARVIND LTD Negative 417.35 411 406 399 423 430 436
AXIS BANK LTD Negative 545.15 537 529 519 554 563 571
BAJAJ FINANCE LT Positive 2722.8 2692 2663 2623 2761 2801 2830
BATA INDIA LTD Positive 941.15 917 893 879 955 969 993
BEML LTD Positive 908.6 895 880 860 930 950 965
BHARAT FINANCIAL Positive 1213.35 1205 1198 1186 1225 1237 1244
BHARTI AIRTEL Positive 384.5 379 373 363 395 405 412
BHARAT ELECTRON Positive 117.1 116 114 111 122 124 127
BHARAT HEAVY ELE Positive 73.55 73 72 72 75 76 77
BHARAT FORGE CO Positive 644.15 629 615 598 660 677 691
BHARTI INFRATEL Neutral 293.25 287 280 275 298 304 310

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 11
Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
BALKRISHNA INDS Negative 1189.6 1177 1165 1146 1208 1227 1239

MOMENTUM PICK
BIOCON LTD Neutral 583.35 578 574 567 589 596 600
BAJAJ AUTO LTD Positive 2680.9 2640 2600 2536 2744 2808 2848
BAJAJ FINSERV LT Positive 6990.15 6897 6803 6665 7129 7267 7361
BANK OF BARODA Negative 150.2 148 145 142 154 157 160
BANK OF INDIA Negative 95.35 94 92 90 97 98 100
BOSCH LTD Positive 18840.1 18662 18484 18319 19006 19172 19350
BHARAT PETROL Positive 396 392 389 385 399 403 406
BALRAMPUR CHINI Negative 71.85 71 70 68 73 74 76
BERGER PAINTS Positive 319.45 316 313 310 322 325 328
BRITANNIA INDS Positive 6489.85 6401 6313 6201 6601 6713 6801
CAPITAL FIRST LT Negative 539.6 532 526 516 549 559 565
CAN FIN HOMES Neutral 331.95 329 325 321 337 341 345
CANARA BANK Negative 284.95 281 276 273 290 294 298
CONTAINER CORP Neutral 662.25 652 641 628 676 689 701

ICICI Securities – Retail Equity Research


CADILA HEALTHCAR Neutral 377.5 373 368 362 384 390 395
CEAT LTD Positive 1403.4 1385 1366 1349 1421 1438 1457
CENTURY TEXTILE Negative 908.5 899 889 876 922 935 945
CESC LTD Positive 936.3 927 919 905 949 963 972
CG POWER AND IND Neutral 63.25 63 62 61 65 66 67
CHOLAMANDALAM IN Positive 1461.75 1439 1416 1402 1477 1492 1515
CIPLA LTD Neutral 639.15 636 632 630 643 646 650
COLGATE PALMOLIV Neutral 1122.75 1111 1098 1076 1146 1168 1181
COAL INDIA LTD Positive 270.65 264 257 253 274 279 285
CASTROL INDIA Neutral 167.6 164 160 153 176 182 187
DABUR INDIA LTD Positive 432.25 425 417 410 440 447 456
DALMIA BHARAT LT Positive 2663.1 2631 2600 2559 2703 2744 2776
DCB BANK LTD Negative 166.05 163 159 156 169 172 176
DEWAN HOUSING Negative 590.9 586 580 571 601 610 616
DISH TV INDIA Negative 65.7 66 65 65 67 67 68

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 12
Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
DIVI LABS LTD Positive 1161.15 1146 1131 1117 1175 1189 1204

MOMENTUM PICK
DLF LTD Neutral 193.35 189 185 181 197 201 205
DR REDDY'S LABS Positive 2175.7 2144 2111 2092 2196 2215 2248
EICHER MOTORS Negative 27298.7 27006 26715 26295 27718 28138 28429
ENGINEERS INDIA Positive 137.65 137 136 135 140 140 142
EQUITAS HOLDINGS Positive 140.85 140 138 137 143 144 146
ESCORTS LTD Negative 906.05 891 876 857 924 944 958
EXIDE INDUS LTD Neutral 270.65 259 247 235 282 295 306
FED BANK LTD Negative 87.6 86 85 83 89 91 92
FORTIS HEALTHCAR Positive 145.95 142 137 134 149 151 156
GAIL INDIA LTD Neutral 375.35 370 365 358 381 387 392
GODREJ CONSUMER Positive 1319.6 1308 1297 1287 1330 1341 1352
GODREJ INDUSTRIE Positive 644.65 636 628 618 655 666 674
GMR INFRASTRUCTU Positive 18 18 17 17 18 19 19
GLENMARK PHARMA Positive 584.9 580 575 569 592 597 603

ICICI Securities – Retail Equity Research


GODFREY PHILLIPS Positive 814.5 796 779 764 829 845 862
GRANULES INDIA Negative 102.1 99 97 94 105 107 110
GRASIM INDS LTD Neutral 1030.35 1019 1008 999 1039 1048 1059
GUJARAT STATE F Neutral 116.3 114 113 110 118 121 123
HAVELLS INDIA Positive 632.2 628 622 616 639 644 650
HINDUSTAN CONST Neutral 11.7 12 12 12 12 12 13
HCL TECH LTD Positive 978.65 970 960 955 985 990 1000
HOUSING DEV FIN Negative 1970.15 1955 1939 1919 1990 2011 2026
HDFC BANK LTD Neutral 2158.7 2149 2139 2126 2172 2185 2196
HOUSING DEVELOPM Positive 23.8 23 22 21 24 26 26
HEXAWARE TECHNOL Positive 466 461 456 451 471 476 481
HERO MOTOCORP LT Positive 3280.4 3247 3214 3170 3323 3366 3399
HINDALCO INDS Negative 208 205 201 197 214 219 222
HINDUSTAN PETRO Neutral 287.35 276 263 252 299 309 322
HINDUSTAN UNILEV Positive 1734.3 1721 1708 1697 1745 1756 1770

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 13
Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
HINDUSTAN ZINC Positive 277.7 275 271 266 284 289 293

MOMENTUM PICK
INDIABULLS REAL Negative 148.9 146 144 140 152 156 158
INDIA CEMENTS Neutral 115.95 113 111 108 118 121 124
ICICI BANK LTD Negative 299.3 296 292 288 305 310 314
INDO COUNT INDS Neutral 81.2 80 79 78 82 83 83
IDBI BANK LTD Neutral 62.15 59 56 54 64 66 68
IDEA CELLULAR Negative 53.55 53 52 50 55 56 57
IDFC LTD Negative 46.4 45 45 44 46 47 47
IDFC BANK LTD Negative 39.55 39 39 38 41 41 42
IFCI LTD Negative 16.7 17 16 16 18 18 19
INDRAPRASTHA GAS Positive 313.55 307 300 295 319 324 330
INDIABULLS HOUSI Negative 1284.35 1267 1248 1229 1305 1324 1343
INDUSIND BANK Positive 2001.35 1989 1977 1961 2017 2033 2046
INDIAN BANK Negative 353.3 348 342 335 361 368 374
INTERGLOBE AVIAT Neutral 924.7 916 908 897 935 946 954

ICICI Securities – Retail Equity Research


INFIBEAM INCORPO Negative 178.3 177 175 172 181 183 185
INFOSYS LTD Neutral 1354.05 1348 1341 1330 1365 1375 1382
INDIAN OIL CORP Positive 168 167 165 164 170 171 173
ICICI PRUDENTIAL Positive 420 416 412 408 424 428 432
IRB INFRASTRUCTU Negative 195.65 194 191 187 200 203 206
ITC LTD Positive 301.6 297 293 290 304 307 311
JET AIRWAYS IND Positive 311.05 307 305 301 314 318 320
JAIN IRRIGATION Neutral 81.6 81 80 79 83 84 86
JAIPRAKASH ASSOC Neutral 14.85 15 15 14 15 16 16
JINDAL STEEL & P Neutral 201.7 197 193 186 208 215 219
JSW STEEL LTD Negative 327.55 324 320 316 331 336 339
JSW ENERGY LTD Positive 65.55 66 65 64 67 67 68
JUBILANT FOODWOR Negative 1395.7 1381 1367 1351 1411 1427 1442
JUST DIAL LTD Negative 558.9 553 547 540 567 573 580
KARNATAKA BANK Positive 117.5 115 114 113 118 120 121

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 14
Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
KAJARIA CERAMICS Positive 457.75 444 430 417 471 484 498

MOMENTUM PICK
CUMMINS INDIA Neutral 668.2 663 657 648 678 687 693
KOTAK MAHINDRA Positive 1312.7 1304 1294 1283 1325 1336 1346
KPIT TECHNOLOGIE Positive 307.95 301 293 288 313 317 326
KAVERI SEED Neutral 618.65 609 599 593 624 631 640
LIC HOUSING FIN Negative 520.55 514 508 500 528 536 542
LUPIN LTD Positive 844.2 830 816 808 853 862 876
LARSEN & TOUBRO Neutral 1298 1291 1284 1275 1307 1316 1323
L&T FINANCE HOLD Neutral 176.2 175 173 171 179 181 184
MAHANAGAR GAS LT Positive 946.9 926 905 891 961 975 996
MAX FINANCIAL SE Positive 506.05 498 490 482 514 522 530
MCX INDIA LTD Positive 871.6 860 849 832 889 906 917
MANAPPURAM FINAN Neutral 105.35 102 100 97 107 110 112
MAHINDRA & MAHIN Positive 929.75 923 916 905 940 950 957
M&M FIN SERVICES Neutral 505.75 501 496 487 515 524 530

ICICI Securities – Retail Equity Research


MARICO LTD Positive 368.5 366 362 360 372 374 378
MRF LTD Negative 79578.88 79053 78528 77856 80250 80922 81447
CHENNAI PETROLEU Positive 323.75 311 300 289 333 344 356
MANGALORE REFINE Neutral 82.6 81 80 79 83 84 85
MARUTI SUZUKI IN Neutral 9341.6 9232 9122 8945 9520 9698 9808
MOTHERSON SUMI Neutral 314.6 309 303 294 324 333 339
MINDTREE LTD Positive 954.9 940 925 916 964 973 988
MUTHOOT FINANCE Negative 400.7 396 390 384 408 414 419
NATIONAL ALUMIN Positive 62.05 62 61 61 63 63 64
NBCC INDIA LTD Positive 70.8 70 69 69 72 73 74
NESTLE INDIA LTD Positive 10836.85 10609 10380 10209 11009 11180 11409
NHPC LTD Negative 23.55 24 23 24 25 25 25
NIIT TECH LTD Positive 1248.9 1230 1210 1195 1265 1280 1300
NCC LTD Neutral 91.2 89 87 84 93 95 97
NMDC LTD Positive 106.95 105 103 101 109 111 113

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 15
Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
NTPC LTD Negative 155.35 154 152 151 157 158 161

MOMENTUM PICK
ORIENTAL BANK OF Neutral 81.95 79 78 76 83 84 86
ORACLE FINANCIAL Negative 3856.9 3821 3786 3743 3898 3941 3976
OIL INDIA LTD Positive 213.45 211 207 205 217 219 222
OIL & NATURAL GA Positive 167.2 165 163 162 169 171 172
PAGE INDUSTRIES Positive 29900 29260 28621 28222 30298 30697 31336
PC JEWELLER LTD Neutral 91.3 90 89 87 94 96 97
PIDILITE INDS Positive 1130.45 1120 1110 1097 1144 1158 1168
PIRAMAL ENTERPRI Positive 2806.3 2703 2600 2543 2863 2920 3023
PETRONET LNG LTD Positive 234.1 229 225 222 236 239 243
PUNJAB NATL BANK Positive 87.4 85 83 81 90 91 94
POWER FINANCE Positive 86.65 85 83 82 89 91 93
PTC INDIA LTD Neutral 82.25 80 79 77 83 85 86
PVR LTD Neutral 1115.8 1107 1097 1090 1124 1131 1141
POWER GRID CORP Neutral 184.7 182 178 177 188 190 193

ICICI Securities – Retail Equity Research


RBL BANK LTD Positive 568.95 564 560 554 575 580 585
RELIANCE CAPITAL Negative 408.4 398 386 374 422 434 446
RELIANCE COMMUNI Positive 14.7 15 14 14 16 16 17
REC LIMITED Positive 115.5 114 111 109 118 121 123
RELIANCE INFRAST Negative 382.95 369 355 339 399 415 429
REPCO HOME FINAN Negative 604.55 595 584 576 614 622 632
RELIANCE INDS Positive 1192.35 1185 1177 1168 1203 1212 1220
RELIANCE POWER Neutral 32.3 32 31 30 34 35 36
RAYMOND LTD Negative 801.5 783 764 738 828 854 873
STEEL AUTHORITY Neutral 76.85 76 74 73 78 80 81
STATE BANK IND Negative 295.1 290 284 280 300 304 309
SHRIRAM TRANSPRT Positive 1394.6 1381 1366 1345 1417 1438 1453
SOUTH INDIAN BK Negative 17.85 18 18 17 18 19 19
SIEMENS LTD Positive 1003.6 987 970 954 1021 1037 1054
SYNDICATE BANK Neutral 45.4 44 44 43 45 46 47

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 16
Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
SHREE CEMENT Negative 17260.05 16925 16590 16377 17473 17686 18021

MOMENTUM PICK
SREI INFRASTRUCT Negative 52.9 52 51 49 54 56 57
SRF LTD Positive 1729.35 1714 1698 1681 1747 1764 1780
STRIDES SHASUN L Negative 383.5 378 373 365 391 399 405
SUZLON ENERGY Negative 7.7 8 8 8 8 8 9
SUN PHARMA INDU Positive 574.65 567 559 554 580 585 593
SUN TV NETWORK Positive 792.6 778 763 753 802 813 827
TATA STEEL LTD Positive 555.8 548 542 532 565 574 581
TATA COMMUNICATI Neutral 590.3 574 558 546 601 614 629
TATA CONSULTANCY Positive 1976.5 1956 1937 1925 1988 2001 2020
TECH MAHINDRA LT Positive 681.1 673 665 658 687 695 702
TATA ELXSI LTD Positive 1434.8 1422 1409 1391 1454 1471 1485
TATA GLOBAL BEVE Neutral 235.65 229 221 208 250 263 270
TORRENT POWER LT Neutral 236.15 230 224 216 244 252 258
TATA POWER CO Neutral 73.05 71 71 69 73 75 75

ICICI Securities – Retail Equity Research


RAMCO CEMENT/THE Positive 712.9 704 696 684 724 736 744
TORRENT PHARMA Positive 1523.45 1511 1497 1480 1542 1559 1572
TITAN CO LTD Positive 917.35 908 899 892 923 929 938
TATA CHEMICALS Neutral 684.9 682 678 673 691 696 701
TATA MOTORS LTD Negative 265.05 254 243 236 272 279 290
TV18 BROADCAST L Neutral 48 47 46 46 49 50 50
TVS MOTOR CO LTD Positive 512.45 507 501 493 521 529 536
UNITED BREWERIES Neutral 1116.95 1097 1077 1063 1131 1145 1165
UJJIVAN FINANCIA Negative 373.2 368 364 356 380 388 392
UNION BANK INDIA Neutral 88.05 85 84 82 89 91 92
UNITED SPIRITS Negative 592.85 586 578 573 599 604 612
UPL LTD Neutral 641.85 637 631 624 649 655 661
ULTRATECH CEMENT Negative 4193.05 4154 4115 4077 4231 4269 4307
VEDANTA LTD Neutral 218.2 213 208 200 226 234 239
V-GUARD IND LTD Negative 210.9 206 202 197 216 222 226

Source: Bloomberg, ICICI Direct Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 17
Supports and Resistance ( Cash Levels)
Scrip Name Trend Close S1 S2 S3 R1 R2 R3
VOLTAS LTD Positive 569.45 566 562 557 574 578 582

MOMENTUM PICK
WOCKHARDT LTD Positive 596.15 586 576 568 603 612 621
WIPRO LTD Positive 277.35 276 272 271 280 282 285
YES BANK LTD Negative 365.85 360 356 351 370 376 380
ZEE ENTERTAINMEN Positive 526.45 522 517 511 532 539 543

ICICI Securities – Retail Equity Research


Source: Bloomberg, ICICI Direct Research
August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 18
Forthcoming Economic Event Calendar
Date Event Date Event
US China

MOMENTUM PICK
2-Aug Initial Jobless Claims 3-Aug Caixin China PMI Composite
2-Aug Continuing Claims 3-Aug Caixin China PMI Services
3-Aug Trade Balance 6-Aug BoP Current Account Balance
3-Aug Change in Nonfarm Payrolls UK
India 2-Aug Markit/CIPS UK Construction PMI
3-Aug Nikkei India PMI Services/Composite 2-Aug Bank of England Bank Rate
10-Aug Industrial Production YoY 3-Aug Markit/CIPS UK Services PMI

ICICI Securities – Retail Equity Research


Source: Bloomberg, ICICI Direct Research
August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 19
Momentum Picks: Strategy Follow up
Duration: Intraday
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment

MOMENTUM PICK
1-Aug-18 Nifty NIFTY Buy 11345-11355 11375.0/11398.0 11323 48 Points Target 2 Achieved
1-Aug-18 Asian Paints ASIPAI Buy 1452.00-1457.00 1469.80/1483.60 1440.6 -1.00 Stoploss triggered
1-Aug-18 Sun Pharma SUNPHA Buy 569.00-570.00 574.20/579.60 564.4 0.80 Target 1 achieved

Duration: 30 Days
Date Scrip Idirect Code Strategy Recommended Price Targets SL Gain/Loss % Comment
25-Jul-18 Heidelberg Cement HEICEM Buy 150 169 139 7.00 Booked 50% profit at 160.00

ICICI Securities – Retail Equity Research


August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 20
Gladiator Stocks: Open Recommendations
Date Scrip Name Strategy Recommendation Price Target Stoploss Time Frame
1-Aug-18 L&T Finance Holdings Buy 173-178 210.00 156.00 6 month

MOMENTUM PICK
26-Jul-18 Ultratech Buy 4080-4180 4,690.00 3815.00 6 month
20-Jul-18 Wipro Buy 279-286 325.00 259.00 6 month
All the recommendations are in Cash segment

ICICI Securities – Retail Equity Research


Back to Top

August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 21


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

MOMENTUM PICK
All the recommendations are in Cash segment

ICICI Securities – Retail Equity Research


Back to Top

August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 22


Price history of last three years
Birla Corporation Sun Pharma

MOMENTUM PICK
ICICI Securities – Retail Equity Research
EIH Hotel

August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 23


Notes......

• In case of intraday stock recommendations, execute the trade within +/- 0.25% of the recommended range provided in
the report. The stock recommendation has to be execute after the first 5 minutes of trade and only up to 11:00 am. In

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

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

• Once the recommendation is executed, it is advisable to maintain strict stop loss as provided in the report. Applicable to
all products

• We adapt a trading strategy of booking 50% profit when the position is in profit by 4-5% and trail stop loss on remaining
position to the entry point (In case of positional stock recommendations)

• In case of intra day Nifty futures recommendation, once recommendation is activated, consider booking 50% profit near
1st Target (tolerance of 3 points) and trail stoploss to cost for remaining positions

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

• The Intra day recommendations are valid only for the day and should be squared off by 15:10 hrs. The positional
recommendations are valid only for the prescribed period and are to be squared off at the end of mentioned period

ICICI Securities – Retail Equity Research


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

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

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

Trading portfolio allocation

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

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

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

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

August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 24


Recommended product wise allocation
Allocations
Product Product wise Max allocation

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

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


Intraday

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


Positional

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

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

Cash

ICICI Securities – Retail Equity Research


5%

100%

August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 25


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

MOMENTUM PICK
to the placement of the pattern within larger trend

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

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

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

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

ICICI Securities – Retail Equity Research


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

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

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

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

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

August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 26


MOMENTUM PICK
Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com

ICICI Securities – Retail Equity Research


ICICI Direct Research Desk,

ICICI Securities Limited,

1st Floor, Akruti Trade Centre,

Road No 7, MIDC,

Andheri (East)

Mumbai – 400 093

research@icicidirect.com

August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 27


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

Terms & conditions and other disclosures:

MOMENTUM PICK
ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities Limited is a SEBI registered Research Analyst with SEBI
Registration Number – INH000000990.ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general
insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com

ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of
companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
The information and opinions in this section have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in
any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on reasonable basis, ICICI
Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been
suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.

The research recommendations are based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. These research recommendations and
information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. ICICI Securities will not treat recipients as customers by
virtue of their receiving these recommendations. Nothing in this section constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and
opinions expressed herein may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of
independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no
liabilities whatsoever for any loss or damage of any kind arising out of the use of these recommendations. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated
before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.

ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months.

ICICI Securities or its associates might have received any compensation from the companies mentioned herein during the period preceding twelve months from the date of these recommendations for services in respect of managing or co-managing public offerings,
corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.

ICICI Securities – Retail Equity Research


ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned herein in the past twelve months.

ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its Analysts did not receive any compensation or other benefits from the companies
mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this reports.

It is confirmed that Dharmesh Shah, Nitin Kunte, Ninad Tamhanekar, Pabitro Mukherjee and Vinayak Parmar, Research Analysts giving these recommendations have not received any compensation from the companies mentioned herein in the preceding twelve
months.

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions

ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the company/companies mentioned herein as of the last day of the month preceding the publication of these research
recommendations.

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

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

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

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

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

This report or recommendations are not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be
contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of
investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction

August 2, 2018 ICICI Securities Ltd. | Retail Equity Research 28