January 07, 2016
Power Grid (NSE Cash)
BUY
` 135.50
` 140 - 139
` 149
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: - 10:10 IST)
Justification:
The stock had consolidated in a broader range of `120 to `137 for four months and had given a breakout on
December 21, 2015. The recent up move which started from `126.75 had huge volumes, indicates
accumulation by strong hands. The stock has corrected in last three trading session and taking support of the
‘Breakout Trendline’ (see exhibit), which also coincides with the 38.20% retracement levels of the entire up
move. The RSI oscillator is also rebounding from its bullish support zone of 55 - 60 levels in the daily chart,
indicating strength in the counter. Considering the current chart structure, we are expecting healthy up move in
the stock. Thus, we advise traders to buy this stock at current levels and on declines to ` 139 for a target of `
149 in coming 14 to 21 trading sessions. The stop loss for this trade set up can be kept at ` 135.50.
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January 07, 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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