June 15, 2016
Zee Ltd (NSE Cash)
SELL
` 483
` 461 - 465
` 421
14 - 21 sessions
Weekly Chart
Source: Falcon (Chart Time: 09:20 IST)
Justification:
The stock has seen decent rally in last four months and has reached around its resistance of ‘Rising Trendline’
on weekly chart. Last week, the stock has formed a ‘Doji’ pattern on weekly chart, which can be a trigger for
reversal on a sustainable move below `451. If we meticulously observe the weekly chart, we are also
witnessing a formation of Bearish Harmonic Pattern called ‘Bearish Butterfly’. The Potential Reversal Zone (PRZ)
of the mentioned pattern is placed at `464.55 - `467.40 levels. The ‘RSI’ oscillator is also showing a series of
negative divergence both on weekly and monthly chart, indicating reversal on cards. Considering above
technical evidences, we are expecting healthy correction in the stock. Hence, traders are advised to sell the
stock at current levels and on rise to `465 for a target of `421. The stop loss for the trade set-up can be kept
at `483.
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June 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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