March 02, 2016
Reliance Capital (NSE Cash)
BUY
` 327
` 347 - 344
` 383
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 10:30 IST)
Justification:
Recent impulsive up move from `240.08 to `471 precisely got retraced by 61.8% in last couple of months.
After four weeks of consolidation around this support zone, the stock has now given a breakout from the small
congestion zone. This resistance of `343 coincided with the daily ’20 EMA’, which has now been crossed with a
‘breakaway Gap’, thus, it can be seen as a strong positive development. In addition, the ‘RSI-Smoothened’
momentum oscillator on daily chart is now turning northwards from the extreme oversold territory; providing
impetus for the strong move on the upside. Thus, we advise traders to buy this stock from current level and on
correction up to ` 344 for a target of ` 383 in coming 14 to 21 trading sessions. The stop loss for this trade set
up can be kept at ` 327.
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March 02, 2016
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Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: techno[email protected]
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