Momentum Pick

Home , Ambuja Cements, Apollo Hospitals, Apollo Tyres, Asian Paints, Aurobindo Pharma, Bajaj Auto

IntradayrecommendationsPositionalcurrent recommendationsforsegment monthare futures. in cash are 29-Sep-21 29-Sep-21 Date recommendations Open 30-Sep-21 30-Sep-21 1-Oct-21 1-Oct-21 1-Oct-21 Date recommendations New Momentum Research Research Analysts [email protected] Pabitro Mukherjee [email protected] Shah Dharmesh NationalAluminium DhampurSugar Scrip Scrip SJVN ONGC Trent Nifty UPL Picks I-Direct Code I-Direct Code I-Direct DHASUG NATALU SJVLIM TRENT ONGC Nifty UPL Action Action Buy Buy Buy Buy Sell Buy Sell [email protected] Vinayak Parmar [email protected] Nitin Kunte Initiation Range Initiation Range Initiation , CMT 707.00-708.00 142.50-143.00 17520-17545 1010-1025 290-294 28.3-29 92-94 700.60/693.80 144.25/145.70 17482/17430 Target Target 101.00 31.50 1125 312 [email protected] Ninad Stoploss Stoploss 17583.00 282.00 948.00 714.60 141.20 86.50 27.00 Tamhanekar October October 1, 2021 Duration Duration 07Days 14Days 07Days 30Days Intraday Intraday Intraday , CMT SUBSCRIBE Open Recommendations Recommendations Open Click here to know more… know to here Click

Scrip Hindalco Bata IndiaBata HDFC ICICIdirect Mobile For Gladiator Stocks Gladiator Instant stock ideas: to mobile notification on

Duration:Months3 app…

Action

Buy Buy Buy

ICICI Securities – Retail Equity Research MOMENTUM PICK Source NSE (Nifty): 17618 fresh opening indicates tracking In • • • • Technical financials, pharma, breadth session subdued Equity Day Technical Outlook Technical the : Bloomberg, that 17470 week’s mark the weekly Structurally, of capitalised would consolidation over The would prolongation 17948 merely coming extended The outperform activity trading price booking However The short coming the benchmarks at ongoing weak was remained use PSU broader Nifty note extension Outlook lack action as IT, a , ), up 17618 position continue which range, up make chart 61 … sessions Spider, second extended metal it prevailed intraday move indicating session, upward bank, . global tracking 8 consolidation is on move of started the % , formed corrective formation confluence signifies has market down ICICI to of indicating . the after faster positive for . of benchmark concluded of realty Meanwhile, . accumulate consecutive cues ( been consolidation pullback Over Direct 17269 preceding index momentum target over corrective market Thursday’s mixed as ~ 93 a relatively slower . 15 retracement positive bear outshone held Research The a past phase points the - with of % is extended of 17948 of third in likely global towards : 17430 the healthy higher rally candle since breach upside four quality a) four broader the A/D phase pace to session consecutive or ) remained trend outperformed 80 monthly session to at amid seen with . get sessions July 0 % cues range sessions breather . witness ratio . confined 17405 peak will 5 of on . stocks 17520 % Hence, retracement is anchored of Hence, . 2021 profit . Tuesday’s . market over be stock still We either However, The on of expiry short and of retracement - b) capped . 17545 index to gap session up intact The 1 past within a believe booking 20 dips 17900 Nifty . ride post 1 the specific trough : down positive lived move around side continued 1 session stock days . has . low for of the four at . benchmark the We should ended Sectorally gap - Tuesday’s The 17400 past 17900 as ongoing retraced opening signifies creating next . EMA seen specific ( ( on market 17326 17620 expect weeks 17400 action down profit note Thus on daily two the the leg . be to at in in a - ) , . ICICI Ltd.Securities | Retail Equity Research

Open 17718.90 4 NSE Nifty Daily Candlestick NSE Chart Nifty Daily Candlestick NSE Chart Nifty Daily Candlestick % 3 limited elongated Since % to

High 17742.15 April 3 breather Daily followed - 4 % 2021 , highlighting stochastic , by

Low 17585.35 rallies 3 shallow % strength pointing are correction 3 % 15513

Close 17618.15 getting downward, 2 % indicating 20 being at Key - EMA 3 % 17326 support extended 17400 @ Resistance rising 17900

Domestic Indices Domestic Indices SENSEX Index SENSEX NIFTYIndex Nifty FutureNifty BSE500Index BSE Midcap IndexMidcapBSE BSE Small cap Indexcap Small BSE SGX Nifty SGX * SGX Nifty at 7:30atam Nifty SGX *

Nifty Technical Picture Technical Nifty

Trend Support Resistance 20 day EMA 20day 200EMA day

Nifty Future Intraday Reco. Intraday Future Nifty Action Price Range Price Target Stoploss Consumption, Auto Positive Sectors in Sectors focus (for Intraday) : : PSU, Goods, Capital

17430-17370 17530-17590

59126.36 17618.15 17620.00 23937.54 25253.09 28081.74 17445.00

Intraday

Close Close

1 Day Chg Day 1

-286.91

-175.00

155.20

-93.15 -90.00 -60.34

83.16

Short term Short

17520-17545 17482/17430

17583.00

% Chg %

17400 17900 17473 15311

-0.48 -0.53 -0.50 -0.25

-0.99

0.33 0.56

Sell 2

ICICI Securities – Retail Equity Research MomentumMOMENTUM Picks PICK • • • • • • • • • • Technical 317 by stock PSU Thursday sessions The Source October1, 2021 Outlook Technical Nifty Bank: 37425 0 maintain 37450 Hence extended global In placed The The rising around 50 the The buying months, cues Volatility week, consolidate Going of maintain three corrected Key up global 18000 range sessions The points . Nifty 8 bank witnessed % the sessions % move confluence : last . index daily . Bloomberg, recent observation retracement sessions . . - and 50 Buying coming The thus Outlook 37510 Bank cues cues around signaling or The Index opportunity after 36500 index ahead, week weeks thereby a the is price 0 profit for price closed Nifty stoploss has . forming . 8 likely PSU signaling in traded We % three profit rhythm a for in more low levels on session, closed Spider, 36300 of . of action support negative the EMA booking Bank we today’s action expect decline banking a creating to the decline the is the is of booking months in a of with breather than broad also remain ICICI expect and also levels higher following that current the quality higher closed 37610 an remained monthly index formed base the session Direct as already placed corrective opening three extended witness strategy placed current stocks short the range as forming high base index consolidation is banking the by around the around volatility Research the technical likely to expiry index a at contained position behind is around 0 session continue on for a small . of up four private 36525 to index use has 8 opening profit rebound % bias lower account to the trade 36200 | stocks move , the since session would worked consecutive open 36500 intraday while us, bear 36430 next observations for levels at booking for to bank to psychological high with breakout - inside we 38000 37425 gap ( the in gap 34817 - April leg of the undergo candle, outperform 36200 present the levels expect - index lower the well low corrective the pullback third down of down target Tuesday’s private after levels in - coming up 2021 38112 sessions, volatile in in levels : area closed the by the consecutive the incremental move daily the amid amid a the of down 0 mark with ) has last index towards banking . coming bias healthy is 8 as last couple placed 37210 recent global % chart lower weak weak price with also it two not the on on by 15 to of is , . ICICI Ltd.Securities | Retail

Open 37677.80 36200 We Nifty Nifty Bank Index expect 30405 - 38000

High 37884.85 the index – Daily Daily to

Low 37354.25 consolidate Candlestick 34115 5 0 Days 0 Days EMA Equity Research in

Close 37425.10 Chart Chart a range 36317 Support @ Support 36500 Target @ Target 38600

Nifty Bank daily change daily Bank Nifty Indices Nifty BankNifty

Nifty Bank Technical Picture Technical Bank Nifty

Trend Support Resistance 20 day EMA 20day 200EMA day

37425.10

36870-36630 37200-37430

Close Close

Intraday

Change -317.90

Short term Short

Change%

36200 38000 37198 33706

-0.84 3

ICICI Securities – Retail Equity Research MOMENTUM PICK Source October1, 2021 Stock Picks UPL (UNIP) UPL ONGC ONGC (ONGC) : Bloomberg – Daily candlestick chart Daily candlestick – , Daily candlestick chart Daily candlestick Spider, ICICI Direct Research leg Price sustaining Price of taking rally reacting below in breather coming lower Daily 13 days Daily Stochastic after after sessions EMA, MACD facing recent suggest generated resistance in ICICI Ltd.Securities | Retail Equity Research up rising move further trajectory bearish ,signaling at downsides 50 crossover % suggest retracement pause in before positive suggest coming of next bias sessions downward recent decline bias and Duration: Intraday 34 days 34 EMA Retracement 50 % 50 13 days 13 EMA Stop Loss Stop Target Range Initiation Rationale Action CMP

CMP

Action

Rationale

Initiation Initiation Range

Target

Stop Loss Stop Technical Observations Technical Technical Observations Technical resistance at 50%retracement of at resistance Price reactingfacingafter lower Price recent declinesustainingrecentand

recent up move &MACD move inbuyuprecent

Price taking breathertakingafter Price below 13 days EMA 13belowdays 700.60/693.80 707.00-708.00

142.50-143.00

144.25/145.70 710.80 714.60

144.85

141.20 Sell

mode

Buy 4

ICICI Securities – Retail Equity Research MOMENTUM PICK Recommendation Recommendation October1, 2021 Weekly Bar Stock Picks Buy Trent (TRENT) (TRENT) Buy in Trent Source: Bloomberg, Bloomberg, Source: 804 365 initiated on i on initiated Chart Spider Software, Software, Spider the range range the of - click to gain at at gain to click ICICI Direct Direct ICICI 1010.00 - 15:18 on September 30, 2021 30, September on 15:18 1025.00 Research offers A 1 0 weeks bullish EMA Weekly fresh Flag MACD entry breakout opportunity in up signals trend ICICI Ltd.Securities | Retail Equity Research and continuation is seen Target diverging 944 : of 1120.00 the up from 689 move its nine and periods average Duration: 30 days the rising 10 weeks EMA Support @ | 950 as it | 950 @ is Support previouslow week and thus the confluence of the confluence the Stop Stop validates Loss: Loss: 1050 Target @ Target 948.00 positive 953 1120 bias • • • • • Technical Observations Technical validates nine and The structure signalling entire has EMA taking The sessions completely decline segment retracement The 1050 the 161 towards its We opportunity move signaling generated trough forming The . current expect acted 8 last stock - stock daily is % stock 953 (currently up support periods and in seen (| | external higher ) positive two as continuation move placed has 1120 all MACD a 1050 the is as retraced is up strong a bullish offers of in diverging time weeks stock witnessed seen - at levels move peak 953 at since eight strong positive at the bias average retracement is the support | | frame ) flag in to fresh in 1120 was breather 955 rebounding and last as June just accelerate and of 10 up up breakout from sessions ) . it a the almost levels higher weeks It falling which seven is in faster trend trend entry price head 2020 thus has the the 5 up its of (|

ICICI Securities – Retail Equity Research MOMENTUM PICK Recommendation Recommendation October1, 2021 Bar Daily Stock Picks Buy Buy Source: Bloomberg, Bloomberg, Source: Dhampur Chart Sugar initiated on i on initiated Spider Software, Software, Spider (DHASUG) in (DHASUG) EMA Shallow - signaling click to gain at at gain to click retracement ICICI Direct Direct ICICI the range range the of 172 favorable and 15:20 on September 30, 2021 30, September on 15:20 Daily Research risk a 290.00 - higher reward RSI generated base - 292.00 in bullish vicinity crossover of 100 days ICICI Ltd.Securities | Retail Equity Research above 100 days 100 EMA its nine Target 395 periods : 312.00 average thus validates 270 positive 328 Duration: bias Support @ | 282 being being @ |282 Support 80%retracement of last 80%retracement Stop Stop upmove Loss: Loss: Target @ Target 7 282.00 days 312 • • • • • Technical Observations Technical the periods seen above generated The 270 retracement at The decline(| 61 towards its We opportunity current providing vicinity It signaling 172 retraced retracement The has . 8 - - positive current expect | % 328 395 stock stock daily sustaining formed its 282 ) ) retracement levels | of average 50 328 inherent 9 favorable in has has 312 the % period 14 bias up - its levels last bullish 285 of as immediate higher of stock witnessed levels periods and move ) 100 above Apr last strength three thus average its risk to being - fresh base as July of day - accelerate and upmove crossover has reward supports RSI its months, it support shallow recent and rally( in is entry head EMA 80 nine just has the the 6 % at (| is |

ICICI Securities – Retail Equity Research MOMENTUM PICK Recommendation Recommendation October1, 2021 Bar Daily Stock Picks Buy Buy Source: Bloomberg, Bloomberg, Source: Satluj Jal Jal Chart Vidyut initiated on i on initiated Spider Software, Software, Spider Nigam Nigam (SJVLIM) in - click to gain at at gain to click resumption A ICICI Direct Direct ICICI breakout the range the of of above 10:39 on September 29, 2021 29, September on 10:39 up Research move the and 28.30 falling offers - MACD 29.00 channel fresh 24.50 is entry rebounding containing A higher base at base at the A higher Breakout opportunity 200 days EMA 200 ICICI Ltd.Securities | Retail Equity Research taking above last two support the Target falling months at its channel : 27.05 31.50 nine decline periods is 30.35 supported signaling average confluence of the current weeklow of current the confluence and the 61.8% retracement of the retracement the 61.8% and current up move (| 25.35 (| move up current Support @ | 27 as as it @ |27 is Support the by thus strong 25.35 validates volume Duration: 14 days positive Stop Stop Target @ Target - 29.30 Loss: Loss: bias 27.00 31.50 • • • • • Technical Observations Technical bias average support and The direction larger lakhs the volume channel The price adjacent 26 200 formed The placed previous retracement is head with We and signalling decline channel breakout The . 50 50 expect offers stock in daily days is breakout its ) structure towards the share stock days the around as a of seen of positive containing is of participation thus chart decline strong resumption at in fresh stock MACD more can EMA the trend the above supported average per the 123 has its | rebounding | above validates of signaling stock entry last 31 31 be last base day than . momentum 6 (currently (| is . . % nine 50 50 the registered volume seen one two the the 30 in opportunity highlighting to of eight around levels the by corrective . 35 up up continue in year external positive positive months periods - in strong 25 falling taking falling entire move times trend of at as . and has the the the 35 7 22 it a | )

ICICI Securities – Retail Equity Research MOMENTUM PICK Recommendation Recommendation October1, 2021 Stock Picks Buy Buy National in Aluminium (NATALU) Source: Bloomberg, Bloomberg, Source: Daily Bar Daily Chart initiated on i on initiated Spider Software, Software, Spider - click to gain at at gain to click resumption Shallow ICICI Direct Direct ICICI the range range the of retracement of 13:24 on September 29, 2021 29, September on 13:24 Research up move 92.00 Daily and and - offers 94.00 RSI a higher generated fresh base entry bullish opportunity above ICICI Ltd.Securities | Retail Equity Research crossover the 50 above days Target 5 0 days EMA its EMA : nine 101.00 periods signaling average thus 71 validates Support @ | 86 being being rising @ |86 Support Duration: 7 days 102 50 daysEMA 50 positive Stop Stop 85 Loss: Loss: bias Target @ Target 86.50 102 • • • • Technical Observations Technical the periods seen above generated The highlights above retracement move its fifteen The the 52 momentum to Going offers signalling (| retracement taking The 71 preceding weeks positive coming - continue 102 stock daily stock fresh sustaining ahead its days (| ) average the 9 a high support positive 71 and week period entry 14 has robust bias to and of has and we bullish eleven retrace with Aug 50 102 of periods rebounded head expect opportunity 50 above a | already thus average price ) - structure . Sep 102 days sessions higher its day just A towards at crossover structure the up supports RSI levels its positive shallow 50 and move EMA, taken stock EMA % base . 50 after nine and has 8 up its % of in is

ICICI Securities – Retail Equity Research MOMENTUM PICK October1, 2021 Market Activity Report Source : Bloomberg

Global Currency, Commodities and Bond and Commodities Currency, Global Currency/Yield/ Currency/Yield/ Commodities Currency

USD INRUSD

DollarIndex

EUROUSD

GBP USD GBP

JPY

Swiss Franc Swiss

Commodities ($) Commodities

Gold

Brent

Copper

Silver

Yield (bps change)(bps Yield

India 10 India US

EURO Japan , Investing, ICICI Direct

1,755.50

8,936.50

111.31 Research

74.17

94.32

78.23

22.08

-0.20

1.16

1.34

0.93

6.22

1.48

0.06

a % Day 1

Change

-0.048 -0.011 -0.011

0.017

-0.1

-0.3

-2.4

0.0

0.2 ICICI Ltd.Securities | Retail Equity Research

2100

1700

1300

HongKong

-300

900

500

100

Germany Advance Decline Advance Global Performance Equity Market

France

Japan

China

Brazil

India

22-Sep

-2.3

23-Sep

1.9

1.6

Advances

24-Sep

-1.3

1 Day1 Change

% Change

27-Sep

0.7

Declines

0.6

28-Sep

0.5

0.3

-0.3

0.1

29-Sep

0.0

30-Sep 9

ICICI Securities – Retail Equity Research MOMENTUM PICK October1, 2021 Market Activity Report Source : Bloomberg,

Sectoral Indices Performance Indices Sectoral

Sectoral Indices Sectoral

Sensex

Nifty

BSE Auto BSE

Bankex

CapitalGoods

Consumer DurablesConsumer

FMCG

Healthcare

Metal

Oil&Gas

Power

Realty

BSE 500 BSE

BSE Midcap IndexMidcap BSE

BSE Small Cap Small BSE ICICI Direct Research

59,126.4

17,618.2

23,865.9

42,727.6

25,966.7

41,339.8

14,862.2

26,092.6

34,418.5

20,182.1

18,301.6

23,937.5

25,253.1

28,081.7

3,198.7

4,103.8

a % Day 1

Change

-0.5

-0.6

-1.0

-0.2

-0.6

-0.9

-0.3

1.0

0.4

0.0

0.5

1.5

0.3

0.6 ICICI Ltd.Securities | Retail Equity Research Fund Flow activity Fund last Flow of sessions the 5 activity Rs Crore Rs Crore 1,100 1,600 2,100 2,600 3,100

-1,700

-2,500 -900 -400 100 600

-100

-900

700 24-Sep - 516

24-Sep

442 27-Sep 1,398

27-Sep

595 28-Sep Date

28-Sep

- 161 DII

FII

1,958

Date 29-Sep 3,262

29-Sep

1,896 30-Sep

30-Sep

- 97

2,226 10

ICICI Securities – Retail Equity Research MOMENTUM PICK

Candlestick Pattern Candlestick Bullish Candlestick Formations Bearish Candlestick Formations Candlestick Bearish Formations Candlestick Bullish Scrip Name Scrip DCM Shriram DCM Sonata Software Sonata Ashok leylandAshok Unitedspirits Source October1, 2021 Trend Scanner

Finance

SBILife

Cement Heat Map Heat

Reddy

Nestle

Bharti

Shree

Moto

Bajaj

Steel

Airtel

Bank

Tata

ICICI

Hero

L&T

Dr Dr

Bloomberg,

19,446

28,902

7,668

1,215

4,881

- 1,289 -

- 1,703 -

- 2,833 -

2.0%

0.8%

0.0%

0.3%

0.5%

0.8%

1.0%

1.2%

1.6%

1.9%

688

701

ICICI

Ultratech

Finserv

Grasim

TechM

Pattern name Pattern

Eicher

Beltholdline

Adani Ports

Kotak

HDFC

Continuation Continuation

Bajaj

Titan

Bank

Coal India

Life

Ind

Hammer

Direct

17,787

2,162

1,669

- 7,396 - 1,381 - 2,006 -

- 2,790 - Research

2.0%

0.7%

0.0%

0.3%

0.6%

0.9%

1.1%

1.2%

1.7%

1.9%

185

738

722

1007.0

883.0 134.0 853.0

Britannia

Reliance

Indusind

Hindalco

LTP

Motors

BPCL

Tech

Bank

Tata

Axis

HUL

HCL HCL

Ind.

IOC

Scrip Name Scrip BPCL GSPL Torrentpharma Torrentpower

2,702

1,280 - 2,519 - 3,949 - 1,112 -

0.9%

0.6%

0.1%

0.3%

0.6%

1.0%

1.1%

1.3%

1.7%

2.0%

333

432

488

125

767

Divis Lab

Pharma

Infosys

Maruti

Paints

M&M

HDFC

Asian

Cipla

JSW JSW Steel

Sun

UPL

Ltd

Dark cloudDarkcover Dark cloudDarkcover

Pattern name Pattern

2,754

4,799 -

- 7,338 - 1,675 -

- 3,245 -

0.9%

0.3%

0.2%

0.4%

0.6%

1.0%

1.1%

1.3%

1.7%

2.4%

818

984

803

708

668

Engulfing Engulfing

Consum

Power Power

NTPC

ONGC

Wipro

HDFC

Bank

Bajaj

Tata

Auto

TCS

Grid

SBI

ITC

ICICI Ltd.Securities | Retail Equity Research

1,595

- 3,776 -

- 3,833 -

3074.0

0.9%

0.1%

0.2%

0.4%

0.8%

1.0%

1.2%

1.5%

1.7%

2.6%

142

145

236

634

814

453

190

431.0 316.0

504.0

LTP

Negative Trend Universe: NSE 500 NSE Universe: Trend Negative 500 NSE Universe: Trend Positive Scrip Name Scrip

Scrip Name Scrip ITC CanFinHome UPL Carborundumuniversal GTPL Hathway GTPL AmbujaCement Amber

3263.70

236.15 686.80 707.70 887.55 254.25 400.20

Close Close Close Close

Change Change

-0.97

-1.25 -1.51

5.59 1.93 5.92 5.45

% %

3152.00

20-Day 20-Day 20-Day 20-Day

226.00 632.00 738.00 867.00 229.00 424.00

SMA SMA

Delivery Delivery Delivery Delivery

) % ( ) % (

49 19 52 93 45 64 24

52 Weeks High High Weeks 52 Scrip Name Scrip ABFRL AmbikaCotton GodfreyPhilips UnitedSpirits

Overbought Stocks Overbought Scrip Name Scrip BPCL GNFC Tata ChemicalTata Bajajelectrical Name Scrip Stocks Oversold Havells MahindraTech 1376 1382 1312 LTP

LTP

432 434 920

Stochastic Stochastic 11

1820 1210

LTP

246

855

85 84 84 18 8 6 ICICI Securities – Retail Equity Research MOMENTUM PICK Scrip Name Scrip NIFTY50 S&P BSE SENSEX INDEX SENSEX BSE S&P NIFTYBANK NIFTY50FUTURES NIFTYBANK FUTURES AARTIINDUS LTD ACCLTD AMBUJACEMENTS ADANILTD POWER ADANIENTERPRISE ADANIAND PORTS ALKEMLABORATORI ASHOKLEYLAND AMARARAJA BATT ALEMBICPHARMACE APOLLO HOSPITALSAPOLLO ASIANPAINTSLTD AU SMALL FINANCEAU SMALL APOLLO TYRESLTD APOLLO AUROBINDOPHARMA AXISBANK LTD BAJAJFINANCE LT BATAINDIA LTD BHARTIAIRTEL BHARATELECTRON BHARATHEAVY ELE BHARATFORGE CO BALKRISHNAINDS BIOCONLTD BAJAJAUTO LTD BAJAJLT FINSERV Source October1, 2021 Intraday Supports : Bloomberg, ICICI Direct Research

Trend Negative Negative Negative Negative Negative Positive Neutral Negative Neutral Neutral Positive Negative Positive Neutral Positive Negative Negative Positive Neutral Neutral Negative Positive Positive Neutral Negative Positive Negative Neutral Positive Negative Positive

17618.15 59126.36

17786.75

37425.1 17619.1

3980.75

3244.65 1164.25

1778.15

2533.65

3832.65

929.85 2254.5

1468.1

4481.6

766.55 7668.1

202.95

737.45

37423

400.2

737.9

133.8 749.8 789.1

225.7 724.8

688.3

64.65

362.7

97.1 and Resistance (Cash)

17556 58911 37225 17554 37235

17512

2245

1447

3918

4409 3194 1149

7540 1763

2502

3798

923

396

730

130 746 784

224 718 759

680 200

730

359

63 ICICI Ltd.Securities | Retail Equity Research

17492 58696 37024 17487 37045

17238

2235

1427

3854

4338 3143 1135

7411 1748

2470

3763

915

392

723

126 741 778

222 712 751

672 198

724

356

17399 58373 36695 17394 36706

17064

2219

1391

3813

4292 3067 1116

7331 1735

2447

3713

903

386

709

124 733 770

219 703 736

657 195

713

351

17713 59449 37756 17714 37764

17960

2271

1503

4023

4526 3322 1183

7749 1791

2556

3882

942

406

750

136 758 798

228 734 781

703 206

747

367

17806 59772 38086 17807 38103

18134

2287

1539

4064

4572 3399 1203

7829 1804

2578

3931

955

412 101

764

138 766 806

230 743 796

718 210

758

372

17869 59987 38286 17873 38292

18408

2297

1558

4128

4643 3450 1217

7958 1819

2611

3966

962

416 102

771

142 771 812

232 749 804

726 212

764

375

68 12

ICICI Securities – Retail Equity Research MOMENTUM PICK Scrip Name Scrip BANDHANBANK LTD BANKBARODAOF BANKINDIAOF BOSCHLTD BHARATPETROL BERGERPAINTS BRITANNIAINDS CANARABANK CONTAINERCORP CADILAHEALTHCAR CENTURYTEXTILE CESC LTD CESC CHOLAMANDALAMIN CIPLA LTD CIPLA COFORGELTD COLGATEPALMOLIV COALINDIA LTD CITYUNION BANK DABURINDIA LTD DEEPAKNITRITE DIVILTD LABS DLF LTD DLF DR REDDY'S LABSREDDY'SDR EICHERMOTORS EQUITASHOLDINGS ESCORTS LTD ESCORTS EXIDEINDUS LTD FEDBANK LTD GAILINDIA LTD GODREJCONSUMER GODREJPROPERTIE Source October1, 2021 Intraday Supports and Resistance (Cash : Bloomberg, ICICI Direct Research

Trend Positive Positive Positive Negative Positive Neutral Negative Positive Positive Neutral Positive Positive Positive Neutral Positive Negative Neutral Positive Negative Positive Neutral Neutral Positive Negative Negative Positive Neutral Positive Neutral Negative Neutral

15474.5

3948.95

2406.55

551.85

564.25 983.55 5241.3 1669.5

157.65 617.05

4798.7

4880.7 2790.2

1480.1 178.25

158.85 1029.9 2311.9

81.75

432.2

704.3

936.8 91.55

185.1

417.2

55.5

84.3

283

809

173

121

15333

3929

5190 1658

2374 4761

4835 2759

1464

1015 2284

279

430 803

169 698 545 925

557 974

183 156 613

409

120

177

156

80 54

82 ICICI Ltd.Securities | Retail Equity Research

15190

3908

5138 1647

2341 4724

4790 2728

1448

1000 2257

276

426 797

164 693 539 914

550 964

180 153 609

402

118

176

153

80 53

14980

3876

5072 1635

2319 4682

4715 2684

1420

2224

270

420 787

160 685 533 903

539 951

175 149 603

397

117

174

152 989

78 51

15686

3982

5308 1682

2429 4840

4955 2834

1508

1041 2344

288

439 819

177 711 556 947

576 998

190 163 624

422

124

180

161

83 57

86 )

15896

4014

1010 5374 1695

2451 4882

5030 2878

1536

1052 2377

294

444 829

182 719 562 958

588

194 167 631

428

126

182

163

84 59

16039

4034

1021 5426 1705

2483 4920

5074 2910

1552

1067 2404

297

448 835

186 724 568 969

595

197 170 635

435

127

183

166

85 59

91 13

ICICI Securities – Retail Equity Research MOMENTUM PICK Scrip Name Scrip GRANULESINDIA GMR INFRASTRUCTUGMR GLENMARKPHARMA GRASIMINDSLTD GUJARATGASLTD HAVELLS INDIA HAVELLS HCL TECHLTD HCL HOUSINGFINDEV HDFCASSETMANAG HDFCLIFEINSURA HDFCBANK LTD HEROLT MOTOCORP HINDALCOINDS HINDUSTANPETRO HINDUSTANUNILEV VODAFONEIDEA LT IDFCFIRSTBANK INDRAPRASTHAGAS INDIABULLSHOUSI INDUSINDBANK INDUSLTD TOWERS INTERGLOBEAVIAT INFOSYSLTD INFOEDGE INDIANOILCORP ICICIPRUDENTIAL INDIANRAILWAY C ITCLTD Source October1, 2021 Intraday Supports and Resistance (Cash : Bloomberg, ICICI Direct Research

Trend Neutral Positive Positive Positive Positive Positive Neutral Negative Neutral Neutral Negative Negative Positive Positive Neutral Positive Positive Positive Positive Negative Negative Negative Positive Negative Positive Positive Positive Negative

1669.45

1279.55

1594.95

320.35

510.45

637.45 1373.1

2754.3 2908.6

2832.5 487.95

2701.8

231.65 1111.9

2021.7 1675.2 6431.4

671.85 3798.5 236.15

38.35

722.4

47.65 533.1

308.7

125.3

11.9

300

1656

1361 1269 2723 2898

1584 2813

2687

1101

1990 1663 6373

3758

319

505

626

716

482 295

523 228

301

124 665

234

12 47 ICICI Ltd.Securities | Retail Equity Research

1641

1351 1257 2690 2887

1572 2794

2673

1090

1958 1650 6315

3716

317

500

616

709

475 291

513 225

293

122 659

232

11 46

1621

1340 1246 2659 2869

1560 2762

2663

1073

1933 1630 6250

3655

315

493

609

697

464 287

507 220

281

119 651

228

11 45

1690

1383 1291 2787 2927

1607 2865

2710

1129

2046 1696 6496

3861

324

517

644

735

500 303

539 235

322

128 679

239

13 49 )

1709

1393 1303 2818 2945

1618 2898

2719

1146

2072 1716 6561

3922

327

524

650

747

511 307

545 240

333

130 687

242

13 50

1724

1404 1314 2851 2956

1630 2916

2733

1157

2103 1729 6619

3964

329

529

661

755

519 311

554 243

342

132 693

244

14 51 14

ICICI Securities – Retail Equity Research MOMENTUM PICK Scrip Name Scrip JINDAL&P STEEL JSW STEEL LTD STEEL JSW JSW ENERGYLTD JSW JUBILANTFOODWOR JUSTDIAL LTD CUMMINS INDIACUMMINS KOTAKMAHINDRA LIC HOUSINGLIC FIN LUPIN LTD LUPIN LARSEN &TOUBRO LARSEN L&TFINANCE HOLD L&TINFOTECH LTD L&TTECHNOLOGY S DR LAL PATHLABS LAL DR MAHANAGARGASLT MAX FINANCIALMAX SE MANAPPURAMFINAN MAHINDRA&MAHIN M&M FINSERVICESM&M MARICOLTD MRF LTD MRF MARUTISUZUKI IN MOTHERSONSUMI MINDTREELTD MUTHOOTFINANCE NIPPON LIFEINDI NIPPON NATIONALALUMIN NBCC INDIA NBCC LTD NESTLE INDIA NESTLE LTD NAVINFLUORINE I NCC LTD NCC Source October1, 2021 Intraday Supports and Resistance (Cash : Bloomberg, ICICI Direct Research

Trend Positive Neutral Positive Positive Positive Negative Negative Negative Neutral Negative Positive Neutral Neutral Positive Positive Positive Neutral Positive Positive Negative Negative Neutral Positive Neutral Negative Positive Positive Neutral Negative Positive Positive

79375.55

19445.55

1702.95

5765.15 4697.55

1082.65

7338.05

3684.75

389.25

4040.9

991.95 2005.5 427.05

3676.8

1014.3 169.15 803.05

225.95 4200.1 1450.3 425.35

668.3 389.9

989.2

951.6

90.95

185.2 547.5

82.45

93.4 48.7

78792

19312

4001

1989

1688

5697 4617 3632 1070 1000

7290

4161 1437

3642

383 663 385

982 950

423 945

166 797 183 542

224

422

92 49

81 ICICI Ltd.Securities | Retail Equity Research

78208

19177

3959

1974

1674

5629 4537 3588 1058

7242

4121 1426

3599

376 656 380

974 907

419 938

985 165 791 180 537

221

417

91 47

77764

19038

3893

1951

1651

5543 4454 3525 1049

7183

4057 1405

3546

371 646 374

960 882

413 930

972 161 781 178 529

216

411

89 47

79820

19586

4108 1004 1018 2027

1725

5851 4780 3738 1091 1028

7397

4265 1470

3738

396 680 395

432 960

171 813 188 554

231

432

95 50

83 )

80264

19725

4175 1018 1043 2050

1748

5937 4863 3801 1100 1041

7456

4329 1490

3791

402 690 401

439 968

175 823 190 561

235

439

97 51

80848

19860

4216 1026 1086 2065

1762

6005 4943 3845 1112 1057

7504

4369 1502

3834

408 697 406

442 975

177 829 193 566

238

443

98 52

85 15

ICICI Securities – Retail Equity Research MOMENTUM PICK Scrip Name Scrip NMDC LTD NMDC NTPC LTD NTPC OILINDIA LTD OIL&NATURAL GA PAGEINDUSTRIES PIDILITEINDS PI INDUSTRIESPI PIRAMALENTERPRI PETRONET LNG LTD LNG PETRONET PUNJABBANKNATL POWER FINANCE POWER PFIZER LTD PFIZER PVR LTD PVR POWER GRID POWER CORP RBL BANK LTD RBL REC LTD REC RELIANCEINDS STEEL AUTHORITY STEEL STATEBANK IND SBILIFEINSURAN SHRIRAMTRANSPRT SIEMENS LTD SIEMENS SHREE CEMENT SHREE SRF LTD SRF SUN PHARMAINDUSUN SUN TV NETWORK TV SUN TATALTD STEEL TATACONSULTANCY TECHMAHINDRA LT TATAPR CONSUMER TORRENT POWER LT TORRENTPOWER TATACO POWER Source October1, 2021 Intraday Supports and Resistance (Cash : Bloomberg, ICICI Direct Research

Trend Positive Neutral Positive Neutral Neutral Negative Positive Negative Negative Positive Neutral Positive Neutral Positive Positive Neutral Negative Positive Positive Neutral Positive Positive Negative Positive Positive Positive Positive Neutral Neutral Negative Neutral Positive

28901.55

31704.9 2381.95 3178.35

1599.35

2519.25

1298.85

11279.1

3775.55

141.85

2595.8 238.55

5581.1

157.85

113.65

1215.1

2129.4

818.25 505.35 1288.9

1380.6

505.05 158.75

260.2 144.5

142.1

189.9 190.9

813.6

40.1

143

453

31223

28634 11099

2366 3123 2565

5538 1581

2501

1201 1285 2109

1276 3749 1371

142 139 253 142

236

140

186 189 156

112 447

805 497

808 499 153

39 ICICI Ltd.Securities | Retail Equity Research

30742

28367 10918

2351 3067 2533

5494 1562

2484

1188 1272 2088

1263 3722 1361

139 137 248 139

232

138

183 186 153

110 443

793 491

803 493 147

29855

27984 10799

2328 2991 2482

5416 1539

2467

1179 1251 2064

1243 3694 1346

136 135 241 137

230

134

177 185 149

107 434

779 485

795 483 143

32592

29284 11399

2405 3254 2648

5660 1624

2536

1223 1319 2154

1308 3804 1397

147 143 266 147

241

145

195 194 163

117 461

831 510

821 515 163

40 )

33480

29667 11518

2429 3329 2699

5738 1648

2552

1232 1340 2178

1329 3832 1413

151 145 272 149

244

148

201 196 167

120 470

845 515

829 525 167

33960

29934 11700

2444 3385 2731

5782 1667

2570

1246 1353 2200

1341 3859 1423

153 147 278 151

247

150

205 199 170

122 474

858 522

834 531 173

42 16

ICICI Securities – Retail Equity Research MOMENTUM PICK Scrip Name Scrip RAMCOCEMENT/THE TORRENTPHARMA TITANLTD CO TATACHEMICALS TATALTD MOTORS TRENT LTD TRENT TVS MOTORLTD CO TVS UNITEDBREWERIES UJJIVANFINANCIA UNITEDSPIRITS UPL LTD UPL ULTRATECHCEMENT VEDANTALTD VOLTAS LTD VOLTAS WIPRO LTD WIPRO YES BANKYES LTD ZEE ENTERTAINMENZEE Source October1, 2021 Intraday Supports and Resistance (Cash : Bloomberg, ICICI Direct Research

Trend Positive Neutral Positive Positive Positive Positive Positive Positive Positive Positive Negative Negative Negative Positive Positive Neutral Negative

2161.85

1025.85

1218.05

984.65 3085.5

333.35

549.45 1571.5

7396.1 287.65

919.3

155.7 853.1 707.7

634.1 12.55 303.2

3008 2137

1004

1546

7345

1203

975

909 328

545

152 830 702

285

629

298

13 ICICI Ltd.Securities | Retail Equity Research

2930 2112

1522

7294

1187

964

897 324 983 541

150 808 697

282

624

294

2809 2088

1490

7217

1167

949

878 319 964 535

147 790 688

278

615

289

1000 3207 2186

1045

1602

7473

1239

939 337

556

158 870 716

292

643

308

14 )

1014 3328 2210

1063

1634

7550

1259

957 342

563

160 888 725

296

652

314

1025 3406 2234

1085

1659

7601

1275

969 346

566

163 910 730

299

658

318

14 17

ICICI Securities – Retail Equity Research MOMENTUM PICK Date US 1-Oct 1-Oct 5-Oct India 1-Oct 4-Oct 4-Oct 10-Oct 13-Oct Source October1, 2021 Forthcoming Economic Event Calendar : Bloomberg, ICICI Direct Research

Markit US Service /CompositeServiceUS MarkitPMI

Markit US ManufacturingUSMarkit PMI

Markit IndiaMarkitComposite PMI

Markit IndiaMarkitServices PMI

IndustrialProduction YoY

Markit IndiaMarkitMfg PMI

ISM ManufacturingISM

CPI YoYCPI

Event ICICI Ltd.Securities | Retail Equity Research

Date China 1-Oct 5-Oct 5-Oct UK 1-Oct 4-Oct 5-Oct 10-Oct 10-Oct

Caixin China PMI Services/CompositeCaixinChina PMI

Markit UK PMI ManufacturingUKMarkit PMI SA

Markit/CIPS UKPMI Markit/CIPS Services

Bank of EnglandRate of Bank Bank

IndustrialProduction MoM

Caixin China PMI Mfg CaixinChina PMI

New Yuan Loans CNY YuanLoans New

GDP YoYGDP

Event 18

ICICI Securities – Retail Equity Research MOMENTUM PICK Duration: Intraday Duration: Date

30-Sep-21 30-Sep-21 30-Sep-21

Duration: Cash Positional Cash Duration:

Date

28-Sep-21 28-Sep-21 29-Sep-21 28-Sep-21 October1, 2021 Momentum Picks: Strategy Follow up

IndiaEnergyExchange

L&TFinanceholding

ChambalFertiliser

Canara Bank Canara

Tata MotorsTata

Scrip

Nifty

PFC

CANBAN

TATMOT

POWFIN

CHAFER

Idirect Idirect

LTFINA

INDEN

Code

Nifty

Strategy

Buy Buy Buy

Buy Buy Buy Buy

eomne rice P Recommended

328.00-330.00 167.00-168.00

17610-17640 ICICI Ltd.Securities | Retail Equity Research

140 329 625

332.40/336.00

17674/17725

169.0/170.70

Targets

678.00

152 350

17573.00

325.60 165.90

133.00 317.00 594.00

82.00

Gain/Loss % Gain/Loss

49points

2.00

4.00 3.00 4.50 4.70

Book 50%145.00Bookat Book 50%340.00Bookat Book 50%653.00Bookat

Book 50%92.10Bookat

Targetachieved1 Targetachieved2

Comment

No trade No 19

ICICI Securities – Retail Equity Research MOMENTUM PICK October1, 2021 Gladiators

Allrecomedationssegmentthe inCash are

28-Sep-21 28-Sep-21 23-Sep-21 21-Sep-21 20-Sep-21 15-Sep-21 15-Sep-21

31-Aug-21

7-Sep-21

Date

KNR ConstructionKNR

Ashok Leyland Ashok

Scrip Name Scrip

BajajFinance

Bata IndiaBata

Hindalco

V-guard

Safari

HDFC

FSL Stocks: Open Recommendations

Strategy

Buy Buy Buy Buy Buy Buy Buy Buy Buy

Recommendations Price Recommendations ICICI Ltd.Securities | Retail Equity Research

1735-1770

2770-2805 7600-7720

480-488

125-128 310-318 198-204 258-264 810-845

Target 2015.00

3125.00 8630.00

540.00

146.00 365.00 240.00 302.00 970.00

Stoploss

1590.00

2628.00 7150.00

455.00

114.00 285.00 178.00 238.00 745.00

Time Frame Time

3 Months3 3 Months3 3 Months3 3 Months3 3 Months3 3 Months3 3 Months3 3 Months3 3 Months3 Back to Top Top to Back 20

ICICI Securities – Retail Equity Research MOMENTUM PICK Source October1, 2021 Price history of last three years Dhampur Trent : Spider sugar Software, ICICI Direct Research ICICI Ltd.Securities | Retail Equity Research SJVN National Aluminium 21

ICICI Securities – Retail Equity Research MOMENTUM PICK • • • • • • • Trading • • • • • • October1, 2021 Product Guidelines...... In case the In amount For Within Please products It Medium Only unless recommendations The If 1 In position We recommendation Once st the is case case case Target adapt report example portfolio recommended Intra of stocks recommended the each avoid of communicated Nifty of of to to to recommendation (tolerance . positional a day intra intraday each the The long trading in product : future allocating allocation The derivatives entry recommendations day - stock recommendation term maintain ‘Momentum are stock execute strategy Nifty to recommendations, of point segment intra prospects recommendation spread 3 otherwise valid the points) futures recommendations, day segment (In stop entire is after of only case executed, it stock out booking is loss Pick’ of and recommendation, the trading through for advisable are the of a have hits on stock trail first positional product the trading valid daily 50 execute has it the been corpus stop 5 prescribed is separate % does minutes target to advisable only to execute profit closing loss corpus carries considered allocate be stock not the to for price execute to when a mail once of have recommendations basis single cost period recommendations) the the in 2 trade to equal ICICI Ltd.Securities | Retail Equity Research to before or a recommendation maintain the any trade day for for proportionate 4 on after stock and intraday and position amount remaining bearing intra i and - getting within click up the or are strict day should to a to first to to on is single recommendations +/ 03 activated, recommendations gain in stop in each positions be : - manner the 5 00 the 0 profit is minutes be . page 25 squared product pm intra loss activated, range recommendation % squared by then of between as day provided 4 of the provided segment - off 5 it view trade % consider is recommended off . at It and considered the the is by and in trail in advisable various 15 end the the booking only : stop 10 report of report not hrs up technical mentioned range loss to . 50 initiated to . The allocate For on % 11 provided profit : remaining positional positional 00 research period am equal near . In in 22

ICICI Securities – Retail Equity Research MOMENTUM PICK October1, 2021 Source Recommended product wise trading portfolio allocation Gladiator Stocks Gladiator Yearly Cash Positional Momentum Picks Intraday Momentum Picks Product : ICICI Technical Direct Research Product wise Product - - allocation 100% 25% 10% 35% 25% 5% Allocations Max allocation allocation Max In 1 Stock 10 12 30 8 - - - 13% 10% - - 15% 50% Number of Calls Number 8 - 2 10 ICICI Ltd.Securities | Retail Equity Research 7 Opportunity Based Opportunity Stocks - 9 Per Year 9 Per Month Return Objective Return 20 15 1 5 - - 2% - - 8% 30% 20% 14 Days 14 Intraday 6 Months Duration 1 Year 23

ICICI Securities – Retail Equity Research MOMENTUM PICK the remark Continuation Pattern refers to bullishor bearish candlestick which patterns suggest continuation of existing tren which describe the continuation of existing sentiments i.e. bullishor bearish. We have refrained from mentioning names of th Continuation Patterns shadow. The candle line should also have little or no lower shadow. Pattern suggest the trouble for prices overhead Shooting Star session’s white body.Pattern market hassuggests that a poor chance of risingimmediately priorsession’s high (or above the priorsession’s close). the By end of the second session, it closes near the low of the se Dark Cloud cover (classically a small white candle) Highest high between two candles becomes resistance level for prices for future reference Bearish Engulfing Line reversed candle line Evening Star the Hammer in following session should be no, or a very small, upper shadow. Pattern suggests buyingduringsupport declines and needs confirmation in terms Hammer for support prices culminates in a white real bodythat closes (e.g. pierces) than half way or more into the prior black body. Lowest low betwee Line Piercing prices candle forms (ideally a blacksmall candle). Next, a white real wrapsaroundbody the prior session’s black body. Low of the Bullish Engulfing Line the displaysbullsare gaining the upperhand. low Lowest amongst three candles becomes technical support The next candle line Morning Star to the placement of the pattern withinlarger trend for a chart reader. By themselves, the patternsdo not carry any price target only but an indication of change in market beha Candlestickpatternsdescribe the market sentiment for the specified period. Some of the formations suggest reversal of senti Candlesticks Glossary October1, 2021 : A candlestick line which, duringa downtrend, has a very long lower shadow and small real body (blackor white) at the top -- the small real body : Potential Top reversal pattern made of three candle lines. Comparablewith a traffic signal.white candleFirst reflects a : Potential reversal bottom pattern. A black forms body in the downtrend. The continuesmarket moving south on the next sessi : Potential bottom reversal pattern made of three candle lines. The first sizeable black candle reflects a in market which th : A single candlestick line during a rallyin which there is a small real (white body or black) at endthe bottom of the sess : A darkcloud cover forms a reversaltop pattern. The first session should be a strong, white real body. The second session’ -- : A potential bottom reversal pattern. Thispatternappears typically at the culmination of a decline or downtrend. The marke the small real body : Other than widely known Candlestick reversal patternsdiscussed above, there are numerous patternsmentioned in literature : Potential reversaltop signal. Thistwo candlestick patternemerges during arally. A black candle real wrapsaroundbody a — warns waningwarns momentum. The black candle that completes the evening visuallystarexhibits that -- shows a slightdiminution of the bearish force. The white candle makes thatup the la ICICI Ltd.Securities | Retail Equity Research ssi d vio on and should fall well into the prior pat ese n t men ur. More importance needs to be given st part of partof st the morning visuallystar of tern becomes becomes tern for short support term wo candles is referred to as technical patterns to patternsto avoid confusion. However, t (trend)and, therefore, are important sustainability of of sustainabilityprices above head of prior up trend hasor stopped mar end ion e b 's range and a very long upper ket inket bullishtrend. The next ears are in complete charge. of of the session’s range. There on’ s p s open butsession that rice opens over the t f wh alls, and a black on ite real body Candlestick 24

ICICI Securities – Retail Equity Research MOMENTUM PICK October1, 2021 Pankaj Pandey ICICI Ltd.Securities | Retail Equity Research [email protected] Mumbai Andheri (East) Road No 7, MIDC, 1st Floor, ICICI Securities Limited, ICICI Direct Head – Research – Akruti 400 093 Research Research Desk, Trade Trade Centre, pankaj . pandey@icicisecurities . com 25

ICICI Securities – Retail Equity Research MOMENTUM PICK Disclaimer October1, 2021 restriction. possessin whoseof Personscategoryinvestors.certain or to for maysale in all hereinor may jurisdictions eligible be not andaffiliates SecuritiesICICI subjectwould law,or whichto contrarybe regulationavailability would or use publication, of resident or is a who citizen entity or by, anyto, oruse person distribution for intended or directed is not report This Equit impacting Authority by any Regulatory Securities ICICIon taken hasbeen action disciplinary material nothat submit We rep the in mentioned companies for the activity making in market engaged been have Securities ICICInor Analysts Research the with are that inconsistent reports other may issued have Securities ICICI report. in this mentioned company/companies subject th businesses, service financialvarious in asare aengaged entity Securities and ICICI Securities of ICICI associates Since aslast day of ofthet report in the mentioned Companyof the securities equity of the more 1% or own not do relatives their service brokerage or banking banking, investment merchant any onspecific basedAnalysts isnot of Research our Compensation report. of this of publication time at the of interest anyconflict have material relatives of th preparation with party in connection third or report the in mentioned companies thefrom benefits other or compensation of re preparation in conflict minimize to strives and preparation report in research independence encourages Securities ICICI coof managingor respect in services re in the mentioned companies thefrom any compensation received have might associates its or Securities ICICImonths. twelve coor have managed might associates its or Securities ICICI Forward projections. in forth set thosefrom assorisks the understand to Document Risk Disclosuresee to are advised Investors performance. future to a guide necessarily for whatsoever liabilities no accepts Securities ICICIreason. anyor rates other exchange rates, foreign interest in changes ev independently should recipient The by any recipient. judgment of independent exercise the for in substitution taken be not their on based decisions, investment own make their mustwho all for investors, suitable be may not report in this expressed is s strategy or anythat investment a or taxand representation advice accounting legal, investment, constitutes report this Securitie ICICIsameat time. the report this may receive all customers not simultaneously, customers all to the disseminated solicitatior as an document offer considered or used be andnot shall purpose informationalfor is solely herein information veri independent no but reliable, be to believed sourcesand sources publicfrom obtained information on is based report This an a in acting be might Securities ICICI where in circumstances policies, Securities ICICI and/or regulations applicable with so. Nonfrom doing thatICICISecurities reasonsmay or other prevent compliance is under ona basis,SecuritiesreasonablehereinICICI informationthe updateto endeavourwould we While Securities.ICICI to inwhole, or in part distributed, or to, copied in any way, altered transmitted be mayand not recipient selected the for any noti without changeto are and subject Securities by ICICI prepared have been report in this opinionsand information The Researc Institutional of the rating, targetprice views, estimates, the with contrary may may or be maymatchor not document report This Research.Retail and Research Institutional groups: research equity independent has two Limited Securities ICICI herein. expressed recommendations the with are that inconsistent decisions may make investment businesses investment may visit icicidirect.com Investors reports. in fundamental recommendation the with and, asmatchmay such, fundamentalsnot o movement, price of a chartsstock's studying on analysis centre derivative and technical on based in reports Recommendation o respect in details the (“associates”), etc. management,fund capital venture insurance, general insurance,life management, bank sector private largest is India’sBank which of ICICIis a subsidiary Securities ICICI broker. stockfor is INZ000183631 Analy Research Limited Securities ICICI PFRDA aswith and of Presence. agent a Point corporate as (IRDAI) a composite Limited is Securities ICICI is a full Securities) (ICICI Limited Securities ICICI disclosures: and other & conditions Terms report the in mentioned companies of the employee or as director an officer, thefrom any compensation received have not report of thisAnalysts mentioned above that confirmed We report. in this view(s) c of part our nothat certify also We securities. or issuer(s) subject Sebi registered stock broker, merchant banker, investment adviser, portfolio manager and Research Analyst. ICICI Securities is reg Securities Analyst. ICICIResearchand manager portfolio adviser, investmentbanker, merchant broker, stock registered - managing public offerings, corporate finance, investment banking or merchant banking, brok merchantor banking investment finance, corporate offerings, public managing - looking statements are not predictions and may be subject to change without notice. without changeto andsubject may be predictions notare statements looking - service, integrated investment banking and is, inter alia, engaged in the alia, in is, andbanking engaged inter investment integrated service, - managed public offering of securities for the subject company or mig or company subject the for of securities offering public managed ICICI Ltd.Securities | Retail Equity Research - rated securities indicate thatrating ona partindicate securities rated or or omp to business of stock brokering and distribution of financial products. of financial distribution and brokering of stock business any ey an located in any locality, state, country or other jurisdiction, where such distribution, distribution, such where jurisdiction, other or countrystate,any in locality, located ion dvi an uit any registration or licensing requirement within such jurisdiction. The securities described securitiesThe jurisdiction. suchwithin requirement anyor licensing registration on on d has its various subsidiaries engaged in businesses of housing finance, assetfinance, of housing in businesses engaged subsidiarieshasits various d might have financial interests or beneficial ownership in various companies including the including companies various in ownership beneficial or interests have financialmight he s w s ensations, is, or will be directly or indirectly related to the specific recommendation(s) or or recommendation(s) specific the to related indirectly or directly be is, will or ensations, sea y loss or damage of any kind arising out of the use of this report. Past performance is not Past performance report. of thisuse of the outof any damagearising or y loss kind f w able or appropriate to your specific circumstances. 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Though instruments. financial other or for securities subscribe or sell or buy to of offer e r e month preceding the publication of the research report. report. research of the publication the preceding month icular security has been suspended temporarily and such suspension is in compliance andsuspensionsuch temporarily suspendedhas security been icular st an ill not treat recipients as customers by virtue of their receiving this report. Nothing in Nothing report. this receiving of their by virtue as customers recipients treat not ill www.icicibank.com. are available on hich rch report. ICICI Securities or its associates or its analysts did not receive any receive not analystsdid its or itsassociatesor Securities ICICI report. rch obligation to update or keep the information current. Also, there mayAlso,regulatory, be there current.information the or keep updateto obligation uts ort ation has been made nor is its accuracy or completeness guaranteed. This report and report This guaranteed. completeness or is its accuracynor made hasbeen ation co to esearch Analysis activities. esearch ate the investment risks. The value and return on investment may vary because of may vary becauseinvestment on return value and risks. The investment the ate been prepared by the Retail Research. The views and opinions expressed in this expressed opinionsand views The Research. Retail by the prepared been por ht have been mandated by the subject company for any other assignment in the past in the assignment for any other company subject by the mandated been have ht may materially differ resultsmarkets. Actual securities the in investing before ted The report and information contained herein is strictly confidential and meant solely solely and meant confidential is strictly herein contained informationand report The esearch report. Accordingly, neither ICICI Securities nor Research Analysts and their their andAnalysts Research nor Securities ICICI neither Accordingly, report. esearch tra Number Registration SEBI d reach different conclusion from the information presented in this report. Neither Neither report. in this presented information thefrom conclusion different reach d investment objectives, financial positions and needs of specific recipient. This may This recipient. of specific and needs positions financial objectives, investment . mpanies mentioned in the report in the preceding twelve months and do not serve serve not do and months twelve preceding the in report in the mentioned mpanies tanding positions, trading volume trading positions, tanding erage services or other advisory service in a merger or specific transaction. specific or in a merger service advisory other or services erage view the Fundamental and Technical Research Reports. Our proprietary trading and trading proprietary Our Reports. Research Technical and Fundamental the view t during the period preceding twelve months from the date of this report for for report of this date thefrom months twelve preceding period the during t s s s nsactions. ICICI Securities or its subsidiaries collectively or Research Analysts or or Analysts Research or collectively itssubsidiaries or Securities ICICI nsactions. ubscribed to this report, here by certify that all of the views expressed in this in expressed views all that ofthe by certify here report, this to ubscribed is tered with Insurance Regulatory Development Authority of India Authority Development Regulatory Insurance with tered – INH000000990. ICICI Securities Limited SEBI Registration Registration SEBI Limited Securities ICICI INH000000990. etcas opposed to focusing on a on company's focusingto opposed 26

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