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We recommend a buy in Great Eastern Shipping Co at the current price level. The stock has been on a medium term uptrend since its March low of Rs 185. However, after making an all-time high of Rs 366 in early July, the stock began to decline and found support at 50 per cent Fibonacci retracement level (Rs 275) of its earlier uptrend in late August. Afterwards, the stock resumed the medium term uptrend and sustained its rally. At the moment, the stock is moving sideways with in a tiny range of Rs 330-345. The immediate support for the stock is at Rs 300 and the subsequent support is at Rs 305. The 21-day moving average has been constantly providing support for the stock. We believe that the current sideways movement is the right time for the short term investors to buy with a stop at Rs 300. We expect the stock to move up to Rs 366 in the short term. Long term investors can also add this stock to their portfolio with a price target of Rs 400, keeping the stop loss at Rs 305.

Yoganand D.

BL Research Bureau

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