August 28, 2014
HINDZINC (NSE Cash)
BUY
`160
`167 - 165
`181
Daily Chart
Long
Legged Doji
Source: Falcon (Chart time - IST 13.00)
Justification:
Looking at the weekly chart, it is clearly seen that the stock has been consolidating within a narrow trading range of `173 -
`155 since last three months. Recently, we witnessed a breakout from the ‘Downward Sloping Trend Line ‘on the daily chart
around `165. However, we didn’t see any follow up buying post this development as the stock again corrected a bit after
posting a high of `172.75 (high on August 20, 2014). Yesterday, we witnessed a formation of ‘Long Legged Doji’ Japanese
candlestick pattern around the strong support zone of the mentioned ‘Trend Line’. During the session, this pattern got
activated as the price managed to surpass yesterday’s high of `166.25, indicating possibility of a near term up move.
Considering all these parameters along with the oversold position of the daily ‘Stochastic’ momentum oscillator, we advise
traders to buy this stock from a current level to a decline up to `165 for a target of `181 in coming 2 - 3 weeks. The stop
loss for this trade set up can be kept at `160.
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August 28, 2014
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Source: Angel Research
Research Team Tel: 022 - 30940000 (Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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