Business Daily from THE HINDU group of publications
Friday, Aug 01, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Aug 01, 2008 ePaper | Mobile/PDA Version | Audio |
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Stocks Markets - Recommendation
We recommend a ‘buy’ in Aditya Birla Nuvo from a short-term perspective. From the charts of Aditya Birla Nuvo, we notice that the stock had been on an intermediate term downtrend from January 2008 peak of Rs 2,502 to its 52-week low of Rs 1,035 recorded on July 18. Nevertheless, the stock found support at its July low and reversed direction. This trend reversal has been triggered by positive divergence in the daily moving average convergence and divergence (MACD). Besides, the weekly relative strength index displays positive divergence. On July 23, the stock jumped up 11 per cent with an upward gap, penetrating the intermediate-term down trendline. We believe this to be a breakaway gap. We observe heavier volumes also. The stock has been on a short-term uptrend since its 52-week low. The daily RSI has entered into the bullish zone from the neutral region. The MACD is on the brink of entering into the positive territory. The stock is trading well-above its 21- and 50-day moving averages. We are positive on the stock in the short-term and expect the stock to hit our target price of Rs 1,455 in the approaching trading sessions. Traders with a short-term perspective can buy the stock with a stop-loss at Rs 1,260. Yoganand D. BL Research Bureau Aditya Birla Nuvo to raise Rs 4,200 cr Aditya Birla Nuvo Q4 net up 13%, sales grow 31% More Stories on : Stocks | Recommendation | Diversified
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