March 16, 2016
Reliance Inds (NSE Cash)
Sell
` 1050
` 1010 - 1016
` 940
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 11:45 IST)
Justification:
After the sharp correction from `1089.50 to `888.10, the stock rebounded piercingly in the recent past. The up
move seems ended at 1045 levels as the stock has taken resistance around 78.60% retracement levels of the
mentioned fall and formed a ‘Bearish Engulfing’ pattern on daily chart (see exhibit). At the same time, we are
witnessing formation of ‘Shooting Star’ pattern in the weekly chart. Formation of such candlestick patterns
around the resistance levels doesn’t bode well for bulls. The ‘RSI - smoothened’ oscillator is also in verge of
giving negative crossover with its average on daily chart. The ‘PSAR’ indicator also depicts negative view on the
counter. Considering current chart structure, we are expecting healthy correction in the counter. Thus, traders
are advised to sell the stock at current levels and on rise to `1016 for a target of `940. The stop loss for the
trade set-up can be kept at `1050.
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March 16, 2016
Last 9 recommendations
Date
Stocks
Recom. Buying/Selling Range
CMP
Target 1
Target 2
Stop-loss
Status
15-03-16
SBI
BUY
184- 183
182.50
200
-
175
Active
14-03-16
HDFC Ltd
SELL
1154 - 1164
1006
1076
-
1197
Revise SL to 1142
10-03-16
Century Tex
SELL
477 - 480
-
448
-
493
SL Triggered
10-03-16
Hind Petro
SELL
738 - 742
729
672
-
772
Active
08-03-16
IndusInd Bank
SELL
925 - 930
914
855
-
965
Active
04-03-16
Canara Bank
BUY
182 - 180
184
198
-
173
Active
03-03-16
Idea
BUY
108 - 107
-
119
-
102
SL Triggered
29-02-16
Sun Pharma
SELL
863 - 867
826
787
-
902
Revise SL to 854
18-02-16
Lupin
BUY
1746 - 1735
-
1895
1660
Booked at 1812
Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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