March 29, 2016
Cairn India (NSE Cash)
SELL
` 160
` 155 - 156
` 146
5-10 sessions
149
146
158
160
Bearish
Daily Chart
Hanging Man
Source: Falcon (Time - IST 13:20)
The stock has recently pulled higher from its low of `113 to 159 within a period of one month.
On Wednesday’s trading session, the prices had formed a ‘Hanging Man’ reversal pattern which has
been confirmed as the low of the pattern has been breached.
The ‘RSI’ indicator, on daily chart, is showing negative crossover from its overbought zone.
Considering overall chart structure, we are expecting a corrective move in the counter. Thus, we
advise traders to sell this stock from current level and on bounce up to ` 156 for a target of `
146 in coming 5 to 10 trading sessions. The stop loss for this trade set up can be kept at ` 160.
March 29, 2016
Cairn India (NSE Cash)
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Source: Angel Research
Research Team Tel: 022 - 40003600 (Extn.6552)
E-mail: [email protected]
Website: www.angelbroking.com
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