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We recommend a buy in Aditya Birla Nuvo at current price levels. From the weekly chart of Aditya Birla Nuvo, we note that it has been on a steady long-term bull run (forming higher peaks and higher troughs) since June 2006. However, following a short-term downtrend form its all-time high of Rs 1,820 marked in October 2006 to Rs 1,500, the stock bounced up recently. This short-term downtrend retraced exactly 50 per cent of its prior up move, which is a significant Fibonacci retracement level. The immediate support for the stock is at Rs 1,490 and the next support is at Rs 1,300. The immediate resistance for the stock is in the range between Rs 1,800 and 1,820. The daily momentum indicators are signalling a buy. Short-term investors can buy the stock with stop-loss at Rs 1,480. We expect Aditya Birla Nuvo to rally to the resistance range between Rs 1,800 and Rs 1,820 in the short-term.

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