Business Daily from THE HINDU group of publications
Sunday, Dec 17, 2006
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Business Daily from THE HINDU group of publications Sunday, Dec 17, 2006 ePaper |
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Investment World
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Technical Analysis Markets - Stock Markets Lokeshwarri S. K.
We recommend a buy in TNPL at current levels. The stock is moving in an upward moving channel since 2002. The lower boundary of this channel is positioned at Rs 78. Any down move in this stock is expected to get arrested in the band between Rs 75 and Rs 80. Long-term investors can buy with a stop a Rs 74. Since the upper boundary of the trend channel is positioned at Rs 140, which is the target for the long-term investors. Short-term targets are Rs 102 and then Rs 109. Short-term investors can buy with a stop at Rs 86. Follow-up Bharat Forge (Rs 341.65) Bharat Forge hit an intra week low of Rs 300, achieving both our short-term targets in just two days. Our medium term targets of Rs 258 and Rs 230 will also stay in force till the price is below Rs 360. Fresh shorts can be initiated in rallies with a stop at Rs 365.
(Note: The analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. 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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