• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

We recommend a buy in Wanbury at current market price. From the weekly chart of Wanbury it is clear that it has been on a steady long-term uptrend since the March 2007 low of Rs 99.

However, the stock met with a significant long-term resistance at Rs 155 level in early November and began to move sideways. Following a month’s sideways consolidation, the stock is once again testing this resistance level. The stock is currentl y trading well above the 21-day and 50-day moving average line.

The daily and weekly momentum indicators are featuring in the bullish zone. Steady rally in the moving average convergence divergence indicator is a bullish sign. The immediate support for the stock is at Rs 140 level and the next support is at Rs 125 level.

Moreover, the long-term uptrend is intact. We expect the stock to break through the current resistance and move up to Rs 175 in the short-term. Short-term investors can buy the stock with stop-loss at Rs 138.

More Stories on : Stocks | Recommendation

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
XL Telecom building solar farms in Spain, Portugal

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line