June 13, 2016
Mcleod Russel (NSE Cash)
BUY
` 179
` 189 - 187
` 206
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 10:35 IST)
Justification:
We witnessed a vertical rally from February month low of `129.05. Post this up move, the stock prices
consolidated within the boundaries of a ‘Falling Wedge’ pattern on daily chart. Recently, we witnessed a
breakout from this pattern with healthy rise in volumes. Today, we are seeing a good traction in this counter,
indicating possibility of resuming recent upward trend. In addition, the daily ‘RSI-Smoothened’ momentum
oscillator is positively poised. Considering the positive structure of higher degree chart, we advise traders to
buy the stock at current levels and on declines up to `187 for a target of `206. The stop loss for the trade set-
up can be kept at `179.
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June 13, 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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