Business Daily from THE HINDU group of publications
Friday, Jul 04, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Jul 04, 2008 ePaper | Mobile/PDA Version | Audio |
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Fertilisers Markets - Recommendation 
We recommend a sell in United Phosphorus from a short-term perspective. It is evident from the charts of United Phosphorus that after an uptrend (from its March low) the stock encountered resistance at around Rs 360 in May level and commenced a medium-term decline. During this downtrend, the stock crossed below the 21 and 50-day moving averages one after another. On July 3, the stock breached the support at Rs 280 by falling 3 per cent. The volume was heavy on this day. The daily relative strength index (RSI) of the stock is featuring in the bearish zone and the weekly RSI has just entered this zone. The moving-average convergence and divergence (MACD) is falling in line with the stock and is featuring below the zero level. We are bearish on the stock in the short-term. We anticipate the stock to decline further until it hits our price target of Rs 240 in the approaching trading sessions. Traders with a short-term perspective can sell the stock, while maintaining stop-loss at Rs 281. Yoganand D.BL Research Bureau More Stories on : Fertilisers | Recommendation
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