April 28, 2016
Gail (NSE Cash)
BUY
` 355
` 372 - 369
` 404
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 09:20 IST)
Justification:
A recent price movement within the broad range of 375 to 290 resulted into a formation of an ‘Inverse Head
and Shoulder’ pattern on the daily chart. The neckline is placed at 375, which becomes a potential breakout
point of the pattern. Today, we are seeing prices surpassing this hurdle in the initial trade and looking at
overall chart structure with decent volume, we expect this breakout to get confirmed on a closing basis too. The
weekly charts have now turned extremely positive, indicating strength in the medium term. Thus, we advise
traders to buy the stock at current levels and on correction up to ` 369 for a target of ` 404. The stop loss for
the trade set-up can be placed at ` 355.
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April 28, 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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