October 04, 2016
OBC (NSE Cash)
SELL
` 134
` 130 - 131
` 122
5 - 10 sessions
Daily Chart
Source: Falcon (Chart Time: 14:38 IST)
Justification:
From the low of `76 on 24th May 2016, the stock has rallied upto `138 and has completed an ‘Impulsive’
upmove at the recent high. Since then, prices have shown a corrective leg which we have marked as ‘wave a’
and the upmove in last couple of sessions has retraced 61.8% of the ‘wave a’. Also, on daily charts, the prices
have given breakdown from the ‘Rising Wedge’ pattern and the volumes post the breakdown were
comparatively higher. Considering above technical evidences, traders are expecting ‘wave c’ of the
corrective leg in next few sessions. Hence, traders are advised to sell the stock at current levels and on
bounce up to `131 for a target of `122 in next 5-10 sessions. The stop loss for the trade set-up can be
kept at `134.
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October 04, 2016
Last 5 recommendations
Buying/Selling
Date
Stocks
Recom.
CMP Target 1 Target 2 Stop-loss
Status
Range
04-10-16
Capital First
BUY
735 - 730
740
750
-
670
Active
03-10-16
SBI
SELL
256 - 258
257
241
-
264
Active
30-09-16
L&T
SELL
1412 - 1420
-
1320
-
1472
SL Triggered
30-09-16
REL Capital
SELL
542 - 538
-
498
-
561
SL Triggered
20-09-16
Bajaj Auto
SELL
2880 - 2900
2895
2660
-
3010
Active
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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