May 29, 2017
Just Dial (NSE Cash)
BUY
` 442
` 462 - 466
` 509
14 - 21 sessions
Daily Chart
2
4
1
3
5
Wolfe wave Potential
Reversal Zone at the
5th point
Source: Falcon (Time: EOD as on May 26, 2017)
Justification:
This high beta midcap counter has undergone a massive ‘Price-wise’ as well as ‘Time-wise’ correction in the recent past. In the
process, the stock has now reached its 50% Fibonacci retracement level of the entire up move from 318.05 to 619.85. This
support zone coincides with the daily ‘200-SMA’, which we believe would act as a sheet anchor in the near term. More
importantly, we can now see a formation of ‘Wolfe Wave’ pattern on daily chart. The said pattern is considered as a contrarian
structure as it generates action in the opposite direction of the ongoing trend. It requires 5 points and Potential reversal Zone
‘(PRZ) can be obtained at a specific Fibonacci ratio. A reversal is confirmed only after a formation of some ‘Japanese
Candlestick’ pattern; but, on this occasion, we are anticipating it to happen soon. Hence, we advise traders to buy this stock
at current levels and on declines at `462 for a target of `509 over the next 14- 21 sessions. The stop loss should be
fixed at `442.
Sameet Chavan
022-3935 7600 Extn: 6552
1
May 29, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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