May 08, 2017
Dish TV (NSE Cash)
BUY
` 91
` 96 - 96.30
` 106
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 14.15 IST)
Justification:
Recently, the stock prices underwent some price-correction after confirming a decisive breakout from the ‘Downward
Sloping Cup and Handle’ pattern around 100 on weekly chart. Due to this corrective move, the stock prices retested the
trend line, which coincided with the ‘200-Days SMA’ as well as the 61.8% Fibonacci retracement of the entire up move.
The stock consolidated around this strong support zone for nearly two weeks and now, we are observing some positive
traction in this counter. The ‘RSI-Smoothened’ on daily chart has confirmed a positive crossover well inside the oversold
territory. Considering these evidences, we expect a resumption of higher degree uptrend quite soon. Hence, traders are
advised to buy this stock at current levels to a decline up to `96 for a target of `106 over the next 14 - 21 sessions.
The stop loss should be fixed at `91.
Sameet Chavan
022-3935 7600 Extn: 6552
1
May 08, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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