Business Daily from THE HINDU group of publications
Monday, Mar 10, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Monday, Mar 10, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation
We recommend a sell in Escorts from a short-term perspective. From the charts of Escorts, we see that the stock encountered resistance at Rs 170 in early January 2008 and began to decline. The stock has been on a medium-term downtrend since its January peak. However, following a pullback rally from the support level at Rs 75, the stock recently met with significant resistance at Rs 115 and resumed the medium-term downtrend from here. The stock is trading well below the 50 and 200-day moving averages. The daily momentum indicator is on the verge of entering the bearish zone. The daily moving average convergence divergence is featuring in the negative territory. Our short-term outlook for the stock is bearish. We expect the stock to decline further to our target price level of Rs 85 in the short-term. Investors with a short-term perspective can sell the stock while keeping the stop loss at Rs 112. Yoganand D.
Escorts to raise $100m Oriental Bank ties up with Escorts Escorts to raise $70 m; posts Rs 6.71 cr net Escorts net loss at Rs 3.04 cr More Stories on : Stocks | Recommendation | HCV/LCV/Tractors
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