March 24, 2017
Federal Bank (NSE Cash)
BUY
` 85
` 89 - 90
` 99
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 10:40 IST)
Justification:
This stock has been an outperformer within the banking sector since last few months. The prices have been trading
above the ’20 DEMA’ support since the month of January. With volumes also supporting the upmove in the stock, we
believe that this stock would continue its outperformance and move higher in near term. The ‘RSI’ oscillator, which was
trading in overbought zone, have consolidated in last few days and is indicating higher probability resumption of the
uptrend. Considering the above technical evidences, we advise traders to buy this stock at current levels to a decline
up to `89 for a target of `99 over the next 14 to 21 sessions. The stop loss should be fixed at `85.
Ruchit Jain
022-3935 7600 Extn: 6554
[email protected]
1
March 24, 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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