May 23, 2017
Bharti Infratel (NSE Cash)
SELL
` 397
` 380 - 381
` 353
5 - 10 sessions
Daily Chart
Source: Falcon (Time: 10:40 IST)
Justification:
The recent upmove in the stock since mid-April has led to formation of a ‘Rising Wegde’ pattern on the daily chart. The
mentioned pattern is a trend reversal pattern and if formed after a dencet upmove, then it generally leads to a corrective move.
Also, the stock has formed a ‘Wolfe Wave’ pattern at the recent high which can be seen in the above exhibit. Due to the
formation of the above mentioned reversal patterns; we are anticipating a corrective move in the prices in near term. Hence,
we advice traders to sell this stock at current levels and on bounce up to `381 for a target of `353 over the next 5 -
10 sessions. The stop loss should be fixed at `397.
Ruchit Jain
022-3935 7600 Extn: 6554
May 23, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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