(Short Term Cash)
December 27, 2016
Bharat Forge (NSE Cash)
BUY
` 854
` 880 - 887
` 944
14 - 21 sessions
Daily Chart
Confirmation
of ‘Gap n Snap’
Source: Falcon (IST: 10.07)
Justification:
We have witnessed a massive correction of more than 12% in last 9 trading sessions. Due to this corrective move, the
stock prices have managed to slip tad below the ’89 EMA’ on daily chart. However, the stock has given a sharp
recovery after a gap down opening; leading to a confirmation of ‘Gap n Snap’ trading tactics. As a result, we can expect
a decent recovery in next few days in stock prices. In addition, the ‘RSI-Smoothened’ momentum oscillator on hourly
chart is placed at extremely lower levels, thus, any uptick in this oscillator would lead to a strong bounce. Considering
all these evidences, we advise traders to buy this stock at current levels and on declines to `880 for a target of `944
in coming 14 to 21 sessions. The stop loss for this trade set up can be kept at `854.
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December 27, 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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