June 30, 2016
Titan (NSE Cash)
SELL
` 411
` 400 - 403
` 381
5-10 sessions
392
381
403
410
Bearish
Daily Chart
Source: Falcon (Time - IST 10:.45)
Although the stock is trading in a broader uptrend, the prices are currently trading near the rising
trendline resistance.
Further, the stock has formed a ‘Wolfe Wave’ pattern, which is a reversal pattern and could lead to a
corrective move within this uptrend.
In addition, the daily ‘RSI’ momentum oscillator is trading in overbought zone.
Considering the above technical evidences, we are expecting a corrective move within the
broader uptrend. Hence, we advise traders to sell this stock from current level and on bounce
up to ` 403 for a target of ` 381 in coming 5 to 10 trading sessions. The stop loss for this trade
set up can be kept at ` 411.
June 30, 2016
Titan (NSE Cash)
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Exit
Source: Angel Research
Research Team Tel: 022 - 40003600 (Extn.6552)
E-mail: [email protected]
Website: www.angelbroking.com
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