March 22, 2017
HCL Infosystems (NSE Cash)
BUY
` 50
` 54 - 54.50
` 63
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 09:30 IST)
Justification:
In December 2016, the stock had given a ‘Falling Trendline’ breakout and ‘Symmetrical Traingle’ breakout on daily chart
with good volumes. However, post the breakout, the follow-up move was short livened and the stock has started moving
in a corrective phase. The ongoing correction should halt at current levels as the stock is rebounding after taking a
support around the ‘Falling Trendline’, which coincides with the ‘200 DEMA’ and 50% retracement levels of the previous
up move. Today, the stock is showing some strength in initial trade with decent volumes. The ‘RSI-Smoothened’ on daily
chart has given positive crossover with its average from oversold territory, indicating reversal on the cards. Looking at this
development, we expect the stock prices to resume its upward movement. With an anticipation of this move, we advise
traders to buy this stock at current levels to a decline up to `54 for a target of `63 over the next 14 to 21 sessions.
The stop loss should be fixed at `50.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
1
March 22, 2017
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740
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688
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2840 - 2855
2879
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98
109
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91
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28-02-17
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125-126.50
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137
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120
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27-02-17
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725 - 732
737
808
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688
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20-02-17
PNB
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140 - 141
139.5
155
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132.75
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1190 - 1200
1234
1290
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88 - 89
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106
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80
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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