Daily Calls December 11, 2015

Daily Calls December 11, 2015 Market Outlook Sensex Daily Candlestick Chart We said, "For positive options, the index should prevent fresh lows, close above the opening..." The index did prevent fresh lows and strengthening above the open, finished 216 points or 0.8% higher. The Sensex was powered by the RIL and HDFC twins. Oil & gas, metal, realty and IT sectors outperformed. Gains in the broader market resulted in a positive A/D ratio of 3:1. The action formed a Bull candle, as a result of the oversold technical position we pointed out. The Harami candle, ranged inside Wednesday's long Bear candle, will be considered indecisive until the action ends beyond Wednesday's high-low range of 25012-25316. On the last day of the week, we may not rule out volatile and tricky action. Source: ASA, ICICIdirect.com Research Recommendations for the day Scrip IDi I-Direct tcode Action Target Stoploss NIFTY NIFTY Buy in the range 7650.00-7660.00 7690.00/7710.00 7635.00 Voltas VOLTAS Buy above 289.00 294.00/296.50 286.40 REC RURELE Sell below 208.50 204.50/202.50 210.60 * All recommendations are for current month futures 1

Buy Nifty December Future in the range of 7650-7660 Target: 7690/7710 Stop loss: 7635 Deal Team At Your Service Nifty Technical Picture (Spot) Nifty Intraday Short Term Trend Range Bound Range Bound Trend Reversal Support 7650-7620 7450 Resistance 7710-7745 8000 20 Days EMA 7831 200 days EMA 8105 Nifty Future Daily Candlestick Chart Nifty Future Recommendation CMP : 7710.7575 Comment : Premium on NF decreased from 32 points to 27.Oversold condition results in a Bull candle, but watch follow-up above it. Reverse if fails to reach or sustain above 7725 Action : Buy in the range of 7650-7660 Targets : 7690/7710 Stop-loss : 7635.00 Source: ASA, ICICIdirect.com Research 2

Gladiator Stock Recommendation Stocks Buy Voltas December Future above 289.00 Target: 294.00/296.50 Stop loss: 286.40 CMP : 288.85 A bullish Engulfing candle at the trendline support indicates further upsides in coming session Comment : A bullish Engulfing candle at the trendline support and RSI taking support at its nine period's averagein the daily chart Action : Buy above 289.00 Targets : 294.00/296.50 RSI holding onto its nine period s average in the daily chart thus validates positive trend in price Stop-loss : 286.40 Sell REC December Future below 208.50 Target: 204.50/202.50 Stop loss: 210.60 CMP 209.10 Stock in downtrend and has closed below its Aug 2015 lows signaling bearish bias in the coming session Comment : Stock is downtrend and closed below previous major low of Aug' 2015 and RSI in downtrend forming lower low Action : Sell below 208.50 Targets : 204.50/202.50 Stop-loss : 210.60 RSI in strong downtrend forming lower low in the daily chart Source: Bloomberg, ICICIdirect.com Research 3

Market Activity Global Currencies, Commoditiy & Bond Yields Spot Close Prev.close % Chg Rupee ( ) 66.720 66.840 0.18 Dollar Index 98.079 97.939 0.14 Euro 1.093 1.094-0.09 British Pound 1.515 1.516-0.09 Japanese Yen 122.090 121.560-0.43 Australian ($) 0.725 0.728-0.37 Swiss Franc 0.989 0.988-0.10 Closing Yield (%) Previous Yield (%) India 10 year 7.78 7.78 US 10 Year 2.24 2.23 EURO 10 Year 0.57 0.60 GBP 10 Year 1.87 1.87 JPY 10 Year 0.31 0.31 Close Prev. Close %Chg Gold/ounce 1067.84 1071.58-0.32 Copper /ton 4589.50 4582.50 0.15 Brent Crude/barrel 39.47 39.73-0.58 Institutional Activity Cash Segment ( Cr) FII DII 10-Dec-15-580.3 410.9 9-Dec-15-527.4 864.7 8-Dec-15-518.5 590.3 7-Dec-15-65.0-54.9 4-Dec-15-1,745.7 1,069.0 Domestic Indices Global Indices Indices Close Change Change% S&P BSE Sensex 25252.32 216.27 0.86 CNX Nifty 7683.30 70.80 0.93 Nifty future 7710.75 66.40 0.87 S&PBSE 500 10255.39 92.56 0.91 S&PBSE Midcap 10701.96 95.16 0.90 S&PBSE Smallcap 11304.26 138.14 1.24 Nifty Heat Map Indices Close Change Change% Dow Jones 17574.75 82.45 0.47 Nasdaq 5045.17 22.31 0.44 FTSE 6088.05-38.63-0.63 DAX 10598.93 6.44 0.06 Hang Seng 21629.72-79.88-0.37 Nikkeii 19273.2121 223.85 1.1818 SGX Nifty 7707.00 8.00 0.10 * Asian Market as at 7:30am United 3,108.9 950.4 Tata 233.0 75.7 HDFC 1,182.3 RIL Hindalco Spirits 42% 4.2% 38% 3.8% Steel 27% 2.7% 26% 2.6% Ltd 25% 2.5% 904.2 133.2 Asian 859.2 Bajaj 2,443.3 538.8 BPCL NTPC Tech M. 2.5% 2.3% Paints 2.3% Auto 2.3% 2.2% 636.8 343.7 1,047.4 88.5 Kotak 677.9 Cipla GAIL Infosys NMDC 2.1% 2.0% 1.9% 1.8% Bank 1.4% HDFC 1,060.6 219.8 321.3 Coal 311.0 ONGC ITC Ultratech 2,813.2 Bank 1.3% 1.2% 1.2% India 1.1% 1.1% Vedanta 83.1 Tata 62.6 1,324.5 1,311.0 2,384.6 ACC L&T TCS Ltd 1.0% power 1.0% 0.8% 0.8% 0.7% Bharti 312.7 134.6 Cairn 126.5 Power 130.8 45.4 IDEA IDFC Airtel 0.6% 0.6% India 0.5% Grid 0.5% 0.4% 4,498.1 Grasim 3,711.5 Ambuja 189.9 Indusind 930.1 HCL 845.7 Maruti 0.4% Ind 0.3% Cement 0.3% Bank 0.2% Tech 0.2% Hero 2,548.4 Dr 2,995.3 565.1 Axis 450.0 ICICI 259.0 Wipro Moto 0.1% Reddy 0.0% 0.0% Bank -0.1% Bank -0.2% Sun 756.8 815.9 Bank of 159.4 167.6 129.1 HUL BHEL PNB Pharma -0.3% -0.5% Baroda -0.6% -0.8% -1.0% 232.0 Tata 389.6 Yes 707.1 1,733.8 SBI Lupin M&M 1,290.7-1.0% Motors -1.1% Bank -1.3% -1.5% -1.6% Source: Bloomberg, ICICIdirect.com Research 4

Trend Scanner Deal Team At Your Service Positive Trends Scrip Name Close % Change 10-day SMA Delivery (%) Asian Paints Ltd 859.2 2.3 849.925 52.96 Biocon Ltd 473.25 2.1 466.31 51.79 Kajaria Ceramics Ltd 950 1.3 942.585 79.89 MindTree Ltd 1476.55 3.9 1459.675 53.13 Entertainment Network India Ltd 723 2.8 722.96 77.57 Negative Trends Scrip Name Close % Change 10-day SMA Delivery (%) SKF India Ltd 1211.05-2.4 1227.805 61.35 Rural Electrification cat Corp Ltd 208.35-3.2 224.91 49.03 Adani Ports and Special Economic Zone 246.9 1.2 257.205 61.39 Rallis India Ltd 165.5-1.4 179.875 59.38 Candlestick Pattern Bullish Candlestick Formations Bearish Candlestick Formations Scrip Name Pattern name LTP Scrip Name Pattern name LTP Voltas Engulfing 293.5 Union Bank of India Continuation 150.1 MRPL Engulfing 63.4 REC Continuation 208.4 BPCL Piercing Line 904.2 Glenmark Continuation 863.8 Mindtree Engulfing 1476.66 IRB Infra Continuation 236.1 LIC Housing Finance Engulfing 464.0 Kansai Nerolac Morning Star 251.9 Overbought Stocks Oversold Stocks Scrip Name LTP Scrip Name LTP NA 0.0 Bank of Baroda 159.4 Tata Chemical 392.3 Rallis 165.5 Market Breadth BSE NSE Stocks hitting 52 week high Stocks hitting 52 week low 29% 7% 64% 25% 7% 68% Scrip Name LTP Scrip Name LTP SCI 89.5 Adani ports 246.9 Hikal 166.5 Axis Bank 450.0 Apollo Tyre 150.9 REC 208.4 Canara Bank 245.8 Source: Bloomberg, ICICIdirect.com Research 5

Previous Deal Team Day s Performance At Your Service Scrip Product Strategyt Recommended d Price Targets SL Gain/Loss %* Comment Nifty Future Sell In range of 7690-7700 7660/7640 7715.00 (20 Points) Stoploss triggered Strides Arcolab Future Buy above 1390 1410/1420 1378.00-0.85 Stoploss triggered Hindalco Future Sell below 74.00 72.30/71.40 74.90 - No Trade Ultratech Cement Future Sell below 2787.00 2752/2732 2807.00 1.30 Target 1 Achieved * Return Opportunity Stock gain: Avg 0.23% per trade (Cum. Profits over last 166 days: 216.60%) Strike Rate for the day: 1/2 (Cum strike rate over 166 days: 223/368 Nifty Points gained for the day: -20 Points Gains over last 167 days: 922 points 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 di upon the entry and exit price and stop losses Source: NSE India, ICICIdirect.com Research 6

Supports and Resistance Table ( Cash Levels) SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND SENSEX 25252.32 25222.15 25158.3 25094.4545 25349.99 25426.05 25502.25 +ve NIFTY 7683.3 7672.5 7652.05 7631.55 7713.5 7737.5 7761.5 +ve ACC 1324.45 1322.2 1316.05 1309.9 1334.5 1342.55 1350.55 +ve ADANI ENTER. 75.45 75.55 75.2 74.8 76.3 77.1 77.9 +ve ADANI PORT 246.9 246.55 244.7 242.9 250.2 252.1 254 +ve ADITYA BIRLA 1985.75 1975.7 1956 1936.25 2015.1 2034.4 2053.7 +ve AJANTA PHARMA 1284 1275.2 1252.05 1228.9 1321.55 1343.6 1365.65 +ve ALLAHABAD BANK 68.6565 67.55 67.05 66.5 68.88 69.4 70 -ve AMARA RAJA BATT. 840.7 840.45 836.95 833.4 847.45 853.3 859.15 +ve AMBUJA CEMENT 189.9 189 188.05 186.35 190.9 191.85 193.5 Neutral AMTEK AUTO 50.35 49.4 48.65 47.25 50.95 51.7 53.1 Neutral ANDHRA BANK 63.55 63.45 63.2 62.95 63.9 64.4 64.85 +ve APOLLO HOSP.ENT. 1393.55 1387.2 1372.85 1358.55 1415.9 1423.95 1432.05 +ve APOLLO TYRES 150.9 147.95 146.25 144.55 150.7 152.05 153.4 -ve ARVIND 3011 301.1 295.55 2914 291.4 287.35 300.85 303.55 306.2 -ve ASHOK LEYLAND 89.1 88.6 87.7 86.8 90.4 91.3 92.15 +ve ASIAN PAINTS 859.2 856.7 851.95 847.2 866.2 874.1 882.05 +ve AUROBINDO PHARMA 804.45 802.1 797.05 791.95 812.3 817.15 821.95 +ve AXIS BANK 449.95 447.55 445.15 441.9 452.3 454.65 457.95 Neutral BAJAJ AUTO 2443.25 2436.1 2421 2405.9 2466.25 2488.95 2511.6 +ve BAJAJ FINANCE 5537.75 5536.8 5514.3 5491.75 5581.85 5609.3 5636.7 +ve BOI 116.85 116.05 115.3 114.65 117.5 118.2 118.8585 Neutral BATA INDIA 473.3 469.3 462.9 456.5 473.95 476.3 478.65 -ve BHARAT ELECTRON. 1191.95 1185.2 1178.3 1168.35 1199 1205.95 1215.85 Neutral BHARAT FORGE 803.5 803 796.5 790 816 829.65 843.35 +ve BPCL 904.15 898.55 888.5 878.45 918.7 928.35 938 +ve BHARTI AIRTEL 312.65 312.25 310.75 309.3 315.25 317.65 320.1 +ve BHEL 167.55 165.3 163.65 162.05 167.75 168.95 170.2 -ve BRITANNIA IND. 2866.45 2846.1 2803.95 276175 2761.75 2930.4 2953.55 2976.55 +ve CAIRNS INDIA 126.5 126.5 126.1 125.65 127.4 128.45 129.5 +ve CANARA BANK 245.75 244.4 242.6 240.85 248.05 249.9 251.6 Neutral CASTROL INDIA 424.1 423.35 421.55 419.75 426.95 431.9 436.8 +ve CEAT 1018.95 1011.4 997.35 983.3 1039.45 1051.4 1063.3 +ve CENTURY TEXT. 543.35 541.85 538.05 534.25 549.5 555.7 561.9 +ve CESC 514.1 512.4 509.1 499.15 519 522.3 532.25 Neutral Source: NSE India, ICICIdirect.com Research 7

Supports and Resistance Table ( Cash Levels) SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND CIPLA 636.8 635 630.3 625.6 644.45 650.65 656.9 +ve COAL INDIA 310.95 310.65 309.55 308.45 312.8 317.4 321.95 +ve CROMPTON GREAVES 189.15 188.65 187.2 185.75 191.5 192.85 194.15 +ve DEWAN HOUSING F. 216.85 216.15 214.55 213 219.25 221.5 223.75 +ve DISH TV 100.4 98 97.1 96.15 100 101 101.95 - ve DIVI'S LAB. 1106.35 1092.65 1083.65 1074.7 1109.6 1118.05 1126.55 -ve DLF 111.55 111.7 110.9 110.15 113.25 114.4 115.6 +ve DR.REDDY'S LAB. 2995.3 2997.6 2979.85 2962.05 3033.1 3061.05 3088.95 +ve EXIDE IND. 139.35 138.8 137.7 136.55 141.05 142 142.95 +ve FEDERAL BANK 55.45 55.05 54.65 53.9 55.75 56.1 56.9 Neutral GAIL 343.65 343 340.05 337.15 348.85 351.05 353.3 +ve GRASIM 3711.5 3704.15 3689.4 3674.65 3733.65 3747.25 3760.85 +ve HAVELL'S INDIA 305 302.15 294.45 286.75 317.55 324.55 331.6 +ve HCL TECH 845.7 841.7 838.45 833.9 848.2 851.45 856.05 Neutral HDFC BANK 1060.6 1058 1052.75 1047.55 1068.45 1071.45 1074.5 +ve HDFC 1182.3 1178.05 1170.3 1162.55 1193.55 1199.1 1204.7 +ve HERO MOTO 2548.35 2541.95 2533 2515.8 2559.9 2568.85 2586.05 Neutral HEXAWARE TECH. 240.15 239.2 237.05 234.95 243.45 246.6 249.75 +ve HINDALCO 75.7 75.55 75.15 74.75 76.4 77.35 78.25 +ve HIND. UNILEVER 815.9 808.5 803.75 799.05 817.8 822.45 827.1 -ve HPCL 829.35 824.88 815.7 806.6565 842.95 849.99 856.85 +ve IBULL HSG FIN 672.8 670.55 663.85 657.1 684.05 691.45 698.9 +ve IDBI 85.05 84.8 83.95 83.15 86.45 87.75 89.05 +ve IDEA CELLULAR 134.55 134.6 134 133.35 135.8 136.95 138.05 +ve INFRA DEV FINANC 45.35 45 44.75 44 45.5 45.8 46.5 Neutral IND.FIN.CORP.OF 25.65 25.4 25.2 24.85 25.8 26 26.3 Neutral INDUSIND BANK 930.1 922.2 916.05 909.85 928.7 931.95 935.2 -ve INDIA CEMENTS 8195 81.95 8155 81.55 80.75 80 83.15 84.35 85.5555 +ve INDRAPRASTHA GAS 465 463.55 460.75 457.9 469.2 471.4 473.55 +ve IOC 415.8 415.1 413.1 411.15 419.05 422.5 426 +ve IB REAL ESTATE 58.05 58.05 57.35 56.65 59.45 60.7 61.95 +ve INFOSYS 1047.35 1045.2 1039.9 1034.55 1055.85 1062.5 1069.1 +ve IRB INFRA. 236.1 231.7 230.35 228.95 236.75 239.25 241.75 -ve ITC 321.25 320.6 319.45 318.25 323 324.2 325.4 +ve Source: NSE India, ICICIdirect.com Research 8

Supports and Resistance Table ( Cash Levels) SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND JINDAL ST&POW 87.35 87.05 86.05 85.05 89.05 90.7 92.35 +ve JSW ENERGY 79.4 79.4 78.8 78.2 80.55 81.15 81.7 +ve JSW STEEL 960.6 957.35 949.7 942.05 972.6 978 983.4 +ve JUBILANT FOOD 1451.9 1450.75 1444 1437.25 1464.25 1473.65 1483 +ve KAVERI SEEDS.COM 371.05 362.65 357.35 352 373.15 378.4 383.65 -ve KOTAK MAH.BANK 677.9 676.2 672.3 668.4 683.95 686.65 689.35 +ve L & T 1310.95 1310.45 1306.25 1302.05 1318.8 1325.5 1332.25 +ve LIC HOUSING 463.95 461.65 457.4 453.15 470.1 473.45 476.75 +ve LUPIN 1733.8 1693.7 1676.9 1660.05 1731.2 1749.95 1768.7 -ve M & M 1290.7 1276.55 1270.9 1265.25 1294.45 1303.35 1312.3 -ve MARUTI SUZUKI 4498.1 4486.4 4457.95 4429.5 4543.25 4561.4 4579.5 +ve MINDTREE 1476.55 1468.9 1452.2 1435.45 1502.3 1514.45 1526.6 +ve M&M FIN.SERV. 239.1 237.25 235.7 234.2 239.25 240.2 241.2 -ve MOTHERSON SUMI 280.6 280.65 279.05 277.45 283.85 286 288.15 +ve NMDC 88.5 88.2 87.65 87.05 89.35 89.8 90.25 +ve NTPC 133.2 132.75 131.9 131.05 134.5 135.35 136.2 +ve OIL INDIA 366.85 359.9 357.45 355 367.4 371.15 374.9 -ve ONGC 219.8 219.15 217.6 216.1 222.2 223.5 224.75 +ve OBC 135 133.9 133 131.05 135.65 136.5 138.5 Neutral PAGE INDUSTRIES 12700.75 12672.6 12634.85 12530.65 12748.1 12785.85 12890 Neutral PETRONET LNG 243.9 39 242.1 240.8 08 239.55 244.7 246 247.2 Neutral PIDILITE INDUSTRIES 535.1 532.95 530.5 524.8 537.9 540.35 546.05 Neutral POWER FINANCE 198.6 194.7 192.4 190.1 199.55 201.95 204.35 -ve PTC INDIA 60.35 60.35 59.9 59.45 61.2 61.7 62.2 +ve PNB 129.05 127.5 126.9 126.25 129.35 130.25 131.15 -ve RCOM 78.4 78 77.2 76.35 79.65 80.8 82 +ve REL. CAPITAL 404.65 403.35 400.8 398.25 408.45 412.7 417 +ve RELIANCE INFRA. 435.55 433.3 428.7 424.15 442.5 446.5 450.5 +ve RELIANCE 950.35 945.85 937.4 928.95 962.75 971.45 980.1 +ve RELIANCE POWER 49.2 49.05 48.75 48.4 49.65 50 50.35 +ve REC 208.35 204.3 202.85 201.4 209.55 212.15 214.8 -ve SAIL 44.3 44.25 43.95 43.7 44.8 45.15 45.45 +ve SHRIRAM TRANS. 824.55 812.45 808.55 804.65 829.65 838.25 846.8 -ve SIEMENS 1146.3 1126.45 1119.35 1112.25 1143.65 1152.25 1160.85 -ve Source: NSE India, ICICIdirect.com Research 9

Supports and Resistance Table ( Cash Levels) SCRIP CLOSE S1 S2 S3 R1 R2 R3 TREND SKS MICRO FIN. 449.95 447.9 443.55 439.15 456.7 459.9 463.1 +ve SOUTH INDIAN BANK 19.25 19.05 18.85 18.7 19.25 19.35 19.5 - ve S.R.F. 1196.5 1193.35 1183.35 1173.3 1213.35 1223.7 1234 +ve SBI 231.95 229.45 228.3 227.15 232.55 234.05 235.6 -ve SUN PHARMA 756.8 736.8 730.45 724.15 755.05 764.2 773.35 -ve SUN TV 386.95 384.75 380.9 377.05 392.45 395.55 398.65 +ve SYNDICATEBANK 86.45 85.95 85.25 84.75 87.35 88.05 88.6 Neutral TATA COMM. 404.9 398.75 395.4 392 404.15 406.85 409.5 -ve TATA CHEM. 392.3 390.6 388.1 382.25 395.55 398.05 403.9 Neutral TATA MOTOR DVR 284.65 283.9 281.95 279.95 287.85 290.1 292.3 +ve TATA MOTORS 389.6 382.85 379.75 376.7 390.8 394.8 398.8 -ve TATA POWER 62.6 62.55 62.3 62.1 63 63.5 64.05 +ve TATA GLOBAL BEV. 135.3 134.8 133.85 132.85 136.75 138.25 139.7 +ve TCS 2384.55 2380.25 2370.45 2360.65 2399.85 2413.05 2426.25 +ve TECH MAHINDRA 538.75 536.55 532.35 528.2 544.9 548 551.1 +ve TATA STEEL 233 232.2 230.15 228.1 236.35 239.05 241.8 +ve TITAN IND. 362.75 362.25 360.7 359.2 365.3 367.6 369.95 +ve TVS MOTOR 278.75 277.05 274.25 271.45 282.7 284.8 286.9 +ve UCO BANK 43.5 42.7 42.35 42 43.5 43.95 44.35 -ve ULTRATECH CEMENT 2813.15 2803.25 2782.1 2760.95 2845.6 2865.6 2885.65 +ve UBI 150.05 146.65 145.05 143.45 151.3 153.65 155.95 -ve UNITED PHOSPH. 408.4 405.45 399.3 393.15 417.75 421.25 424.75 +ve VOLTAS 293.5 291.7 287.9 284.05 299.35 301.1 302.85 +ve WIPRO 565.1 559.85 557 554.2 565 567.6 570.2 -ve WOCKHARDT 1602.1 1593.75 1576.25 1558.75 1628.75 1654.75 1680.75 +ve YES BANK 707.1 699 693.6565 688.25 708.7575 713.6 718.5 - ve ZEE 402.2 400 395.9 391.8 408.2 410.75 413.25 +ve Source: NSE India, ICICIdirect.com Research 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 11

Recommended product wise trading portfolio allocation Product Allocations Product wise Max allocation in allocation 1 Stock Number of Calls Return Objective Frontline Stocks Mid Cap Stocks Duration Daily Calls 8% 2-3% 3-4 Stocks 0.5-1% 2-3% Intraday Short term Delivery 6% 3-5% 7-10 Per Months 4-5% 7-10% Opportunity Based Weekly Calls 8% 3-5% 1-2 Stocks 5-7% 7-10% 1 Week Weekly Technicals 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 Technnical Breakout 15% 5-10% 1-2 Stocks 10% and above 15% and above 3-6 Months Cash 10% - 100% 12

Candlesticks Glossary: Deal Team At Your Service 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 Morning Star: Potential bottom reversal pattern made of three candle lines. The first sizeable black candle reflects a market in which the bears are in complete charge. The next candle line--the small real body--shows a slight diminution of the bearish force. The white candle that makes up the last part of the morning star visually displays the bulls are gaining the upper hand. Lowest low amongst three candles becomes technical support 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 session s 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 session s 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 session s 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 Evening Star: Potential Top reversal pattern made of three candle lines. Comparable with a traffic signal. First white candle reflects a market in bullish trend. The next candle line--the small real body warns waning momentum. The black candle that completes the evening star visually exhibits that prior up trend has stopped or reversed 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 session s price opens over the prior session s high (or above the prior session s close). By the end of the second session, it closes near the low of the session and should fall well into the prior session s 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 Continuation Patterns: Other than widely known Candlestick reversal patterns discussed above, there are numerous patterns mentioned in literature on Candlestick which describe the continuation of existing sentiments i.e. bullish or bearish. We have refrained from mentioning names of these patterns to avoid confusion. However, the remark Continuation Pattern refers to bullish or bearish candlestick patterns which h suggest continuation of existing trend 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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