February 04, 2016
REC (NSE Cash)
BUY
` 173
` 185 - 183
` 206
14 - 21 sessions
Daily Chart
Parabolic SAR’ turning
in a ‘buy’ mode
Source: Falcon (Chart Time: 11:20 IST)
Justification:
We have seen a relentless fall in all power financing companies in last few months. From this space, ‘REC’ is
now showing some early signs of exhaustion in the ongoing down trend. Stock prices have reached its 78.6%
retracement of the large up move from `133.62 to `368.30. This level coincides with the 127% reciprocal
retracement of the recent small up move from `225.84 to `367.53. On the smaller (daily) degree chart, the
‘Parabolic SAR’ indicator has turned in a ‘Buy’ mode accompanied with the positive placement of the ‘RSI-
Smoothened’ oscillator. Considering these evidences, we advise traders to buy this stock at current levels and
on declines to ` 183 for a target of ` 206 in coming 14 to 21 trading sessions. The stop loss for this trade set
up can be kept at ` 173.
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February 04, 2016
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Booked at 2495
Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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