- Anant Raj Ltd's stock price is showing signs of a significant bottom reversal pattern after declining for the past 5-6 months. It has been moving within a converging triangle pattern around Rs. 43-44 levels. - The stock recently showed a false downside break and is signaling the possibility of testing upper triangle resistance at Rs. 75-76 in the coming months. - Monthly technical indicators are turning positive, suggesting the stock provides a buying opportunity over the next few months.

1. RETAIL RESEARCH
Anant Raj Ltd:
Anant Raj Ltd-Monthly timeframe
Observation
 The Anant Raj Ltd as per larger timeframe chart of monthly is indicating that the stock price is in the process of
making a significant bottom reversal pattern, after a decline of the last 5-6 months.
 We observe that the stock price is moving with in a converging triangle type pattern (two brown converging trend
lines). Currently the stock price is showing bottom reversal pattern around the lower end of triangle of around
Rs.43-Rs.44 levels.
 The last couple of months candlestick pattern is showing another positive indication of ‘spring’. The stock prices
were showing false downside break of the lower up sloping triangle line around Rs.45 levels. This is positive for the
stock trend and it signals the possibility of stock price testing the upper triangle around Rs.75-76 levels in the next
few months.
 Monthly 14 period RSI is making attempt to turn up from near the key lower levels of 40. From here the monthly RSI
could move up towards the upper 60 levels in medium term.
 Positive technical set up is suggesting a buying opportunity for the next few months.

2. RETAIL RESEARCH
Technical Research Analyst: Nagaraj Shetti (H5101)
RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office
HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East),
Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email: hdfcsecretailresearch@hdfcsec.com
Disclaimer: This document has been prepared by HDFC Securities Limited and is meant for sole use by the recipient and not for circulation. This document is not
to be reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information
contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied upon as such. We may have from
time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other
services for, any company mentioned in this document. This report is intended for non-Institutional Clients
This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other
parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams (Institutional, PCG) of HDFC Securities
Ltd.
Disclosure by Research Analyst: Research Analyst or his relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also
Research Analyst or his relative or HDFC Securities Ltd. or its Associate does not 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 Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does
not have any material conflict of interest. Any holding in stock - No
Disclosure by Research Entity: HDFC Securities Ltd. may have received any compensation/benefits from the subject company, may have managed public
offering of securities for the subject company in the past 12 months. Further, Associates of the Company may have financial interest from the subject company in
the normal course of Business. The subject company may have been our client during twelve months preceding the date of distribution of the Research report.
Research analyst has not served as an officer, director or employee of the subject company. Research entity has not been engaged in market making activity for
the subject company. We have not received any compensation/benefits from the subject company or third party in connection with the Research Report.