Business Daily from THE HINDU group of publications
Thursday, Jan 10, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Jan 10, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation
We recommend a buy in Upper Ganges Sugar & Industries at current market price. From the weekly chart, it is evident that it has bottomed out in August 2007 around Rs 58 and has been on an uptrend since then. The stock’s medium-term uptrend is intact. The stock is trading well above the 21-day and 50-day moving average lines. The daily and weekly momentum indicators are featuring in the bullish zone. The weekly moving average convergence divergence lines have entered the positive region and are steadily rising in this zone. We also note that there is an increase in volume for the past three trading sessions. On the downside, the immediate support for the stock is at Rs 110 and the next support is at Rs 95 levels. We expect the stock’s uptrend to continue further to Rs 150 in the short-term. The short-term investors can buy the stock while keeping the stop-loss at Rs 116. Yoganand DUpper Ganges records Rs 1.9-cr Q3 net More Stories on : Stocks | Recommendation | Sugar
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