Financial Daily from THE HINDU group of publications
Sunday, Jan 22, 2006
Financial Daily from THE HINDU group of publications Sunday, Jan 22, 2006 |
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Investment World
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Technical Analysis Markets - Stock Markets Focus of the week B. Krishnakumar
Nava Bharat Ferro Alloys (Rs 46.2): The share price was in a major uptrend that was completed at the high of Rs 91 in March 2005. The stock has been in a corrective phase. This corrective phase appears complete at the recent low of Rs 42. If this view is valid, the next leg of the upward move should get underway pushing the stock to Rs 59-Rs 60. The chances of a rally to Rs 59-Rs 60 would be valid as long as the stock holds above the stop-loss level of Rs 40. Fresh exposures may be considered at prevailing levels as well as on declines, with a stop-loss at Rs 40. A close below Rs 40 would delay the progress towards the target zone and would not negate the long-term positive outlook. Bharat Heavy Electricals (Rs 1,582): The company is among the top performers from the pack of stocks that constitute the index. Despite the recent run-up in price, there appears to be upside potential. The break past the "bull flag" pattern has provided confirmation that the next leg of the rally is underway. The stock appears to be headed towards the Rs 1,740-Rs 1,750 range. Investors may hold with a stop-loss at Rs 1,500. Fresh exposures may be considered on weakness, with the same stop-loss.
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