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B. Krishnakumar

Saw Pipes (Rs 237.2): The recent recovery in the share price appears to be the start of a new upward move. The stock is likely to move to the Rs 255-260 range.

A move above Rs 245 would confirm the positive outlook. Remain invested with a stop-loss at Rs 196. Fresh buying may be considered on a close above Rs 245, with a stop-loss at Rs 220. A move above Rs 260 would help the stock move to the next target of the Rs 278-280 range. A drop below Rs 215 would be an early sign of weakness and a drop below Rs 196 would negate the positive outlook.

Shipping Corporation (Rs 158): It is a delight to analyse the pattern traced out by the stock. The patterns in the weekly chart are almost text bookish from an Elliott Wave analysis perspective. The stock has completed a corrective move down in three legs. The stock took support at Rs 140, which is a Fibonacci 38.2 per cent retracement of the earlier move from Rs 61 to Rs 188.

The Shipping Corporation stock appears to have commenced the next leg of the impulsive move in Elliott Wave parlance. If this assessment is valid, the stock could scale new historic highs. A move past Rs 200 appears to be on the cards. This view would be valid till such time the stock remains above Rs 138. Hold with a stop-loss at Rs 138 while fresh buying may also be considered with a stop-loss at Rs 138.

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