Business Daily from THE HINDU group of publications
Tuesday, Sep 25, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Sep 25, 2007 ePaper |
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Stocks Markets - Recommendation 
We recommend a buy in Alphageo India at current price levels. The stock has been on a long term up trend since November 2006 low of Rs 106. However, the stock found resistance at Rs 450 in early June and has been consolidating sideways since then. This sideways consolidation appears to be an inverse head and shoulders pattern with neckline at Rs 450 level. On September 2, the stock broke through the neckline of the inverse head and shoulders and gained Rs 42, accompanied by good volume. Again on September 24, the stock rallied by Rs 47 or almost 10 per cent. The daily momentum indicators are bullish. The immediate support for the stock is at Rs 485 and the next support is at Rs 450 level. Short term investors can buy the stock with a stop loss at Rs 485. We expect the stock to move up Rs 600 level in the short term, which is the price target of inverse head and shoulders. More Stories on : Stocks | Recommendation | Petroleum
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