• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

The stock spiked higher last week, in line with our expectation and recorded an intra week peak at Rs 805.The current up-move appears to have sufficient momentum to take the price to Rs 815 or Rs 840 in the near-term. But a sideways move between Rs 740 and Rs 840 is envisaged over next week. Support below Rs 740 would be at Rs 720.

The medium-term outlook is currently neutral. The stock is nearing the key medium-term resistance band between Rs 800 and 850. Fresh purchases are recommended only if the stock moves beyond Rs 850. Conversely, a reversal from here will reaffirm that the stock is in a correction that is making it move in a wide band between Rs 600 and 850.

— Lokeshwarri S. K.

More Stories on : Technical Analysis | Stock Markets

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Choosing between insurance and investment products

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line