August 18, 2017
DHFL August Fut.
` 464
` 446 - 449
` 418
5 - 10 sessions
Daily Chart
Pullback at ‘Rising
Wedge’ breakdown
Source: Falcon (Time: 10:15 IST)
This stock has given stellar returns over the past 7 - 8 months and has been one of the outperforming stocks within the space.
Recently, the stock prices confirmed a breakdown from the ‘Rising Wedge’ pattern around 440, which was followed by a sharp
correction towards the 400 mark. However, in last 4 - 5 sessions, the stock has rebounded vertically and retested the
breakdown point. Now, we believe that this breakdown point would act as a strong resistance and going forward, looking at
the ‘RSI-Smoothened’ placement, the stock may again start to correct. Thus, we recommend selling this stock at current
levels and on a bounce up to `449 for a target of `418 over the next 5 - 10 sessions. The stop loss should be fixed at
Sameet Chavan
022-3935 7600 Extn: 6552
[email protected]
August 18, 2017
Previous 3 recommendations
CMP Target 1 Target 2 Stop-loss
Engineers Ind. Aug. Fut
149.50 - 150.50
NCC Aug. Fut
85.50 - 86.50
SL triggered
10 -08- 17
Castrol Ind. Aug Fut
Source: Angel Research
Research Team Tel: 022 - 4000 3600
Email: [email protected]
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