Technical Stock Idea: Private Client Group

16 Sep 2016
Private Client Group
Technical Stock Idea A near term trading stock Pick

Stock
L.G.BALAKRISHNAN
CMP
577
Recommended Action
Buy between CMP & 545
Targets
660,740
SL*
525
Time Horizon
1-2 Months
Note: * Place stoploss as per daily closing basis. Recommended to stagger buying/selling. If first target achieved, then revise
stoploss to buying/selling price.
L.G.BALAKRISHNAN Weekly Chart
Breakout
Bullish MACD
Bullish ADX
Technical Evidences
Short term moving averages are trading above long term moving averages, indicating strength in the counter
Oscillators like MACD and ADX have turned bullish on the weekly chart, which strengthen the chances of
price appreciation from here.
Price has broken out from the narrow range 420-520, which held for last 15 months. Due to this price
development Stock price has claimed the level above weekly bollinger upper brand, which indicates the chances
of momentum buying from current price.
Volumes have gone up significantly, along with the price rise in last 3 sessions
Considering the technical evidences discussed above, we advise buying the stock between CMP and 545, for
the upside targets of 660 and 740, keeping stop loss at 525 on closing basis.
PRIVATE CLIENT GROUP
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Technical Research Analyst: Vinay Rajani ([email protected])
HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042
HDFC securities Limited, 4th Floor, Above HDFC Bank, Astral Tower, Nr. Mithakadi 6 Road, Navrangpura, Ahmedabad-380009, Gujarat.
Phone: (079) 66090040, Website: www.hdfcsec.com Email: [email protected]
"HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475."
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the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s)
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Ltd. or its Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the
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16 Sep 2016

Private Client Group

Technical Stock Idea A near term trading stock Pick

L.G.BALAKRISHNAN Weekly Chart

PRIVATE CLIENT GROUP

PRIVATE CLIENT GROUP

PRIVATE CLIENT GROUP

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