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Momentum Picks KIC Open Recommendations P New recommendations M Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration Gladiator Stocks NTU E 19-Aug-22 Nifty NIFTY Buy 17888-17912 17949/17998 17848.00 Intraday OM 19-Aug-22 Tech Mahindra TECMAH Buy 1102-1106 1115.20/1126.70 1092.40 Intraday Scrip Action M 19-Aug-22 Tata Chemical TATCHE Buy 1115-1119 1128.70/1140.30 1105.60 Intraday Affle Buy 18-Aug-22 BajajElectrical BAJELE Buy 1185-1205 1290 1132.00 14 Days Indian Hotel Buy 18-Aug-22 BHEL BHEL Buy 54-56 62 52.00 14 Days Siemens Buy 18-Aug-22 Voltas VOLTAS Buy 1036-1044 1075 1012.00 03 Days Duration: 3 Months Open recommendations Click here to know more… Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration 17-Aug-22 NTPC NTPC Buy 160-163.5 176.00 151.00 14 Days 17-Aug-22 LTI LTINFO Buy 4890-4960 5370.00 4565.00 30 Days esearch 17-Aug-22 Union bank UNIBAN Buy 40-40.9 44.20 38.50 07 Days y R 17-Aug-22 Granules GRANUL Buy 318-325 338.00 309.00 03 Days 16-Aug-22 Philips Carbon PHICAR Buy 124-128 137.00 121.00 07 Days Equit 12-Aug-22 JSW Steel JSWSTE Buy 671-684 740.00 633.00 30 Days ail Intraday & Positional recommendations for stocks are in Cash segmnet. Index recommendation is in Future segment Ret August 19, 2022 – For Instant stock ideas: ies SUBSCRIBEto mobile notification on ICICIdirect Mobile app… Securit CI IC Research Analysts I 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 Nifty: 17956 NSE Nifty Daily Candlestick Chart Domestic Indices Technical Outlook NSE Nifty Weekly Candlestick Chart Daythatwas… Open High Low Close Indices Close 1 Day Chg % Chg K Equity benchmarks continued to inch northward over an eighth session in a SENSEX Index 60298.00 37.87 0.06 sIC row. The Nifty ended Thursday’s session at 17956, up 12 points. Market 17898.65 17968.45 17852.05 17956.50 ck P breadth remained in favour of advances with A/D ratio of 1.2:1. Sectorally, Target NIFTY Index 17956.50 12.25 0.07 PiM metal, financials, FMCG outshone while IT, auto, pharma took a breather. 18604 TechnicalOutlook Nifty to head @ 18300 Nifty Futures 17980.35 6.25 0.15 umNTU • The index started the weekly expiry session on a subdued note. towards 18300 in BSE500 Index 24560.74 40.06 0.16 tE However, buying demand from last session’s low helped it to recoup comingweeks enM intraday losses and end the session on a flat note. The daily price action Midcap Index 25286.51 104.51 0.42 omO formed a small bull candle with higher higher-low, indicating Small cap Index 28438.57 95.57 0.34 MM continuance of upward momentum. Key point to highlight is that, the NSE Cash turnover has seen improvement by sustaining above its one Support SGX Nifty 17970.00 -10.35 -0.06 months average at | 59000 crore compared to the start of July reading * SGX Nifty at 7:30 am of | 44000 crore, indicating broad based participation @ • Going ahead, we reiterate our positive stance and expect the Nifty to 17500 Nifty Technical Picture head towards our revised target to CY22 high of 18350 in coming Intraday Short term weeks. However, the move towards 18350 would be in a zigzag manner as past five week’s 13% rally hauled daily and weekly stochastic 12% Trend oscillator in overbought conditions currently at 97, each. The secondary Support 17890-17840 17500 correction is a norm in a bull market. Hence, a temporary breather at higher levels should not be construed as negative. Instead, temporary Resistance 17990-18050 18300 breather should be capitalised on as incremental buying opportunity. 16% Ourconstructive stance is further validated by following observations: 20 day EMA 17138 esearch • a) Nifty, Nifty midcap indices have registered a bullish golden crossover 200 day EMA 16628 R (50-day EMA crossing 200-day EMA), Indicating positive development Extension 18% y from a medium term perspective. Since 2008, in eight out of 10 such of rally Nifty Future Intraday Reco. instances the Nifty has generated minimum 8% return in subsequent Equit three to four months b) percentage of stocks above 200 day EMA has Action Buy risen to 51% against a reading of 30% two weeks back and lowest Weekly RSI rising while sustaining above its ail reading of 14% at June lows. Sequential improvement in breadth using nineperiod average, indicating positive bias Price Range 17888-17912 Ret long term indicator signifies broad based participation in rally Target 17949/17998 • Key point to highlight is that, the Nifty midcap and small cap indices – have logged a resolute breakout from downward slanting channel Stoploss 17848.00 ies encompassing corrective move since October 2021, January 2022, respectively, indicating conclusion of corrective bias. This move is Sectors in focus (Intraday) : supported by significant jump in market breadth as currently 88% Securit component of Nifty 500 universe is trading above 50 days SMA Positive: PSU, BFSI, IT, Consumption, I compared to July starting of 24% that augurs well for extension of Capital Goods, Metals, Pharma IC ongoingrally. C • Structurally, prolongation of rallies underpinned by improving market I breadth makes us confident to revise support base at 17500 as it is 61.8% retracement of most recent rally (17161-17968) • In the coming session Index is likely to open on a flat to negative note tracking muted global cues. The formation of higher high-low signifies buying demand at elevated support base. Hence, use intraday dip ICICI Securities Ltd. | Retail Equity Research 2 towards 17888-17912 for creating long position for target of 17998 Source: Bloomberg, Spider, ICICI Direct Research Revival in sentiment indicator bodes well for next leg of up move… Nifty – Monthly Bar Chart • Percentage of stocks above 200 DMA of Nifty 500 universe has recorded extreme low reading of 14 at June low of 15200 • Since 2008 reading below 15 has always lead to a durable bottom in each of the six instances K • Subsequent rallies in Nifty have measured minimum 20% from lows on each occasion PCI M TUN 21% ME 31% MO 31% 24% 25% • Currently Sentiment indicator has risen to 46% against a reading of 30% two weeks back and lowest reading of 14% at June lows. 43% • Sequential improvement in breadth using long term indicator signifies broad based participation in rally Nifty 500 – % of stocks above 200 DMA Sentiment indicator reversed from bearish extreme with a reading Research of 14 y quitE ail et R – ies 16 14 13 14 10 8 ISecurit 1 CIC I Source: Trading View, ICICI Direct Research 3 Nifty Bank: 39656 Technical Outlook Nifty Bank Index – Weekly Candlestick Chart Nifty Bank daily change Daythatwas: Open High Low Close Indices Close Change Change% K The Bank Nifty continued to march northward over eight session in a 39324.40 39703.70 39291.15 39656.15 Nifty Bank 39656.15 194.45 0.49 IC row to close higher by 0.5% on Thursday. The up move was mainly 41829 Target P led by the private banking stocks while the PSU banking stocks @ 40000 M consolidated its recent gains. The Bank Nifty closed the session at 38765 BankNifty Technical Picture TU 39656levels upby194pointsor0.5% Intraday Short term EN TechnicalOutlook Trend OM • The daily price action formed a bull candle which maintained Support 39510-39350 38000 M higher high-low signaling continuation of the positive Resistance 39790-39900 40000 momentum. • Going ahead, we expect the index to maintain positive bias and 32155 32290 20 day EMA 37486 head towards the psychological mark of 40000 in coming 30405 200 day EMA 35770 sessions being the 80% retracement of entire decline off October Support at 2021toJune2022(41829-32290) 28976 38000 • Bank Nifty has relatively outperformed the benchmark index during the market correction and the subsequent pullback as can Weexpect index to maintain positive bias and be seen in the Bank Nifty/Nifty ratio chart. It continues to remain head towards 40000 levels in the coming in rising trend forming higher high-low and is seen sustaining sessions above the recent falling supply breakout area joining highs since January 2021 highlighting strength and continuation of the 52 weeks outperformance EMA esearch • Index after a sharp rally of more than 22% in the just eight weeks R has approached overbought condition in the daily and weekly y stochastic oscillator (currently placed at a reading of 93 and 97 respectively) indicating possibility of temporary breather at 20405 Equit higher levels cannot be ruled out. We believe any retracement of ail the recent up move from here on would make the market healthy WeeklyMACDremaininstronguptrend et and provides incremental buying opportunity. However, only a R decisive close below last session low (39291) would lead to a breather, else continuation of upward momentum – • The formation of higher high-low on the weekly chart makes us ies confident to revise the support base higher towards 38000 levels th Bank Nifty/Nifty ratio chart as it is the confluence of the 11 August bullish gap area at 38200 Forming higher high-low and sustaining levels and the 50% retracement of the last four weeks up move above the major trend line breakout area Securit (36248-39703)placed around38000levels ICI C In the coming session index is likely to open on a flat to negative I note amid soft global cues. We expect the index to trade with positive bias while maintaining higher high-low. Hence use intraday dips towards 39430-39500 for creating long position for the target of 39760,maintain a stoploss at 39320 Source: Bloomberg, Spider, ICICI Direct Research ICICI Securities Ltd. | Retail Equity Research 4 August 19, 2022
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