Financial Daily from THE HINDU group of publications
Sunday, Mar 19, 2006
Financial Daily from THE HINDU group of publications Sunday, Mar 19, 2006 |
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Investment World
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Technical Analysis Markets - Stock Markets Hindustan Construction (Rs 174) B. Krishnakumar
The recent price patterns indicate that the long-term trend is positive. A move to Rs 195-200 appears likely. The positive view would be valid as long as the stock holds above Rs 151. Shareholders may remain invested with a stop-loss at Rs 151. Fresh exposures may be considered at prevailing levels as well as on declines, with the same stop-loss. A close below Rs 151 would be an early sign of weakness and a drop below Rs 138 would push the stock into a prolonged phase of downward correction. Nucleus Software (Rs 374)
After moving to a high of Rs 417 in December 2005, the stock has been in a corrective phase, which appears to have been completed at the recent low of Rs 337. The stock appears to have commenced the next leg of the uptrend towards the target zone of Rs 425-430.
Remain invested with a stop-loss at Rs 345. Fresh exposures may also be considered at prevailing levels as well as on declines with the same stop-loss. A close below Rs 345 would result in the extension of the recent downward correction.
It will not, however, negate the positive view or the possibility of a rally to the target zone.
(Note: The analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. Opinion and price targets are based on the Elliott Wave Analysis. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop-loss level is breached. There is a risk of loss in trading)
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