February 28, 2017
OBC (NSE Cash)
BUY
` 120
` 125 - 126.50
` 137
14 - 21 sessions
Weekly Chart
Source: Falcon (Time: 11:05 IST)
Justification:
During the recent upmove, prices had rallied on back of increasing volumes. The stock has been consolidating since last
few trading sessions. During this consolidation phase, the ’89 EMA’ on the daily chart and the ‘200 SMA’ on the hourly
chart has acted as good support. In last two months, the ‘RSI’ oscillator has taken support around the 50 mark and
currently, the oscillator has given positive crossover from its average above the mentioned support. Considering the
above technical evidences, we are expecting the stock to resume the positive momentum in near term. Thus, we advise
traders to buy this stock at current levels to a decline up to `125 for a target of `137 over the next 14 to 21 sessions.
The stop loss should be fixed at `120.
Ruchit Jain
022-3935 7600 Extn: 6554
1
February 28, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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