Business Daily from THE HINDU group of publications
Friday, Jan 18, 2008
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Business Daily from THE HINDU group of publications Friday, Jan 18, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation 
We recommend a buy in Nagarjuna Construction Company at current market price for a short-term trade. From the charts of Nagarjuna Construction, we see that the stock has been trending up since its August 2007 low of Rs 175. However, after marking an all-time high at Rs 371 in early January 2008, the stock began to decline. During this corrective decline, the stock breached the 21-day and 50-day moving average lines. After retracing 38.2 per cent of its prior uptrend (a fibonacci number), the stock’s correction was arrested at the key support at Rs 300. We observe that the daily momentum indicator is recovering from the bearish region. On the downside, the immediate support for the stock is at Rs 270 and the subsequent support is at Rs 238 levels. Short-term investors can buy the stock while keeping the stop-loss at Rs 285 level. We expect the stock to resume its uptrend and rally to immediate resistance level of Rs 340 in the short-term. A decisive penetration of this resistance level would direct the stock to Rs 371 (an all-time high level) thereafter. Yoganand D.NCCL bags orders worth Rs 502-cr Nagarjuna wins Oman road project NCCL net flat at Rs 33.65 cr More Stories on : Stocks | Recommendation | Real Estate & Construction
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