Financial Daily from THE HINDU group of publications
Sunday, Sep 25, 2005
Financial Daily from THE HINDU group of publications Sunday, Sep 25, 2005 |
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Investment World
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Technical Analysis Markets - Technical Analysis Focus of the week B. Krishnakumar
Sesa Goa (Rs 966.3): It is simply amazing to look at the price pattern traced out by the stock. The stock price's conformity to the principles of the Elliott Wave theory is fascinating. The stock appears to be in Wave 5 on the weekly chart; within this broad pattern, it is in Wave 3 on the daily chart. This is a bullish pointer. After a brief correction, the stock could resume its upward move towards the Rs 1150-1200 range. The ongoing short-term correction is likely to take the stock to the Rs 885-900 zone. The stock is likely to resume its move towards the target zone on the completion of the corrective phase that it is at present confined to. Investors may consider fresh exposures on price weakness with a stop-loss at Rs 850. Shareholders may remain invested with the stop-loss at Rs 850. Chemplast Sanmar (Rs 90.6): Though the long-term outlook is bullish, the stock is likely to seek lower levels owing to the bearish trend in the near term. A drop to the Rs 80-82 range appears likely. The stock is likely to resume the long-term uptrend on the completion of the short-term weakness. The long-term target is placed at the Rs 115-120 range. Investors may hold with a stop-loss at Rs 78. Fresh exposures may also be considered on price weakness, with a stop-loss at Rs 78. A close below Rs 78 would delay the start of the next leg of the upward move and would not invalidate the positive outlook.
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