March 07, 2017
UPL (NSE Cash)
BUY
` 668
` 690 - 694
` 740
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 9:30 IST)
Justification:
The stock is moving in an uptrend by maintaining ‘Higher Highs Higher Lows’ on both weekly and monthly charts. After
the sharp rally from `606.05 to `754.50, the stock has seen a decent correction in last few weeks. The corrective move
seems exhausted as the stock is retesting a ‘Breakout trendline’, which coincides with 50% retracement levels of the
mentioned up move and ’89 EMA’ on daily chart. Yesterday, the stock has made low around the support area and started
rebounding in today’s session. We also witnessed a formation of Bullish Harmonic Pattern called ‘Bullish Nen Star’ on
hourly chart, whose Potential reversal Zone (PRZ) is placed at `681.60 - `684.35. Also, the ‘RSI’ oscillator has taken
support around 35 - 40 zone and started moving northwards on daily chart. Considering above technical evidences, we
are expecting resumption in upmove in the counter. Thus, we advise traders to buy this stock at current levels to a
decline up to `690 for a target of `740 over the next 14 to 21 sessions. The stop loss should be fixed at `668.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
[email protected]
1
March 07, 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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