(Short Term Cash)
December 20, 2016
Reliance Capital (NSE Cash)
BUY
` 424
` 443 - 447
` 483
14 - 21 Sessions
Daily Chart
Source: Falcon (Chart Time: 14:25 IST)
Justification:
Recently, we saw massive sell off in this stock from September month high of 595.80. This severe correction got
arrested after testing the daily ‘200 SMA’ placed around 426. The stock prices consolidated for a while around this key
moving average and then gave a modest recovery. On Friday, we witnessed a first sign of strength as the stock prices
managed to give a decisive breakout from the near term hurdle of 443 along with decent rise in volumes. In the
process, a combination of ‘5 & 20 EMA’ have confirmed a positive crossover on daily chart. Moreover, the ‘RSI
Smoothened’ oscillator is now sloping upwards, which we believe would provide impetus to the rally Thus, we advise
traders to buy this stock at current levels and on declines to `443 for a target of `483 in coming 14 to 21 sessions.
The stop loss for this trade set up can be kept at `424.
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December 20, 2016
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Buying/Selling
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CMP Target 1 Target 2 Stop-loss
Status
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137
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298
324
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490
524
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467
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1170 - 1180
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1008
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1177
1259
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334
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282
Booked at 314
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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