February 01, 2016
TCS (NSE Cash)
SELL
` 2502
` 2405 - 2415
` 2235
14 - 21 sessions
Daily Chart
A series of ‘Lower Tops Lower
Bottoms’ & is now trading near a
strong resistance of daily ’89 EMA’
Source: Falcon (Time: IST 09:30)
Justification:
On the weekly chart, we are observing a continuation of a ‘Lower Top Lower Bottom (LTLB)’ formation for the
first time in last several years. Of late, the stock prices managed to give a decent recovery from the lows of
`2237.59. However, considering the weekly ‘LTLB’, we interpret this recovery as a pull back of the down move.
The daily chart depicts a strong resistance of the daily ‘89 EMA” placed at `2410 ‘. This level coincides with the
‘Parabolic SAR’ resistance in the negative mode on the weekly chart. Thus, we advise traders to sell this stock
from current level to a bounce up to ` 2415 for a target of ` 2235 in coming 14 to 21 trading sessions. The
stop loss for this trade set up can be kept at ` 2502.
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February 01, 2016
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Revise SL @ 2495
Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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