September 02, 2015
Reliance Industries (NSE Cash)
BUY
` 823
` 855 - 851
` 908
14 - 21 sessions
Daily Chart
Deeply
oversold
Source: Falcon (Chart Time: IST 10.25)
Justification:
We have witnessed a relentless fall of more than 20 percent from the July 2015 high of `1067.85.
Recently, the stock prices managed to take a support at the multi-year ‘Upward sloping Trend Line’
In addition, if we closely observe the hourly chart, it can be seen that the recent bounce towards
`880 has now retraced by 78.6%, where we can observe a formation of ‘Dragonfly Doji’ pattern. This
is supported by the positive placement of momentum oscillators. Combining these evidences with
the extreme oversold condition of daily momentum oscillators, we expect a near term up move in
this stock. Thus, we advise traders to buy this stock from current level to a decline up to ` 851 for a
target of ` 908 in coming 14 to 21 trading sessions. The stop loss for this trade set up can be kept at `
823.
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September 02, 2015
Last 05 recommendations
Date
Stocks
Recom. Buying/Selling Range CMP
Target 1
Target 2
Stop-loss
Status
24-08-15
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SELL
248 - 250
237
228
-
261
SL revise to 245
18-08-15
Axis Bank
SELL
557 - 561
-
520
-
577
Target Achieved
17-08-15
Pidilite Inds
BUY
592 - 588
-
650
-
562
SL Triggered
17-08-15
Titan
BUY
338 - 336
-
361
-
324
SL Triggered
11-08-15
ITC
BUY
317 - 315
322
340
-
304
SL revise to 315
Research Team Tel: 022 - 30940000(Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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