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B. Krishnakumar

Bharat Earth Movers (Rs 179.1): The BEML stock could move up to Rs 200. Remain invested with a stop loss at Rs 162.

Price dips may be used to take long positions with a stop loss at Rs 162.

A drop below Rs 162 would warrant reduction of holdings.

Vardhman Spinning (Rs 197.2): The stock could rally to Rs 222-Rs 225 range in the near-term.

On Friday, the price broke out of a trading range on the back of a spurt in volumes.

This is a positive sign and could spark a rally to the Rs 222-Rs 225 range.

Hold with a stop loss at Rs 180. Long position may also be considered with a stop loss at Rs 180.

Follow-up

Glenmark Pharma (Rs 178.6): The price movement was not in line with expectations. This has, however, not negated the positive outlook.

As observed last week, the stock is headed towards Rs 200 mark.

Only a drop below Rs 166 would negate the positive outlook.

Remain invested with a stop loss at Rs 166. Long positions may also be considered with a stop loss at Rs 166.

Sesa Goa (Rs 543.6): Though the stock ruled weak, it has not negated the positive outlook. The view of a rally to Rs 600-Rs 610 range is still valid.

A move past Rs 570 may be used to take fresh long positions. All long positions would warrant a stop loss at Rs 525.

(Note: The analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. Opinion and price targets are based on the Elliott Wave Analysis. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop loss level is breached. There is a risk of loss in trading)

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