Financial Daily from THE HINDU group of publications
Sunday, Mar 26, 2006
Financial Daily from THE HINDU group of publications Sunday, Mar 26, 2006 |
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Investment World
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Technical Analysis Markets - Stock Markets Follow up B. Krishnakumar
Hindustan Construction (Rs 174.6) After an extended period of sideways consolidation, the stock registered a significant upward move on Friday, with a pick-up in trading volumes as well. This is a positive development and the stock appears to have commenced the next leg of the upward move. The rally on Friday could be viewed as the first step of the move towards the target zone of Rs 195-200. 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, while fresh exposures may be considered 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 360.4): Contrary to expectations, the stock witnessed a relatively subdued trend during the week. The recent price action has not, however, negated the positive expressed last week. The stock appears to be on course to move to the target zone of Rs 425-430. The positive view would be invalidated on a close below the stop-loss at Rs 345. Fresh exposures may also be considered at prevailing levels as well as on declines with the same stop-loss. As observed last week, a close below Rs 345 would result in the extension of the recent downward correction. It will not negate the positive view or the possibility of a rally to the target zone.
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