September 05, 2014
IRB INFRA (NSE Cash)
BUY
`253
`265 - 261
`286
Hourly Chart
Source: Falcon (Chart time - IST 09.45)
Justification:
It’s been more than two months now, the stock has been oscillating within the narrow trading range of `270 - `230. During
the session, we witnessed some encouraging price movement on the upside with substantial increase in intraday volumes.
Technically speaking, this price action resulted in a breakout from the ‘Cup and Handle’ pattern on the hourly chart. Looking
at the positive placement daily momentum oscillators, we expect the stock to come out of the above mentioned congestion
zone. Hence, we advise traders to buy from current level to a decline up to `261 for a target of `286 in coming 2 - 3 weeks.
The stop loss for this trade set up can be kept at `253.
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September 05, 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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