March 16, 2017
Tata Global (NSE Cash)
BUY
` 138
` 144 - 145
` 158
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 11:10 IST)
Justification:
After a decent rally from `116.45 to `147.15, the stock has started moving in sideways direction. The consolidation phase
of last five weeks has resulted into formation of a ‘Bullish Flag’ pattern on daily chart. Today, we are witnessing a
breakout from the mentioned pattern with healthy volumes. The set of moving averages ‘E5’, ‘E20’ and ‘E89’ along with
‘Parabolic SAR’ indicator are placed positively on daily chart. Also, the ‘RSI’ oscillator on daily chart indicates strength in
the counter. Considering above technical evidences, we are expecting good up move in the counter. Hence, we advise
traders to buy this stock at current levels to a decline up to `144 for a target of `158 over the next 14 to 21 sessions.
The stop loss should be fixed at `138.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
1
March 16, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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