January 19, 2017
Torrent Power Ltd (NSE Cash)
BUY
` 184
` 191 - 192.50
` 206
14 - 21 Sessions
Daily Chart
Source: Falcon (Time : 11:30 IST)
Justification:
The stock is moving in a sideways direction from last few weeks and has made a low around the previous swing low of
`159.80. Then, the stock rebounded piercingly and thus formed a ‘Double Bottom’ pattern on weekly chart. The
consolidation phase of last few weeks and has resulted into formation of an ‘Inverse Head and Shoulder’ pattern on
daily chart. The neckline of the mentioned pattern is placed around `190. Today, we are witnessing a breakout from
the same. The ‘RSI’ oscillator along with set of moving averages (E5, E20 and E89) and ‘Parabolic SAR’ are placed
positively on both weekly and daily chart, indicating strength in the counter. Considering current chart structure, we
are expecting an upmove in the stock. Thus, we advise traders to buy this stock at current levels and on declines to
`191 for a target of `206 in coming 14 - 21 sessions. The stop loss for this trade set up can be kept at `184.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
[email protected]
1
January 19, 2017
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Revise SL at 435
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
Website: www.angelbroking.com
Email: [email protected]
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