March 15, 2016
SBI (NSE Cash)
BUY
` 175
` 184 - 183
` 200
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 09:30 IST)
Justification:
After the sharp correction from `250 to `150, the stock rebounded piercingly in the recent past. The stock is
moving in sideways direction from last few sessions and the consolidation phase has resulted into formation of
a ‘Bullish Flag’ pattern in daily chart. Currently, the stock is taking support of its short term moving average
(5EMA) and in verge of picking momentum. The ‘RSI - smoothened’ oscillator also moving higher and thus
indicating strength in the counter. Considering the positive placement of price and technical indicators, we are
expecting healthy up move in the counter. Thus, traders are advised to buy the stock at current levels and on
declines to `183 for a target of `200. The stop loss for the trade set-up can be kept at `175.
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March 15, 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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