Business Daily from THE HINDU group of publications
Thursday, Aug 21, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Aug 21, 2008 ePaper | Mobile/PDA Version | Audio |
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Stocks Markets - Recommendation
We recommend a buy in Torrent Power from a short-term perspective. From the charts of Torrent Power we observe that the stock has been on a medium-term uptrend since its early July low of Rs 83 level. On August 4, the stock surged 8 per cent accompanied with heavy volume, penetrating the 50-day moving average. The stock gained 4 per cent with good volume on August 20, reinforcing bullish momentum. The daily relative strength index has re-entered into the bullish zone. Moreover, the daily moving average convergence and divergence is steadily rising in line with the stock in the positive territory. The stock is trading well above its 21 and 50-day moving averages. The stock’s medium-term uptrend is intact with the trendline. We notice high volumes during the advance days of the stock. Our short-term forecast for the stock is bullish. We expect the stock to move up until it hits our price target of Rs 133 in the approaching trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 114. Yoganand D.More Stories on : Stocks | Recommendation | Power
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