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
Research Analysts
Dharmesh Shah Nitin Kunte, CMT Ninad Tamhanekar, CMT
dharmesh.shah@icicisecurities.com nitin.kunte@icicisecurities.com ninad.tamhanekar@icicisecurities.com
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
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
MOMENTUM PICK
CMP 303.50
momentum in coming sessions
Action Buy
Target 306.40/309.80
CMP 914.10
Price reacting lower facing resistance near previous highs
suggests corrective trend in coming sessions
Action Sell
Target 906.20/897.40
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
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
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
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
Advances Declines
EURO 0.5 3.37 8.15 17.36 -10.31
MOMENTUM PICK
Change Change Change Change
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
MOMENTUM PICK
All the recommendations are in Cash segment
MOMENTUM PICK
ICICI Securities – Retail Equity Research
EIH Hotel
• 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
• 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
• 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
MOMENTUM PICK
allocation In 1 Stock Number of Calls Return Objective Duration
Stocks on the move 25% 12-15% 6-8 Per Month 10-12% 3 Months
Cash
100%
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
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
Road No 7, MIDC,
Andheri (East)
research@icicidirect.com
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
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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
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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
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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
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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,
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recommendations.
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