June 27, 2016
Voltas (NSE Cash)
` 296
` 311 - 308
` 335
14 - 21 sessions
Weekly Chart
Source: Falcon (Chart Time: 09:40 IST)
On the weekly chart, we witnessed a breakout from the multi-moth ‘Downward Sloping channel’ around
Rs.308 during the midst of the May 2016. After giving a smart rally, the stock prices have corrected back to
the trend line level, which we believe is likely to act as a strong support zone. This level coincides with
multiple technical tools such as the daily ’89 EMA’, the Weekly ‘Parabolic SAR’ and the ’20 EMA. Thus, it can
be considered as a sheet anchor support for the stock in the near term. In addition, the ‘RSI-Smoothened’
oscillator is turning upwards from the 70 mark on monthly chart, which is a positive side. Hence, traders are
advised to buy the stock at current levels and on declines to Rs.305 for a target of Rs.332. The stop loss for
the trade set-up can be kept at Rs.296. Hence, traders are advised to buy the stock at current levels and
on declines to `308 for a target of `335. The stop loss for the trade set-up can be kept at `296.
June 27, 2016
Last 6 recommendations
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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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