Financial Daily from THE HINDU group of publications
Sunday, Mar 12, 2006
Financial Daily from THE HINDU group of publications Sunday, Mar 12, 2006 |
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Investment World
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Technical Analysis Markets - Stock Markets Chart focus B. Krishnakumar
Wipro (Rs 520) The stock has been on a major upward trend since the low of Rs 131 registered way back in May 2003. The subsequent price pattern neatly fits the parameters of the Elliott Wave theory. The stock appears to be headed towards Rs 575-580 in the near-term. Long-term investors may exit at Rs 635-640. The positive outlook would be in force as long as the stop-loss at Rs 485 is not breached. Remain invested with a stop-loss at Rs 485. Fresh exposures may also be considered on declines with the same stop-loss.
Orchid Chemicals (Rs 341) The stock has moved past the initial target zone of Rs 295-300 that was mentioned in the edition dated January 29. The share price has also moved to the next target zone at Rs 340-345. The recent price patterns indicate that the stock is headed towards Rs 375-380.
After a brief period of sideways consolidation in recent weeks, the strong upward move on Friday marks the start of the next segment of the upward trend. The positive outlook will be in force as long as the stock holds above the stop-loss level at Rs 315. Hold with a stop-loss at this level. Fresh exposures may be considered at prevailing levels as well as on declines, with a stop-loss at Rs 315. Exposures may be enhanced at Rs 330-335.
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