July 11, 2016
BEML (NSE Cash)
BUY
` 845
` 912 - 900
` 1020
2 Months
Weekly Chart
Source: Falcon (Chart Time: 13:50 IST)
Justification:
The stock corrected around 50 percent in last one year from its multi-year high of 1610.10. But, this down
move seems halted as the stock found a support around the 78.60% retracement level of the previous rally
from `518.08 to `1610.70, which coincides with the ‘Horizontal Trend Line’ by joining previous swing low on
weekly chart. The mentioned support levels also concur with the lower end of ‘Falling Wedge’ pattern on
weekly chart. Price formed a ‘Long Legged Doji’ candle on weekly chart and started rebounding for last three
weeks. The ‘Parabolic SAR’ indicator has also turned bullish. Additionally, the ‘RSI’ oscillator was showing
positive divergence followed by positive crossover with its average on weekly chart, indicating reversal on
cards. Considering the above technical evidences, we are expecting healthy bounce in the counter. Thus,
traders are advised to buy the stock at current levels and on declines up to `900 for a target of `1020 in next 2
months. The stop loss for the trade set-up can be kept at `845.
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July 14, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552/54) Website: www.angelbroking.com Email: [email protected]
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