Techno buy Persistent on 30/6/2015
0 likes30 views
The document discusses a technical analysis of a stock that has completed a "Bullish Anti-Shark Harmonic pattern" on its daily chart. It notes the coordinates of the pattern and that a recent price correction with decreasing volume indicates the correction is ending and fresh buying may occur. The momentum indicator RSI is also in the oversold zone and about to have a positive crossover, suggesting upside movement in the coming trading sessions. Based on this technical analysis, it recommends buying the stock PERSISTENT at Rs. 605-580 with a stop loss of Rs. 550 and target price of Rs. 710.
Techno buy Persistent on 30/6/2015
- 1. SEBI Certified – Research Analyst *Please Refer Disclaimer on Website Looking at the technical structure it is evident that the stock has completed a “Bullish Anti-Shark” Harmonic pattern on the daily chart and the co- ordinates of which are as follows: Technical Parameter: XA of the leg from 619 to 957, AB of the leg completed at 805 (i.e.50% of XA leg.), BC of the leg completed at 952.50 (i.e. near 88.6% of AB leg), CD of the leg completed at 576 level. (I.e. 113% of XA and 261.80% of BC leg). Besides, recently correction in price with decreasing volume indicates correction is about to end and fresh buying can be seen from here. Moreover, momentum indicator RSI reading is in oversold zone at 27 levels and about to make positive crossover which shows upside movement can be seen in few trading sessions. Buy PERSISTENT @ 605 & upto 580 SL 550 TGT 710 30th June 2015 TECHNO BUY *Please Refer Disclaimer on Website WWW.CHOICEINDIA.COM
- 2. www.choiceindia.com Contact Us Disclaimer This is solely for information of clients of Choice Broking and does not construe to be an investment advice. It is also not intended as an offer or solicitation for the purchase and sale of any financial instruments. Any action taken by you on the basis of the information contained herein is your responsibility alone and Choice Broking its subsidiaries or its employees or associates will not be liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of the information contained in this recommendation, but Choice Broking or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this recommendation or any action taken on basis of this information. Technical analysis studies market psychology, price patterns and volume levels. It is used to forecast future price and market movements. Technical analysis is complementary to fundamental analysis and news sources. The recommendations issued herewith might be contrary to recommendations issued by Choice Broking in the company research undertaken as the recommendations stated in this report is derived purely from technical analysis. Choice Broking has based this document on information obtained from sources it believes to be reliable but which it has not independently verified; Choice Broking makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. The opinions contained within the report are based upon publicly available information at the time of publication and are subject to change without notice. The information and any disclosures provided herein are in summary form and have been prepared for informational purposes. The recommendations and suggested price levels are intended purely for trading purposes. The recommendations are valid for the day of the report however trading trends and volumes might vary substantially on an intraday basis and the recommendations may be subject to change. The information and any disclosures provided herein may be considered confidential. Any use, distribution, modification, copying, forwarding or disclosure by any person is strictly prohibited. The information and any disclosures provided herein do not constitute a solicitation or offer to purchase or sell any security or other financial product or instrument. The current performance may be unaudited. Past performance does not guarantee future returns. There can be no assurance that investments will achieve any targeted rates of return, and there is no guarantee against the loss of your entire investment. POTENTIAL CONFLICT OF INTEREST DISCLOSURE (as on date of report) Disclosure of interest statement – • Analyst interest of the stock /Instrument(s): - No. • Firm interest of the stock / Instrument (s): - No. www.choiceindia.comcustomercare@choiceindia.com Research Team Mr. Sumeet Bagadia Associate Director Kunal Parmar Research Associate Chandrakant Maske Research Associate Rohan Shinde Research Associate Amit Pathania Research Associate Rajnath Yadav Research Associate Satish Kumar Research Associate Ritesh Patel Research Associate 30th June 2015 TECHNO BUY