• 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

This stock recorded a trough at Rs 1,007 on Tuesday and a short-term up trend is currently under way. As explained earlier, the Rs 1000-level is a key long-term support and the stock could attempt to stabilise around this level. If this level is penetrated, the next long-term support for the stock exists at March 2007 trough at Rs 792. A hammer pattern (reversal pattern) is evident on the weekly candle-stick chart. However, the current up-trend needs to go above Rs 1,400 before the medium-term outlook turns positive.

For the near-term, the rally can extend a little further to Rs 1,160 or Rs 1,260. Reversal from the first resistance would be the cue for investors to initiate short positions with a downward target at Rs 1,000 and then Rs 898.

Stories in this Section
Risks to look out for

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