September 29, 2015
M&M (NSE Cash)
` 1300
` 1250 - 1255
` 1160
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 11:18 IST)
After the sharp fall from ` 1384.70 to ` 1092.15, the stock has seen decent recovery in last three
weeks. Currently, the stock is hovering around the 50% retracement level of the mentioned fall,
which coincides with the ‘89 EMA’ in the daily chart. Time-wise, the stock has taken three weeks for
the sharp fall; whereas, the ongoing move has already took three weeks to recover by half of the
fall, which is a negative sign for the stock. We are also witnessing a formation of ‘Bearish AB=CD’
pattern in the hourly chart, whose potential reversal zone is placed at ` 1240 - ` 1245 levels. Looking
at the above technical evidences, we are expecting a healthy correction in the stock. Thus, we
advise traders to sell this stock at current levels and on rise to ` 1255 for a target of ` 1160 in coming
14 to 21 trading sessions. The stop loss for this trade set up can be kept at ` 1300.
September 29, 2015
Last 5 recommendations
Recom. Buying/Selling Range CMP
Target 1
Target 2
Tata Motors
293 - 291
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Target Achieved
234 - 232
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125 - 126
SL Triggered
Source: Angel Research
Research Team Tel: 022 - 30940000(Extn: 6552) Website: Email: [email protected]
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