(Short Term Cash)
November 01, 2016
Engineers India Ltd (NSE Cash)
BUY
` 261
` 272 - 270
` 293
14 - 21 Sessions
Monthly Chart
Source: Falcon (Chart Time: 09:40 IST)
Justification:
The stock is moving in an uptrend by forming ‘Higher Top Higher Bottom’ structure on weekly chart. Recently,
the stock had given a breakout from ‘Falling Trend line’ and managed to close above the same on monthly
chart (see exhibit). The longer time frame charts indicates completion of ‘wave 2’ in the stock near the low of
`140 registered in the month of February 2016; and the prices currently seem to be trading in ‘wave 3’ of an
‘Impulsive’ up move. The recent up move has also been supported with higher volumes which is a positive
sign. On daily chart, the stock is rebounding from ‘Trend line’ breakout levels. The ‘RSI Smoothened’ oscillator
is indicating continuation of the positive momentum on all time frames viz. daily, weekly and monthly.
Considering the above technical evidences, we advice traders to buy this stock at current levels and on declines
to `270 for a target of `293 in coming 14 - 21 sessions. The stop loss for this trade set up can be kept at
`261.
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November 01, 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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