Financial Daily from THE HINDU group of publications
Sunday, Nov 02, 2003
Financial Daily from THE HINDU group of publications Sunday, Nov 02, 2003 |
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Investment World
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Technical Analysis Markets - Technical Analysis Focus of the week B. Krishnakumar
J.B.Chemicals (Rs 279.7): The overall outlook for the stock is positive. A move towards the Rs 350-360 range appears likely. Current holders could remain invested with a stop loss at Rs 250. A move above Rs 290 could be used to take fresh exposures. The stock appears to be in the midst of a major bull run. Long-term investors are likely to be rewarded. Alok Industries (Rs 38.5): The stock appears to be headed towards the Rs 50 mark. A close above Rs 40 would confirm the positive view while a drop below Rs 33 would have negative implications. Remain invested with a stop loss at Rs 33. Follow-up Bharat Earth Movers (Rs 228.2): The price movement in the stock was in line with expectations. The scrip moved closer to the price target of Rs 240-250 that was mentioned last week. The view that the stock is in the early stages of a major bull run remains valid. The stock could move past the Rs 300 mark. Though the scrip us unlikely to move to this level in a tearing hurry, a steady upmove appears on the cards. Existing holders could remain invested with a stop loss at Rs 200. Fresh buying may also be considered with a stop loss at Rs 215. Aurobindo Pharma (Rs 327.2): The stock now trades on an ex-stock split basis (each Rs 10 share has been converted into two shares of Rs 5 each). The announcement of improved quarterly performance imparted bullishness in the stock. Last week's view that the stock could slide to the Rs 265-270 range remains valid. A close below Rs 310 would confirm this view. However, a close above Rs 360 would nullify the short-term bearish view. The long-term outlook is bullish. The stock could move towards the Rs 450-475 range over the long term. Existing holders could remain invested with a stop loss at Rs 310. A trailing stop loss could be employed on price upmoves.
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