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

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

MUL too recovered from the trough recorded last Monday to end the week with 6 per cent gain.

Positive divergences apparent in the weekly oscillators imply that a medium-term trough could be forming in the stock. A move higher to Rs 636 or Rs 750 is possible once it breaks out higher. Traders can hold the stock with a stop at Rs 480. Subsequent supports are at Rs 465 and then Rs 440.

Key long-term support for the stock is at Rs 570 and it is hovering below this level since the last week of October 2008.

This could be a long-term base building effort. Risk-averse investors can wait for a close above Rs 650 before buying the stock.

More Stories on : Technical Analysis | Stocks

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

Copyright © 2009, 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