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Triveni Engineering and Industries (Rs 107.4): Buy

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Investors with short-term perspective can consider buying the stock of Triveni Engineering and Industries. It is seen from the charts of the stock that following a steep decline from its November 11 peak of Rs 131, it found support in the band between Rs 95 and Rs 100 which is significant long-term support band. The stock breached the lower boundary of the Bollinger Band and reached over sold territory recently. The rebound that was triggered from this level resulted in the stock jumping 7 per cent accompanied with good volume on November 22. Moreover, the daily relative strength index had recovered from oversold territory and is on the brink of entering in the neutral region. The weekly RSI is featuring in the neutral region. The daily stochastic oscillator is featuring in the oversold territory and it has signalled a buy implying upward momentum. We are bullish on the stock from a short-term perspective. We anticipate the stock's rebound to prolong until it hits our price target of Rs 110 or Rs 114 in the forthcoming trading session. Short-term traders can buy the stock with stop-loss at Rs 104.

Yoganand D.

BL Research Bureau

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(This article was published in the Business Line print edition dated November 23, 2010)
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