October 28, 2015
Bajaj Auto (NSE Cash)
SELL
` 2665
` 2570 - 2580
` 2405
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time:
09:22 IST)
Justification:
After the decent rally from the lower levels, the stock has reached near to its resistance zone of ` 2645 to `
2656 levels. Currently, the stock is trading around the higher end of the mentioned range and formed a
Bearish Harmonic Pattern called ‘Bearish Bat’ Pattern in the daily chart. The Potential Reversal Zone (PRZ) of
the mentioned pattern is placed at 2594 - 2596 levels. Once again, the ‘RSI’ oscillator is taking resistance
around the 70 levels in the daily chart, which doesn’t bode well for bulls. Considering the current chart
structure of the stock, we are anticipating a correction in the counter. Thus, we advise traders to sell this stock
at current levels and on rise to ` 2580 for a target of ` 2405 in coming 14 to 21 trading sessions. The stop
loss for this trade set up can be kept at ` 2665.
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October 28, 2015
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Source: Angel Research
* Dividend of Rs 3 adjusted
Research Team Tel: 022 - 30940000(Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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