Business Daily from THE HINDU group of publications
Sunday, Dec 24, 2006
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Business Daily from THE HINDU group of publications Sunday, Dec 24, 2006 ePaper |
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Investment World
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Technical Analysis Markets - Recommendation
We recommend a buy on the stock with a stop at Rs 37 and targets of Rs 50 and then Rs 58. Ashok Leyland bounced off the low of Rs 37.6 earlier this month. The chart completed a 61.8 per cent retracement of the rally from July lows at this juncture. The chart could have made an intermediate-term low at Rs 37.6. As we are expecting the third leg from the July lows to unfold now, this move has the target of Rs 50 and then Rs 58. Short-term resistances exist at Rs 44 and then Rs 46 where traders can book some profits. Follow-up Tamil Nadu Newsprint (Rs 90.45): The stock hit an intra-week high of Rs 95.7 and then drifted lower. Though our short-term support of Rs 86 has not been breached yet, we would advise investors with a short-term timeframe to desist from taking positions in this stock. The stock is, however, a good bet for long-term investors, who can buy on dips with a stop at Rs 74.
Lokeshwarri S. K.
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