Technical Strategy: Nifty to challenge life highs, to scale 16400 by September…

June 2021

Research Analysts

Dharmesh Shah Nitin Kunte, CMT Ninad Tamhanekar, CMT [email protected] [email protected] [email protected]

Pabitro Mukherjee Vinayak Parmar [email protected] [email protected]

May 25, 2021 Nifty to challenge life highs, to scale 16400 by September… Others Chemical Pharma & Infra and Realty Metals Capital goods Auto PSU Consumption Telecom Technology & BFSI Sectors May 2021 25, Source • • • Technical Outlook.. wherein We outperformance Broader and dips the consumption, target lifetime structural sector The around support lifetime In : Spider line index midcaps formation expect should Life, VTL Life, Astec Nocil, SBI Card, MoldTech , Rallis, Int Solara CaplinPoint, Lab, Divis , HG Oberoi Realty, Infra Cement, Ambuja JSL Metalik, Tata ,Graphite, Steel JSW Refractories Orient Kenna metal, SKF, , Carbon Philips Industries, M&M, Auto, Bajaj Balkrishna motors, Tata BEL Concor, GAIL, BPCL, Ceramics. Kajaria Plastic, Nikamal Poly, Astral Paint, Asian Soft Birla Cyient, Persistent, , HDFC, CSB SBI, Finance, Bank Bajaj Outperformers Software, with surging participation of high highs catch base market positive to 16400 our . be breach broader ICICI of auto up of in of Covid capitalised 15400 view, endured Direct activity 15400 the stance higher indices and over the - makes 19 Research . Nifty range market In infra key . and cases would and peak We the the on stayed approaching . support us In eventually of expect they process, to across and outperformance be next the 14400 confident accumulate seen scaled process, trough outlier the threshold Sagar Cement, Ambica Cotton Ambica Cement, Sagar GPPL, Inds, Indigo, VIP Hotels, Indian Carbogen Dishman IndocoIndia, Remides, Abbott Mah Logistics Cement, India Movers, Infra, PNC Sanghvi KSL SAIL, Steel, Tata NRBACE, Welding L&T, Ador Bearing, Uniquoters JK Mayur Escort, Tyres, Leyland, Ashok IOC, BEML, RCF, IDBI Bank Consumer Godrej ,Bata, Kansai, , Titan Industries,,Teamlease. TCS,, Reliance Canfine Fin, Homes Sundaram Bank, Indusind Bank, Kotak Bargain Buy India quarter, - 14600 in index head Nifty towards fresh small coupled of as we quality to formed towards despite of 52 reiterating led caps do resolve to their our 14600 weeks not with accelerate by large target a relative revised anxiety . expect strong above Thus, ICICI Ltd. Securities Retail| Equity Research BFSI, multi high cap our of . revised of We NSE Nifty NSE

------Potential Returns (%) ------Relative 15400 -20 -15 -10 expect 10 15 20 25 30 35 40 -5 0 5 target and the bias Daily rotation graph projection: Cyclicals to outperform projection:Cyclicals graph rotation Returns Daily Daily of see 1 index Returns Returns 16400 RSI acceleration Consumption,&Infra Bar Chart Bar oscillator to Capital Capital IT goods, BargainBuy over resolve Neutral &Telecom Oil&Gas next pointing of 2 out quarter up of move Ranking all upward * Ranking* improves from 1 to 5 Ranking - time ------Technical Ranking ------towards high after escalating Strong generating 15432 3 base concerns bullish Market Performers formed Returns Returns over crossover, Chemical,PSUAuto, Outperformers 2 BFSI,Pharma& at nd Metal 14151 wave 14600 indicating Target @ 16400 @ Target of 4 Covid Ranking despite Ranking positive @ Support - 19 14600 5 2

ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK Nifty May 25, 2021 May 25, over next quarter… Nifty: Consolidation breakout to lead Nifty towards 16400 Source 8186 – : Spider WeeklyChart Bar Software, ICICI Direct Research Weekly RSI logged bullish crossover, indicating positive biaspositive crossover, indicatingbullish RSI Weeklylogged entry opportunity. As a result, our buy on dips strategy worked well. worked strategy on result,dips our buy As a entry opportunity. fresh offeredtime correction wise and price maturity of lines, expectedOn 12103 ICICI Securities Ltd. | Retail Equity | Retail Research Ltd. Equity Securities ICICI correction 11% consolidation breakout consolidation Three 12430 years 7511 correction 8% correction 8% - - - 14600 Key low c b of 61 support ) ) correction current . 20 past 8 as at % 9% weeks it 15432 14592 three is retracement is : rally 14151 placed EMA week’s 16400 @ Target @ 14600 Support Support at Technical Outlook o o o o o o o c) b) move a) is expect over held support that signifies trough The 14151 February c) way range b) ( based a) term target makes week lifetime We indicating formed past Equity 12200 : past 20 breakout 61 implied 161 expect towards makes formation as second . two . weeks ( 8 ), ( despite upward 15251 15400 - . three % This the 8000 us 8 on it base benchmarks is a - high % April is elevated retracement month’s placed consolidation rejuvenation higher confident the target Nifty the external confluence from us ), EMA - week’s structural - wave at 16400 14151 14400 at at of index escalating 14600 confident of larger 16200 16400 to at past decline 15400 is of peak consolidation higher of ) 16223 ) hold buying low placed to retracement would of CY snapped Covid (that three of of degree resolve improvement over of 17 at revising and 14600 : of in current - peak 14592 up 20 - concerns has at pave breakout 19 month’s demand medium revising ( coming trough, 15432 14500 ) trend out broad . chart 3 been as their and and We our the up of of it - . ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK BankNifty May 25, 2021 May 25, Bank Source : Bloomberg, trend 11 Falling Nifty – sessions Weekly Chart Bar . Spider, We supply expect ICICI decline t line o challenge Direct it breakout to retraced Research 16116 gradually Correction and 21967 in 21% just head a 17105 faster Weekly 05 towards sessions) retracement lifetime highs, target 38600 over quarter stochastic 38600 signals levels in remain the Correction resumption 25232 20% in smaller in the 20405 ICICI Securities Ltd. | Retail Equity | Retail Research Ltd. Equity Securities ICICI up medium trend time of primary thus frame term supports (as up - - - 32000 the demand monthly The 32300 The move 61 The support formation . the 8 levels last rising % that ( chart positive 30405 levels 29687 retracement month as base 100 makes of it 37708 signifies - 35087 is days bias low higher higher confluence us placed in ) EMA correction of assured the 19% high elevated towards the index also 30405 at - low of Target@ 38600 31906 recent : placed to 32500 on buying revise the up at - … o o o o Technical Outlook move set thus 19 Recently, witnessed correcting maintained In month’s highlighting formed Index from move price levels ( and continue Going resumption last supply resolute the momentum The 37708 % line rally up Bank Nifty the providing parity from in on in ahead, ) ( line three for coming corrective recent a past the with its 29687 and the . it breakout Nifty its of the with rebounded joining and bullish It current reversal medium more since monthly the its we the head our favourable all recently - trough next months has 37708 started the months previous - up expect time pattern major strong rhythm view, previous engulfing above regained move than leg of term towards March ) time of after high outperforming as the registered 30405 of the highs all risk momentum as the frame correcting - indicating 20 major a projected time last major ( index of it positive 37708 % reward candle 38600 of falling 4 is 2020 index high two has not the the up up as to ), a . ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK Broader market to extend structural outperformance…. May 2021 25, 0.4 0.5 0.6 0.7 0.8 0.9 1.0 Source 1.0 1.5 2.0

: Aug-05 Aug-05 Bloomberg, Nov-05 Nov-05 Feb-06 Feb-06 May-06 May-06 Aug-06 Aug-06 ICICI Nov-06 Nov-06 Feb-07 Feb-07 Direct May-07 May-07 Aug-07 Aug-07 Research Nov-07 Nov-07 Feb-08 Feb-08 May-08 May-08 Aug-08 Aug-08 Nov-08 Nov-08 Feb-09 Feb-09 May-09 May-09 Aug-09 Aug-09 Nov-09 Nov-09 Feb-10 Feb-10 May-10 May-10 Aug-10 Aug-10 Nov-10 Nov-10 Feb-11 Feb-11 May-11 May-11 Aug-11 Aug-11

Nov-11 Nov-11 Nifty / cap Index Mid Feb-12 Feb-12 May-12 Nifty / Index cap Small ICICI Ltd. Securities Retail| Equity Research May-12 Aug-12 Aug-12 Nov-12 Nov-12 Feb-13 Feb-13 May-13 May-13 Aug-13 Aug-13 Nov-13 Nov-13 Feb-14 Feb-14 May-14 May-14 Aug-14 Aug-14 Nov-14 Nov-14 Feb-15 Feb-15 May-15 May-15 Aug-15 Aug-15 Nov-15 Nov-15 Feb-16 Feb-16 May-16 May-16 Aug-16 Aug-16 Nov-16 Nov-16 Feb-17 Feb-17 May-17 May-17 Aug-17 Aug-17 Nov-17 Nov-17 Feb-18 Feb-18 May-18 May-18 Aug-18 Aug-18 Nov-18 Nov-18 Feb-19 Feb-19 May-19 May-19 Aug-19 Aug-19 Nov-19 Nov-19 Feb-20 Feb-20 May-20 May-20 Aug-20 Aug-20 Nov-20 Nov-20 Feb-21 Feb-21 May-21 May-21 maintained expect following structural 2014 breakouts Historically, years upward broader The of steam bull participate should outperformance to We Click here to goto top quarters extend relative expect market of left not same underperformance market around resulted bull two over be in their broader in in performance as CY rhythm fearful market a . next years 2009 has 21 after significant structural structural market in similar couple turned rather . to three over One and We 5 be of a

ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK Nifty Midcap 100 Midcap Nifty Nifty Midcap: Structural outperformance to extend May 25, 2021 May 25, Source • • following towards outperformance Broader : Bloomberg, 12 produced of currently highs index - 17000 15 market observations 30000 post months maintained Spidersoftware . it average Past falling has – against to in Monthly Chart rallied three channel see : coming the return , ICICI comparable 50 rhythm acceleration benchmark % breakout of Direct from months, 72 of Research % the scaling in breakouts breakout the in and based following to relative head fresh have area on Nifty Midcap: Monthly Bar ChartMonthly Midcap:Nifty 2018 2010 2008 2006 1 year1 post breakout returns -90 - 70 Midcap performance post channel breakout (in %) (in breakout channel post performance Midcap ICICI Securities Ltd. | Retail Equity | Retail Research Ltd. Equity Securities ICICI - 51 - - 39 38 -40 10 Post Breakout Rally 60 Nifty Midcap 100 NiftyMidcap 59 59 70 110 99 EMA 10 Major Correction 9 % Weeks 160 149 – Weekly Chart Weekly 160 9 forming three correcting Index % consecutive maintained a higher for more base 8 weeks % the than above 9 % and rhythm 9 % 50 subsequently 8 over % days Target of two EMA not to @ 30000 6

ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK Nifty Small cap 100 cap Small Nifty May 25, 2021 May 25, Small cap: Lifetime highs to be surpassed… Source • • in outperformance Small coming : Nifty Bloomberg, seen away all Nifty 74 Past - % cap time – in months, in two midcap from Weekly Bar ChartWeekly the Small high, Spidersoftware index similar following against its index Caps based whereas all – - to MonthlyChart breakouts time has the 12 on , ICICI see - : high 15 benchmark taken Nifty Direct months . have acceleration Hence, a small Research breather produced and cap catch head after index incremental consecutive correction correction Price up in average clocking towards activity wise is its still return the for buying relative has can a 10600 ~ weeks fresh index 11 more be of % not opportunity has that than ICICI Securities Ltd. | Retail Equity | Retail Research Ltd. Equity Securities ICICI exceeded 2018 2010 2008 not have - 77 10 -90 - 67 exceeded Nifty Small cap: Monthly Bar ChartMonthly cap: Small Nifty % - Smallcap performance post channel breakout (in %) 46 eventually while -40 1 year post breakout more intermediate 10 time than offered 60 wise 2 59 - 3 Entire Rally Nifty Small cap 100 cap NiftySmall 88 110 131 160 9 % Major Correction 210 260 – Weekly Chart Weekly 285 10 % 10 % 8 % 7 % Target @ 10600 7

ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK 100.50 RS Momentum101.50 102.50 103.50 104.50 105.50 97.50 98.50 99.50 May 25, 2021 May 25, Sectors in focus: BFSI, consumption, auto, infra Source ISEC Relative strength model strengthmodel Relative ISEC 99.00 Neutral : Bargain BSEBANKEX Bloomberg, Buy ICICI Direct BSEFMCG 100.00 Research – BSEAUTO Weekly IT FMCG 101.00 BSECAPGOOD Auto PSU Banks Relative Strength Relative 102.00 BSEPSU ICICI Securities Ltd. | Retail Equity | Retail Research Ltd. Equity Securities ICICI Goods Capital BSEHEALTH Healthcare 103.00 Metal BSEINFO 104.00 BSEMETAL Market Out Performer BSEPOWER Power Performer 105.00 Outlook o o o o o o par current expected The with and move Metals risk buy breather fresh Capital continue momentum stocks quadrant PSU up risk up quadrants quadrant Auto outperformance expected and with placed outperformance Banking move with trend reward reward are opportunity are the movement improvement has large is up at consolidation goods . after expected seen placed market the its after Thus, are the to and stocks moved move signalling to to set set out market and cap outperformer the forming the stocks - recent up up it . provides witnessing continue continue performance at in term with provides are after to for Out the coming recent from It IT in resumed perform and resumption . up the resumed a out is both expected a performance Hence stocks higher the the move next perform favourable favourable performer months sharp a with with quadrant currently bargain relative neutral strong recent at . leg base it their their PSU par are 8 up its its to of of at is

ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK Sectoral May 2021 25, Source Uptrend Healthcare BSE Relative Strength Comparative: Evaluating Evaluating Comparative: Strength Relative • • • While comparative To The down going trending : Bloomberg, closely purpose intact by down the market the RSC gauge . ICICI measure same of If indices the line this or Direct – the magnitude market even Monthly Chart exercise is Research of underlying rising, strength rising is is going the . to While – sector identify vis strength down - à Relative to benchmarks the - vis is those RSC when a outperforming in benchmark respective line sectors the underlying underlying is RSC falling, that or sectors line the a are sector the is general outperforming falling, strength ICICI Ltd. Securities Retail| Equity Research sector vis BSE Healthcare Index BSE - à - vis market the is underperforming the sector benchmark, i and . e . is it avoid is going either sectors we down the rising vs. analyse broad that more Sensex faster are equity the than underperforming than Relative – the market Relative Comparison Relative the market benchmark . Strength If the . A market flat Comparative RSC in is an line going up indicates trending up, (RSC) Technical Outlook the • • • indicator in market sector favourable and while Caplin Technically, positive weeks breather expect performance Post structure uptrend The line market is Healthcare or . Abbott Dishman point to As going sharp structure the in going and come risk the May performance and we over India, sector up - form reward name down – uptick while Solara less led index Pharma & Chemicals Pharma & Carbogen like two a Indoco suggests, by or less, to setup higher maintaining to extended Divis may months, strong in going undergo outperform in Remedies , be base a provide relative it down Cipla up price even is 9 we its its or in a a ,

ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK Sectoral May 2021 25, Source BSE FMCG BSE provide Structural BSE : Bloomberg, IT fresh – uptrend Weekly entry – ICICI MonthlyChart 6782 opportunity Indices intact Direct Chart . Research Breather 12850 to – Relative to benchmarks 8496 ICICI Ltd. Securities Retail| Equity Research BSE FMCG BSE IT vs. Sensex Sensex vs. Index vs. Index Relative ratio – Sensex Sensex Relative Comparison Relative continues decline – Relative Comparison Relative • • • Technical Outlook • • • Technical Outlook reward Teamlease outperform Cyient Within index We recent outperformance Going after The reward Consumer Bata, Nilkamal We sector by as phase We higher discretionary stock The risk/reward strong expect expect IT rally consumption believe in , specific base to higher presents Titan, forward, setup setup coming index , Birlasoft sector, resume in Kajaria price provide provide broadly Asian May formation while space base action the Trent, witnessed turns months structure of an we outperformance to Wipro, Paints, are IT sector, formation - a recent the a entry outperform has favourable last Consumption - to expect favourable favourable TCS, Kansai, IT sector expected resume . undergone month Astral opportunity We a Persistent, witnessed corrective breather activity Infosys, relative to expect Godrej aided while while 10 Poly, after risk lead risk to a - . -

ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK Sectoral BSE Capital Goods Capital BSE opportunity Index May 2021 25, Source BSE Oil & Gas Gas & Oil BSE retesting : Bloomberg, breakout, ICICI Indices – Direct offers Monthly Chart – Research Monthly Chart fresh 15628 entry – Relative to benchmarks ICICI Ltd. Securities Retail| Equity Research BSE CG BSE BSE Oil & Gas vs. Sensex Sensex vs. Gas & Oil BSE vs. Relative Sensex Sensex Under – Relative Comparison Relative performance – Relative Comparison Relative to continue Technical Outlook • • • • • • Technical Outlook coming from We terms expected Industries month Index barring Gas The reward Welding while Refractories Stocks and month resume In which rebound month Capital relative are relative breakout space is breather risk now L&T, few given months positive setup resuming like its after breather goods provide . to terms, However stocks turned underperformance outperformance under and reward SKF, ACE, is the on testing mainly on expected RSC Siemens the index - a robust its Kenna as perform Reliance Capital goods Capital NRB favourable and broadly, – uptrend sector line supports its perspective Oil & Gas & Oil led price 2018 snapped Bearing, Metal, made to by on to is Industries outperform after in sector Reliance - poised 19 structure in relative risk extend 11 coming Oil Orient peaks sharp two Ador risk two in is & to - ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK Sectoral May 2021 25, Source BSE Auto BSE BSE Metal Metal BSE : Bloomberg, indicating Index – maintained Monthly Chart – positive ICICI Monthly Chart Indices Direct trend Research higher high – - low Relative to benchmarks ICICI Ltd. Securities Retail| Equity Research BSE Metal vs. Sensex vs. Metal BSE BSE Auto BSE Index vs. Index Ratio line Sensex Sensex expected – Relative Comparison Relative to – pause Relative Comparison Relative at key trend line Technical Outlook Technical Outlook • • • • • • setup Pricol Ahok Philips M&M, Technically risk 2 space We which uptrend The reward Kalyani outperform Graphite We outlook taper expect connecting RSC at candled The higher outperformance The - wheeler higher - expect reward expect metal line Auto Leyland, higher helped to offer high down setup is Carbon Steel is Balkrishna extend is sector after level intact and space - index indicative commercial setup approaching low JSW index 2014 Bajaj while a it provide while shadow ESCORTS, after favourable to two on Jindal outperformance to - extended Steel, and outperformance Auto, form provides while - - monthly is Tata Metal outperform Auto strong of overall month Industries 2017 favourable seen higher vehicle, Tata profit key Stainless Tata on Steel, Asahi maintaining risk its charts rally favourable peak trend Metaliks resuming base monthly breather booking positive Motors, relative - reward tractor 12 while SAIL, . India, while while risk We line and to to - , ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK Sectoral May 2021 25, Source BSE : Bloomberg, Realty Realty – ICICI Indices Monthly Chart Direct Research – Relative to benchmarks ICICI Ltd. Securities Retail| Equity Research BSE Realty Realty higher Ratio vs. Sensex Sensex vs. line base is formation poised – Relative Comparison Relative for a breakout after Technical Outlook • • • reward Logistics Movers, outperform Cement, We turns buying after sector line poised In correction The . relative Infra a In favourable believe base setup to near quality coming India Oberoi space in resume provide while formation terms, April a Cements stocks five has technically, Realty, months, – and PNC upward Realty & Infra & Realty undergone the year favourable and May as Infra, and HG ratio falling recommend risk we 2021 trajectory Mahindra Infra Sanghvi Ambuja reward line decent expect 13 trend risk will is - ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK 3-Jun 3-Jun 1-Jun India 30-Jun 30-Jun 30-Jun 24-Jun 16-Jun 15-Jun 10-Jun 4-Jun 4-Jun 1-Jun 1-Jun US Date 30-Jun 15-Jun 15-Jun 14-Jun 14-Jun 11-Jun May 2021 25, Forthcoming Economic Event Calendar Source: Bloomberg, ICICI Direct Research Direct ICICI Bloomberg, Source: FOMC Rate DecisionRate (Upper/LowerFOMC Bound) Markit IndiaMarkitServices/Composite PMI Markit US Service /CompositeServicePMI US Markit Markit US ManufacturingUS Markit PMI EightInfrastructure Industries Change in Nonfarm Payrolls inChangeNonfarm Pending Home Sales MoM PendingHomeSales IndustrialProduction MoM ADP EmploymentADP Change IndustrialProduction YoY Wholesale Prices YoY Prices Wholesale Markit IndiaMarkitMfg PMI GDP AnnualizedGDP QoQ ISM ManufacturingISM MNI ChicagoMNIPMI TradeBalance ExportsYoY RBIPolicy CPI MoM CPI CPI YoY CPI Event 30-Jun 28-Jun 24-Jun 24-Jun 15-Jun 12-Jun 7-Jun 7-Jun 4-Jun UK 30-Jun 30-Jun 27-Jun 23-Jun 17-Jun 16-Jun 16-Jun 9-Jun 3-Jun 1-Jun China Date ICICI Ltd. Securities Retail| Equity Research Bank of EnglandLiabilites/Credit of Bank Bank Conditions Surveys Caixin China PMI Services/CompositeCaixin ChinaPMI Markit UK PMI ManufacturingUK Markit PMI SA FX Net Settlement - ClientsCNY Settlement- Net FX Markit/CIPS UK Markit/CIPS CompositePMI Nationwide House Px NSA YoYNSA NationwidePx House AutoEx MoM Fuel Retail Sales Markit/CIPS UK Services PMI UK Markit/CIPS Services IndustrialProduction YTDYoY CBIRetailing Reported Sales Swift Global Payments CNY Global Swift Payments Lloyds Business Barometer Business Lloyds IndustrialProduction MoM Non-manufacturingPMI New Yuan Loans CNY YuanLoans New Mfg Caixin ChinaPMI IndustrialYoY Profits YTDYoY Retail Sales ManufacturingPMI Event 14

ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK May 2021 25, Guidelines to RRG Charts...... Bargain Neutral Market Out explained Sensex In this Performer section, with Performer quadrant Buy in the the quadrant quadrant we notes y : - axis Bottom focus quadrant at : plotting Top : the on Top left left end the : Bottom right is the is relative of the the relative the is “Lagging” “Leadership” right “Improving” report performance price is . the quadrant momentum “Weakening” quadrant quadrant, of where the where BSE and which quadrant the the sectoral ICICI Ltd. Securities Retail| Equity Research the relative represents x - relative axis where indices price plotting price a the of sector . The relative a the trend sector adjacent relative that of price has has the price become sector strengthened scatter of a . sector The has chart negative chart started has highlights in is started relative with then to rise momentum subdivided to price the with deteriorate relative and momentum momentum suggesting into performance and four momentum . quadrants underperformance vis - à of - vis various . has The the started Sensex details sectors vis to . of - slow à of each - vis the . the quadrants BSE benchmark relative has to . been 15 the

ICICI SecuritiesICICI Securities – Retail – Retail Equity Equity Research Research MonthlyMOMENTUM Technical Sectoral PICK May 2021 25, Pankaj Pandey ICICI Ltd. Securities Retail| Equity Research [email protected] (East) Andheri No7,MIDC, Road 1st Floor, Limited, Securities ICICI Direct Research ICICI Head – Research – Akruti 400 093 400 Trade Centre, Trade Desk, pankaj . pandey@icicisecurities . com 16

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ICICI Securities – Retail Equity Research MOMENTUM PICK