Business Daily from THE HINDU group of publications
Wednesday, May 28, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, May 28, 2008 ePaper | Mobile/PDA Version | Audio |
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Stocks Markets - Recommendation
We recommend a buy in Shriram Transport Finance Company from a short-term perspective. We note that the stock, which was trending downwards from its December 2007 high of Rs 433, found support at Rs 300 in March. Later on, following a minor up move, the stock declined and found support at Rs 300 for the second time during mid May (just above the 200-day moving average) and began to move up. The stock crossed over the 21- and 50-day moving average recently, sig nalling a buy. The daily Relative Strength Index (RSI) is featuring in the bullish zone and the weekly RSI is rising in the neutral region giving a positive short as well as medium term view for the stock. The daily moving average convergence and divergence oscillator has displayed bullish divergence and has entered the positive territory, indicating bullishness. We are bullish on the stock in the short-term and expect it to rally to our price target of Rs 380 in the upcoming trading sessions. Traders with short-term perspective can buy the stock while keeping the stop-loss at Rs 323. Yoganand D.BL Research Bureau More Stories on : Stocks | Recommendation | Financial Services
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