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We recommend a buy in Asahi India Glass at current levels. It is evident from the weekly chart of Asahi India Glass that the stock has been in a strong uptrend since the early 2003 lows of Rs 20. However, the stock has been declining after recording an all-time high peak at Rs 152 in January 2007. This downtrend was arrested at Rs 100 in June. We note that this medium term decline has retraced 61 per cent of its prior uptrend. The stock has been moving sideways in the range between Rs 100 and Rs 112 since June. The stock is currently testing the upper boundary of this trading range. The nearest support for the stock is at Rs 100 and the subsequent support is at Rs 95. Daily momentum indicators is signalling a buy. Investors for the short term can buy the stock with a stop loss at Rs 105. We expect the stock to conclusively break though the trading range and move up to Rs 119 and then to Rs 125 in the short term.

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