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Sunday, Apr 25, 2004

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Focus of the week

B. Krishnakumar

J.B. Chemicals (Rs 338.8): The stock appears to have completed the downward correction.

It appears poised to resume the next leg of upmove. A rally to the Rs 390-Rs 400 range appears likely. Remain invested with a stop loss at Rs 310. Fresh buying may also be considered with a stop loss at Rs 325. A drop below Rs 310 would warrant dilution of holdings.

Glenmark Pharma (Rs 155.7): The share price could seek the Rs 200-Rs 210 range in the near term. A move to this zone would materialise only if the stock breaks above the resistance zone at Rs 165-Rs 170 area.

Investors who have entered at fairly lower levels may hold on with a stop loss at Rs 140. Fresh buying may also be considered with a stop loss at Rs 145.

Recommendation follow-up

Elder Pharma (Rs 169.9): After a sharp drop on Monday, the stock recovered ground and appears on track to move to the target zone of Rs 185-Rs 190. The positive outlook would be negated if the stock declines below Rs 150. Remain invested with a stop loss at Rs 150. A move past Rs 172 could be used to take fresh exposures with a close stop loss in place.

Exide Industries (Rs 153.6): The outlook for the stock remains bullish. A move past Rs 160 would impart strong positive momentum. A move past this level could push the stock to Rs 175-Rs 180 range. Remain invested with a stop loss at Rs 130. Conservative investors may have the stop loss at Rs 140.

Due to technical reasons, we are unable to feature the analysis on indices and pivotal stocks in the Nifty.

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