Financial Daily from THE HINDU group of publications
Sunday, Feb 12, 2006
Financial Daily from THE HINDU group of publications Sunday, Feb 12, 2006 |
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Investment World
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Technical Analysis Markets - Stock Markets Focus of the week B. Krishnakumar
Gateway Distripark (Rs 250.5): After touching a high of Rs 301.5 in mid-November, the stock went into a corrective phase that appears to have been completed at the recent low of Rs 212. The subsequent price action from this low indicates that the next leg of the rally is underway. The stock is likely move to the immediate target zone of Rs 275-280. The positive view would be in force as long as the stock holds above the negative trigger level of Rs 225. From a trading perspective, stop-loss for long positions may be placed at Rs 235. Though a close below Rs 235 would impart short-term weakness, it would not negate the possibility of a rally to Rs 275-280. Only a close below Rs 210 would negate the positive outlook. Aegis Logistics (Rs 269): The recent corrective phase appears to have been completed right at the crucial support zone at Rs 240-245. The stock staged a sharp recovery on Friday after having sought support at the 50 per cent Fibonacci retracement of the upward move from Rs 161 to Rs 325. The near-term outlook appears positive. The stock could move to the target zone of Rs 310-320. The bullish view would be valid as long as the stop-loss level at Rs 240 is not breached. Fresh long positions may be considered on weakness, with the same stop-loss. Long positions may be enhanced if the stock drops to Rs 255-258. Stop-loss for all long positions may be maintained at Rs 240.
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