Buy Brigade Enterprises between Rs 168.05 & Rs 165. Stoploss at Rs 158 :: HDFC Securities

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Current Observation:
 The attached daily timeframe chart of Brigade Enterprises Ltd is indicating a minor consolidation, after the sharp
upside breakout of early Jan 15.
 After moving into larger consolidation pattern in the last few months, the stock price has staged an excellent upside
breakout of the upper consolidation rage of around Rs.160.00 levels (brown horizontal line) and sustained around
there.
 The opening upside gap around 18 points of 9th Jan is still unfilled and unchallenged. The upper gap area is offering
strong support for the current minor consolidation around Rs.160.00 levels. The said opening upside gap could be
considered as a bullish breakaway gap (breakaway gaps normally coincides with bottom reversal patterns).
 Daily momentum oscillator like 14 period RSI has just turned up from near key upper levels of 60. As per the
ongoing bullish upper range (40-75/80 levels), the daily RSI is expected to reach up to 75-80 levels, from the
current reading of 66 levels. This is indicating a strengthening of upside momentum in the stock price.
 Positive overall chart and momentum pattern is suggesting a fresh buying opportunity in Brigade Enterprises Ltd for
near term.

link

http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010856