Financial Daily from THE HINDU group of publications
Sunday, Aug 07, 2005
Financial Daily from THE HINDU group of publications Sunday, Aug 07, 2005 |
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Investment World
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Technical Analysis Markets - Technical Analysis Focus of the week B. Krishnakumar
Nicholas Piramal (Rs 279.5): The outlook for the stock is positive and a move to the Rs 310-315 range appears likely. After being confined to a trading zone in the past few weeks, the stock managed to stage a breakout on Friday. The sharp upward move on Friday, backed by a pick-up in the trading volumes, may be a pointer towards the start of a new upward move. The positive view would be valid till such time the stock holds above Rs 244. A close below this level would warrant dilution of holdings. Fresh exposures may be considered with a stop-loss at Rs 255. Partial profit booking may be considered on a move towards the target zone. Jaiprakash Associates (Rs 272.2): The stock is in a long - term uptrend. After having completed a corrective phase in July, the stock appears to have commenced the next leg of upward move. The stock could move to the target zone of the Rs 320-330 range in the current leg of the rally. The positive outlook would be in force as long as the stock trades above Rs 245. Investors may hold with a stop-loss at Rs 244. Fresh exposures may also be considered on price weakness, with a stop-loss at Rs 244. A close below Rs 244 would warrant dilution of holdings and a close below Rs 230 would negate the bullish outlook.
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