Business Daily from THE HINDU group of publications
Tuesday, Feb 10, 2009
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Business Daily from THE HINDU group of publications Tuesday, Feb 10, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Stocks Markets - Recommendation
We recommend a buy in Welspun-Gujarat Stahl Rohren from a short-term trading perspective. It is apparent from the charts of Welspun-Gujarat that it was on a medium-term down trend from its December high of Rs 130, forming lower peaks and lower troughs. The stock had fallen 51 per cent from its December high to its recent low. However, the stock recently found support at significant support levels of Rs 63. After taking support, the stock reversed direction, triggered by the bullish divergence in the daily relative strength index(RSI). Moreover, on February 9, the stock jumped by 7 per cent, experiencing buying interest. We notice that there is an increase in volume over the past two trading sessions. The daily RSI is on the brink of entering the neutral region from the bearish zone. The weekly RSI is also displaying prolonged bullish divergence, indicating further upside. We are bullish on the stock from a short-term horizon. We expect the stock to rally until it hits our price target of Rs 80 in the approaching trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 66. Yoganand D.Welspun Gujarat unit on stream More Stories on : Stocks | Recommendation
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