Business Daily from THE HINDU group of publications
Friday, Sep 07, 2007
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Business Daily from THE HINDU group of publications Friday, Sep 07, 2007 ePaper |
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Stocks Markets - Recommendation
Our technical stock pick today is Sun Pharmaceutical Industries. We recommend a buy in this stock at the current price level. It is evident from the daily chart that the stock has been declining after recording a life-time high at Rs 1,196 in April. It halted around Rs 900 in early August, which is a historically strong support level. After hovering around the aforesaid support level for a month, the stock started rallying recently. Sun Pharmaceuticals has conclusively penetrated the short-term downtrend line as well as the 50-day moving average on September 5, recording a gain of Rs 38 on that day. The daily momentum indicators signify bullishness. Short-term investors can buy the stock at current levels with a stop at Rs 955. We expect the stock to move towards the immediate target at Rs 1,050 and then to Rs 1,080 in the short-term. Investors can book profits at either of these targets. Yoganand. D The analysis and opinion expressed in this column are based on the technical analysis of the past price behaviour. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop-loss level is breached. There is a risk of loss in trading.
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