February 20, 2017
Hexaware Tech (NSE Cash)
BUY
` 203
` 213 - 215
` 238
14 to 21 sessions
Weekly Chart
Source: Falcon (Time: 10:25 IST)
Justification:
The stock had seen decent up move from its recent low of `187.80 and managed to sustain above its strong hurdle of
‘200 SMA’ for the first time after April 2016 on daily chart. Recent up move was supported by good volumes, suggesting
accumulation by strong hands. Currently, the stock is also giving breakout from ‘Falling Trend line’ on weekly chart. The
‘RSI’ oscillator has started rebounding from its strong support of 45 levels on monthly chart. At the same time, ‘RSI’ is
moving above its recent resistance level on both daily and weekly chart, indicating strength in the counter. Considering the
positive placement of a set of moving averages (E5, E20 and E89) on both daily and weekly chart, we are expecting
upmove in the counter in near term. Thus, we advise traders buy this stock at current levels to a decline up to `213 for
a target of `238 over the next 14 to 21 sessions. The stop loss should be fixed at `203.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
1
February 20, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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