Financial Daily from THE HINDU group of publications
Sunday, Oct 26, 2003
Financial Daily from THE HINDU group of publications Sunday, Oct 26, 2003 |
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Investment World
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Technical Analysis Markets - Technical Analysis Focus of the week B. Krishnakumar
Bharat Earth Movers (Rs 197.5): The stock has moved past the earlier mentioned (edition dated September 21) target zone of Rs 175-180. The stock appears to be in the early stages of a major bull run. A move to the near-term price target of the Rs 240-250 range appears likely. Existing holders could remain invested with a stop loss at Rs 188. Fresh buying may also be considered with a stop loss at Rs 188. Aurobindo Pharma (Rs 590.3): This stock has also managed to touch the earlier mentioned price target. The stock is in the midst of a downward correction. After a short-term upmove, the stock is likely to slide to the Rs 525-530 range. Existing holders could employ a trailing stop loss and take partial profits on upmoves. However, the long-term outlook for Aurobindo Pharma remains positive. The uptrend should resume after the completion of the ongoing corrective phase. Evidence of support around the Rs 520-530 range could be used to take fresh exposures. Follow-up Tata Power (Rs 217.7): Though a bearish trend prevailed last week, it has not negated the earlier view of a rally to the Rs 325-350 range. Only a drop below Rs 195 would blunt the positive outlook. Existing holders could remain invested with a stop loss at Rs 195. As mentioned last week, the stock is a good long-term pick and investors willing to take delivery may take exposures. Price dips could be used to enhance holdings. All long positions would warrant a stop loss at Rs 195. Mahindra & Mahindra (Rs 309.1): After a weak trend, there was a recovery on Friday. Last week's view of a rally to the Rs 400-450 range remains valid. A steady upmove to this target zone appears likely. As observed last week, only a drop below Rs 250 would invalidate the positive outlook Long-tem investors could build exposures on price declines. Existing holders could remain invested with stop loss at Rs 250.
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