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Monday, Oct 06, 2008
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Business Daily from THE HINDU group of publications Monday, Oct 06, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Pharmaceuticals Markets - Recommendation 
We recommend a buy in Pfizer from a short-term perspective. It is clearly evident from the charts of Pfizer that it was on a long-term downtrend from its 52-week high of Rs 850 (recorded on December 31, 2007) to late September low of Rs 513. However, the stock found support around Rs 525 and it reversed direction. This stock’s reversal has been supported by a positive divergence in the daily relative strength index. The stock gained six per cent accompanied by high v olume on September 30, forming a bullish engulfing candlestick pattern. Subsequently, on October 1, the stock breached the long-term down trendline as well as its 50-day moving average, with above average volume. The daily relative strength index is on the brink of entering in to the bullish zone from the neutral region.The moving average convergence and divergence is signalling a buy. We are bullish on the counter from a short-term perspective. We expect the stock to move up until it hits our price target of Rs 637 in the approaching trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 548. Yoganand D.
Pfizer to bring in cardiac, anti-infective drug this year Stung by failure, Pfizer unleashes Asia strategy Lower expenses, higher interest income lift Pfizer Q4 net 30% More Stories on : Pharmaceuticals | Recommendation
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