Financial Daily from THE HINDU group of publications
Sunday, Sep 11, 2005
Financial Daily from THE HINDU group of publications Sunday, Sep 11, 2005 |
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Investment World
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Technical Analysis Markets - Technical Analysis Focus of the week B. Krishnakumar
Opto Circuits (Rs 227.1): The long-term trend for the stock is bullish. The stock could move to the Rs 290-300 range. The conformity of the stock's price pattern to the Elliot Wave theory is almost straight out of the textbook. The stock is in the midst of the explosive third wave in the Elliott Wave theory parlance. Investors may retain holdings with a stop-loss at Rs 200. Fresh exposures may also be considered on price weakness with a stop-loss at Rs 200. The long-term positive outlook would be negated only on a close below Rs 155. Considering that having a stop-loss at Rs 150 would be impractical from a money management perspective, investors may have the stop at the next logical level at Rs 200. On a breach of Rs 200, fresh exposures may be considered at levels closer to the Rs 150 mark.
Mid-day Multimedia (Rs 101.7): The stock is in a long-term uptrend. The short-term trend, however, has been bearish. There is no indication to suggest the reversal of this downward corrective phase. A drop below Rs 98 could push the stock to the Rs 89-90 range. Investors who have entered at lower levels may hold with a stop-loss at Rs 99. Fresh exposures may be considered on a drop to the support zone. The bearish short-term view would, however, be invalidated if the stock closes above Rs 110. Long positions may be considered on a close above Rs 110, with a close stop-loss in place.
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