Technical Outlook 2015 ::ICICI Securities, link

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Riding the bull with zeal to zenith…
• Indian equities gave a thunderous applause to the strong verdict in the
general elections in May 2014. The markets have rediscovered their
animal spirits that is very well reflected in the performance of domestic
equities, which are up 31% YTD and 15% post election results, thereby
allowing India to top the global equity charts
• As we enter the second year of changed regime, we believe the markets
will continue to give a thumbs-up to the pro-reforms government and
continue to rise in a similar fashion as displayed over the past six months
• The strong resolution past the seven year bullish Ascending Triangle
pattern has major bullish implications and supports upsides towards
35000/10500 (Sensex/Nifty) levels for the current northward move over
the coming year
• We do not foresee any major shift in the current directional positive bias.
However, any sizable correction towards 25000/7400 (Sensex/Nifty)
should be used as an attractive incremental opportunity to buy for the
long term
Source: Bloomberg, ICICIdirect.com Research All price charts as on December 18, 2014
• Theme: Cyclicals to be the flavour of 2015
• Our bottom up approach based on technical parameters applied across
the entire universe of NSE cash segment suggests cyclicals will be at the
forefront of the rally in 2015. The midcap space has a lot of headroom to
do the catch-up exercise and will outperform the benchmarks, going
forward
• Top sectors: Auto, auto ancillary, capital goods, PSUs and cement
• Our preferred picks: Bhel (BHEL), BEL (BHAELE), Alstom India (ABBALS),
Exide (EXIIND), Federal Mogul Goetze (GOEIND), Asahi India Glass
(ASAIND), Ramco Cement (MADCEM), GIC Housing (GICHOU) and
Nilkamal (NILPLA

LINK
http://content.icicidirect.com/mailimages/IDirect_TechnicalOutlook_2015.pdf