September 20, 2016
Bajaj Auto (NSE Cash)
SELL
` 3010
` 2880 - 2900
` 2660
5 - 10 Sessions
Daily Chart
Source: Falcon (Chart Time: IST 13:50)
Justification:
This stock too has given a tremendous appreciation over the past two years along with its peer counters. Now,
on the daily chart, the stock has confirmed a breakdown from the ‘Rising Channel’ pattern at 2920. In the
process, the stock prices have slipped below the daily ’20 EMA’ as well as the ‘Parabolic SAR’. In addition, the
‘RSI-Smoothened’ has fallen below the 70 mark; indicating further weakness from current level. Going by these
evidences, we expect the stock to sneak below the immediate support of the ‘Super Trend’ indicator placed at
2860. We advise traders to sell the stock at current levels and on a bounce up to `2900 for a target of `2660
in next 5 - 10 sessions. The stop loss for the trade set-up can be kept at `3010.
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September 20, 2016
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354
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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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