April 08, 2016
ACC Ltd (NSE Cash)
SELL
` 1475
` 1430 - 1440
` 1345
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 09:17 IST)
Justification:
The stock had seen a sharp rally in last month and has reached around its crucial resistance of `1435 - `1450
levels. If we meticulously analyse the daily chart, we are observing a formation of a Bearish Harmonic Pattern
called ‘Bearish Nen Star’. The Potential Reversal Zone (PRZ) of the mentioned pattern is placed at `1421 -
`1433 levels. From last two sessions, the stock is resisting around the PRZ levels and formed a ‘Harami’
pattern in yesterday’s session. Formation of such candlestick pattern around the resistance zone may be a
trigger for a reversal (though it should get confirmed on closing basis). The ‘RSI’ oscillator is also showing
negative divergence on daily chart, indicating reversal on cards. Looking at above technical evidences, traders
are advised to sell the stock at current levels and on rise to `1440 for a target of `1345. The stop loss for the
trade set-up can be kept at `1475.
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April 08, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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