Business Daily from THE HINDU group of publications
Wednesday, Feb 04, 2009
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Business Daily from THE HINDU group of publications Wednesday, Feb 04, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stocks Markets - Recommendation
We recommend a sell in Aditya Birla Nuvo from a short-term trading perspective. It is apparent from the charts of the stock that it has been on an intermediate-term downtrend from its August 2008 peak of Rs 1,422. Moreover, the stock has been on a long-term downtrend from its January 2008 peak at Rs 2,500. Since then, the stock has been forming lower peaks and lower troughs. In mid-January, the stock resumed its intermediate downtrend by breaching the 21-and 50-day moving averages. Daily and weekly relative strength indexes are featuring in the bearish zone. The price rate of change indicator is also featuring in the negative territory, indicating selling pressure. The daily moving average convergence and divergence is steadily declining in the negative territory. Considering that the intermediate-term down trendline continues to be intact, we are bearish on the stock from a short-term horizon. We anticipate the stock to decline until it hits our price target of Rs 405. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 473. Yoganand D.Aditya Nuvo Q3 net loss at Rs 156 cr Aditya Birla Nuvo consolidated Q1 net drops 130% More Stories on : Stocks | Recommendation | Diversified
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