Business Daily from THE HINDU group of publications
Sunday, Jan 07, 2007
ePaper
Business Daily from THE HINDU group of publications Sunday, Jan 07, 2007 ePaper |
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Investment World
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Technical Analysis Markets - Stock Markets
We recommend a sell on the stock at current levels. We have an evening star and a hanging man pattern on the weekly candlesticks chart. The move that started from the low of June last could have ended at the recent high of Rs 595. The next move down can take the price lower to Rs 440 and beyond that to Rs 388. We will need a close above Rs 615 to make the medium-term view positive. Traders can short this stock with a stop at Rs 570 for short-term targets of Rs 503 and Rs 476. Follow up Bajaj Electricals (Rs 458.75): This stock made a steady move higher to hit an intra-week high of Rs 469. The upward moving channel that is forming underlines the short-term strength in this stock. The short- and long-term supports and targets mentioned in last week's column continue to hold good.
Lokeshwarri S. K.
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