TRADING RECOMMENDATIONS Punj Lloyd Ltd.

Technical Outlook & Trading Strategy:-

The price of Punj Lloyd appears to be forming a head and shoulder pattern (intraday chart). A breakdown from the said pattern would be confirmed when the price breaks below neckline support level of Rs 58.

Traders can look to sell at current price with a stop at Rs 61.15. Once the stock price trades below Rs 58, traders can add to short positions with a revised stop placed at Rs 59.05 levels.

We believe that if the Head & Shoulders formation does record a breakdown, the price could decline to levels of Rs 56 /Rs 54 levels.

TRADING RECOMMENDATIONS Bata India Ltd.

Technical Outlook & Trading Strategy:-

We reiterate our short call on Bata India .The key observation to be made on the charts of Bata India is the negative divergence displayed by indicators.

They signal that the upward movement of the price could have lost force and in all likelihood give some kind of a decline.

The share price has also closed below its short term moving average. In the short term we expect the share price to decline towards the target of Rs 648 / Rs 635 levels once it trades below the

Rs 668 levels. We recommend sell at current price with a stoploss placed above Rs 687.20