Open recommendations Date Scrip I-Direct Code Action ...

Momentum Picks

MOMENTUM PICK

ICICI Securities ? Retail Equity Research

New recommendations

Date

Scrip

22-Jul-22

Nifty

22-Jul-22

ZEE Entertainment

22-Jul-22

Concor

21-Jul-22

Nocil

I-Direct Code NIFTY ZEEENT

CONCOR Nocil

Action Buy Buy Buy Buy

Initiation Range 16540-16572 235.00-236.00 680.00-682.00 287-291.50

Target 16609/16663 237.70/240.30 686.40/692.00

301.00

Stoploss 16498.00 233.10 674.90 280.00

Duration Intraday Intraday Intraday 03 Days

Open recommendations

Date

Scrip

I-Direct Code

Action

Initiation Range

20-Jul-22

Balrampur Chini

BALCHI

Buy

374-381

20-Jul-22

Cipla

CIPLA

Buy

965-981

20-Jul-22

FSL

FIRSOU

Buy

109-111

19-Jul-22

Polycab

POLI

Buy

2200-2240

19-Jul-22

Brigade

BRIENT

Buy

474-488

15-Jul-22

Astral Poly

ASTPOL

Buy

1765-1790

Intraday & Positional recommendations for stocks are in Cash segmnet. Index recommendation is in Future segment

Target 402.00 1050.00 116.00 2410.00 506.00 1905.00

Stoploss 362.00 922.00 105.00 2128.00 463.00 1678.00

Duration 07 Days 30 Days 03 Days 14 Days 07 Days 14 Days

Open Recommendations

Gladiator Stocks

Scr i p

Action

Canara Bank

Buy

TTK Prestige

Buy

Titan

Buy

Duration: 3 Months

Click here to know more...

Research Analysts

Dharmesh Shah dharmesh.shah@

Pabitro Mukherjee pabitro.mukherjee@

Nitin Kunte, CMT nitin.kunte@

Vinayak Parmar vinayak.parmar@

July 22, 2022

For Instant stock ideas: SUBSCRIBE to mobile notification on

ICICIdirect Mobile app...

Ninad Tamhanekar, CMT ninad.tamhanekar@

Nifty: 16605

MMoOmeMnEtNuTmUPiMcPkIsCK

ICICI Securities ? Retail Equity Research

Technical Outlook

Day that was... Equity benchmarks endured its winning streak over fifth consecutive session tracking mixed global cues. The Nifty concluded weekly expiry session at 16605, up 84 points or 0.5%. Market breadth remained sturdy with A/D ratio of 1.7:1. Sectorally, barring pharma, all other major indices ended in green led by financials, IT, metal, FMCG Technical Outlook ? The index started weekly expiry session on a positive note.

However, Buying demand from Wednesday's gap area helped index to approach our earmarked target of 16600. The daily price action formed a bull candle carrying higher high, indicating continuation of elevated buying demand. ? The formation of higher high-low coupled with sustenance above 200 days EMA and across sector participation signifies inherent strength that makes us confident to revise target to the psychological mark of 17000 in coming weeks as it is 61.8% retracement of April-June decline (18114-15183). However, the move towards 17000 would not be in a liner manner as bouts of volatility owing to U.S Fed meet and monthly expiry in coming week amid overbought conditions of daily stochastic oscillator (currently placed at 95). Only a decisive close below previous session low (16500) would lead to a breather, else continuation of upward momentum. However, temporary breather from hereon should not be construed as negative instead dips should be capitalised as incremental buying opportunity ? Key point to highlight is that, the breadth indicator, measured by percentage of stocks above 50 DMA has seen significant improvement with a reading of 61% compared to April end reading of ~45%, indicating broad based participation that augurs well for durability of ongoing up move which makes us confident to revise support base upward at 16100 as it is confluence of: ? a) 61.8% retracement of recent up move (15858-16626) ? b) positive gap recorded on 18th July (16050-16142) ? c) 20 days EMA is placed at 16120 ? On the broader market front, the benchmark index Nifty and midcap index have approached their 200 days EMA, however small cap index is still 6% away from its 200 days EMA. Thus, we expect catch up activity to be seen in the broader market. Hence, focus should be on accumulating quality mid and small caps amid ongoing Q1FY23 earning season ? In the coming session, index is likely to open on a positive note tracking firm global cues. We expect the index to consolidate with positive bias while maintaining higher high-low. Hence, after a positive opening use intraday dip towards 16540-16572 for creating long position for the target of 16663

Source: Bloomberg, Spider, ICICI Direct Research

NSE Nifty Daily Candlestick Chart

Open

High

Low

Cl ose

16523.55 16626.95 1811614483.90 16605.25

Nifty to head towards 17000

200 Days EMA

Daily stochastic pointing upward amid overbought conditions (placed at 94), indicating positive bias

Support @16100

ICICI Securities Ltd. | Retail Equity Research

Domestic Indices

Indices

Close 1 Day Chg

SENSEX Index

55681.95 284.42

NIFTY Index

16605.25 84.40

Nifty Futures

16597.50 77.90

BSE500 Index

22734.07 175.87

Midcap Index

16574.70 290.37

Small cap Index 26716.56 238.71

SGX Nifty

16640.00 42.50

* SGX Nifty at 7:30 am

% Chg 0.51 0.51 0.47 0.78 1.24 0.90 0.26

Nifty Technical Picture

Intraday

Trend

Support

16560-16520

Resistance

16660-16700

20 day EMA

200 day EMA

Short term

16100 17000 16122 16522

Nifty Future Intraday Reco.

Action

Buy

Price Range

16540-16572

Target

16609/16663

Stoploss

16498.00

Sectors in focus (for Intraday) :

Positive: BFSI, IT, Auto, Consumption, Pharma, Capital Goods

2

Nifty Bank: 36201

Technical Outlook

Day that was:

The Bank Nifty continued with its positive momentum and gained for the fifth consecutive sessions to close the weekly expiry session higher by 0.6% on Thursday. The up move was broad based as 10 out of the 12 index constituents closed in the green. The Bank Nifty closed the session at 36201 levels up by 228 points or 0.64%

Technical Outlook

? The daily price action formed a bull candle with a higher high-low signaling positive bias. The index has formed a higher high in the monthly chart after three months highlighting strength and continuation of the current pullback rally

? The index on Thursday session has tested our immediate target of 36300. The immediate bias continues to remain robust hence follow through strength above 36300 will open further upside towards 37500 levels in the coming months being the 80% retracement of the previous major decline (38765-32290) placed at 37430 levels

? The up move towards 37500 levels is likely to be in a non-linner manner, bouts of volatility owing to volatile global cues cannot be ruled out. Moreover, the sharp up move of 1800 points in just five sessions has led to daily stochastic at an overbought territory with a reading of 93. Hence a couple of days of breather cannot be ruled out, which should not be seen as negative instead dips towards 35000-35300 should be capitalised as a buying opportunity

? Key observation in the recent market correction and during the last four-week pullback is that the Bank Nifty is relatively outperforming the Nifty. It is also highlighted in the Bank Nifty/Nifty ratio chart as it is seen breaking above the falling supply line joining recent highs highlighting strength and continuation of the current outperformance

? The formation of higher high-low on the weekly chart makes us confident to revise the support base higher towards 34500 levels as it is the confluence of the last week low and the 50% retracement of the recent up move (33080-36331)

? Among the oscillators, the weekly stochastic remain in strong up trend thus supports the overall positive bias in the index.

In the coming session, index is likely to open on a positive note amid firm global cues. We expect the index to trade in a range with positive bias while maintaining higher high-low. Hence use intraday dips towards 35980-36060 for creating long position for the target of 36310, maintain a stoploss at 35860 Source: Bloomberg, Spider, ICICI Direct Research

July 22, 2022

Nifty Bank Index ? Weekly Candlestick Chart

Open 36026.55

High 36331.70

Low 35887.35

Cl ose 36201.00

41829 Index tested our immediate target of 36300 on Thursday's session. Bias remain positive sustaining above which will open upside towards 37500 levels in coming months

38765

Target @ 37500

36083

30405 28976

32155

32290

Support @ 34500

Weekly stochastic in strong up trend

Breaking above falling supply line joining recent highs since April 2022

ICICI Securities Ltd. | Retail Equity Research

Nifty Bank daily change

Indices

Close Change Change%

Nifty Bank 36201.00 228.90

0.64

BankNifty Technical Picture

Intraday

Short term

Trend

Support

36070-35930

34500

Resistance

36380-36550

37500

20 day EMA

34854

200 day EMA

35411

3

ICICI Securities ? Retail Equity Research

MOMENTUM PICK

Stock Picks

ZEE Entertainment (ZEEENT)? Daily candlestick chart

Duration: Intraday

Price resuming uptrend after consolidating above recent breakout area and 13 day EMA, signaling further upward momentum in coming sessions

Concor (CONCOR)? Daily candlestick chart

Source: Bloomberg, Spider, ICICI Direct Research

July 22, 2022

Daily RSI in rising trajectory

13 Days EMA

Price on the verge of breakout after consolidation, suggest further northward journey in coming sessions

Daily MACD in buy mode suggest bullish bias

13 Days EMA

ICICI Securities Ltd. | Retail Equity Research

Technical Observations

CMP

234.95

Action

Buy

Rationale

Price resuming uptrend after consolidating above recent breakout area and 13 day EMA

Initiation Range Target

Stop Loss

235.00-236.00 237.70/240.30

233.10

Technical Observations

CMP

681.25

Action

Buy

Rationale

Price on the verge of breakout after consolidation, suggest further northward journey

Initiation Range Target

Stop Loss

680.00-682.00 686.40/692.00

674.90

4

ICICI Securities ? Retail Equity Research

MOMENTUM PICK

MOMENTUM PICK

Stock Picks

Duration: 03 days

Nocil (Nocil Limited) in the range of 287.00-291.50

Target: 301.00

Daily Bar Chart

Buying demand emerging after a higher base above the major trend line breakout area signaling continuation of the up move and offers fresh entry opportunity

274 262

Stop Loss: 280.00

Target @ 301 287 273

229 Base at the 50

Days EMA

191 Price rise is supported by strong volume

Daily 14 periods RSI is in up trend rebounding taking support at its nine periods average

Recommendation initiated on i-click to gain at 15:09 on July 21, 2022

Technical Observations

? The share price of Nocil is

resuming up move after a higher

base above the major trend line

breakout area joining highs of

January 2022 (|262) and June

2022

(|274)

signaling

continuation of the up move and

offers fresh entry opportunity

? The base of the last three months up move is placed at the 50 days EMA (currently placed at | 258) signaling positive price structure

? We expect the stock to maintain positive bias and head towards | 301 levels in the coming sessions as it is the measuring implication of the last six sessions range breakout (| 287-273)

? Among the oscillators the daily 14 periods RSI is in uptrend and is seen rebounding talking support at its nine periods average thus validates the positive bias

ICICI Securities ? Retail Equity Research

Source: Bloomberg, Spider Software, ICICI Direct Research

July 22, 2022

ICICI Securities Ltd. | Retail Equity Research

5

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