Business Daily from THE HINDU group of publications
Thursday, Jun 05, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jun 05, 2008 ePaper | Mobile/PDA Version | Audio |
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Stocks Markets - Recommendation
We recommend a sell in Deccan Aviation from a short-term perspective. It is evident from the charts of the stock that it has been on a long-term downtrend from its December 2007 peak of Rs 335. However, after a corrective up move from Rs 100 level to Rs 155 level (between late March 2008 and early May 2008), the stock met with a resistance at around Rs 155 and resumed the long-term downtrend. Subsequently, the stock breached the 50 and 21-day moving average and continued to decline. Currently, the stock is hovering around Rs 100 level, likely to penetrate this level and decline. The daily and weekly momentum indicators are featuring in the bearish zone, supporting the downtrend. The moving average convergence and divergence is also featuring in the negative territory, in line with the downtrend. Our short-term forecast for the stock is bearish. We expect the stock to decline further until it hits our price target of Rs 90 in the approaching trading sessions. Traders with short-term perspective can sell the stock while keeping the stop-loss at Rs 106 level. Yoganand D.Deccan Aviation trims losses Kingfisher, Deccan merger verdict Deccan Aviation makes Rs 191-cr loss in Q2 More Stories on : Stocks | Recommendation | Airlines
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