Business Daily from THE HINDU group of publications
Thursday, Apr 10, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Apr 10, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation
We recommend a buy in Sterlite Industries India from a short-term perspective. It is evident from the charts of Sterlite Industries India that the stock had been on medium-term downtrend from its 52-week high of Rs 1,140 (touched in early December 2007) to its March low of Rs 657. However, the stock found support at around Rs 700 in late March and progressively it began to move up. We see that the Rs 700 level is a significant support level for the stock. On April 7, the stock penetrated the medium-term down trendline as well as the 21-day moving average. Later on, the stock breached the 50-day moving average, indicating signs of bullishness. The daily and weekly momentum indicators are rising in the neutral region towards the bullish zone. Moreover, the long-term up trendline of the stock is still in place. We are bullish on the stock from a short-term point of view. We expect the stock to move up to our price target of Rs 875 in the short-term. Investors with short-term perspective can buy the stock, while keeping the stop-loss at Rs 734. Yoganand DMore Stories on : Stocks | Recommendation | Metals | Sterlite Industries (India) Ltd
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