March 03, 2016
Idea (NSE Cash)
BUY
` 102
` 108 - 107
` 119
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 09:35 IST)
Justification:
The stock is moving in a downtrend from last three quarters; but, the down move seems exhausted around `98
- `100 levels as the stock prices are respecting a ‘Horizontal Trend line’ (joining previous highs made in 2011)
support by giving a decent recovery from it. The mentioned support line coincides with the
61.80%
retracement level of the entire up move from `33.71 to `203.15 and 161.80% reciprocal retracement level of
the previous up move from `137.53 to `203.15. On daily chart, the stock is in process of forming a ‘Higher
Highs Higher Lows’ for the first time after July 2015, which is a trend reversal signal as per the Dow Theory.
The ‘RSI - smoothened’ oscillator is also moving higher, indicating strength in the counter. Looking at the
current chart structure, we are expecting a healthy up move in the stock. Thus, traders are advised to buy the
stock at current levels and on declines to `107 for a target of `119. The stop loss for the trade set-up can be
kept at `102.
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March 03, 2016
Last 10 recommendations
Date
Stocks
Recom. Buying/Selling Range
CMP
Target 1
Target 2
Stop-loss
Status
03-03-16
Tata Motors
BUY
328 - 325
329
357
-
312
Active
02-03-16
Rel Capital
BUY
347 - 344
347
383
-
327
Active
02-03-16
Hindalco
BUY
72.40 - 72
77
81
-
68
Revise SL to 72.50
01-03-16
Cipla
BUY
520 - 515
529
565
-
495
Active
01-03-16
Bharti Airtel
BUY
317 - 314
330
342
-
303
SL Revised to 320.50
29-02-16
Reliance
BUY
968 - 964
1009
1038
-
930
SL Revised to 993
29-02-16
Biocon
BUY
470 - 467
486
500
-
454
SL Revised to 479
29-02-16
Sun Pharma
SELL
863 - 867
861
787
-
902
Active
24-02-16
HDFC Ltd
BUY
1033 - 1027
-
1115
-
988
Target Achieved
18-02-16
Lupin
BUY
1746 - 1735
1788
1895
1660
SL Revised to 1764
Source: Angel Research
Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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