Business Daily from THE HINDU group of publications
Wednesday, Dec 17, 2008
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Business Daily from THE HINDU group of publications Wednesday, Dec 17, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stocks Markets - Recommendation
Investors with a short-term trading perspective can consider buying Tanla Solutions stock. It is apparent from the charts of Tanla Solutions that it has been on a long-term downtrend from its life high of Rs 410 touched in January. The stock has been forming lower peaks and lower troughs since then. In September, the stock broke through a significant support level at Rs 200 and its downtrend accelerated. It, however, found support at Rs 54, recording an all-time low in late November and reversed direction. Positive divergence in the daily and weekly relative strength index (RSI) supports the stock’s recent reversal. On December 12, the stock surged 16 per cent, penetrating its 21-day moving average. We observe that there is an increase in volume over the past three sessions. The daily RSI has entered in the bullish zone from the neutral region. Our short-term forecast for the stock is bullish. We anticipate the stock to move up until it hits our price target of Rs 103 in the upcoming trading sessions, while maintaining a stop-loss at Rs 86. Tanla Solutions net up 93 pc Tanla buys 85% stake in Finland’s Openbit More Stories on : Stocks | Recommendation | Software
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