• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

We recommend a buy in Essel Propack at current market price. From the weekly chart of Essel Propack, it is visible that the stock has been in a long-term downtrend since the September 2006 high of Rs 96. However, the stock found support at Rs 46 in November 2007 and commenced its short-term up move. During this up move, the stock has penetrated the medium-term down trendline positioned at Rs 55. The move above the 21-week moving average line also indicates that the long-te rm downtrend is coming to an end. We note that there is an increase in volumes for the past three trading sessions. The daily momentum indicator has entered the bullish region and the weekly momentum indicator is rising towards this region. The immediate support is pegged at Rs 55 and the next support is at Rs 45. Short-term investors can buy the stock with stop loss at Rs 56. We expect the stock’s current up move to continue to Rs 70 level in the short-term. A conclusive close above Rs 70 can lead the stock to Rs 82 in the medium-term

More Stories on : Stocks | Recommendation | Packaging

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Base import price for poppy seed fixed at $5,398/tonne

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line