Financial Daily from THE HINDU group of publications
Sunday, Jan 08, 2006
Financial Daily from THE HINDU group of publications Sunday, Jan 08, 2006 |
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Investment World
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Technical Analysis Markets - Stock Markets Focus of the week B. Krishnakumar
VSNL (Rs 397): After having topped at Rs 444 in July 2005, the stock went into a sharp corrective phase that pushed it to a low of Rs 260. The stock has staged a sharp recovery over the last couple of months. The recovery appears to be the start of the next leg of the upward move. The stock is likely to move to Rs 455-460 shortly. The only hitch is the uncertainty about the short-term trend. A close below Rs 380 would indicate that the stock is headed to Rs 355-360. The stock is likely to resume its journey towards the target zone at Rs 455-460 on the completion of this correction. Alternatively, a close above Rs 407 would eliminate the possibility of a drop to Rs 355-360. Investors may hold with a stop-loss at Rs 379. Fresh exposures may be considered on a close past Rs 407. Alternatively, evidence of support at Rs 355-360 may also be used to take long positions with a close stop-loss. Kirloskar Oil Engines (Rs 202): After touching a high of Rs 197 in early December, the stock went into a corrective phase that was completed at Rs 165. The stock appears to have commenced the next phase of the upward move. A move to Rs 265-270 appears likely. The positive view would be valid as long as the stock holds above Rs 160. Hold with a stop-loss at Rs 160. Fresh exposures may also be considered with the same stop-loss. Take partial profits on the evidence of resistance at the target zone.
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