July 19, 2016
Mcleod Russel (NSE Cash)
BUY
` 188
` 199 - 201
` 222
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 14:32 IST)
Justification:
Recently, we witnessed a good rally in this stock along with its peer counters. In this process, this stock
confirmed a ‘Higher Top Higher Bottom’ formation on weekly chart for the first time in last several months.
After giving a smart rally from the breakout point of 200, the stock consolidated for few days and today, it has
corrected back to the same level. We expect this earlier resistance of 200 to act as a strong support level. In
addition, this support level coincides with the ‘200 SMA’ on the hourly chart. Considering the higher degree
uptrend, we interpret this correction as a pull back. Thus, traders are advised to buy the stock at current levels
and on declines up to `199 for a target of `222 in next 14 - 21 sessions. The stop loss for the trade set-up can
be kept at `188.
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July 19, 2016
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SL Triggered
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552/54) Website: www.angelbroking.com Email: [email protected]
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