February 02, 2017
Berger Paints (NSE Cash)
BUY
` 209
` 221 - 219
` 242
14 - 21 Sessions
Daily Chart
Source: Falcon (Time: 13:00 IST)
Justification:
Post a corrective move from `277 to 178, the stock has been consolidating in a broad range since last couple of
months. This consolidation has led to formation of a ‘Symmetrical Triangle’ pattern on the daily chart. In today’s
trading session, the prices have given breakout from the mentioned pattern which can be seen in the exhibit. The
volumes on the breakout are also high which provides credence to the breakout. The ‘RSI’ oscillator has been resisting
around the 60 mark since September and crossover above the same will lead to pick up in momentum. Thus, we
advise traders to buy this stock at current levels and on declines up to `219 for a target of `242 in coming 14 - 21
sessions. The stop loss for this trade set up can be kept at `209.
Ruchit Jain
022-3935 7600 Extn: 6554
[email protected]
1
February 02, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
Website: www.angelbroking.com
Email: [email protected]
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