Techno Buy techm
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The document summarizes a technical analysis of TECHM stock. It states that TECHM recently completed a bullish harmonic pattern at 458.50 levels. Additionally, recent corrections have halted at crucial support levels, indicating the stock could see another strong upward move from current prices. Momentum indicators like the RSI are in oversold zones and signaling an upcoming bullish reversal. Based on the technical analysis, the document recommends buying TECHM at 474 with a stop loss of 450 and target price of 515-540.
Techno Buy techm
- 1. SEBI Certified – Research Analyst *Please Refer Disclaimer on Website Looking at the Technical structure, it is evident that recently the stock has completed a “Bullish AB=CD” Harmonic pattern at 458.50 levels the coordinates of which are as follows: Technical Parameter: AB of the leg from 748.77 to 565, BC of the leg from 565 to 665 (i.e.50% of AB leg.), CD of the leg from at 665 to 458.50 (i.e. near 200% Fibonacci Projection of BC leg). Furthermore, recent correction in stock has halted at a crucial level from where it gave robust up move in past indicates stock could react the same manner once again from the present level. Moreover, stock has formed Doji candlestick on daily chart and managed to sustain above Doji’s high which point out for bullish reversal. 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 TECHM @ 474 SL 450 TGT 515-540 07TH July 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 07TH July 2015 TECHNO BUY