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8 e A l 0 0 0 y Momentum Picks - ICICI Direct

Momentum Picks Momentum pick . New recommendations Open Recommendations Date Scrip I- Direct Code Action Initiation Range Target Stoploss Duration 1-Feb-18 Hero MotoCorp HERHON Buy 3, Intraday Gladiator Stocks 1-Feb-18 Tata Chemicals TATCHE Buy Intraday *Due to high volatility owing to Union Budget 2018, we are not giving any pre-market Nifty recommendation. It will be initiated at an opportune moment. Scrip Action Maruti Buy VST Industries Buy Open recommendations ITC Buy Date Scrip I- Direct Code Action Initiation Range Target Stoploss Duration Duration: 6 Months 11-Jan-18 NRB Bearings NRBBEA Buy 30 Days Click here to know more.

ties – esearch PICK NSE (Nifty): 10957 Equity benchmarks witnessed range bound activity as the Nifty ended the session at 10957, down 23 points or 0.2%.

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Transcription of 8 e A l 0 0 0 y Momentum Picks - ICICI Direct

1 Momentum Picks Momentum pick . New recommendations Open Recommendations Date Scrip I- Direct Code Action Initiation Range Target Stoploss Duration 1-Feb-18 Hero MotoCorp HERHON Buy 3, Intraday Gladiator Stocks 1-Feb-18 Tata Chemicals TATCHE Buy Intraday *Due to high volatility owing to Union Budget 2018, we are not giving any pre-market Nifty recommendation. It will be initiated at an opportune moment. Scrip Action Maruti Buy VST Industries Buy Open recommendations ITC Buy Date Scrip I- Direct Code Action Initiation Range Target Stoploss Duration Duration: 6 Months 11-Jan-18 NRB Bearings NRBBEA Buy 30 Days Click here to know more.

2 22-Jan-18 Persistent PERSYS Buy 30 Days Intraday recommendations are for current month futures. Positional recommendations are in Cash segment ICICI Securities Retail Equity Research February 1, 2018. Research Analysts Dharmesh Shah Nitin Kunte, CMT Ninad Tamhanekar, CMT. Pabitro Mukherjee Vinayak Parmar Volatility to offer buying opportunity . Technical Outlook NSE Nifty Daily Candlestick Chart Domestic Indices Equity benchmarks settled lower for a second consecutive Open High Low Close Indices Close Change Change%. pick . session weighed down by profit booking ahead of the Union MOMENTUMPICK.

3 S&P BSE Sensex Budget to end at 11028, down 22 points ( ). Even Nifty 11172. Midcap & small caps ended in the red for a fifth consecutive Nifty 50 Momentum . session with a loss of & , respectively. As a result, the market breadth remained negative with AD ratio of 1 Nifty 50 future Barring private banks, all other indices ended in the red. S&PBSE 500 The price action formed a Doji candlestick pattern characterised S&PBSE Midcap by small real body with long shadows on either side, indicating indecisiveness ahead of major event of Union Budget. As S&PBSE Smallcap discussed in the last edition, the index held the support zone of SGX Nifty 10966 on a closing basis.

4 The index has cooled off over two sessions, after the strong pre-Budget rally over the past six * SGX Nifty at 7:30 am weeks led the short-term stochastic oscillator into highly overbought territory with a reading of 96, which has now Nifty Technical Picture cooled off towards 55. Intraday Short term An elevation of volatility is a norm on Budget session. We believe the market has a strong demand base in the range of Trend ICICI Securities Retail Equity Research 10900 10800, which will be held despite such volatility. Any dip Support 10966-10880 10700. towards this range should be capitalised for an incremental buying opportunity in quality stocks.

5 Sustenance above 11000 Resistance 11172-11230 11400. post Budget would set the stage for a rally towards our 20 day EMA 10844. earmarked target of 11400 in coming weeks. 200 day EMA 10008. On the structural front, the index has maintained a positive stance characterised by higher peak, higher trough on weekly 10075. and monthly charts. As a result, we reiterate our earmarked The Stochastic indicator is placed at 55, suggesting target of 11400 in coming months as it is the 161% extension of cool off can continue for next couple of sessions. the October rally (9688 to 10490), projected from the recent major Gujarat election result panic low of 10075.

6 The current strength in the market makes us confident to upgrade support base higher towards 10800 being: The long term trend line joining lows of December 2016 and September 2017 placed around 10750 levels The retracement level of recent up move from 10075 . 11172 is placed around 10752 levels Source: Bloomberg, ICICI Research February 1, 2018 ICICI Securities Ltd. | Retail Equity Research 2. Bank Nifty Future (27465). Technical Outlook Bank Nifty Index Daily Candlestick Chart Nifty Bank Futures Bank Nifty futures traded with high volatility and witnessed a Open High Low Close Indices Close Change Change%.

7 Momentum pick . sharp pullback in the last hour of trade to end on a positive note 27639 Nifty Bank ahead of the Union Budget 2018. The near month Bank Nifty index ended at 27465, up by 106 points or The index began the session on a soft note on the back of profit booking in the global market and got dragged lower to form an intraday low of 27210 in initial trade. The index consolidated in a Nifty Bank Technical Picture narrow range of 80 points in midsession and, thereafter, Intraday Short term witnessed a strong rebound in the last hour of trade. It formed a fresh intraday high of 27582.

8 The index ended off the day's high Trend at 27465. The Nifty private bank index ended up whereas Support 27210-27050 26200. the Nifty PSU bank index ended down on Wednesday. 26200. Gap @ Resistance 27640-27800 28100. The price action formed a bullish candle with a lower low and a 26290-26429. higher high highlighting an intraday volatility. A strong pullback 25850 20 day EMA 26647. in the last hour of trade from last Thursday's low (27170) 200 day EMA 24315. suggests the overall positive bias in the index. Volatility is likely to be high in the coming session on account of the Union Budget 2018.

9 The immediate bias remain positive above ICICI Securities Retail Equity Research previous week low of 26830 as sustaining above which will maintain the higher high and higher low on the weekly chart. 24886. Nifty Bank vs. Nifty Extending rallies and shallow corrections have remained the hallmark of the current rally off December 2017 lows. As the 11600 27300. current rally extends beyond psychological barrier of 27000, we 11100 26100. expect the index to extend the current up move towards 28100. in the coming month as it is the extension of the 10600 24900. The daily stochastic is reacting lower from the overbought October-November 2017 up move (23886-26200) as projected territory and is currently placed at a reading of 68 10100 23700.

10 From December 2017 low of 24886. 23886. 9600 22500. We have now revised the short-term support higher towards 21-Sep 6-Nov 18-Dec 1-Feb 26200-26400 as it is the confluence of: The previous all time high of November 2017 at 26200 levels The bullish gap area of January 18, 2018 in the range of Bank Nifty (RHS) NSE (LHS). 26313 and 26385. Among oscillators, the stochastic is reacting lower from the overbought territory and is currently placed at a reading of 68. and can lead to continuation of the choppy consolidation in the coming sessions Source: Bloomberg, ICICI Research February 1, 2018 ICICI Securities Ltd.


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