Happy Diwali

Top Picks - 2023

 Technical Picks

A m b e r E n t e r p r i s e

H o n d a I n d i a P o w e r

I C I C I G e n e r a l I n s u r a n c e

I n d r a p r a s t h a M e d i c a l

T e c h n o E l e c t r i c a n d E n g

A p o l l o H o s p i t a l

G o d r e j C o n s u m e r

T o r r e n t P h a r m a

G o d r e j P r o p e r t i e s

A b b o t t I n d i a
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Diwali Picks - 2023
 Fundamental Picks

N e s t l e I n d i a L t d

L T I M i n d t r e e L t d

P i d i l i t e I n d L t d

B l u e S t a r L t d

C y i e n t D L M L t d

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Diwali Picks - 2023
 CMP 3350 STOP 2700 CBSL
Amber Enterprises TGT 4340/4951

 Above is the 1%x3 chart of AMBER. We can see prices have given a breakout from the falling 45 degree trend
line (T1) from all time highs which is a bullish sign and the breakout has happened with a bullish anchor column
which suggest that breakout is strong.
 The breakout happened in Sep 2023 and since then for last two months prices have been consolidating and now
has given a breakout for the bullish ABC pattern which has opened up upside targets for 3861 followed by 4951
in medium to long term.
 XO zone is above zero line suggesting bullishness and PMOX is in neutral zone.
 Favored View: From above analysis we suggest to BUY AMBER for targets of 4340 (30%) followed by 4951
(48%), risk for this view will be at a weekly close below 2700 (19%) Time Horizon will be 6 to 12 Months.

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Diwali Picks - 2023
 CMP 2830 STOP 2490 CBSL
Honda India Power TGT 3899/5362

 Above is the 1%x3 chart of Honda India Power. We can see prices have given a breakout in Oct 2022 from six
years of consolidation at 1750 and then rallied towards 2750 in Dec 2022 since then prices dipped towards
1830 in Feb 2023 and now have broken out with bullish anchor column as marked above suggesting
continuation of the bullish trend.
 We can see the recent prices action has retested the breakout level and there is presence of multiple “O” at
same level suggesting that as a strong demand zone around 2670.
 The bullish anchor column breakout has open bullish counts for 3899 followed by 5362.
 XO zone is above zero line suggesting bullishness and PMOX is in neutral zone.
 Favored View: From above analysis we suggest to BUY Honda India Power for targets of 3899 (38%) followed
by 5362 (89%), risk for this view will be at a weekly close below 2490 (12%) Time Horizon will be 6 to 12
Months.

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Diwali Picks - 2023
 ICICIGI CMP 1362 STOP 1250 CBSL
TGT 1670/2000

 Above is the Weekly chart of ICICIGI. We can see prices after making a top around 1675 in Sep 2021 prices
have corrected more than 35% and made a low around 1050 in March 2023.
 Since then prices have moved northwards and have given a breakout above the falling channel at 1250 in May
2023 and at that time also closed above the 100 weekly EMA and since then has been consolidating above the
100 weekly EMA which is a positive sign.
 CCI indicator is also trading above the 100 mark suggesting momentum is strong in the above stock.
 The breakout of the channel suggest that prices are set to rise towards ATH around 1675 and much beyond in
medium to long term.
 Favored View: From above analysis we suggest to BUY ICICIGI for targets of 1670 (23%) followed by 2000
(47), risk for this view will be at a weekly close below 1250 (8%) Time Horizon will be 6 to 12 Months.

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Diwali Picks - 2023
 CMP 184 STOP 148 CBSL
Indraprastha Medical TGT 250/330

 Above is the 1%x3 chart of Indraprastha Medical. We can see prices have given a breakout in July 2023 from
two years of consolidation since June 2021 to June 2023 at 100 and since then prices have rallied towards 180.
 There is presence of multiple anchor columns after the breakout at 100 which suggest prices are in a strong
uptrend.
 Recent prices action suggest prices are consolidating the gains of recent up move and are getting ready to start
the uptrend again towards 229/330 zones in medium to long term.
 XO zone is above zero line suggesting bullishness and PMOX is in neutral zone.
 Favored View: From above analysis we suggest to BUY Indraprastha Medical for targets of 250 (36%) followed
by 330 (79%), risk for this view will be at a weekly close below 148 (20%) Time Horizon will be 6 to 12 Months.

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Diwali Picks - 2023
 CMP 520 STOP 415 CBSL
Techno Electric and Eng TGT 710/921

 Above is the 1%x3 chart of Techno Electric and Engineering. We can see prices have given a breakout from two
years of consolidation from June 2021 to May 2023 at 376 and then have seen rally towards 550 in Sep 2023.
 After the breakout in may 2023 prices did a retest of the breakout level and bounced back sharply forming a
bullish anchor column pattern indicating that breakout is real. We have seen follow through to the bullish
anchor column which is a positive sign and there are bullish open counts for 663/921 which could be achieved
in medium to long term.
 XO zone is above zero line suggesting bullishness and PMOX is oversold indicating that prices could see
reversal soon .
 Favored View: From above analysis we suggest to BUY Techno Electric and Eng for targets of 710 (37%)
followed by 921 (77%), risk for this view will be at a weekly close below 415 (20%) Time Horizon will be 6 to
12 Months.

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Diwali Picks - 2023
 CMP 5153 STOP 4400 CBSL
Apollo Hospital Ltd TGT 6282/7063

In above weekly chart after making all time high around 5899 odd level in Nov 2021, price has witnessed some
profit booking to make a low of 3341 odd level.
Stocks has given almost 2558 points correction from higher levels as volumes were on rise with Bears were
having control on price.
From lows price gave some pull back and consolidated in range of 4100-4800 level and once it breached the
range, stock witnessed Bull run to make the new high of 5354 in July 2023.
In the last 15-20 weeks price moved in range forming Descending Triangle Pattern and in the previous week
with relatively high volume price has breached the pattern and moving above 5150 odd level indicating further
upside from here.
 Stock is also moving above all major moving averages of 20WMA, 50WMA and 200WMA.
 Multiple Supports are at 4960-4726-4413 and resistances are at 5899-6500-7050.
 Stochastic Oscillator has crossover its red line along with an increase in volume indicating an upward move with
limited downside risk.
 Favored View: From the above analysis we suggest to BUY Apollo Hospital at Price of 5150 and more at 4750,
for our Targets of 6282 (22%) followed by 7063 (37%), risk for this view will be at a weekly close below 4400
(15%) Time Horizon will be 9 to 12 months.

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Diwali Picks - 2023
 CMP 1021 STOP 865 CBSL
Godrej Consumer Ltd TGT 1255/1411

 In the above Weekly Chart after making an all time high around 1138 in Sept 2021, price has given a sharp
correction to make a low of 660 odd levels.
 Price has given almost 478 points correction from its higher levels as sellers were having full control on price.
 From low of 660 odd levels price started moving upside as its retraced almost 91% of previous rally to make 52
week high of 1102 odd levels.
 Higher Top Higher Bottom Pattern was formed with buyers were having upper hand on sellers.
 In the last 20-25 weeks price witnessed some correction moving in Downward Falling Channel and in the previous
week with relatively high volume price breached the pattern on positive note and closing above 1020 we can see
further upside from here.
 Price has also given close above 20 WMA of 1019 which is a positive sign for further upside.
Stochastic Oscillator is also moving in an upward trend along with an increase in volume indicating an upward
move with limited downside risk.
Multiple supports are at 977-932-877 and resistances are at 1138-1251-1408.
Favored View: From the above analysis we suggest to BUY Godrej Consumer at Price of 1021 and more at 944, for
our Targets of 1255 (22.9%) followed by 1411 (38.2%), risk for this view will be at a weekly close below 865
(15%) Time horizon will be 9 to 12 months.

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Diwali Picks - 2023
 CMP 1985 STOP 1666 CBSL
Torrent Pharma Ltd TGT 2490/2695

 In above weekly chart after making the low of 1215 in May 2022 price has witnessed a upside rally to make an
all time high of 1726 odd level in Nov 2022. In this rally stock has given almost 511 points upside rally.
 After making an all time high around 1726 price has witnessed a sharp sell off as it retraced almost 56% of
previous rally to make a low of 1439 odd level.
 From Lows price gave a sharp up move to make the new all time high of 2094 odd levels. Volumes were on rise
as buyers were having upper hand on price.
 In the last 8-10 weeks price has moved in range forming Ascending Triangle Pattern and in the previous week
with relatively high volume price has breached the pattern and closing above that level indicates further upside
from here.
Price is also moving above all three major moving averages of 20WMA, 50WMA and 200WMA.
 Stochastic Oscillator is moving in an upward trend along with an increase in volume indicating a good signal to
buy.
Multiple Supports are at 1890-1772-1665 and resistances are at 2094-2345-2675.
Favored View: From the above analysis we suggest to BUY Torrent Pharma at Price of 1985 and more at 1810,
for our Targets of 2490(25%) followed by 2695 (36%), risk for this view will be at a weekly close below 1666
(19%) Time Horizon will be 9 to 12 months.

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Diwali Picks - 2023
 CMP 1825 STOP 1515 CBSL
Godrej Properties Ltd TGT 2188/2454

 In above weekly chart after making an all time around 2598 in Oct 2021 price has witnessed a sharp correction
to make the two years low of 1005 odd level in Mar 2023. In this rally stock has given almost 1593 points
upside rally.
 During this period Lower Top Lower Bottom pattern was seen as bears were having upper hand on price to take
it on lower side.
 From Lows price has given some upside move as it retraced almost 50% of previous rally to make high of 1768
odd levels. Volumes were on rise as Bulls were having full control on price.
 In the last 10-15 weeks price has moved in the range of 1500-1770 and in the previous week with high volume
price has breached the Consolidation phase and closing above the pattern indicates further upside from here.
Price has also taken support of 20 WMA at 1618, which is a positive sign for upside move.
 Stochastic Oscillator is moving in an upward trend along with an increase in volume indicating a good signal to
buy.
Multiple Supports are at 1707-1637-1548 and resistances are at 2012-2269-2484.
Favored View: From the above analysis we suggest to BUY Godrej Properties at Price of 1825 and more at dips
of 1670, for our Targets of 2290 (25.5%) followed by 2600 (42.5%), risk for this view will be at a weekly close
below 1515 (17%) Time Horizon will be 9 to 12 months .
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Diwali Picks - 2023
 CMP 23500 STOP 19635 CBSL
Abbott India Ltd TGT 28548/32113

 In above weekly chart after making an all time high around 23276 in Oct 2021 price has given a correction of
8187 points to make a low of 15087 odd level in Feb 2022.
 Volumes were on rise as bears were having full control on price.
 From Lows of 15087 price witnessed a Bull Run to surpass its previous all time high and made a new all time
high of 24744 in Aug 2023.
 Higher Top Higher Bottom pattern was seen as Buyers were having upper hand on price to take it to new level.
 In the last 20-23 weeks price has moved in range forming Descending Triangle Pattern and in this week with
relatively volume price has breached the pattern and moving above that level indicating further upside from
here.
Price is also moving above 50WMA and 200WMA, which is a positive sign for up move.
 Stochastic Oscillator is moving in an upward trend along with an increase in volume indicating a good signal to
buy.
Multiple Supports are at 22051-21378-20318 and resistances are at 24744-27850-30965.
Favored View: From the above analysis we suggest to BUY Abbott India at Price of 23500 and more at 21275,
for our Targets of 30080 (28%) followed by 32113 (37%), risk for this view will be at a weekly close below
19635 (20%) Time Horizon will be 9 to 12 months .
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Diwali Picks - 2023
 CMP 24,267
Nestle India Ltd TGT 28,257

Nestle India Ltd, one the biggest players in FMCG segment, has a presence in milk &
Market Cap (Rs crs) 2,33,985 nutrition, beverages, prepared dishes & cooking aids & chocolate & confectionery
52-week High/Low (Rs) 24,735/17,888 segments. Nestle India manufactures and sells products with brands such as Nescafe,
Daily Avg. Volume 93,999 Maggi, Milkybar, Milo, Kit Kat, Bar-One, Milkmaid and Nestea.
Shares in issue (crs) 9.642
Market Leader
Face Value (Rs) 10 Nestle has a leadership in many products in its portfolio. Nestle currently is market
Beta 0.46 Leader in Infant Cereals with 96.3% market share, in Infant formula with Lactogen
Pledged Shares (%) 0 NAN brand having 66.6% market share, in Tea Creamer with Nestle Everyday having
Year End 31st Dec 44.1% market share, in Instant Noodles, with Maggi having 59.2% market share, in
Instant Coffee with Nescafe having 50.5% market share, and in Instant Pasta, with
BSE Scrip Code 500790 Pazzta having 73.7% market share. It is also no.2 in the Ketchups & Sauces category
NSE Scrip Code NESTLEIND with its Maggi sauces having 20.5% market share.

Double digit growth across all product groups

All five product groups has shown strong double digit growth in Q3CY23. Milk products
and nutrition which contributes 40.5% of revenues has shown a growth of 15.3%.
Prepared dishes and cooking aids which contributes 31.6% of revenues has shown a
growth of 15.3%. Confectionary which contributes 16.8% revenues has shown a
growth of 21.4% and Powdered and liquid beverages which contributes 11.1% of
revenues has shown a growth of 18.6%.

Focus on innovation
With a very strong presence in the existing portfolio, the next phase of growth for
Nestle India is expected to come from product innovations. Innovations contribute
6.1% of the revenues currently and Nestle want this share to go up in near future.
Over 125 new products has been launched in last 7 years and 10 new are in the
pipeline.

(Rs
(Rscrs)
crs) CY21
FY 19 CY22
FY 20 CY23E
FY 21 CY24E
FY 22
Net
NetSales
Interest Income 14,741
4,641 16,897
5,924 19,921
6,993 22,895
8,391
Operating
Operating Profit
Profit 3,566
3,104 3,713
4,153 4,684
4,868 5,449
5,841
Net
NetProfit
Profit 2,118
1,972 2,391
3,018 3,134
3,550 3,633
4,260
EPS
EPS(Rs)
(Rs) 219.7
49.2 247.9
75.3 325.1
88.5 376.8
106.2
P/E
P/E(x)
(x) 110.5
25.9 97.9
17.0 74.7
14.4 64.4
12.0

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Diwali Picks - 2023
 CMP 5,150
LTIMindtree Ltd TGT 6,128

LTI Mindtree Ltd offers extensive range of IT services like application development,
Market Cap (Rs crs) 1,52,431 maintenance and outsourcing, enterprise solutions, infrastructure management
52-week High/Low (Rs) 5,590/4,120 services, testing, digital solutions, and platform-based solutions to the clients in
Daily Avg. Volume 3,78,874 diverse industries.
Shares in issue (crs) 29.6
Merger between L&T Infotech and Mindtree will give an edge over competitors
Face Value (Rs) 1
Company will get an advantage of scale as both companies sourced their large part of
Beta 1.21 revenues from servicing different sectors. Thus, their merger will complement each
Pledged Shares (%) 0 other’s capabilities, instead of competing for the same businesses.
Year End 31st March
BSE Scrip Code 540005 Strong sustainable margin gain
LTI Mindtree has taken cost optimization efforts which help them to gain long term
NSE Scrip Code LTIM
sustainable operating margins. There are some tailwinds like better service mix,
reducing the marketing spend, lowering travel cost, employee restructuring and
improving utilization. We believe gaining the efficiency over business will help them to
get more profitability and higher return ratios.

Strong Parentage
The IT service business is becoming the key growth driver for the L&T group and is
thus gaining more importance and greater focus. As against the earlier strategy of
focusing on infrastructure and capital-intensive segments, the L&T group is now
focusing on the service business, which includes financial and IT services.

(Rs crs) FY22 FY23 FY24E FY25E

Net Sales 26,109 33,183 36,169 43,403
EBIT 4,652 5,385 5,807 7,746
Net Profit 3,948 4,408 4,569 6,046
EPS (Rs) 133.4 148.9 154.4 204.3
P/E (x) 38.6 34.6 33.4 25.2

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Diwali Picks - 2023
 CMP 2,434
Pidilite Industries Ltd TGT 2,944

Pidilite Industries Ltd. is a pioneer in consumer and specialty chemicals in India, with a
Market Cap (Rs crs) 1,24,119 diversified product portfolio including adhesives and sealants, construction chemicals,
52-week High/Low (Rs) 2,796/2,251 hobby colors and polymer emulsions, among others. Some of its major brands are
Daily Avg. Volume 4,13,792 Fevicol, M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit, Fevicryl, Motomax, Hobby Ideas,
Shares in issue (crs) 51 Araldite.
Face Value (Rs) 1
Manufacturing facilities
Beta 0.61 Company has an established infrastructure and network of 19 manufacturing facilities
Pledged Shares (%) 0 across India. It has strong R&D infrastructure with 2 R&D in-house centres in India.
Year End 31st Mar Additionally, the Co. has 1 R&D centre each in Singapore and the USA.
BSE Scrip Code 500331
Strong product portfolio & wide distribution reach
NSE Scrip Code PIDILITIND Pidilite enjoys a dominant position in the adhesive and sealants business in India with
a market share of ~70%. The company has a strong legacy of reputed brands in the
adhesives and sealants category in India viz; Fevicol and M-Seal. Pidilite has a well-
entrenched distribution network of more than 6,000 distributors servicing more than
600,000 dealers/retailers. To further enhance its distribution reach, the company is
increasing its penetration into the tier 2/3 cities and rural areas.

Global Presence
Pidilite also has a global presence with operations in 9 countries and export presence in
~80 countries. It also operates about 20 subsidiaries internationally.

(Rs crs) FY22 FY23 FY24E FY25E

Net Sales 9,921 11,799 13,569 15,197
Operating Profit 1,878 1,984 2,741 3,222
Net Profit 1,208 1,273 1,927 2,310
EPS (Rs) 23.7 25.0 37.8 45.3
P/E (x) 102.8 97.5 64.4 53.7

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Diwali Picks - 2023
 CMP 968
Blue Star Ltd TGT 1,228

Blue star manufacturers air purifiers, air coolers, water purifiers, cold storage and
Market Cap (Rs crs) 19,893 speciality products. The Company offers turnkey solutions in MEP (Mechanical,
52-week High/Low (Rs) 992/553 Electrical, Plumbing, and Fire-fighting) Projects. It is the largest after-sales service
Daily Avg. Volume 4,07,188 provider for air conditioning and commercial refrigeration products in the country.
Shares in issue (crs) 20.6
Diversified product portfolio
Face Value (Rs) 2
The company's revenue stream diversified into Electro-Mechanical Project business,
Beta 1.2 Unitary Products, Professional Electronics & Industrial Systems. The company offers a
Pledged Shares (%) 0 wide range of product portfolio from residential to commercial part. The company
Year End 31st March offers chiller, residential refrigerator, commercial refrigerator, cold chain equipment,
BSE Scrip Code 500067 water purifiers, air purifiers and air coolers. Also, the company has been distributor &
manufacturers of professional electronic equipment & services, as well as industrial
NSE Scrip Code BLUESTARCO products & systems through its wholly owned subsidiary.

Strong order book position

Total order book was Rs 6,008.5 crs as on Sep 30, 2023. Order book for the Electro-
Mechanical Projects business was at Rs 4,609.4 cr as on Sep 30, 2023, as compared to
Rs 3,053.8 cr as on Sep 30, 2022, a growth of 50.9%.

Pan-India presence with a global footprint

The company is exporting its products to 18+ countries across the Middle East, Africa,
SAARC and ASEAN region. The Company has a wide network of 38 offices (30
Domestic, 8 International), 4,040 channel partners, 1,251 Service associates, 8,000
stores in 575 locations.

(Rs crs) FY22 FY23 FY24E FY25E

Net Sales 6,064 7,977 10,371 12,445
Operating Profit 346 493 702 904
Net Profit 168.0 400.7 388.4 505.0
EPS (Rs) 8.2 19.5 18.9 24.6
P/E (x) 118.4 49.6 51.2 39.4

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Diwali Picks - 2023
 CMP 635
Cyient DLM Ltd TGT 758

Cyient DLM is an integrated EMS and solutions provider with a focus on the entire life
Market Cap (Rs crs) 5,052 cycle of a product, including design, build and maintain. Its solutions primarily
52-week High/Low (Rs) 779/401 comprise manufacture of: (i) printed circuit board (“PCB”) assembly (“PCBA”), (ii)
Daily Avg. Volume 3,64,563 cable harnesses, and (iii) box builds which are used in safety critical systems such as
Shares in issue (crs) 7.9 cockpits, inflight systems, landing systems, and medical diagnostic equipment.
Face Value (Rs) 10 High entry barriers
Beta 1.52 Cyient DLM is positioned as one of the few EMS companies in India offering electronics
Pledged Shares (%) 0 solutions for safety and mission-critical applications in highly regulated industries acts
Year End 31st Mar as a significant entry barrier to new entrants. Its clients are primarily engaged in
industries such as aerospace and defence, medical technology and industrials which
BSE Scrip Code 543933
are typically highly regulated industries. Its engagement with the client commences at
NSE Scrip Code CYIENTDLM the early stages of the product life cycle right from the design stage, which also leads
to higher customer stickiness.

Excellent manufacturing infrastructure

Its operations are currently undertaken through its manufacturing facilities spread
across two states and three cities in India, at Mysuru, Hyderabad and Bengaluru, with
a total manufacturing area of 229,061 sq. ft.

Strong orderbook with marquee clients

The company has an industry leading order book amounting to Rs. 2286.6 crs as of
Sep 30, 2023 and a pipeline of prospective projects for which the contracts are
currently at various stages of negotiation. Its strategic partnership model with its
customers has accelerated its growth and allowed it to enjoy a position of an industry
leader in the EMS sector. Its clients include marquee names like ABB Inc, Bharat
Electronics Ltd, Honeywell International Inc, Thales Global Services S.A.S and Molbio
Diagnostics Private Limited.

(Rs crs) FY22 FY23 FY24E FY25E

Net Sales 721 832 1,331 1,997
Operating Profit 84 88 124 239
Net Profit 39.8 31.7 66.5 150.3
EPS (Rs) 5.0 4.0 8.4 18.9
P/E (x) 127.0 159.2 76.0 33.6

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Diwali Picks - 2023
 Research Desk
PRIYANK UPADHYAY ATISH MATLAWALA VIRAL CHHEDA
VP RESEARCH SENIOR FUNDAMENTAL ANALYST SENIOR TECHNICAL ANALYST
Research Mail ID: research@ssjfinance.com
Disclosures and Disclaimer
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stocks and markets.

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Neither SSJF nor any of its affiliates, group companies, directors, employees, agents or representatives shall be liable for any damages whether

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Diwali Picks - 2023
 direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The
information given in this document is as of the date of this report and there can be no assurance that future results or events will be consistent with this
information. Please note that past performance of Capital / Debt Market / Financial Products / Instruments does not necessarily indicate the future prospects
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Actual results may differ materially from those suggested by the forward looking statements due to risks or uncertainties associated with our expectations with
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Research Analyst SEBI Registration No: INH000001527

Digitally signed by Atish Ramesh Matlawala

Atish Ramesh
DN: c=IN, o=Personal, cn=Atish Ramesh Matlawala,
serialNumber=a44e84bbfd6b433ded4a618904da4d04fdc0e7

Compliance Officer: Prasad Lekhwar ca0f4f0140b856f8878e68dc56,

pseudonym=412c1413e8ab4c0992a4da69890fd88c,
2.5.4.45=034100653362306334343239386663316331343961

Matlawala
6662663463383939366662393234323761653431653436343
9623933346361343935393931623738353262383535,

Analyst Name: Atish R Matlawala postalCode=400004,

2.5.4.20=87a02eed9605de86f50d2468cbfa9edf48239b364e3
6f94d61048da1505eff30, st=Maharashtra

20
Date: 2019.10.22 13:15:12 +05'30'

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