May 27, 2016
Ceat (NSE Cash)
` 891
` 925 - 921
` 992
5-10 sessions
Daily Chart
Source: Falcon (Time - IST 09.48)
We have witnessed a vertical fall in this stock in the recent past. However, the stock has now reached
its support level of 880 and has formed a ‘Doji’ pattern around it.
This pattern has now been confirmed on an intraday basis and looking at the hourly chart structure,
we expect it to get confirmed on a closing basis too.
In addition, the daily ‘RSI-Smoothened’ oscillator is deeply oversold and any reversal in it may lead to
a strong bounce.
Thus, going by this hypothesis, we advise traders to buy this stock from current level to a decline up to
` 921 for a target of ` 992 in coming 5 to 10 trading sessions. The stop loss for this trade set up can
be kept at ` 891.
May 27, 2016
Ceat (NSE Cash)
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Source: Angel Research
Research Team Tel: 022 - 40003600 (Extn.6552)
E-mail: [email protected]
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