Financial Daily from THE HINDU group of publications
Sunday, Jun 06, 2004
Financial Daily from THE HINDU group of publications Sunday, Jun 06, 2004 |
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Investment World
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Technical Analysis Markets - Technical Analysis Focus of the week B. Krishnakumar
Hughes Software (Rs 517): The short-term outlook for the stock is positive. A move past Rs 530 would have positive implications and could push the stock up to the Rs 565-570 range. Remain invested with a stop-loss at Rs 480. A drop below this level would warrant reduction of holdings.
ICICI Bank (Rs 268): A move past Rs 280 would have positive implications. This could pave the way for a rally to the Rs 320-330 range. Existing holders may have a stop-loss at Rs 240. A close above Rs 280 could be used to take fresh long positions with a tight stop-loss in place. A drop below Rs 240 would warrant dilution of exposures. Follow-up Neyveli Lignite (Rs 47.4): As anticipated, the stock ruled weak and also sought support very close to the earlier mentioned target zone of Rs 32-35. Existing holders may remain invested with a stop-loss at Rs 35. A trailing stop-loss may be used in the event of a steady uptrend. Ranbaxy Labs (Rs 1,006): Though the stock failed to move towards the target price of Rs 1150-1200, the trend remains positive. The possibility of a rally to this range has not been ruled out on account of the recent price movement. Existing holders may remain invested with a stop-loss at Rs 950.
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