Daily Calls

November 20, 2014

Market Outlook

Domestic Indices
Indices

Close

Change

Change%

28032.85

-130.44

-0.46

8382.30

-43.60

-0.52

8409.55

-42.35

-0.50

S&PBSE 500

10771.32

S&PBSE Midcap

10210.60

-59.75
-64.70

-0.55
-0.63

S&PBSE Smallcap

11368.55

-74.61

-0.65

Indices
Close
17685.73
Dow Jones
Nasdaq
4675.71
6696.60
FTSE
DAX
9472.80
Hang Seng
23290.38
Nikkei
17349.16
8411.00
SGX Nifty
* Asian Market at 7:30 am.IST

Change
-2.09
-26.73
-12.53
16.27
-95.35
65.13
-7.00

Change%
-0.01
-0.57
-0.19
0.17
-0.41
0.38
-0.08

S&P BSE Sensex

CNX Nifty
Nifty future

Sensex: We said, "Weakness below the Grey support line could open up negative options..." The index started 131 points higher
but breaking below the Grey support line later resulted in a net loss of 130 points or 0.4%. Most sectors ended flat to negative
but the metal, power and PSU indices shaved off 1.5-2% each. The A/D ratio also turned negative to end at 1:3.
The action formed a Bear candle comprising the biggest intra-day shave-off in the last 20-days. The index broke below the Grey
support line, and is now testing the lower Blue channel at about 27925. Watch if this support holds. Weakness continuing below
the channel could test the two-week lows of 27739-65, which is the next crucial support.
Exhibit 1: Sensex Daily Candlestick Chart

Global Indices

Market Breadth
25
95

Unchg

NSE
BSE

829

Decline

399

Advance
0

1838

1218
500

1000

1500

2000

Recommendations for the day

Source: ASA, ICICIdirect.com Research

1. Sell Nifty Nov Future in range of 8440-8445

2. Buy Tech Mahindra in range of 2632.002635.00
3. Sell ACC below 1464.00
*All recommendations are of November Future

ICICI Securities Ltd. | Retail Equity Research

Exhibit 2: Nifty Future Daily Candlestick Chart

CNX Nifty (Cash Levels) Technical Picture
Nifty
Trend

Intraday
Rangebound

Trend Reversal

Short Term
Up
8180

Support

8350-8320

8180

Resistance

8410-8440

8650

20 Days EMA

8256

200 days EMA

7431

Nifty Future Recommendations

CMP :

8409.55

Comment : Future premium increased from 26 points to

27.Reacts from upper Blue channel, now testing
its lower end. Reverse if holds 8375-85
Action :

Sell in the range of 8440-8445

Targets :

8410/8390/Lower

Stop-loss :

8460.00

Source: ASA, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 2

Trend Scanner
Global Currencies
Spot

Positive Trends

Close

Prev.close

% Chg

Rupee (|)

61.963

61.748

-0.35

Scrip Name

Dollar Index

87.725

87.647

0.09

Euro

1.254

1.255

British Pound

1.567

Japanese Yen

Candlestick Patterns
Close

% Change

10-day SMA

Delivery (%)

HCL Technologies Ltd

1631.15

1.90

1615.89

62.27

-0.13

Bajaj Auto Ltd

2674.95

1.17

2604.21

90.38

1.568

-0.06

Dr Reddy's Laboratories Ltd

3523.05

2.62

3424.86

51.49

118.140

117.970

-0.15

MindTree Ltd

1171.95

3.39

1118.73

77.53

Australian ($)

0.861

0.862

-0.19

Swiss Franc

0.958

0.957

-0.11

Global Treasury Yields

Closing Yield (%)

Previous Yield (%)

8.16

8.16

US 10 Year

2.35

2.36

EURO 10 Year

0.85

0.80

GBP 10 Year

2.14

2.12

JPY 10 Year

0.48

0.48

Commodities
Close

Prev. Close

%Chg

1180.64

1182.68

-0.21

Copper /ton

6755

6705

-0.44

Brent Crude/barrel

78.10

78.10

0.00

Scrip Name

Close

ACC Ltd
Titan Industries Ltd

Cash Segment (| Cr)

19-Nov-14

FII
71.8

DII
-491.3

18-Nov-14

-102.0

-232.4

17-Nov-14

656.4

-247.9

14-Nov-14

645.9

-517.5

13-Nov-14

690.6

-738.2

Scrip Name

Close

Scrip Name

HCL Tech

1633.0

PNB

SRF

896.1

% Change

10-day SMA

Close
958.6

Punj Lloyd

39.0

Rpower

72.9

Bullish Continuation pattern

1488.0

Petronet LNG

186.3

Dr reddy

3524.9

Jindal Steel & Power

151.2

Delivery (%)

Mindtree

1180.0

Cairn India

261.0

818.4

1463.05

-1.61

1498.06

52.84

Glenmark

366.40

-1.89

375.30

33.25

Tech Mahindra

2641.9
Dark Cloud Cover
Crompton Greaves

195.6

Note: For Candlestick pattern description refer towards the end of

the report.
Overbought Stocks

Oversold Stocks

Stocks hitting 52 week high

Stocks rising for 5 days & stochastic overbought

Stocks falling for 5 days & stochastic oversold

Scrip Name

LTP

Scrip Name

Scrip Name

Amara Raja

776.85

Bank of baroda
Indiabull Realestate

Institutional Activity

Bearish Engulfing

CONCOR

US Dollar

Gold/ounce

Bearish Candlestick Formations

Bullish Engulfing

Bullish Continuation pattern

Negative Trends

India 10 year

Bullish Candlestick Formations

ICICI Securities Ltd. | Retail Equity Research

LTP

Stochastic

1042

82.31

82

83.6

HPCL
Sun pharma

LTP

Stochastic

538.75

13.47

851

12.4

Bosch
Hathway

18026.25
359.7

SRF

900.1

Tata Chemical

420.9

Vguard

1005

Page 3

Exhibit 3: Tech Mahindra (TECMAH)

Daily Candlestick Chart

The stock in strong up trend bounced back taking support at the 38.2 % retracement of previous
up move and 13 days EMA indicating positive trend to continue in the short term
Tech Mahindra (TECMAH) November Future
CMP

2639.85

Comment : Price bounced back taking support at the 38.2%

retracement of the previous up move and 13
days EMA stochastic giving buy signal in the
daily chart
Action :

Buy in the range of 2632.00-2635.00

Targets :

2670/2690/Higher

Stop-loss :

2615.00

Stochastic giving buy signal it bounced back taking support at its previous low in the daily chart

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 4

Exhibit 4: ACC (ACC)

Daily Candlestick Chart

The stock facing resistance at the 78.6% retracement of the previous

major decline and price closed below 34 days EMA in the daily chart

ACC (ACC) November Future

CMP

1467.40

Comment : Price reacted lower after testing the 78.6%

retracement of the previous up move and price
closed below 34 days EMA and MACD giving
sell signal in the daily chart
Action :

Sell below 1464.00

Targets :

1444/1434/Lower

Stop-loss :

1475.00

34 days EMA

MACD giving sell signal moving below signal line in the daily chart

Source: Bloomberg , ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Page 5

Previous Days Performance

Scrip

Nifty
BHEL
Allahabad Bank
Arvind

Product

Future
Future
Future
Future

Strategy

Buy
Buy
Buy
Buy

Recommended Price

In range of 8425-8430
In range of 253-254
In range of 122.75-123.25
In range of 292.5-293.50

Targets

8460/8480/+
258.5/261/+
125.5/126.8/+
298/300.5/+

SL

8410.00
251.00
121.70
290.00

Gain/Loss %*

Comment

(17 Points)
-1.00
-1.05
-1.00

Stoploss triggered
Stoploss triggered
Stoploss triggered
Stoploss triggered

* Return Opportunity
Nifty Points gained for the day: -17 points

Stock profits: Avg -1.00% per trade

Strike Rate for the day: 0/3

Gains over last 146 days: 462 points

(Cum. Profits over last 146 days:179.75%)

(Cum strike rate over 146 days: 190/330

NOTE: The follow-up and performance review table of the strategies indicates the profit opportunity that was available in the strategies. Individual profits may vary,
depending upon the entry and exit price and stop losses

ICICI Securities Ltd. | Retail Equity Research

Page 6

Support and Resistance Table (Cash Levels)

SCRIP

S3

R1

28032.85

27899.55

27858.85

27818.1

28064.8

28147.45

28230.05

-ve

NIFTY

8382.30

8343.30

8331.50

8319.70

8390.90

8414.70

8438.45

-ve

ACC

-ve

SENSEX

CLOSE

S1

S2

R2

R3

TREND

1463.05

1447.35

1441.50

1435.60

1467.35

1477.35

1487.35

ADANI ENTER.

482.50

472.70

469.40

466.15

484.65

490.65

496.65

-ve

ADANI POWER

46.35

45.40

45.10

44.75

46.65

47.30

47.90

-ve

1769.05

1749.25

1743.50

1737.75

1776.40

1790.00

1803.55

-ve

118.40

115.10

114.25

113.40

119.00

120.95

122.90

-ve

ADITYA BIRLA
ALLAHABAD BANK
ANDHRA BANK
APOLLO HOSPITALS

86.25

84.35

83.70

83.05

86.95

88.25

89.55

1210.10

1199.75

1179.25

1158.75

1240.75

1252.50

1264.25

-ve
+ve

APOLLO TYRES

225.10

221.00

219.80

218.55

226.65

229.45

232.25

-ve

ARVIND

295.50

294.65

292.20

289.75

299.55

302.05

304.55

+ve

ASHOK LEYLAND
ASIAN PAINTS
AUROBINDO PHARMA

52.75

51.90

51.35

50.80

53.00

53.55

54.05

683.10

671.95

666.75

661.55

684.70

691.05

697.45

-ve
-ve

1122.30

1101.10

1090.65

1080.25

1124.50

1136.25

1147.95

-ve
+ve

BAJAJ AUTO

2674.95

2672.45

2662.15

2651.85

2693.00

2703.45

2713.85

BOB

1040.05

1025.40

1020.30

1015.20

1040.85

1048.60

1056.30

-ve

280.30

276.10

274.25

272.40

281.60

284.40

287.15

-ve
-ve

BOI
BATA INDIA

1304.95

1288.35

1279.60

1270.85

1308.30

1318.25

1328.25

BHARAT FORGE

917.50

896.20

884.65

873.10

921.85

934.70

947.55

-ve

BPCL

721.55

718.50

713.20

709.90

729.05

734.30

737.60

Neutral

BHARTI AIRTEL

401.75

401.70

398.60

395.45

407.90

411.25

414.60

+ve

BIOCON

445.10

445.30

442.80

440.30

450.30

452.95

455.60

+ve

CAIRNS INDIA

261.15

258.05

256.85

255.65

262.35

264.45

266.60

-ve

CANARA BANK

404.25

398.25

395.60

392.90

406.15

410.10

414.00

-ve

CENTURY TEXT.

550.50

536.55

533.25

529.95

555.70

565.30

574.85

-ve

CESC

720.55

707.50

702.10

696.65

722.35

729.75

737.15

-ve

CHAMBAL FERT.
CIPLA
COAL INDIA

66.05

64.55

63.85

63.20

66.40

67.35

68.30

-ve

599.20

590.20

587.30

584.35

600.60

605.80

610.95

-ve
-ve

347.05

342.40

340.15

337.90

347.85

350.55

353.30

1937.25

1921.80

1911.95

1902.15

1937.50

1945.35

1953.25

-ve

CROMPTON GREAVES

196.00

190.80

188.10

185.45

197.30

200.55

203.80

-ve

DABUR INDIA

232.05

228.75

227.10

225.40

232.95

235.05

237.15

-ve

60.75

59.00

58.50

58.05

60.95

61.90

62.90

-ve

COLGATE PALM.

DISH TV

ICICI Securities Ltd. | Retail Equity Research

Page 7

SCRIP
DIVI'S LAB.
DLF
DR.REDDY'S LAB.

CLOSE

S1

S2

S3

R1

R2

R3

TREND

1717.75

1713.15

1707.20

1700.25

1725.15

1731.15

1738.05

141.20

141.10

139.50

137.85

144.35

145.20

146.05

Neutral
+ve

3523.05

3509.55

3483.30

3457.05

3562.05

3573.05

3584.10

+ve

EXIDE IND.

158.50

155.85

155.05

154.20

159.40

161.20

162.95

-ve

FEDERAL BANK

142.90

141.65

141.00

140.35

143.30

144.15

144.95

-ve

FUTURE RETAIL
GAIL
GLAXO SMITH.C.H.
GLENMARK PHARMA.
GMR INFRA.

97.50

95.00

93.85

92.65

98.30

99.95

101.55

-ve

477.25

470.15

465.90

461.65

479.75

484.55

489.35

-ve

5730.10

5715.25

5683.00

5650.75

5779.75

5811.25

5842.80

+ve

814.80

811.85

799.85

787.85

835.90

844.35

852.85

+ve

20.45

20.00

19.85

19.75

20.45

20.70

20.90

GODREJ CONSUMER

963.20

954.45

950.50

946.50

966.25

972.15

978.00

-ve

GODREJ IND.

297.35

294.00

291.80

289.65

298.35

300.55

302.75

-ve

3558.05

3519.85

3503.45

3487.05

3568.25

3592.45

3616.60

-ve

306.05

298.85

297.50

296.15

306.95

311.00

315.10

-ve

1631.15

1626.60

1617.85

1609.15

1644.10

1650.85

1657.60

926.55

919.90

914.15

908.40

927.65

931.55

935.45

HDFC

1117.20

1115.55

1110.05

1104.50

1126.65

1134.90

1143.15

HERO MOTO

GRASIM
HAVELL'S INDIA
HCL TECH
HDFC BANK

-ve

+ve
-ve
+ve

3000.35

2970.50

2959.35

2948.20

3003.50

3020.00

3036.50

-ve

HEXAWARE TECH.

215.55

211.85

210.15

208.40

216.10

218.25

220.35

-ve

HINDALCO

154.75

152.45

150.90

149.35

155.55

157.10

158.60

-ve

HIND. UNILEVER

760.20

759.95

756.30

752.65

767.25

769.60

771.90

+ve
Neutral

HPCL

536.30

533.15

528.20

523.40

543.05

548.00

552.85

HINDUSTAN ZINC

162.55

160.05

158.85

157.65

163.55

165.30

167.05

-ve

85.60

83.95

83.00

82.10

86.05

87.10

88.15

-ve

1682.90

1684.60

1676.60

1668.60

1700.60

1704.60

1708.55

72.25

70.85

70.05

69.25

72.60

73.45

74.30

-ve

IDEA CELLULAR

167.10

164.75

163.40

162.00

167.85

169.40

170.95

-ve

NSE INFRA DEV FINANC

158.70

156.55

155.00

153.40

159.25

160.55

161.90

-ve

39.70

38.90

38.30

37.65

39.90

40.40

40.90

-ve

715.50

710.00

707.85

705.70

716.70

720.05

723.35

-ve

HDIL
ICICI BANK
IDBI

IFCI
INDUSIND BANK

+ve

INDIA CEMENTS

106.85

104.05

103.20

102.35

107.60

109.35

111.15

-ve

INDRAPRASTHA GAS

418.75

410.85

408.90

406.95

421.55

426.95

432.30

-ve

IOC

343.75

338.55

336.05

333.60

345.90

349.55

353.25

-ve

IOB

57.60

56.75

56.20

55.70

57.95

58.55

59.15

-ve

ICICI Securities Ltd. | Retail Equity Research

Page 8

SCRIP
IB REAL ESTATE

CLOSE

S1

S2

S3

R1

R2

R3

TREND

81.70

79.45

78.85

78.25

81.85

83.05

84.25

-ve

4173.35

4145.40

4131.50

4117.55

4170.50

4183.05

4195.60

-ve

IRB INFRA.

278.75

271.90

268.95

266.00

279.75

283.70

287.65

-ve

ITC

INFOSYS

367.85

363.90

362.85

361.80

369.20

371.85

374.55

-ve

JAIPRAKASH ASS.

33.50

32.70

32.20

31.75

33.70

34.20

34.70

-ve

J.P.POWER VENT.

14.55

14.25

14.10

13.95

14.60

14.80

15.00

-ve

JAIN IRRIGATION

85.00

82.50

80.70

78.95

85.75

87.35

89.00

-ve

JINDAL ST&POW

152.00

148.35

146.70

145.05

153.15

155.55

157.95

-ve
-ve

JSW ENERGY

82.90

81.70

80.95

80.20

83.30

84.15

84.95

NSE JSW STEEL

1209.40

1190.75

1181.75

1172.75

1216.05

1228.70

1241.35

-ve

JUBILANT FOOD

1459.65

1463.05

1449.30

1435.55

1490.60

1497.80

1505.00

+ve

KARNATAKA BANK

134.05

131.45

130.65

129.85

134.85

136.55

138.30

KOTAK MAH.BANK

1077.55

1062.05

1054.45

1046.80

1076.55

1083.75

1091.00

-ve

L&T

1658.60

1659.55

1652.80

1646.10

1673.00

1682.55

1692.10

+ve

LIC HOUSING

-ve

411.35

406.55

404.45

402.35

412.75

415.85

418.90

NSE LUPIN

1449.35

1444.75

1439.25

1431.75

1455.70

1461.15

1468.65

Neutral

M&M

1245.00

1233.65

1228.40

1223.10

1248.15

1255.40

1262.65

-ve

MARUTI SUZUKI

3343.40

3313.00

3299.95

3286.90

3348.70

3366.55

3384.40

245.10

244.15

241.90

240.95

248.65

250.90

251.80

MCLEOD RUSSEL
M&M FIN.SERV.
MRF
NSE NHPC
NMDC

-ve

-ve
Neutral

299.05

291.95

290.00

288.05

301.15

305.75

310.35

-ve

32095.80

31491.25

31251.25

31011.25

32183.15

32529.10

32875.05

-ve

20.65

20.35

20.20

20.10

20.75

20.95

21.15

-ve

149.35

147.85

147.15

146.45

149.90

150.90

151.90

-ve

NSE NTPC

144.20

142.60

141.90

141.20

144.65

145.70

146.75

-ve

ONGC

384.15

379.10

377.05

375.00

385.50

388.70

391.90

-ve

OBC

281.60

277.20

274.85

272.55

283.25

286.25

289.25

-ve

PETRONET LNG

186.85

181.55

180.60

179.65

188.85

192.50

196.15

-ve

POWER FINANCE

296.65

289.55

286.80

284.05

298.45

302.90

307.40

-ve

POWER GRID

146.65

144.60

143.65

142.70

147.00

148.15

149.35

-ve
-ve

POWER TRADING

100.05

98.20

96.90

95.55

100.45

101.55

102.70

PNB

963.05

950.35

942.45

934.55

966.60

974.75

982.85

-ve

RANBAXY

602.15

588.45

582.40

576.40

605.70

614.30

622.95

-ve

RCOM

109.70

106.50

102.60

98.70

110.55

112.60

114.65

-ve

REL. CAPITAL

510.15

500.20

493.60

486.95

512.05

517.95

523.85

-ve

ICICI Securities Ltd. | Retail Equity Research

Page 9

SCRIP

CLOSE

S1

S2

S3

R1

R2

R3

TREND

RELIANCE INFRA.

638.95

625.35

619.40

613.40

643.80

653.00

662.20

-ve

RELIANCE

978.15

972.45

969.30

966.20

980.20

984.05

987.95

-ve

73.00

71.65

70.95

70.30

73.45

74.35

75.25

-ve

336.10

327.45

323.30

319.10

336.60

341.20

345.75

-ve

85.25

83.00

81.95

80.90

85.55

86.85

88.15

-ve

240.40

235.90

232.80

229.75

242.00

245.05

248.15

-ve

1064.90

1065.25

1054.55

1043.85

1086.65

1092.85

1099.05

918.05

903.50

897.05

890.60

922.90

932.55

942.25

2910.50

2886.70

2873.00

2859.25

2918.95

2935.05

2951.15

-ve

850.10

837.05

829.05

821.10

852.75

860.60

868.45

-ve

RELIANCE POWER
REC
SAIL
SESA GOA
SHRIRAM TRANS.
SIEMENS
SBI
SUN PHARMA

+ve
-ve

SUN TV

315.95

311.05

308.85

306.65

316.45

319.15

321.85

-ve

SYNDICATE BANK

129.50

127.50

126.65

125.75

130.00

131.25

132.50

-ve

TATA CHEMICALS

421.05

414.35

411.80

409.20

422.95

427.25

431.55

-ve

TATA MOTOR DVR

324.90

319.70

317.25

314.85

326.05

329.25

332.40

-ve

TATA MOTORS

529.50

519.70

517.15

514.60

530.90

536.50

542.15

88.50

88.25

87.65

87.30

89.40

90.00

90.35

TATA POWER
TATA GLOBAL BEV.

-ve
Neutral

157.85

155.60

154.95

154.25

158.65

160.20

161.70

TCS

2573.75

2554.80

2543.05

2531.35

2575.05

2585.20

2595.35

-ve

TECH MAHINDRA

2627.25

2622.30

2606.35

2590.35

2654.30

2664.95

2675.60

+ve

TATA STEEL

471.00

462.60

459.50

456.40

474.35

480.20

486.05

-ve

TITAN IND.

366.40

362.85

361.35

359.85

367.50

369.85

372.20

-ve

UCO BANK

85.80

84.40

83.90

83.35

86.15

87.05

87.90

-ve

2494.75

2468.15

2453.00

2437.85

2500.65

2516.90

2533.15

-ve

217.30

214.35

213.10

211.85

218.25

220.20

222.15

-ve
+ve

ULTRATECH CEMENT
UBI

-ve

UNITED BREW.

724.00

722.45

714.30

706.15

738.80

743.65

748.55

UNITED PHOSPH.

347.90

336.60

333.65

330.70

350.60

357.60

364.60

-ve

19.75

19.25

19.05

18.85

19.95

20.30

20.60

-ve
-ve

UNITECH
VOLTAS

266.90

261.75

259.25

256.70

268.75

272.25

275.75

WIPRO

564.90

559.80

558.40

556.95

565.15

567.85

570.50

-ve

NSE YES BANK

681.05

673.75

669.90

666.05

683.10

687.75

692.45

-ve

ZEE

388.55

388.25

386.05

383.90

392.60

394.95

397.30

+ve

ICICI Securities Ltd. | Retail Equity Research

Page 10

NOTES:

Please execute the recommendation within the levels provided in the report
Once the recommendation is executed, it is advisable to keep strict stop loss as provided in the report
Avoid entering into the recommendation in the first 5 minutes of trade
If the recommendation opens near the target levels due to gap up/gap down opening, then the
recommendation is considered not initiated
The recommendations are valid only for the day and should be squared off by the end of the day
Only stocks in derivatives segment have been considered for daily trading
Medium to long-term prospects of a stock does not have any bearing on the daily view

Trading Portfolio allocation

It is recommended to spread out the trading corpus in a proportionate manner between the various technical
research products.
Please avoid allocating the entire trading corpus to a single stock or a single product segment
Within each product segment it is advisable to allocate equal amount to each recommendation.
For example: The Daily Calls product carries 3 to 4 intraday recommendations. It is advisable to allocate
equal amount to each recommendation

ICICI Securities Ltd. | Retail Equity Research

Page 11

Recommended Trading Portfolio allocation

Products

Allocations
Product wise
Max allocation
allocation
in 1 stock

Return Objective
Number of Calls

Frontline Stocks

Mid-cap stocks

Duration

Daily Calls

8%

2-3%

3-4 Stocks

0.50-1%

2-3%

Intraday

Short term Delivery

6%

3-5%

7-10 p.m

4-5%

7-10%

Opportunity based

Weekly Calls

8%

3-5%

1-2 Stocks

5-7%

7-10%

1 Week

Weekly Technical

8%

3-5%

1-2 Stocks

5-7%

7-10%

1 Week

Monthly Call

15%

5%

2-3 Stocks

7-10%

10-15%

1 Month

Monthly Technical

15%

2-4%

5-8 Stocks

7-10%

10-15%

1 Month

Techno Funda

15%

5-10%

1-2 Stocks

10% and above

15% and above

6 Months

Technical Breakout

15%

5-10%

1-2 Stocks

10% and above

15% and above

3-6 Months

Cash in Hand

10%

100%

ICICI Securities Ltd. | Retail Equity Research

Page 12

Candlesticks Glossary:
Candlestick patterns describe the market sentiment for the specified period. Some of the formations suggest reversal of
sentiment (trend) and, therefore, are important for a chart reader. By themselves, the patterns do not carry any price target but
only an indication of change in market behaviour. More importance needs to be given to the placement of the pattern within
larger trend

Bullish Engulfing Line: A potential bottom reversal pattern. This pattern typically appears at the culmination of a decline or

downtrend. The market falls, and a black candle forms (ideally a small black candle). Next, a white real body wraps around the
prior sessions black body. Low of the pattern becomes short term support for prices

Piercing Line: Potential bottom reversal pattern. A black body forms in the downtrend. The market continues moving south on
the next sessions open but that session culminates in a white real body that closes (e.g. pierces) than half way or more into the
prior black body. Lowest low between two candles is referred to as technical support for prices
Hammer: A candlestick line which, during a downtrend, has a very long lower shadow and small real body (black or white) at
the top end of the sessions range. There should be no, or a very small, upper shadow. Pattern suggests buying support during
declines and needs confirmation in terms of sustainability of prices above head of the Hammer in following session
Bearish Engulfing Line: Potential top reversal signal. This two candlestick pattern emerges during a rally. A black candle real
body wraps around a white real body (classically a small white candle) Highest high between two candles becomes resistance
level for prices for future reference

Dark Cloud cover: A dark cloud cover forms a top reversal pattern. The first session should be a strong, white real body. The
second sessions price opens over the prior sessions high (or above the prior sessions close). By the end of the second session,
it closes near the low of the session and should fall well into the prior sessions white body. Pattern suggests that market has a
poor chance of rising immediately
Shooting Star: A single candlestick line during a rally in which there is a small real body (white or black) at the bottom end of
the session's range and a very long upper shadow. The candle line should also have little or no lower shadow. Pattern suggest
the trouble for prices overhead

ICICI Securities Ltd. | Retail Equity Research

Page 13

Pankaj Pandey

Head Research

pankaj.pandey@icicisecurities.com

ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC
Andheri (East)
Mumbai 400 093
research@icicidirect.com

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ICICI Securities Ltd. | Retail Equity Research

Page 14