February 06, 2017
M&M Financial (NSE Cash)
BUY
` 287
` 301 - 304
` 335
14 - 21 Sessions
Daily Chart
Source: Falcon (Time: 11:00 IST)
Justification:
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 `287.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
1
February 06, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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