Business Daily from THE HINDU group of publications
Sunday, Dec 03, 2006
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Business Daily from THE HINDU group of publications Sunday, Dec 03, 2006 ePaper |
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Investment World
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Technical Analysis Markets - Stock Markets Lokeshwarri S. K.
This was one of the hardest hit stocks in the May crash, falling from a lofty height of Rs 1,298 to a low of Rs 440 in July. The stock has been moving sideways in the range between Rs 450 and Rs 620 since then. The price reversed last week after forming a higher bottom at Rs 472. We have a morning star pattern in the weekly candlestick chart that is a bullish reversal pattern. Short-term investors can buy the stock with a stop at Rs 540. This stock has short-term targets at Rs 650 and then Rs 725. Investors with a longer-term perspective can buy on dips with a deeper stop placed at Rs 440. Long-term targets are Rs 900 and Rs 980. Follow-up Lupin Ltd (Rs 541.5): Our first short-term target was attained last week. The uptrend in the weekly and daily charts has been enhanced by the chart movement last week. Our outlook for the short- and long-term continues to be positive for this stock.
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