February 27, 2017
Dhanlaxmi Bank (NSE Cash)
BUY
` 24.50
` 26.80 - 27.20
` 32
14 - 21 sessions
Weekly Chart
Source: Falcon (Time: 13:25 IST)
Justification:
After an up move from `17.25 to `29.85, the stock has started moving in sideways direction. The consolidation phase of
last six months has resulted into formation of a ‘Triangle’ pattern on weekly chart. Last week, the stock had given breakout
from the mentioned pattern and managed to close above the same. At the same time, we are also witnessing a breakout
from long term ‘Falling Trendline’ adjoining high of Oct 2010 and July 2014 (see exhibit). The stock price is sustainaing
well above a set of moving averages viz. ‘E5’, ‘E20’ and ‘E89’ on weekly chart. Also, the ‘RSI’ oscillator has turned
northwards after the sideways consolidation on weekly chart, indicating strength in the counter. Considering its weekly and
monthly chart, we expect the stock to give a decent rally in the near term. Thus, we advise traders to buy this stock at
current levels to a decline up to `26.80 for a target of `32 over the next 14 to 21 sessions. The stop loss should be
fixed at `24.50.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
1
February 27, 2017
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Target 1
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Stop-loss
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27-02-17
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Booked Profit at 158
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223
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1193
1290
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1148
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Motherson Sumi
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346 - 349
347
376
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333
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88 - 89
89
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80
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219-221
232
242
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209
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381 - 384
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415
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366
Target Achieved
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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