September 02, 2016
c
CEAT (NSE Cash)
BUY
` 867
` 920 - 915
` 1010
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time:09.25 IST)
Justification:
Since last couple of months, the stock has consolidated in a narrow range of 835-920. The trend following
incators, viz. ‘SuperTrend’ and the ‘Parabolic SAR’ on daily charts are now in ‘Buy’ mode. Further, if we
observe the RSI pattern, it has taken support near the levels of 40 twice during the recent consolidation, which
is usually seen as support zone in an uptrend. The volumes have also increased in last few trading sessions
with the upmove in prices. Considering these evidences, we are expecting upmove in the stock in near term.
Hence, traders are advised to buy the stock at current levels and on a correction up to `915 for a target of
`1010 in next 14 - 21 sessions. The stop loss for the trade set-up can be kept at `867.
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September 02, 2016
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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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