Financial Daily from THE HINDU group of publications
Sunday, Apr 09, 2006
Financial Daily from THE HINDU group of publications Sunday, Apr 09, 2006 |
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Investment World
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Technical Analysis Markets - Stock Markets B. Krishnakumar
The price action over the past few years indicates that the uptrend is not complete as yet. Investors willing to wait may find opportunity to exit from the stock at Rs 58-60. In the near term, the stock could move to the immediate target zone of Rs 48-50.
The positive outlook would be negated on a close below Rs 38. Remain invested with a stop-loss at this level. Fresh exposures may also be considered at prevailing levels and on weakness, with a stop-loss at Rs 38.
After moving to a high of Rs 298, the stock went into a corrective phase since early February. This corrective phase was completed at the low of Rs 248, a couple of weeks ago. The subsequent rally marks the start of the next leg of the upward move. A move towards the immediate target zone of Rs 325-330 appears likely. Long-term investors may get to see the stock moving to Rs 395-400. Remain invested with a stop-loss at Rs 270. Fresh exposures may be considered at prevailing levels as well as on declines, with the same stop-loss. A close below Rs 270 will delay the progress towards the long-term target zone and would not negate the bullish outlook.
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