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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 ...

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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                                                                  –
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                                                                                                                                                                                                                               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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