The Hindu Business Line : Focus of the week

Elder Pharma (Rs 158): The share price has managed to move to the earlier mentioned (Edition dated November 9) target zone of Rs 145-150. The near-term outlook appears positive.

The stock could move past the Rs 185-190 range in the near term. Remain invested with a stop loss at Rs 140. Fresh buying may also be contemplated with a stop loss Rs 140.

Kochi Refineries (Rs 170): The overall outlook is positive. A move to the Rs 205-210 range appears likely. Existing holders may remain invested with a stop loss at Rs 152.

move above Rs 180 could be used to take fresh long positions. At the moment, only a drop below Rs 144 would negate the positive outlook.

Follow-up

LIC Housing Finance (Rs 203.9): The stock moved in line with last week's expectations. After a sharp upmove on the first two days of the week, it turned weak on Wednesday and Thursday.

The stock managed to recover ground on Friday. The share price appears on course to move past the price target of Rs 225-230 that was mentioned last week. Existing holders may remain invested with a stop loss at Rs 180. A move above Rs 220 could be used to take long positions with a stop loss at Rs 194.

Tata Tea (Rs 314.2): Last week's view that the stock could touch the Rs 350-360 range remains valid. It is currently in a sideways corrective phase.

An uptrend would resume after the completion of the ongoing phase. Remain invested with a stop loss at Rs 290. A close above Rs 322 could be used to take long positions with a stop loss at Rs 290.

(Note: The analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. Analysis and price targets are based on the Elliott Wave Analysis. There is a risk of loss in trading)

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