Business Daily from THE HINDU group of publications
Monday, Jan 28, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Monday, Jan 28, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation
We recommend a buy in GMR Infrastructure at current market price from a medium term perspective. From the charts of GMR Infrastructure we note that it has been on medium-term downtrend from its all time high of Rs 268 marked on December 6, 2007. This downtrend accelerated in mid-January 2008 and the stock declined steeply with the sell-off in the broader market. However, on January 22, the stock made an intra-day low of Rs 115 and recovered most of its losses by forming a hammer candlestick pattern (a bullish reversal pattern). Moreover, on January 25, GMR Infrastructure surged 19 per cent accompanied by heavy volumes. The stock bounced up taking support from the 200-day moving average line at around Rs 160 level and is currently testing a key resistance level of Rs 190. The daily momentum indicator has entered the neutral region, recovering from the oversold territory. The immediate support of the stock is at Rs 157 and the next support is at Rs 139. Our medium-term outlook for the stock is bullish and we expect it to move up to the key resistance of Rs 265 in the medium-term, with minor pause at around Rs 230 levels. The medium-term investors can buy the stock while keeping the stop-loss at Rs 140 level. Yoganand D.
GMR Infra PAT rises 16% in Q3 GMR to raise up to Rs 5,000 cr More Stories on : Stocks | Recommendation | Real Estate & Construction
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