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We recommend a buy in CESC at the current price. From the weekly chart of CESC, we note that it has been on a steady long-term up trend since June 2006. The stock has recouped all the losses it registered in the August correction and is currently testing its July peak (Rs 520). The immediate support for the stock is at Rs 480, which coincides with the 21-day moving average. The next support is at Rs 425. The Relative Strength Index is implying a bullish outlook for the short term. Short-term investors can buy the stock with a stop loss at Rs 495. We expect the stock to rally to Rs 540 in the short term.

Yoganand D.

BL Research Bureau

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