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Momentum Pick Momentum Picks Open Recommendations New recommendations Gladiator Stocks Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration 1-Oct-21 Nifty Nifty Sell 17520-17545 17482/17430 17583.00 Intraday Scrip Action 1-Oct-21 ONGC ONGC Buy 142.50-143.00 144.25/145.70 141.20 Intraday Hindalco Buy PICK MOMENTUM 1-Oct-21 UPL UPL Sell 707.00-708.00 700.60/693.80 714.60 Intraday Bata India Buy 30-Sep-21 Trent TRENT Buy 1010-1025 1125 948.00 30 Days HDFC Buy 30-Sep-21 Dhampur Sugar DHASUG Buy 290-294 312 282.00 07 Days Duration: 3 Months Click here to know more… Open recommendations Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration 29-Sep-21 SJVN SJVLIM Buy 28.3-29 31.50 27.00 14 Days 29-Sep-21 National Aluminium NATALU Buy 92-94 101.00 86.50 07 Days Intraday recommendations are for current month futures. Positional recommendations are in cash segment Retail Equity Research Retail – October 1, 2021 For Instant stock ideas: SUBSCRIBE to mobile notification on ICICIdirect Mobile app… Research Analysts Securities ICICI Dharmesh Shah Nitin Kunte, CMT Ninad Tamhanekar, CMT [email protected] [email protected] [email protected] Pabitro Mukherjee Vinayak Parmar [email protected] [email protected] NSE (Nifty): 17618 Technical Outlook NSE Nifty Daily Candlestick Chart Domestic Indices Day that was… Open High Low Close Indices Close 1 Day Chg % Chg Equity benchmarks concluded the monthly expiry session on a subdued note tracking mixed global cues. The Nifty ended the 17718.90 17742.15 17585.35 17618.15 SENSEX Index 59126.36 -286.91 -0.48 session at 17618, down 93 points or 0.5%. However, the market NIFTY Index 17618.15 -93.15 -0.53 breadth remained positive with A/D ratio of 1.1:1. Sectorally, Resistance @ 17900 pharma, PSU bank, realty outshone with profit booking seen in 3% Nifty Future 17620.00 -90.00 -0.50 financials, IT, metal. Since April 2021, rallies are getting BSE500 Index 23937.54 -60.34 -0.25 elongated followed by shallow correction BSE Midcap Index 25253.09 83.16 0.33 Technical Outlook limited to 3-4%, highlighting strength MOMENTUM PICK MOMENTUM • The Nifty started Thursday’s session on a positive note. 17326 BSE Small cap Index28081.74 155.20 0.56 Picks Momentum However upward momentum remained short lived as profit SGX Nifty 17445.00 -175.00 -0.99 booking extended over a third consecutive session. The daily 2% * SGX Nifty at 7:30 am price action formed a bear candle confined within Tuesday’s Key support trading range, indicating extended breather. The stock specific at 17400 activity prevailed as the broader market continued to being rising Nifty Technical Picture outperform the benchmark 20-EMA Intraday Short term • The lack of faster retracement on either side signifies 3% 3% extended consolidation in the range of 17900-17400 in Trend coming sessions. Over past four sessions index has retraced Support 17430-17370 17400 merely 61.8% of preceding four sessions up move (17326- 17948), indicating slower pace of retracement. Thus Resistance 17530-17590 17900 prolongation of consolidation amid stock specific action 15513 20 day EMA 17473 would continue. Meanwhile, upside will be capped at 17900. 4% 200 day EMA 15311 • The broader market relatively outperformed the benchmark 3% over a second consecutive session. We believe ongoing consolidation after ~15% rally seen over past four weeks Nifty Future Intraday Reco. would make the market healthy. Hence, dips should be Action Sell capitalised on to accumulate quality stocks to ride the next leg Equity Research Retail Price Range 17520-17545 of the up move – • Structurally, formation of higher peak and trough on the Target 17482/17430 weekly chart signifies positive trend is still intact. We expect Stoploss 17583.00 the ongoing corrective phase to get anchored around 17400 Daily stochastic pointing downward, indicating extended mark as it is confluence of: a) 80% retracement of past two breather week’s up move (17269-17948) at 17405 b) 20 days EMA at Sectors in focus (for Intraday) : 17470, which has been held since July 2021 Positive: PSU, Capital Goods, ICICI Securities ICICI In the coming session, index is likely to witness gap down opening Consumption, Auto tracking weak global cues. The breach of Tuesday’s low (17620) indicates extension of corrective phase. Hence, post gap down opening use intraday pullback towards 17520-17545 for creating fresh short position for target of 17430. 2 ICICI Securities Ltd. | Retail Equity Research Source: Bloomberg, Spider, ICICI Direct Research Nifty Bank: 37425 Technical Outlook Nifty Bank Index – Daily Candlestick Chart Nifty Bank daily change The Nifty Bank traded with corrective bias for the third consecutive Open High Low Close Indices Close Change Change% sessions and closed the monthly expiry session lower by 0.8% on Thursday. The PSU banking stocks continue to outperform with the 37677.80 37884.85 37354.25 37425.10 Nifty Bank 37425.10 -317.90 -0.84 PSU bank index closed higher by 0.8%, while the private banking stock witnessed profit booking as the private bank index closed lower Target @ by 0.8%. The Nifty Bank closed the session at 37425 levels down by We expect the index to consolidate in a range 38600 Nifty Bank Technical Picture 317 points or 0.8%. 36200-38000 Intraday Short term Technical Outlook Trend • The daily price action formed a small bear candle, the last two Support 36870-36630 36200 PICK MOMENTUM sessions price action remained contained inside Tuesday’s price 36317 range signaling a breather around the psychological mark of Resistance 37200-37430 38000 18000. Index in today’s session is opening gap down amid weak 20 day EMA 37198 global cues signaling an extended profit booking after the recent up move 200 day EMA 33706 • Key observation is that the index since April 2021 has not corrected for more than three to four consecutive sessions, with Support @ three sessions of decline already behind us, we expect the index to 36500 maintain the rhythm and witness a rebound in the coming couple 34115 of sessions • Going ahead, we expect the index to undergo a healthy consolidate in the broad range of 36200-38000 in the coming week, thus forming a higher base for the next leg of up move 50 Days • Volatility is likely to remain high on account of the volatile global EMA cues. Buying on decline strategy has worked well in the last 15 months, thereby the current volatility would present incremental buying opportunity in quality banking stocks • The index has support base around | 36500-36200 levels as it is the confluence of the following technical observations: 30405 • 50% retracement of the current up move (34817-38112) placed Equity Research Retail around 36500 levels – • rising 50 weeks EMA also placed around 36430 levels • The last week low is also placed at 36525 levels • The recent three months consolidation breakout area is also placed around 36300 levels • In the coming session, index is likely to open gap down amid weak global cues. We expect the index to trade with corrective bias on extended profit booking as forming lower high-low in daily chart. Securities ICICI Hence after a negative opening use intraday pullback towards 37450-37510 for creating short position for the target of 37210, maintain a stoploss of 37610 Source: Bloomberg, Spider, ICICI Direct Research October 1, 2021 ICICI Securities Ltd. | Retail Equity Research 3 Stock Picks Duration: Intraday ONGC (ONGC)– Daily candlestick chart Technical Observations Price taking breather after recent up move ,signaling pause before next CMP 144.85 leg of rally in coming sessions Action Buy Price taking breather after Rationale recent up move &MACD in buy 13 days mode MOMENTUM PICK MOMENTUM EMA Initiation 142.50-143.00 Range Target 144.25/145.70 Daily MACD in rising trajectory suggest positive bias Stop Loss 141.20 UPL (UNIP)– Daily candlestick chart Technical Observations CMP 710.80 Price reacting lower after facing resistance at 50% retracement of recent decline and sustaining below 13 days EMA, suggest further downsides in coming sessions Action Sell Price reacting lower after facing 50 % resistance at 50% retracement of 34 daysRetracement Rationale EMA recent decline and sustaining Equity Research Retail below 13 days EMA – Initiation 707.00-708.00 Range Daily Stochastic generated bearish crossover suggest downward bias Target 700.60/693.80 Stop Loss 714.60 Securities ICICI Source: Bloomberg, Spider, ICICI Direct Research October 1, 2021 ICICI Securities Ltd. | Retail Equity Research 4 Stock Picks Duration: 30 days Buy Trent (TRENT) in the range of 1010.00-1025.00 Target: 1120.00 Stop Loss: 948.00 Technical Observations Weekly Bar Chart • The stock is in strong up trend forming higher peak and higher A bullish Flag breakout signals continuation of the up move and Target @ 1120 trough in all time frame. It has offers fresh entry opportunity 1050 generated a bullish flag breakout 944 signaling continuation of the up 953 move and offers fresh entry 804 opportunity • We expect the stock to accelerate its current up move and head PICK MOMENTUM Support @ | 950 as it is towards | 1120 levels as it is the 689 the confluence of the 161.8% external retracement of previous week low and the last two weeks breather (| the rising 10 weeks EMA 1050-953) placed at | 1120 levels 10 weeks EMA • The stock has witnessed a faster retracement of the last falling segment as eight sessions decline (| 1050-953) was almost completely retraced in just seven sessions 365 Weekly MACD in up trend and is seen diverging from its nine periods average thus validates positive bias • The stock is seen rebounding taking support at the 10 weeks EMA (currently at | 955) which has acted as strong support in the entire up move since June 2020 signalling a positive price structure • The daily MACD is in up trend Equity Research Retail Recommendation initiated on i-click to gain at 15:18 on September 30, 2021 and is seen diverging from its – nine periods average thus validates positive bias ICICI Securities ICICI Source: Bloomberg, Spider Software, ICICI Direct Research October 1, 2021 ICICI Securities Ltd.
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