April 03, 2017
SAIL (NSE Cash)
BUY
` 59
` 62.75 - 63.25
` 71
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 13.10 IST)
Justification:
The stock has seen a sharp rally from `47.10 to `68.15 in the recent past and started moving in sideways direction. The
consolidation of last couple of months has resulted into formation of a ‘Bullish Pennant’ pattern on daily chart. Today, we
are witnessing a breakout from the mentioned pattern with noticeable volumes. The moving averages (E5, E20 & E89) are
placed positively on both daily and weekly chart. Also, the ‘RSI - smoothened’ oscillator on the daily chart is indicating
positive momentum in the counter. Considering the above technical evidences, we advise traders to buy this stock at
current levels to a decline up to `62.75 for a target of `71 over the next 14 to 21 sessions. The stop loss should be
fixed at `59.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
1
April 03, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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