Business Daily from THE HINDU group of publications
Tuesday, Aug 26, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Aug 26, 2008 ePaper | Mobile/PDA Version | Audio |
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Stocks Markets - Recommendation
We recommend a sell in Suzlon Energy from a short-term perspective. From the charts of Suzlon Energy we note that it has been on a long-term downtrend since its January peak of Rs 460. The stock has been declining forming lower peaks and bottoms. However, the stock found support at Rs 180 in early July and made a corrective up move to Rs 250 levels. After encountering resistance at Rs 250 levels in mid-August, the stock resumed its downtrend. On August 25, the stock declined 4 per cent on above average volume, reinforcing the downtrend. The daily relative strength index is on the brink of entering into the bearish zone. The daily moving average convergence and divergence is indicating a sell and is likely to enter the negative territory. We are negative on the stock in the short-term. We anticipate the stock to decline further until it hits our price target of Rs 194 in the forthcoming trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 227. Suzlon gets shareholders’ nod to raise Rs 5,000 cr thru securities Forex volatility pulls down Suzlon net More Stories on : Stocks | Recommendation | Non-conventional Energy | Suzlon Energy Ltd
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