February 06, 2017
M&M Financial (NSE Cash)
301 - 304
14 - 21 Sessions
Source: Falcon (Time: 11:00 IST)
The stock is moving in sideways direction from last few weeks. The consolidation phase of last two months has
resulted into formation of an ‘Inverted Head & Shoulder’ pattern on daily chart. Today, we are witnessing a breakout
from the ‘neckline’ of the mentioned pattern (see exhibit). The ‘RSI - Smoothened’ oscillator indicates further positive
momentum in the counter in upcoming sessions. Also, the set of moving averages (E5, E20 and E89) are placed
positively along with ‘Parabolic SAR’ on daily chart, indicating strength in the counter.
Thus, we advise traders to buy
this stock at current levels and on declines up to
301 for a target of
335 in coming 14 - 21 sessions. The stop loss
for this trade set up can be kept at
Jay Kumar Purohit
022-3935 7600 Extn: 6844
February 06, 2017
Last 10 recommendations
Recom. Buying/Selling Range CMP
117 - 118
780 - 786
156 - 158
381 - 384
118 - 119
865 - 871
Booked Profit at 935
248 - 250
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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