February 01, 2017
Mcleod Russel (NSE Cash)
BUY
` 151
` 156- 158
` 170
14 - 21 Sessions
Daily Chart
Source: Falcon (Time: 13.15 IST)
Justification:
Post registering a low around its support of `140, the stock prices have retraced higher in last one month. During this
upmove, the prices have formed a ‘Higher Top Higher Bottom’ structure on lower time frame charts. The ‘RSI’
oscillator, which was resisting around the 50 mark during the corrective phase, is comfortably above the resistance
mark. The volumes during the recent upmove are also higher in comparison to that seen during the recent correction.
Considering these technical evidences, we are expecting continuation of the ongoing upmove in near term. Hence, we
advise traders to buy this stock at current levels and on declines to `156 for a target of `170 in coming 14 - 21
sessions. The stop loss for this trade set up can be kept at `151.
Ruchit Jain
022-3935 7600 Extn: 6554
1
February 01, 2017
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SL Triggered
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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