May 17, 2016
Hind Petro (NSE Cash)
BUY
` 820
` 855 - 850
` 916
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 09:34 IST)
Justification:
The stock has been forming ‘Higher Top Higher Bottom’ on longer term charts and is thus in an uptrend.
Since last few days, the stock was consolidating in a narrow range which have relieved the overbought
momentum set ups. Post consolidation, the stock is showing positive momentum after a gap up opening
from the consolidation range, which is sign of resumption of uptrend. The ‘SuperTrend’ indicator is in ‘Buy’
mode on both daily and weekly charts. Hence, we advice traders to buy the stock at current level and on
declines upto `850 for a target of `916. The stop loss for the trade set-up can be kept at `820.
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May 17, 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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