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Today's Pick: Indoco Remedies (Rs 324.70)
We recommend a buy in Indoco Remedies at current market price. From the weekly chart of this company, we note that it had been in a downtrend between January and August 2007 (from a high of Rs 371 to a low of Rs 225). However, the stock reversed direction and began to move up, after finding support at Rs 225 in August 2007. Since then, the stock has been on a medium-term uptrend. In late November 2007, the stock met with a resistance at Rs 320 and has been testing and hovering at around this level. The daily and weekly momentum indicators are featuring in the bullish zone. The weekly moving average convergence divergence is progressively rising and has entered the positive region, indicating bullishness. We observe that there is an increase in volumes for the past two days. On the downside, the immediate support for the stock is at Rs 290 and the next support is at Rs 270 levels. We expect the stock to penetrate the current resistance level and move up to Rs 370 level in the short-term. Short-term investors can buy the stock with stop at Rs 302.
Yoganand D.
Related Stories:
Indoco plans tie-up with US co
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