May 16, 2017
Engineers India (NSE Cash)
BUY
` 163
` 171 - 172.50
` 188
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 10:40 IST)
Justification:
The stock has been forming a ‘Higher Top Higher Bottom’ structure and is in an uptrend. Post a swift upmove from `144
to 174, the prices have been consolidating in a narrow range since last few trading sessions. This has led to formation of
a ‘Bullish Flag’ pattern on the daily charts. In today’s trading session, prices are indicating breakout from the pattern,
which indicates continuation of the uptrend. Considering above technical evidences; we advise traders to buy this stock
at current levels to a decline up to `171 for a target of `188 over the next 14 - 21 sessions. The stop loss should be
fixed at `163.
Ruchit Jain
022-3935 7600 Extn: 6554
1
May 16, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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