May 10, 2017
Den Networks (NSE Cash)
BUY
` 95
` 102 - 103
` 117
14 - 21 sessions
Weekly Chart
Source: Falcon (Time: 14:15 IST)
Justification:
Post a decent correction, the stock has formed a ‘Double Bottom’ pattern on both weekly and monthly chart and
rebounded piercingly. In the ongoing up move, the stock has made a ‘Higher High Higher Low’ formation on weekly
chart for the first time in last one year. Recently, the stock has given a breakout from couple of ‘Trend lines’ on weekly
chart (see exhibit) and managed to sustain above the same. However, follow-up buying was not that strong and as a
result, the stock is moving in a consolidation phase from last couple of weeks. The positive placement of moving averages
and ‘RSI’ oscillator are showing strength in the counter. Considering above technical evidences; we are expecting a
healthy rally in this counter. Thus, we advise traders to buy this stock at current levels to a decline up to `102 for a
target of `117 over the next 14 - 21 sessions. The stop loss should be fixed at `95.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
[email protected]
1
May 10, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
Website: www.angelbroking.com
Email: [email protected]
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