Business Daily from THE HINDU group of publications
Friday, Dec 05, 2008
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Business Daily from THE HINDU group of publications Friday, Dec 05, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stocks Markets - Recommendation
We recommend a buy in Venus Remedies stock from a short-term perspective. It is evident from the charts of Venus Remedies that it was on an accelerated medium-term downtrend from its September high of Rs 400 to its 52 week low of Rs 143 touched during mid November. However, the stock reversed direction from this low triggered by the positive divergence in both in the daily relative strength index (RSI) as well as moving average convergence and divergence. From its 52-week low the stock has been on a short-term uptrend. On December 2, the stock conclusively penetrated the medium-term down trendline by jumping up 15 per cent, with good volume. The stock crossed over its 21-day moving average recently. Moreover, the weekly RSI is also displaying positive divergence and has recovered from deeply oversold levels. Our short-term forecast is bullish for the stock. We expect the stock to move up until it hits our price target of Rs 240 in the upcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 202. Yoganand D.
Venus launches ‘Tobracef’ Venus Remedies’ units get export nod for Europe More Stories on : Stocks | Recommendation | Pharmaceuticals
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