Business Daily from THE HINDU group of publications
Sunday, Feb 11, 2007
ePaper
Business Daily from THE HINDU group of publications Sunday, Feb 11, 2007 ePaper |
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Investment World
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Technical Analysis Markets - Stock Markets
We recommend a buy in Bharati Shipyard at current levels. The correction in May and June 2006 made this stock lose 56 per cent from its peak price of Rs 573. The price is still significantly below its May 2006 peak. The short-term correction that began in January 18 provides an opportunity to buy the stock with a stop at Rs 350. The long-term moving averages positioned around this level will support any further slide in stock prices. The stock is expected to consolidate in a band between Rs 350 and Rs 430 over the medium term. So, short-term gains cannot be expected in this stock. But the long-term targets are Rs 550 and then Rs 698. Follow-up: Haldyn Glass Haldyn Glass reversed from an intra-week high of Rs 73. Though, the monthly chart continues to hold out promise, the struggle to overcome the Rs 76-level is a trifle worrying for the short term. Short-term investors can hold their positions with a strict stop at Rs 63. Exit the stock if the price dips below Rs 63. Long-term investors can hold with a deeper stop at Rs 57.
Lokeshwarri S. K.
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