Business Daily from THE HINDU group of publications
Thursday, Jul 31, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jul 31, 2008 ePaper | Mobile/PDA Version | Audio |
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Stocks Markets - Recommendation
We recommend a ‘buy’ in Thermax from a short-term perspective. It is visible from the charts of Thermax that it had been on a long-term downtrend from its October 2007 peak of Rs 963 to its July 2008 trough of Rs 330. The stock lost 65 per cent from the peak. However, the stock reversed direction at Rs 350, where the 200-week moving average is positioned. This reversal was corroborated by a positive divergence in the daily moving average convergence divergence (MACD) oscillator. Since early July, the stock has been on a short-term uptrend, supported by good volume on advance. During this up move, the stock crossed over the 21- and 50-day moving averages. The daily relative strength index (RSI) is featuring in the bullish zone and the weekly RSI has entered into the neutral region from the bearish zone. Our short-term forecast of the stock is bullish. We anticipate the stock’s move up to prolong until it hits our price target of Rs 490 in the upcoming trading sessions. Traders with a short-term perspective can buy the stock while maintaining stop-loss at Rs 410. Yoganand D.Thermax net up 14 % Thermax's € 14.2-m export order More Stories on : Stocks | Recommendation | Engineering
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