Financial Daily from THE HINDU group of publications
Sunday, Nov 27, 2005
Financial Daily from THE HINDU group of publications Sunday, Nov 27, 2005 |
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Investment World
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Technical Analysis Markets - Stock Markets Focus of the week B. Krishnakumar
Su-Raj Diamonds (Rs 60): The stock touched a high of Rs 75.6 in September and has since been in a corrective phase. This correction appears to have been completed at the recent low of Rs 47 recorded last week. The stock appears to have embarked on the next leg of an upward move. If this view is valid, a move to the Rs 72-75 range may materialise in the short-term. There are strong support levels at Rs 55, followed by 50. Long-term investors may settle for a stop-loss of Rs 50. Short-term traders may take fresh long positions at prevailing levels, with a stop-loss at Rs 55. SRF (Rs 293): The stock went to into a corrective phase in mid-July and has since been moving in a sideways mode. The correction appears to have been completed at the recent low of Rs 227. The subsequent recovery appears quite bullish from a medium-term perspective. The short-term outlook is also positive and a move to the Rs 325-330 range appears likely. Hold with a stop-loss at Rs 260. Fresh exposures may also be considered on weakness with a stop-loss at Rs 260. A close below Rs 260 would be an early sign of weakness; a drop below Rs 250 would almost negate the positive outlook.
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